Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - From June 3rd to June 6th, 2025, the A-share market oscillated and consolidated, with major stock indices rising moderately. The small and medium-cap and science and technology innovation sectors performed prominently. The convertible bond market warmed up overall, with funds preferring small and medium-cap high-elasticity targets. The daily average trading volume rose to 64.57 billion yuan. The valuation of low-par convertible bonds was significantly repaired, while the medium and high-par range showed caution, and risk appetite increased. At the industry level, convertible bonds in sectors such as media and light manufacturing led the gains. At the individual bond level, those with higher gains were mostly driven by underlying stocks. The supply in the primary market was stable, and clause games were active. It is necessary to pay attention to changes on the supply side. Overall, the market's rotation and repair trend continued. Short-term allocation suggestions should balance low-valuation repair opportunities and the defensive value of high-rated blue-chip convertible bonds, and flexibly grasp the structural market [2][6]. Summary According to Relevant Catalogs Market Weekly Review - **A-share Market**: The major A-share stock indices continued their moderate warming trend. The Shanghai Composite Index rose 1.1%, the Shenzhen Component Index rose 1.4%, and the ChiNext Index led the gains with a 2.3% increase. In terms of style, small and medium-cap and science and technology innovation indices were more elastic, with the Science and Technology Innovation 50 Index rising 2.3%, indicating a gradual repair of market risk appetite. In terms of funds, the daily average trading volume rose to 1.2 trillion yuan, and the net outflow of main funds narrowed by 6.4 billion yuan to 7.3 billion yuan compared with the previous week, and trading activity increased moderately. Overall, the risk appetite of the A-share market warmed up, and capital games were concentrated in small and medium-cap and science and technology innovation directions. The market entered a rotation and repair stage. It is recommended to focus on high-prosperity and low-level repair opportunities in the short term, and balance the structural opportunities of active small and medium-cap sectors [10]. - **Convertible Bond Market**: The convertible bond market significantly warmed up, and activity was moderately repaired. The ChinaBond Convertible Bond Index rose 1.08% across weeks, and the daily average trading volume rose to 64.57 billion yuan. Structurally, small and medium-cap convertible bonds were more active, indicating that funds were seeking offensive opportunities under the previous cautious sentiment, and market risk appetite increased. There was a differentiation in the parity range. The valuation of low-par convertible bonds was significantly repaired, while the medium and high-par range had limited fluctuations, reflecting active capital games on low-level high-elasticity targets. The implied volatility and price median increased slightly, and there was still repair momentum. At the industry level, convertible bonds in the media and light manufacturing sectors performed prominently, while adjustment pressures emerged in high-elasticity directions such as home appliances and communications. At the individual bond level, those with higher gains were mostly driven by underlying stocks, and the market preferred repair opportunities that combined fundamental support and elasticity. Overall, the convertible bond market continued to be actively volatile, and capital allocation focused on medium and low-price high-elasticity targets [10]. - **Primary Market**: The supply in the primary market of convertible bonds was generally stable. One enterprise updated its convertible bond issuance plan and was in the stage of passing the listing committee. The total scale of convertible bond issuance projects at the exchange acceptance stage and later remained at 58.99 billion yuan, and the supply rhythm was generally stable. In terms of clause games, five convertible bonds announced that they were expected to trigger downward revisions, and five announced no downward revisions. On the redemption side, two announced that they were expected to trigger redemptions, one announced no early redemption, and one announced early redemption. Overall, the market supply remained stable, and clause games and redemption operations continued. It is still necessary to pay attention to marginal changes on the supply side in the future [10]. Convertible Bond Allocation Suggestions - The convertible bond market was actively volatile during the week, and risk appetite increased slightly. In terms of allocation, it is recommended to adhere to the idea of "balanced allocation + gaming elasticity": focus on allocating large-cap blue-chip convertible bonds with high ratings, low premiums, and sufficient liquidity to balance low volatility and stable returns; at the same time, moderately grasp the periodic repair opportunities of low-par high-elasticity convertible bonds, focus on high-quality bonds in sectors such as media and light manufacturing with underlying stock prosperity support and performance certainty, and balance returns and risks [8]. Market Theme Weekly Review - **Equity Theme Weekly Review**: From June 3rd to June 6th, 2025, the A-share market continued its structural rotation. The technology sector warmed up, and short-term gaming sentiment was active. The daily limit style was prominent, with the daily limit index rising 8.0%, the first daily limit non-ST index rising 7.5%, and the first daily limit index rising 7.1%, reflecting high activity of short-term funds. Meanwhile, high-prosperity directions such as the digital economy and communication infrastructure strengthened. The optical module (CPO) index and the optical communication index rose 9.6% and 6.6% respectively, and the digital currency index and the east-west computing index also recorded gains of over 4%. Funds focused on structural repair opportunities for high-quality themes. The financial technology and pharmaceutical sectors also performed well, with the financial technology index rising 3.9%, the pharmaceutical centralized procurement index rising 3.7%, the cross-border payment index rising 3.4%, and the innovative drug index rising 2.6%. However, the automotive sector corrected, with theme sectors such as the new energy vehicle index, intelligent driving index, humanoid robot index, and Huawei automotive index experiencing corrections. Overall, the market was still mainly driven by events and capital games in the short term, with obvious characteristics of rotation repair and high-low level switching. The technology sector warmed up, but funds preferred low-level directions with fundamental support [14]. - **Convertible Bond Weekly Review**: From June 3rd to June 6th, 2025, the convertible bond market significantly warmed up, and overall trading activity increased significantly. Capital allocation tilted towards small and medium-cap directions with high elasticity and prosperity support. In terms of the market, the ChinaBond Convertible Bond Index rose 1.08% across weeks, the large-cap index rose 0.66%, the medium-cap index rose 1.19%, and the small-cap index performed the strongest, with a gain of 1.61%, indicating an increase in market risk appetite and a preference for small and medium-cap elastic targets. In terms of the parity range, the valuation of medium and low-par convertible bonds stretched significantly, while the medium and high-par range overall warmed up slightly. There was also a structural differentiation in the market price range, and the high-price range adjusted. At the industry level, the media, light manufacturing, and beauty care sectors led the gains. At the individual bond level, the convertible bonds with higher gains were mostly driven by underlying stocks, and trading opportunities were concentrated in targets with prosperity support and high elasticity. The supply rhythm in the primary market slowed down. Only one listed enterprise updated its convertible bond issuance plan during the week, with a scale of 450 million yuan, and the supply risk was temporarily controllable. Overall, the risk appetite of the convertible bond market warmed up moderately in the short term, and capital preferences were concentrated in medium and low-price and some medium and high-par range convertible bonds. It is recommended to pay attention to repair opportunities in the medium and low-par range and balance the stable allocation of large-cap convertible bonds [17]. Weekly Market Outlook - **A-share Market**: The A-share market is expected to continue its oscillating rotation characteristics, and the market style will gradually tilt towards balanced allocation. Capital layout will also tend to low-level repair and growth directions. In the short term, it is necessary to be vigilant against the high-level adjustment pressure of some previously strong sectors. It is recommended to focus on sectors such as pharmaceuticals and consumption with good prosperity sustainability and performance support [19]. - **Convertible Bond Market**: In the short term, the convertible bond market may experience a decline in activity with the fluctuations of the equity market, and risk appetite will still be differentiated. It is recommended to focus on allocating medium and high-price convertible bonds with low premiums, high certainty, and underlying stock elasticity, and pay attention to targets with capital allocation value in industries such as basic chemicals and transportation. In terms of strategy, it is recommended to balance the defensive attributes of high-rated blue-chip convertible bonds and the periodic gaming opportunities of small and medium-cap elastic convertible bonds, moderately grasp the structural repair window, and prevent the trading congestion risk of high-level sectors [19].

Group 1 - The core viewpoint of the news is that the CSI 1000 Industrial Index has shown mixed performance, with a slight increase over the past month but a decline over the last three months and a modest year-to-date gain [2] - The CSI 1000 Industrial Index reported a value of 5334.99 points, indicating a high opening followed by a decline [1] - The index has increased by 0.46% in the last month, decreased by 6.13% in the last three months, and has risen by 2.90% year-to-date [2] Group 2 - The top ten weighted stocks in the CSI 1000 Industrial Index include Huicheng Environmental Protection (1.44%), Hainan Huatie (0.96%), Kehua Data (0.94%), and others [2] - The market share of the CSI 1000 Industrial Index is divided between Shenzhen Stock Exchange (54.80%) and Shanghai Stock Exchange (45.20%) [2] - The industry composition of the CSI 1000 Industrial Index shows that machinery manufacturing accounts for 29.13%, power equipment for 27.37%, and transportation for 14.38% [2] Group 3 - The index samples are adjusted biannually, specifically on the second Friday of June and December, with provisions for temporary adjustments in special circumstances [3] - When a sample company is delisted, it is removed from the index, and any corporate actions such as mergers or splits are handled according to specific guidelines [3] - Adjustments to the CSI 1000 Index will also lead to corresponding changes in the CSI 1000 Industry Index samples [3]

Group 1: Retail Industry Innovation - Guangzhou has been selected as one of the first batch of national retail innovation pilot cities, which is expected to promote innovation in the retail sector and enhance consumer vitality and commercial competitiveness [1] Group 2: Talent Acquisition in Hong Kong - The Hong Kong government is actively recruiting international high-end talent to drive economic and social development, aligning with its "Eight Centers" strategic positioning [2] Group 3: Housing Market in Shenzhen - Shenzhen has expanded the use of housing provident fund, allowing eligible homebuyers to withdraw funds for down payments, aimed at alleviating housing purchase pressure and stimulating market consumption [3] Group 4: Scientific Innovation - The China Spallation Neutron Source in Dongguan will be upgraded with a "domestic engine," marking a significant breakthrough in self-innovation and reducing reliance on imports in the field of high-end RF devices [4] Group 5: Shenzhen Stock Market Performance - The Shenzhen Component Index closed at 10,250.14 points, up by 0.65% [5] Group 6: Stock Performance - Leading stocks in Shenzhen include Jinji Co., Ltd. with a price of 8.81 yuan and a rise of 20.03%, Qide New Materials at 42.28 yuan with a rise of 20.01%, and Erkang Biochemical at 56.70 yuan with a rise of 20.00% [6] - Declining stocks include Yuehongyuan A at 4.08 yuan with a drop of 9.93%, Meizhi Co., Ltd. at 10.81 yuan with a drop of 9.01%, and Leidi Ke at 63.15 yuan with a drop of 7.81% [6]

Group 1 - The National Enterprise Win ETF (159719) has seen a slight decline of 0.20% as of June 9, 2025, with a latest price of 1.53 yuan. Over the past week, it has accumulated a rise of 0.99%, ranking in the top one-third among comparable funds [1] - The liquidity of the National Enterprise Win ETF shows a turnover of 2.75% during the trading session, with a transaction volume of 3.0766 million yuan. Over the past year, the average daily transaction volume has been 17.5475 million yuan [1] - The Greater Bay Area ETF (512970) is currently trading at 1.19 yuan, with a year-to-date increase of 16.15% as of June 6, 2025. The underlying index, the China Securities Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000), has shown mixed performance among its constituent stocks [1][4] Group 2 - The State-owned Assets Supervision and Administration Commission (SASAC) has issued a new management approach for the development planning of central enterprises, emphasizing industrial orientation. This includes a three-tier planning system focusing on optimizing and adjusting industries [2] - The Greater Bay Area Development Theme Index (931000) has its top ten weighted stocks, including BYD (002594) and China Ping An (601318), which collectively account for 53.21% of the index [4] - The National Enterprise Win ETF (159719) closely tracks the FTSE China National Enterprises Open Win Index, which consists of 100 constituent stocks, including major state-owned enterprises [4]

Core Viewpoint - Fangda Group has been awarded the "2024 Best Practices in Investor Relations Management" by the China Securities Association, recognizing its outstanding contributions to investor rights protection and value transmission among over 5,000 listed companies [1] Group 1: Awards and Recognition - Fangda Group was selected from over 5,000 A-share listed companies, with 392 companies recognized for best practices in investor relations management [1] - The award aims to honor companies that excel in protecting investor rights and effectively communicating value [1] Group 2: Business Operations and Strategy - Fangda Group focuses on high-end smart curtain wall systems, new materials, intelligent screen door systems for rail transit, new energy, and commercial management services [1] - The company is implementing a "Smart Manufacturing + AI" strategy, emphasizing technological innovation, market expansion, system optimization, and talent development for high-quality growth [2] Group 3: Digital Transformation and Efficiency - A special task force for "Smart Manufacturing + AI" has been established to oversee digital transformation, enhancing collaboration across five industrial bases [2] - The company is developing a "5G + Smart Factory" in Ganzhou, utilizing smart logistics technologies to improve product turnover efficiency and achieve lean production goals [2] Group 4: Investor Relations Management - Fangda Group has built a diversified communication system for investor relations, utilizing various platforms to engage with investors and respond to market concerns [3] - The company has received an A-level rating for information disclosure from the Shenzhen Stock Exchange for three consecutive years and has been recognized with multiple awards for its investor relations practices [3] Group 5: Financial Performance - In 2024, Fangda Group achieved a revenue of 4.424 billion yuan, with an order reserve of 8.287 billion yuan, which is 1.87 times its annual revenue, supporting sustainable development [2] - The company has a history of enhancing shareholder returns and protecting minority shareholder rights, with cumulative cash dividends and share buybacks exceeding the total raised capital since its listing in 1995 [3]

（原标题：主力资金丨尾盘，主力资金出逃这些股！） （原标题：主力资金丨尾盘，主力资金出逃这些股） 5个行业主力资金净流入。 据证券时报·数据宝统计，今日（6月6日）沪深两市主力资金净流出194.41亿元，其中创业板净流出85.39亿元，沪深300成份股净流出42.14亿元。 行业板块方面，申万一级行业共13个行业上涨，有色金属、通信行业涨幅均在1%及以上，石油石化、建筑装饰、基础化工、建筑材料行业涨幅均 超0.5%。18个下跌行业中，美容护理、纺织服饰行业跌幅居前，均超1.1%；食品饮料、传媒、非银金融和社会服务等行业均跌超0.6%。 算力概念股二六三主力资金净流入金额居首，达5.05亿元。盘后该股的龙虎榜数据显示，上榜营业部席位全天成交3.08亿元，占当日总成交金额比 例为19.52%，合计净买入1.46亿元。 盘面上，算力板块异动，中电鑫龙收获3连板，南凌科技、二六三、宁波建工、美利云纷纷涨停；其中，美利云主力资金净流入2.56亿元。 从资金流向来看，申万一级行业中，5个行业获主力资金净流入。建筑装饰、煤炭行业主力资金净流入居前，均超1.6亿元；房地产、银行、建筑 材料行业净流入金额分别为8184.61万 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report comprehensively assesses the liquidity risk of non - financial enterprises in 2024 from three dimensions: the profit basis of liquidity creation, financial flexibility, and short - term liquidity. Overall, the liquidity risk of non - financial enterprise - class public bond issuers has increased, with significant differences at the enterprise, industry, and regional levels [3][6][8]. - At the enterprise level, in 2024, although the financial flexibility of enterprises has marginally improved, overall profitability has continued to weaken, short - term liquidity is under pressure, and the liquidity risk has further increased, with intensified pressure on tail enterprises [6]. - At the industry level, in 2024, against the backdrop of shrinking terminal demand and continuous pressure on the entire real - estate chain, liquidity risks have significantly accumulated in industries related to the upstream and downstream of real estate and urban investment platforms deeply tied to land finance. Industries such as building decoration, urban investment, steel, commerce and retail, basic chemicals, and real estate have relatively high liquidity risks, and the risks in basic chemicals, steel, coal, and real estate have risen rapidly compared to 2023 [6]. - At the regional level, in 2024, Guangxi, Henan, Shaanxi, Fujian, Zhejiang, and Xinjiang have relatively high liquidity risks. Compared to 2023, the liquidity risks in Tianjin, Yunnan, Shandong, Hunan, Guangdong, Sichuan, Guangxi, and Shaanxi have improved, with Tianjin showing a significant improvement [6]. 3. Summary by Relevant Catalogs 3.1. Construction of the Liquidity Risk Measurement System from the Perspective of Debt Repayment Credit - The assessment of liquidity risk from the perspective of debt - repayment credit is mainly based on the analysis of liquidity sources and applications. Enterprises with good profitability, high financial flexibility, and strong short - term solvency generally face lower liquidity and default risks. The report selects several quantitative financial indicators from three dimensions (profit basis of liquidity creation, financial flexibility, and short - term liquidity) for basic evaluation and maps the scores to a five - level classification of liquidity risk evaluation results (L1 - L5) [4][9][12]. - The basic evaluation indicators include total asset return rate, asset - liability ratio, short - term debt ratio, EBIT/interest expense, (EBITDA - capital expenditure)/interest expense, operating cash flow net amount to current liability ratio, cash - to - short - term debt ratio, current ratio, and cash - to - current liability ratio [11]. 3.2. Sample Overview - Considering data availability, the report selects bond - issuing entities with outstanding public bonds (enterprise bonds, corporate bonds, medium - term notes, commercial paper, project revenue notes) as of May 26, 2025, excluding those that have experienced material defaults or have unavailable financial data. A total of 3,061 issuing entities are used as sample data, and their annual reports from 2021 - 2024 are used for analysis. Currently, the issuing entities of outstanding public bonds in China are mainly urban investment and state - owned enterprises [5][13]. 3.3. Analysis of the Liquidity Risk of Non - Financial Enterprise - Class Public Bond Issuers in 2024 3.3.1. Enterprise - Level Analysis - In 2024, the risk center of public bond - issuing entities has further deteriorated, and the proportion of tail enterprises has reached a new high. The overall profitability of enterprises has weakened, with the total profit of industrial enterprises above designated size decreasing by 3.3% compared to the previous year. The proportion of entities with liquidity risk evaluation results of L4 and L5 has increased from 49.0% and 5.4% in 2023 to 52.3% and 7.4% in 2024, respectively [14]. - From the perspective of each indicator dimension, in 2024, the profitability of public bond issuers in China has continued to decline, and the coverage ability of operating cash flow has weakened. Although the financial flexibility has marginally improved, the short - term debt pressure remains high, and the short - term liquidity has generally tightened [20][21]. 3.3.2. Industry - Level Analysis - In 2024, industries such as building decoration, urban investment, steel, commerce and retail, basic chemicals, and real estate have relatively high liquidity risks, with the proportion of L4 and L5 enterprises in each industry exceeding 60%. Compared to 2023, the liquidity risks in basic chemicals, steel, coal, and real estate have risen rapidly, with the proportion of L4 and L5 enterprises increasing by more than 10 percentage points [23][24]. - The real - estate industry continues to adjust, with real - estate enterprises facing significant cash - flow pressure due to factors such as weakening demand, cautious development strategies, and high inventory [25]. - The steel industry has seen a decline in production and demand, with prices falling and enterprises facing significant performance pressure and increased liquidity risks [26]. - The basic chemicals industry is in a low - prosperity stage, facing challenges such as over - capacity and weak domestic demand, with the overall profitability under pressure [27]. - The building decoration industry is affected by weak downstream demand, with a decline in new contracts and increased pressure on construction funds, especially for weak - quality tail enterprises [28]. - The commerce and retail industry has been affected by weakening consumer demand, with profit pressure on enterprises [29]. - Urban investment platforms face continued pressure on local finance due to the adjustment of the land market, and although the asset and debt structure has been optimized, the internal operating pressure remains, and the liquidity risk of some weak - quality entities has increased [29]. 3.3.3. Regional - Level Analysis - In 2024, regions such as Guangxi, Henan, Shaanxi, Fujian, Zhejiang, and Xinjiang have relatively high liquidity risks, with the proportion of L4 and L5 enterprises exceeding 70%. Compared to 2023, the liquidity risks in Tianjin, Yunnan, Shandong, Hunan, Guangdong, Sichuan, Guangxi, and Shaanxi have improved, with Tianjin showing a significant improvement [33][36].

| 行业 | 日涨跌幅（%） | 资金流向（亿元） | 行业 | 日涨跌幅（%） | 资金流向（亿元） | | --- | --- | --- | --- | --- | --- | | 建筑装饰 | 0.79 | 7.75 | 家用电器 | 0.00 | -2.95 | | 有色金属 | 1.16 | 7.70 | 商贸零售 | -0.29 | -3.95 | | 石油石化 | 0.88 | 3.07 | 交通运输 | 0.13 | -4.06 | | 银行 | 0.28 | 1.55 | 纺织服饰 | -1.18 | -4.57 | | 建筑材料 | 0.64 | 1.03 | 电力设备 | -0.18 | -5.05 | | 煤炭 | 0.40 | 0.73 | 轻工制造 | -0.18 | -6.10 | | 公用事业 | 0.30 | 0.20 | 国防军工 | -0.16 | -12.56 | | 综合 | -0.34 | -0.46 | 食品饮料 | -0.92 | -13.94 | | 房地产 | 0.13 | -0.81 | 传媒 | -0.85 | -16.45 | | 钢铁 | 0.29 ...

主力资金净流出的行业有24个，计算机行业主力资金净流出规模居首，全天净流出资金33.56亿元，其 次是机械设备行业，净流出资金为31.09亿元，净流出资金较多的还有汽车、电子、医药生物等行业。 美容护理行业今日下跌1.70%，全天主力资金净流出1.35亿元，该行业所属的个股共31只，今日上涨的 有7只；下跌的有24只。以资金流向数据进行统计，该行业资金净流入的个股有6只，净流入资金居首的 是珀莱雅，今日净流入资金3971.12万元，紧随其后的是水羊股份、两面针，净流入资金分别为1833.96 万元、1635.86万元。美容护理行业资金净流出个股中，资金净流出超千万元的有7只，净流出资金居前 的有爱美客、贝泰妮、青松股份，净流出资金分别为3011.31万元、2875.18万元、1992.07万元。（数据 宝） 美容护理行业资金流向排名 沪指6月6日上涨0.04%，申万所属行业中，今日上涨的有13个，涨幅居前的行业为有色金属、通信，涨 幅分别为1.16%、1.00%。跌幅居前的行业为美容护理、纺织服饰，跌幅分别为1.70%、1.18%。美容护 理行业位居今日跌幅榜首位。 资金面上看，两市主力资金全天净流出212. ...

证券时报·数据宝统计，今日有7个行业主力资金净流入，24个行业主力资金净流出。资金净流入金额最 大的行业为建筑装饰，涨跌幅0.79%，整体换手率1.33%，成交量较前一个交易日变动17.79%，主力资 金净流量7.75亿元；今日资金净流出最大的行业为计算机，涨跌幅-0.43%，整体换手率3.77%，成交量 较前一个交易日变动-13.67%，主力资金净流量-33.56亿元。（数据宝） 今日各行业主力资金流向一览 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） | 行业名 | 成交量（亿 | 成交量较昨日增减 | 换手率 | 涨跌幅 | 今日主力资金净流入（亿 | | --- | --- | --- | --- | --- | --- | | 称 | 股） | （%） | （%） | （%） | 元） | | 建筑装 | 37.17 | 17.79 | 1.33 | 0.79 | 7.75 | | 饰 | | | | | | | 有色金 属 | 43.34 | 26.03 | 1.99 | 1.16 | 7.70 | | 石油石 | 10.92 | 32.55 | 0.30 ...