Core Viewpoint - The A-share market is experiencing a significant upward trend, with major indices reaching new highs, driven by liquidity and positive investor sentiment [2][4][5]. Market Performance - The A-share market opened strongly, with the Shanghai Composite Index surpassing 3674.4 points, marking a new high since December 17, 2021 [2]. - The trading volume in the Shanghai and Shenzhen markets exceeded 610 billion, indicating increased market activity compared to the previous day [4]. Sector Highlights - The military industry stocks are notably active, with several stocks, including Changcheng Military Industry and Zhongbing Hongjian, rising over 5% [4]. - Computing hardware stocks continue to perform well, with companies like New Yisheng and Industrial Fulian reaching historical highs [5]. Investment Trends - Analysts suggest a shift in A-share investment logic, emphasizing the importance of individual stock performance (α logic) over broader industry trends (β logic) [6][7]. - There is a growing focus on sectors with high growth potential, such as AI, computing power, and innovative pharmaceuticals, as well as stable dividend-paying sectors like brokerage and insurance [7][8]. Risk and Strategy - The high margin financing balance indicates a recovery in risk appetite, but caution is advised regarding the cyclical amplification effects of leveraged funds [8]. - A "barbell strategy" is recommended, balancing investments between technology growth and high-dividend stocks while monitoring policy signals and foreign capital movements [8].

发布时间：2025-06-30 大盘指数 7000 8000 9000 10000 11000 12000 2000 3000 4000 上证指数 深证成指 1000 2000 3000 5000 6000 7000 8000 中小100 创业板指 资料来源：聚源，中邮证券研究所 研究所 分析师:黄子崟 SAC 登记编号:S1340523090002 Email:huangziyin@cnpsec.com 近期研究报告 《震荡仍是主旋律，等待内部政策窗口 期》 - 2025.06.16 策略观点 以静待时 ⚫ 投资要点 A 股自去年 9.24 行情开启之后，一大特征是散户情绪对市场一 度有着主导作用，这一点在散户情绪指数和万得全 A 在 9.24 至今年 4 月初的强耦合关系中得以体现。但在进入 5 月之后，散户情绪持续 走低，万得全 A 指数震荡攀升，二者已经不再紧密趋同。如果将 6.24 看作是 9.24 的重复，那么首先要回答的问题就是散户情绪能否再次 走向亢奋？ 自 2022 年以来 A 股散户情绪亢奋均需要重大的政策或产业事件 作为刺激，从未像 2020-2021 年间那样出现过指数上涨和散户情绪亢 ...