Core Viewpoint - The sudden drop in A-shares due to a black swan event has raised concerns about its impact on the market, while defensive sectors like oil and precious metals have shown resilience [1][5][6]. Market Reaction - A-shares and Hong Kong stocks experienced a collective decline, with the ChiNext index dropping over 1% and more than 4,400 stocks falling [1][3]. - The total trading volume in both markets exceeded 1.47 trillion, with defensive sectors such as mining, precious metals, and oil rising against the trend [3][6]. Geopolitical Impact - The escalation of tensions in the Middle East, particularly the news of Israel's attack on Iran, has triggered global market panic and heightened concerns about potential wider conflicts [5][9]. - Analysts suggest that while short-term impacts are significant, systemic risks remain manageable, and markets may stabilize over time [4][9][10]. Defensive Asset Allocation - Historical data indicates that defensive sectors like gold and oil tend to outperform in the month following a conflict outbreak, while tech growth sectors may experience increased volatility [11]. - Recommendations for defensive asset allocation include diversifying investments across stocks, bonds, commodities, and cash to mitigate risks from single events [20]. Investment Strategies - Maintaining a defensive asset allocation is crucial during market volatility, with a focus on bond funds, money market funds, and high-dividend funds [19][18]. - Cash management is emphasized, suggesting a 10%-15% cash position to provide liquidity and opportunities during market downturns [21]. - Dollar-cost averaging through regular investments can help smooth out volatility and lower overall costs during market dips [23]. Conclusion - A well-structured investment portfolio should maintain its course during turbulent times, with preparedness being key to navigating market fluctuations [24].

先看大盘整体情况。今天两市走得挺憋屈，指数是齐刷刷往下掉，个股更惨，跌的家数超过4400只，妥妥的普跌行情。沪指收盘3377点，失守3400这个整数 关口，短期情绪可能受点影响。但咱作为中长线投资者，得把眼光放远些，短期波动其实是市场常态。 再说说板块表现。最吸睛的非油气股莫属了，科力股份直接30cm涨停，通源石油也来了个20cm涨停，这涨幅搁在调整市道里，跟开了挂似的。为啥涨这么 猛？主要是国际油价最近又开始往上窜了，叠加咱们国内能源安全的逻辑，资金就往这块儿涌。但咱得注意啊，油气板块的弹性大，短期冲得猛，中长线可 以关注有业绩支撑的龙头，但别追高追太狠。 军工板块今天也跟着狂飙，晨曦航空、北方长龙都是20cm涨停，核污染防治概念也没闲着，恒光股份、捷强装备这些票儿涨停。军工这块儿，一方面是消 息面有刺激，另一方面啊，咱们从长周期看，国防建设的投入是持续的，行业景气度有支撑。核污染防治呢，跟近期的热点事件有关，短期可能还有热度， 但得区分题材炒作和真正有技术壁垒的公司。 反过来看看下跌的板块，消费、医药、游戏传媒跌得比较惨。美容护理板块里水羊股份跌超10%，医药股里荣昌生物也表现不佳。这些板块其实还是受限于 ...

Market Overview - A-shares experienced steady growth in the first half of the week, followed by an overall adjustment in the latter half, with May CPI showing a month-on-month decline [1] - The three major indices had mixed performances, with the Shanghai Composite Index and Shenzhen Component Index down by 0.25% and 0.60% respectively, while the ChiNext Index rose by 0.22% [1] - Global uncertainty has led to increased interest in defensive assets, with high-dividend assets maintaining significant allocation value [1] ETF Performance - The top-performing ETFs this week included several related to innovative pharmaceuticals, with notable gains exceeding 10% for multiple funds [2] - Conversely, consumption and technology-related ETFs saw significant declines, with the top losers experiencing drops of over 4% [4][5] Investment Trends - China's share of global business development (BD) transactions has surged from 5% in 2021 to 42% by May 2025, indicating a growing international recognition of Chinese innovative pharmaceuticals [3] - Major transactions, such as the $60 billion collaboration between Heng Rui Medicine and Hercules, highlight the increasing trend of Chinese companies entering international markets [3] Fund Flows - The ETF market saw a net outflow of 43.36 billion yuan, with a notable preference for conservative investments, particularly in bond ETFs [6][8] - The top inflows were seen in bond ETFs, with the Credit Bond ETF leading with an inflow of over 30 billion yuan [8] Upcoming ETFs - Four new ETFs are set to launch next week, including the Changcheng CSI Dividend Low Volatility 100 ETF, which aims to provide a combination of high dividends and low volatility [10] - The Tianhong CSI A500 Enhanced Strategy ETF is also highlighted for its strong historical performance and potential for superior returns through active management [12]

Market Overview - The Middle East geopolitical risks have escalated, leading to a decline in the Asia-Pacific stock markets, with Hong Kong's three major indices falling collectively. The Hang Seng Index closed down 0.59% at 23,892.56 points, with a total turnover of HKD 294.29 billion [1] - Despite short-term impacts from Trump's tariff policies and potential liquidity fluctuations due to U.S. debt ceiling issues, the overall influence is diminishing, maintaining a long-term upward trend for Hong Kong stocks. High-quality dividend sectors remain a stable investment choice in the short term, while technological innovation is seen as a new growth driver for China's economy and Hong Kong stocks in the medium to long term [1] Blue Chip Performance - Chow Tai Fook (01929) led blue-chip gains, rising 5.37% to HKD 12.94, contributing 2.07 points to the Hang Seng Index. The company reported a revenue of HKD 89.656 billion for the fiscal year ending March 31, 2025, a decrease of 17.53% year-on-year, with a net profit of HKD 5.916 billion, down 8.97% year-on-year, and a final dividend of HKD 0.32 per share, corresponding to a payout ratio of 87.8% [2] - Other notable blue-chip movements included Orient Overseas International (00316) up 4.18%, Hang Lung Properties (00101) up 3.03%, while Sunny Optical Technology (02382) fell 5.01%, dragging the index down by 3.74 points [2] Sector Performance - Large technology stocks experienced declines, with Alibaba down over 2% and Xiaomi down 0.48%. In contrast, oil and gas stocks, gold stocks, and shipping stocks saw increased demand as safe-haven assets due to heightened market risk aversion. Shandong Molong surged 160%, and Chifeng Jilong Gold rose over 10% [3] - Oil stocks saw significant gains, with Shandong Molong (00568) up 75.65%, Sinopec Oilfield Service (01033) up 25%, and CNOOC (00883) up 2.07%. Reports of Israeli airstrikes on Iranian nuclear facilities led to a spike in international oil prices, which rose by 13% [3] - Gold stocks also performed strongly, with Chifeng Jilong Gold (06693) up 10.55% and Lingbao Gold (03330) up 6.06%. The rise in geopolitical tensions has driven gold prices higher, with spot gold surpassing USD 3,440 [4] - Defense stocks were active, with AVIC (02357) up 5.21% and China Shipbuilding Defense (00317) up 3.27%, as increased military spending is anticipated due to escalating geopolitical conflicts [4][5] Automotive Sector - The automotive sector continued its downward trend, with XPeng Motors (09868) down 5.17% and Great Wall Motors (02333) down 3.07%. A recent controversial statement regarding fuel vehicles over electric vehicles sparked discussions, impacting market sentiment [6] Notable Stocks - Derlin International (01126) reached a historical high, closing up 17.08% at HKD 10.42, attributed to its position as a leading plush toy manufacturer [7] - Television Broadcasts (00511) rose 7.48% to HKD 3.45, following a collaboration with Tencent Music and others to enhance AIGC technology applications in the Greater Bay Area [8] - Jianbei Miao Miao (02161) saw a post-earnings increase of 5.79%, reporting a revenue of HKD 782 million, up 20.65% year-on-year, and a net profit of HKD 197 million, up 51.2% [9] - Junshi Biosciences (01877) faced a significant drop of 10.47% after announcing a share placement at a discount, raising approximately HKD 1.026 billion for R&D and operational funding [10] - Sunny Optical Technology (02382) reported a decline in mobile lens shipments, with a 5.2% year-on-year drop in May [11]

Market Overview - The Shanghai Composite Index briefly surpassed 3400 points but adjusted to close at 3377 points, resulting in a weekly decline of 0.25% [1] - The performance of ETF products varied significantly across different sectors, with Hong Kong innovative drug-related products experiencing substantial gains, potentially becoming the strongest theme for the first half of the year [1] ETF Performance - The S&P Oil & Gas ETF led the weekly gains with a rise of 12.23%, driven by geopolitical tensions in the Middle East, which caused a spike in international oil prices [5] - Eight Hong Kong innovative drug-related ETFs recorded weekly gains exceeding 10%, indicating strong market interest in this sector [5] - Year-to-date, the top-performing ETFs are those related to Hong Kong innovative drugs, with several products showing gains over 60% [5] Declining Sectors - The Wine ETF experienced a significant decline of 5.55% this week, continuing a downward trend that has persisted for five years, with a year-to-date drop exceeding 11% [10] - Other sectors such as food and beverage ETFs also faced declines, with several products reporting weekly drops over 4% [10]

Market Overview - The market experienced fluctuations throughout the day, with both the ChiNext Index and the Shenzhen Component Index falling over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.47 trillion yuan, an increase of 195.5 billion yuan compared to the previous trading day [1] Sector Performance - Market focus shifted towards defensive sectors such as oil and gas, gold, and military industries [1] - The oil and gas sector showed strong performance, with companies like Keli Co., Ltd. hitting the daily limit up of 30% and Tongyuan Petroleum also seeing significant gains [1] - The nuclear pollution prevention concept surged, with Jieqiang Equipment hitting the daily limit up [1] - The military sector saw a rebound in the afternoon, with companies like Chenxi Aviation hitting the daily limit up and AVIC Chengfei rising over 10% [1] - Gold stocks performed well, with Xibu Gold hitting the daily limit up [1] Declining Sectors - The IP economy sector experienced a pullback, with companies like Qingmu Technology dropping over 10% [1] - The pesticide sector remained sluggish, with Huilong Co., Ltd. hitting the daily limit down [1] Closing Summary - By the end of the trading session, the Shanghai Composite Index fell by 0.72%, the Shenzhen Component Index decreased by 1.10%, and the ChiNext Index dropped by 1.13% [1]

Market Overview - The A-share market experienced a volatile adjustment, with the Shanghai Composite Index down 0.75%, the Shenzhen Component down 1.1%, and the ChiNext Index down 1.13% as of the market close [1] - The total market turnover reached 1,503.9 billion yuan, an increase of 200 billion yuan compared to the previous day, with over 4,400 stocks declining [1] Sector Performance - Oil and gas, precious metals, nuclear pollution prevention, and military industries were among the top gainers, while consumer stocks saw an overall pullback [1] - The leading ETFs in the oil and gas sector included the S&P Oil & Gas ETF (513350) with a gain of 6.38%, and the S&P Oil & Gas ETF (159518) with a gain of 6.23% [2] ETF Performance - The Hong Kong Stock Connect Automotive ETF (159323) led the declines with a drop of 3.67%, followed by the Hong Kong Automotive ETF (520600) down 3.4% [3] - Other notable declines included the Hang Seng Automotive ETF (159239) down 3.33% [3] Geopolitical Impact - The geopolitical situation in the Middle East has escalated, with reports of the Israeli military launching new attacks on Iran, including a "preemptive precision strike" on Iranian nuclear facilities [2] - Israeli Prime Minister Netanyahu stated that the attacks on Iran would continue for several days, which may have implications for oil and gas prices [2][5]

截至06月13日13:25，油气ETF(159697.SZ)上涨2.70%，其关联指数国证油气(399439.SZ)上涨2.47%；主 要成分股中，中国海油上涨2.76%，招商轮船上7.10%，中国石油上涨1.24%，中远海能上涨7.55%，洲 际油气上涨9.95%。 消息面上，当地时间6月13日以色列空军对伊朗境内数十个与核计划及其他军事设施相关的目标发动空 袭，引发地缘政治紧张局势升级，市场避险情绪显著升温，国际油价应声大涨，布伦特原油盘中一度涨 超13%，WTI原油期货同步攀升逾13%至逾4个月新高，带动油气产业链相关资产走强。 券商研究方面，信达指出看好三季度油价，抓住做多机会： 三、油服公司存在错杀：一方面油公司的资本开支并未出现因二季度油价回落而大幅下调情况；另一方 面油服相关费率并未出现明显回调；三是油服公司绝大部分钻井船、海工装备等已有中长期合同，合同 期内费率不变。中海油服、海油工程业绩增长确定性极高。 关联产品： 油气ETF（159697），联接基金（A类 019827，C类 019828，I类 022861） 关联个股： 中国石油（601857）、中国石化（600028）、中国海油（60 ...

Core Viewpoint - The oil and gas sector experienced a significant surge, with WTI crude oil futures rising over 9% due to geopolitical tensions, leading to a collective increase in the oil and gas sector [1] Group 1: ETF Market Performance - The S&P Oil and Gas ETF saw a midday increase of over 7%, while several domestic oil and gas resource ETFs rose by more than 3% [1] - Specific ETFs such as the Energy Chemical ETF (159981) increased by 5.03%, Oil and Gas Resource ETF (159309) by 3.43%, and Oil and Gas ETF Bosera (561760) by 3.21% [2] Group 2: Investment Logic - In 2024, China's crude oil import dependency is projected to be 72%, and natural gas import dependency at 43%, indicating a high reliance on imported oil and gas resources [3] - Despite geopolitical uncertainties affecting energy security, the medium to long-term supply-demand dynamics for crude oil remain favorable, suggesting strong investment value in major state-owned oil companies [3] Group 3: Major Indexes and Weightings - The China Securities Oil and Gas Resource Index includes companies involved in oil and gas extraction, services, equipment manufacturing, refining, transportation, and sales, reflecting the overall performance of the oil and gas sector [3] - Major weighted stocks in the index include China National Petroleum (601857) at 10.98%, Sinopec (600028) at 9.49%, and Guanghui Energy (600256) at 6.56% [4][9] Group 4: ETF Specifics - The Oil and Gas Resource ETF (159309) had a midday increase of 3.43%, with a scale of 0.76 million units and a transaction amount of 24.39 million yuan [3] - The Oil and Gas ETF (159697) rose by 2.7%, with a scale of 0.69 million units and a transaction amount of 14.76 million yuan [6] - The Oil and Gas ETF (561360) increased by 2.25%, with a scale of 0.93 million units and a transaction amount of 78.50 million yuan [8]

Core Viewpoint - China National Petroleum Corporation (CNPC) emphasizes its commitment to environmental protection while pursuing development, showcasing significant achievements in green initiatives and sustainable practices in its 2024 Environmental Protection Report [1][2]. Group 1: Environmental Protection Achievements - The 2024 report highlights CNPC's comprehensive efforts in pollution prevention, key area protection, and risk management across eight dimensions [1]. - In 2024, CNPC aims to increase domestic natural gas production's share in its oil and gas output structure to 54.4%, with renewable energy development capacity exceeding 12 million tons of standard oil per year [3]. - The company has achieved a reduction in chemical oxygen demand, ammonia nitrogen, nitrogen oxides, and VOC emissions from refining enterprises, with energy savings of 780,000 tons of standard coal and water savings of 8.24 million cubic meters [5]. Group 2: Green Development Strategy - CNPC is implementing a three-step strategy focused on "clean substitution, strategic replacement, and green transformation," aiming to create a low-carbon energy ecosystem that integrates fossil and renewable energy [3]. - The company has established 22,000 acres of carbon sink and carbon-neutral forests, actively engaging in biodiversity protection with ten self-contributing biodiversity conservation projects [6]. Group 3: Industry Leadership and Collaboration - As the chair of the "Methane Emission Control Alliance" for Chinese oil and gas enterprises, CNPC is leading efforts to enhance methane reduction cooperation within the industry [7]. - CNPC is the sole member of the "Oil and Gas Climate Initiative" in China, participating in the formulation of future strategic goals for climate change response and signing the "Oil and Gas Decarbonization Charter" to collaborate with over 50 global oil and gas producers in reducing carbon emissions [7].