| | 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 | | --- | --- | --- | --- | --- | --- | | | 股） | （%） | （%） | （%） | 元） | | | 45.63 | 25.96 | 0.34 | 0.48 | 8.71 | | | 41.83 | 42.39 | 1.06 | -0.04 | 8.22 | | 交通运 | 48.66 | 36.88 | 1.16 | 0.17 | 6.35 | | 美容护 | 7.13 | 51.77 | 6.38 | 1.10 | 0.64 | | 房地产 | 33.21 | 29.72 | 1.52 | -0.33 | 0.29 | | 渔 | 27.03 | 50.76 | 2.91 | -0.09 | -0.98 | | 钢铁 | 13.29 | -8.96 | 0.67 | -0.36 | -1.76 | | | 15.65 | 17.86 | 2.04 | -0.55 | -1.91 | | | 7.34 | 47.81 | 4.18 | -0.36 | -1.94 | ...

Company Overview - Global Strategic Group Limited primarily engages in commodity trading, natural gas supply, internet and e-commerce solutions, strategic investments in technology projects, and rental and technical services for steel support axial force servo systems [2]. Financial Performance - As of March 31, 2025, Global Strategic Group reported total revenue of 155 million yuan, representing a year-on-year increase of 52.97%. However, the net profit attributable to shareholders was -8.12 million yuan, a decrease of 13.58% year-on-year. The gross margin stood at 15.5%, and the debt-to-asset ratio was 76.93% [1]. Stock Performance - On June 10, the stock price of Global Strategic Group closed at 0.04 HKD per share, marking a 29.03% increase with a trading volume of 59.63 million shares and a turnover of 2.48 million HKD. Over the past month, the stock has seen a cumulative increase of 6.9%, but it has declined by 11.43% year-to-date, underperforming the Hang Seng Index by 20.55% [1]. Industry Valuation - The average price-to-earnings (P/E) ratio for the utility sector is 6.38 times, with a median of 6.79 times. Global Strategic Group's P/E ratio is -0.85 times, ranking 73rd in the industry. Comparatively, other companies in the sector have P/E ratios such as Dianchi Water (2.14), Xinglu Water (2.78), Shanghai Industrial Environment (3.74), China Everbright Water (3.90), and Kanda Environmental Protection (3.95) [1].

从基金调研公司的A股总市值统计，总市值不足100亿元的有10家，分别是炬申股份、华自科技、奇德 新材等。 市场表现上，基金调研股中，近5日上涨的有12只，涨幅居前的有联化科技、超捷股份、奇德新材等， 涨幅为53.04%、25.95%、23.13%；下跌的有2只，跌幅居前的有华森制药、博俊科技等，跌幅为 11.39%、0.25%。 昨日基金共对14家公司进行调研。 证券时报·数据宝统计，6月9日共22家公司被机构调研，按调研机构类型看，基金参与14家公司的调研 活动。博俊科技最受关注，参与调研的基金达3家；华自科技、奇德新材等分别获3家、2家基金集体调 研。 基金参与调研的公司中，按所属板块统计，深市主板公司有7家，创业板公司有6家，科创板公司有1 家。 6月9日基金调研公司一览 | 代码 | 简称 | 基金家数 | 最新收盘价（元） | 近5日涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 300490 | 华自科技 | 3 | 8.49 | 9.97 | 电力设备 | | 300926 | 博俊科技 | 3 | 24.04 | -0.25 | 汽车 ...

Group 1 - Edison International (EIX) experienced a decline of approximately 8.1%, marking its lowest closing price since September 2020 [1] - The recent drop in stock price coincides with President Trump's deployment of troops to suppress immigrant riots in Los Angeles, California [1]

Core Viewpoint - The performance of major industry ETFs in the U.S. stock market is mixed, with semiconductor ETFs showing significant gains while financial sector ETFs are declining [1]. Group 1: Semiconductor Sector - Semiconductor ETF increased by 2.28%, reaching a price of $258.50, with a trading volume of 205.80 million shares and a total market value of $30.56 billion [2]. - Year-to-date performance for the semiconductor ETF is up by 6.74% [2]. Group 2: Regional Banks - Regional bank ETF rose by 0.94%, priced at $58.56, with a trading volume of 183.49 million shares and a total market value of $48.87 billion [2]. - Year-to-date performance for the regional bank ETF is down by 2.31% [2]. Group 3: Financial Sector - Financial sector ETF decreased by 0.86%, priced at $50.84, with a trading volume of 521.25 million shares and a total market value of $565.87 billion [2]. - Year-to-date performance for the financial sector ETF is up by 5.58% [2]. Group 4: Technology Sector - Technology sector ETF increased by 0.89%, priced at $240.49, with a trading volume of 119.49 million shares and a total market value of $764.89 billion [2]. - Year-to-date performance for the technology sector ETF is up by 3.61% [2].

市场憧憬中美元首通电，港股大盘全周先跌后升，恒生指数全周上升 2.2%，收报 23,792 点。恒生科指全周上升 2.2%，收 报 5,286 点。恒指公司上周五季检生效，使大市成交金额增加至 2,356 亿港元，但全周日均成交也按周下跌 7.6%至 2,039 亿港元，显示大多投资者仍在观望中。港股通全周净流入 149 亿港元，风格继续偏好高分红。板块上，材料及医疗保健行 业分类指数上分别升大升 5.6%及 4.1%，前者受到黄金及铜有色股份带动，后者则受惠于市场对中国创新药 BD 交易的预 期。全球市场风险偏好上升有助于港股表现，但当前估值已大幅修复，AH 溢价指数偏低，整体大盘以偏震荡为主。由于 部分焦点板块升幅已较大，较易有获利了结的倾向，预计未来一周港股难有明确主线，更多以板块轮动为主。 中美元首上周通话，双方同意团队继续落实好日内瓦共识，尽快举行新一轮会谈。我们认为消息有助于纾缓中美双边紧 张气氛，减少不确定性，促进港股情绪进一步修复。不过，中美双方在关税税率、高端芯片的进口、市场改革、产业补 贴、芬太尼等多方面仍存在较多分歧，预计中美能够达成共识的进度较缓慢且反复。 上周个别年内升幅凌厉的"新消 ...

Quantitative Models and Construction Methods 1. Model Name: Broad-based Index Rotation Strategy - **Model Construction Idea**: The strategy is based on the weekly change rate of the total sentiment heat (MA2) for broad-based indices. The model selects the index with the highest heat change rate for investment, while staying in cash if the "Other" group has the highest rate [7][12][15] - **Model Construction Process**: 1. Calculate the weekly heat change rate for each broad-based index (CSI 300, CSI 500, CSI 1000, CSI 2000, and "Other") 2. Smooth the weekly change rate using a 2-period moving average (MA2) 3. At the end of each week, invest in the index with the highest MA2 heat change rate. If the "Other" group has the highest rate, remain in cash [8][9][12] - **Model Evaluation**: The model demonstrates a systematic approach to capturing short-term sentiment-driven opportunities in broad-based indices [12][15] --- Model Backtesting Results 1. Broad-based Index Rotation Strategy - **Annualized Return (2017-Present)**: 8.74% - **Maximum Drawdown**: 23.5% - **2025 YTD Return**: 10.6% [15] --- Quantitative Factors and Construction Methods 1. Factor Name: Total Sentiment Heat - **Factor Construction Idea**: The factor aggregates the sentiment heat of individual stocks within a broader category (broad-based indices, industries, or concepts) to serve as a proxy for market sentiment [7] - **Factor Construction Process**: 1. Define the total sentiment heat for individual stocks as the sum of their browsing, watchlist, and click counts 2. Normalize the sentiment heat by dividing it by the total market heat on the same day 3. Multiply the normalized value by 10,000 to scale the indicator within the range [0, 10,000] 4. Aggregate the total sentiment heat of all constituent stocks within a specific category (e.g., broad-based indices, industries, or concepts) [7] - **Factor Evaluation**: The factor effectively captures market sentiment dynamics, particularly at the individual stock level, where mispricing due to limited attention is more pronounced [7] 2. Factor Name: Weekly Heat Change Rate (MA2) - **Factor Construction Idea**: This factor measures the weekly change rate of sentiment heat for a specific category, smoothed using a 2-period moving average (MA2) [7][19][27] - **Factor Construction Process**: 1. Calculate the weekly change rate of total sentiment heat for each category (e.g., broad-based indices, industries, or concepts) 2. Apply a 2-period moving average (MA2) to smooth the weekly change rate [19][27] - **Factor Evaluation**: The MA2 smoothing process enhances the stability of the factor, making it suitable for identifying short-term sentiment trends [19][27] --- Factor Backtesting Results 1. Total Sentiment Heat - **Indicator Range**: [0, 10,000] (normalized and scaled) [7] 2. Weekly Heat Change Rate (MA2) - **Broad-based Indices**: - CSI 500: +2.11% (highest weekly increase) - CSI 1000: -1.54% (lowest weekly decrease) [15] - **Industries (Shenwan Level 1)**: - Top 5 Positive Changes: Communication (+29.1%), Environmental Protection, Computer, Building Materials, Social Services - Top 5 Negative Changes: Automotive, Coal, Transportation, Utilities, Comprehensive (-35.2%) [26] - **Concepts**: - Top 5 Positive Changes: Football Concept (+152.7%), Military Restructuring (+128.7%), Dental Medical (+93.4%), Beer Concept (+90.7%), Digital Currency (+84.5%) [27][30] 3. Heat-based Concept Portfolios - **BOTTOM Portfolio**: - **Annualized Return**: 15.71% - **Maximum Drawdown**: 28.89% - **2025 YTD Return**: 22.3% [32]

Group 1 - The report indicates a recovery in market sentiment, with a renewed focus on technology sectors, particularly in the context of the A-share market showing resilience despite geopolitical tensions [7][17][19] - The A-share market is expected to maintain upward momentum until late June, driven by favorable macroeconomic conditions and potential easing of US-China trade tensions [17][18] - The report highlights that the overall market is in a continuation phase of an upward trend since the 924 market rally, with the Wind All A Index currently at 5156 points, indicating room for further growth [17][24] Group 2 - Investment recommendations include a focus on technology growth sectors, particularly AI, which has seen reduced crowding and is expected to benefit from potential policy relaxations regarding technology restrictions [24][25] - The report emphasizes the importance of domestic consumption, particularly in emerging sectors such as health, tourism, and pet economy, as a counterbalance to uncertainties in overseas demand [24][25] - High dividend sectors are highlighted as having sustained value, with particular attention to banking, coal, public utilities, and transportation as potential investment areas [25][26] Group 3 - The report notes that the small-cap stocks represented by the CSI 2000 index have a high price-to-earnings ratio of 137.40 times, indicating accumulated risks in this segment [18][19] - The report anticipates that the upcoming Lujiazui Forum in June 2025 will be a key event for financial policy announcements, which could influence market dynamics [22][24] - The report also discusses the impact of US economic data, particularly the better-than-expected non-farm payrolls, which may delay Federal Reserve interest rate cuts and affect market sentiment [23]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The market fluctuated upward this week, with major broad - based indices and convertible bond indices showing a mild recovery. The market's main line is still unclear, and it is waiting for incremental information. The convertible bond market resonated with the equity market, with increased trading activity and a continued differentiation in the valuation structure. The focus of capital allocation has shifted from extreme elasticity to high certainty, and a "stable allocation + selective elasticity" dual - wheel drive strategy is maintained. In the bond market, the pressure of maturing inter - bank certificates of deposit in the next three weeks is still large, and the pressure on cross - quarter liquidity cannot be ignored. It is difficult to see a smooth decline in interest rates in June [1][2]. - In the equity market, under the dual background of the adjustment of the public fund assessment mechanism and the phased easing of Sino - US tariffs, the main line is still unclear, and the style is differentiated. The dividend style has attracted wide attention, and the growth style is gradually recovering. The market value structure is biased towards small - cap growth. In terms of strategy, it is necessary to optimize strategies by combining new productive forces, institutional dividends, and the dynamic evolution of the valuation system. In terms of allocation, attention should be paid to the dividend, technology growth, and large - consumption sectors [8]. - For the convertible bond market, it is recommended to use a framework of "neutral position, bond selection as the foundation". The dumbbell strategy will still be dominant. In terms of allocation, focus on three directions: concentrating positions on high - rating, low - premium blue - chip convertible bonds; selecting medium - and high - priced thematic growth bonds; and conducting refined management in combination with clause events and credit marginal changes [2][9]. 3. Summary by Relevant Catalogs 3.1 Market Observation - In the past week (from June 2nd to June 6th), major broad - based indices and convertible bond indices fluctuated upward, but the market style was still differentiated. The convertible bond information technology index, AA - and below index, convertible bond high - price index, and small - cap convertible bond index led the gains. In the bond market, the pressure of maturing inter - bank certificates of deposit in the next three weeks is large, and it is difficult to see a smooth decline in interest rates in June [7]. - In the equity market, the main line is unclear, and the style is differentiated. The dividend style is popular, and the growth style is recovering. The market value structure is biased towards small - cap growth. Attention should be paid to the dividend, technology growth, and large - consumption sectors [8]. - The convertible bond market resonated with the equity market, showing a mild recovery, with increased trading activity and a continued differentiation in the valuation structure. A "stable allocation + selective elasticity" strategy is maintained, and a "neutral position, bond selection as the foundation" framework is recommended [9]. 3.2 Convertible Bond Market Tracking 3.2.1 Convertible Bond Market Conditions - The report provides the performance data of various convertible bond indices in different time periods, such as the one - week, two - week, 3 - month - since, one - month, two - month, half - year, and one - year changes of the Wind Convertible Bond Energy Index, Wind Convertible Bond Materials Index, etc. [10] 3.2.2 Convertible Bond Individual Bonds - The report shows the top five and bottom five individual bonds in terms of weekly price changes and the top five and bottom five underlying stocks of individual bonds in terms of weekly price changes, but specific bond names are not provided [13][25] 3.2.3 Convertible Bond Valuation - The report presents the valuation trends of bond - type, balanced, and equity - type convertible bonds, as well as the conversion premium rate valuation trends of convertible bonds with par values in different ranges (90 - 100, 100 - 110, 110 - 120) [19][21][31] 3.2.4 Convertible Bond Prices - The report shows the trends of the proportion of high - price bonds, low - price bonds, the proportion of bonds falling below the bond floor, and the median price of the convertible bond market [29][33]

Group 1 - The A-share market showed signs of recovery this week, with the ChiNext Index rising by 2.3% and the Shanghai 50 Index increasing by 0.4%, indicating a general upward trend in major indices [1][11][12] - The valuation of the entire A-share market is currently at a medium level compared to historical data since 2010 [1][19] - The communication, non-ferrous metals, and electronics sectors performed relatively well, with respective increases of 5.3%, 3.7%, and 3.6%, while sectors like household appliances, food and beverage, and transportation saw declines of 1.8%, 1.1%, and 0.5% [1][14][19] Group 2 - Recent domestic events include the launch of the "Service Consumption Season" and the "New Energy Vehicle Going to the Countryside" initiative, which are part of the government's efforts to stabilize growth [2][20][22] - External events such as the phone call between Chinese President Xi Jinping and US President Trump, and the tightening of regulations by the SEC on foreign companies listed in the US, are significant factors influencing market sentiment [2][20][32] - The overall domestic economy remains stable, supported by growth policies, and is expected to show resilience in the second quarter, which will provide support for the market [2][21][23] Group 3 - The report emphasizes three main investment themes: 1. Domestic consumption, which is expected to receive policy support and has shown resilience in performance [4][43] 2. Domestic substitution, focusing on industries with high import ratios from the US but strong domestic supply capabilities, such as publishing and construction materials [4][44] 3. Sectors that are currently underweighted by funds, including banking, non-bank financials, public utilities, and transportation, which may present long-term investment opportunities [4][45] Group 4 - The report suggests that the market style may shift towards defensive and undervalued sectors, with coal, public utilities, banking, non-bank financials, construction decoration, and oil and petrochemicals being highlighted as sectors worth attention [51]