金融界6月6日消息，A股三大指数收盘涨跌不一，中证苏银理财长三角创新指数 (苏银理财长三角， 931559)下跌0.05%，报1822.5点，成交额312.53亿元。 从指数持仓来看，中证苏银理财长三角创新指数十大权重分别为：澜起科技（6.44%）、海康威视 （4.83%）、国电南瑞（4.75%）、中微公司（4.45%）、联影医疗（4.23%）、沪电股份（3.63%）、思 源电气（3.47%）、恒生电子（3.12%）、新和成（2.58%）、天孚通信（2.3%）。 从中证苏银理财长三角创新指数持仓的市场板块来看，上海证券交易所占比56.30%、深圳证券交易所 占比43.70%。 从中证苏银理财长三角创新指数持仓样本的行业来看，信息技术占比43.30%、工业占比28.45%、医药 卫生占比16.07%、通信服务占比6.62%、可选消费占比4.08%、原材料占比1.48%。 资料显示，中证苏银理财长三角创新指数的样本每半年调整一次，样本调整实施时间分别为每年6月和 12月的第二个星期五的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实 施时间相同。在下一个定期调整日前，权重因子一般固定不变。特 ...

Group 1: IPO Market Overview - The number of new IPOs in Hong Kong increased by 7 from the previous year, with total fundraising exceeding 710 million HKD in the first five months of 2025[3] - A+H shares accounted for over 70% of the total fundraising in 2025, with 5 A+H IPOs contributing 503 million HKD[45] - The average first-day premium for new listings rose to 10.8% in 2025, compared to 8.6% in 2024, while the first-day break rate decreased to 29%[64] Group 2: Investor Participation and Trends - Public subscription enthusiasm has increased, with 70% of projects triggering a reallocation mechanism in 2025[62] - The average effective subscription multiple for public offerings reached 688 times in 2025, indicating strong demand[62] - The allocation for cornerstone investors has remained above 40% since 2022, while the share for anchor investors has decreased to around 40%[32] Group 3: Valuation and Performance - The average initial valuation for new listings dropped from 27 times in 2024 to 19 times in 2025, marking a significant decline[3] - A+H new shares have generally been issued at a discount compared to their A-share counterparts, although the discount rate has narrowed recently[54] - The average first-day return for A+H shares in 2025 was notably strong, with no instances of breakage among the five listings[66]

从中证香港美国上市中美科技指数持仓的市场板块来看，纳斯达克全球精选市场证券交易所 (Consolidated Issue)占比41.82%、香港证券交易所占比35.21%、纽约证券交易所占比21.28%、纳斯达克 证券交易所(Consolidated Capital Market)占比1.69%。 从中证香港美国上市中美科技指数持仓样本的行业来看，信息技术占比39.19%、可选消费占比 20.43%、医药卫生占比15.96%、通信服务占比14.29%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。如果新上市中国和美国科技公 司市值分别在中国样本公司和美国样本公司中排名前五，将在其上市第十一个交易日快速纳入指数。当 样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护 细则处理。 数据统计显示，中证香港美国上市中美科技指数近一个月上涨4.77%，近三个月上涨2.89%，年 ...

Core Viewpoint - The manufacturing sector showed mild recovery in May, with the manufacturing PMI rising by 0.5 points to 49.5, slightly above the seasonal average. However, this increase is not strong considering the low base from April due to tariff impacts. The absolute value of 49.5 is only better than May 2019 and May 2023 in the past decade [1][7][8]. Manufacturing Sector Analysis - In May, the manufacturing sectors that improved can be categorized into three types: emerging manufacturing (computer communication electronics, electrical machinery), essential consumer agricultural products, and the petrochemical industry chain (petrochemical refining, chemicals, synthetic fibers, and plastics) [2][9]. - The macroeconomic clues behind these improvements include: the cancellation of high tariffs leading to better export orders, the continued effects of domestic "two new" policies, and demand growth from the AI industry. The sectors experiencing significant downturns are mainly in the construction chain and optional consumer goods [2][9]. - The electrical machinery sector is leading in terms of prosperity, with a PMI above 55, benefiting from rapid growth in new energy and new energy vehicles, as well as policy dividends from "two new" initiatives [3][11]. Emerging Industries - Emerging industries such as new generation information technology, new materials, high-end equipment, and energy-saving and environmental protection sectors showed improved prosperity in May. This is attributed to the rebound in external demand and domestic policy support [3][12]. - The biological industry remains the weakest, with a significant decline in export orders continuing from April [3][12]. Construction Sector Insights - The construction industry in May is characterized by "infrastructure improvement and real estate drag." Civil engineering construction saw a continuous improvement for two months, while the real estate chain showed weakness across all stages [4][15]. - The construction activity index decreased by 0.9 points to 51.0 in May, indicating a slowdown in the real estate sector [14][16]. Service Sector Performance - The service sector saw a slight improvement, with the PMI rising by 0.1 points to 50.2. Key drivers include travel-related sectors benefiting from the May Day holiday and a rebound in the water transport industry [6][17]. - The information technology service sector continues to perform well, driven by trends such as "AI+" and online consumption [6][17]. Summary of Key Insights - The "two new" policies are concentrated in sectors benefiting from tariff reductions, such as electrical machinery and computer electronics, which currently show high prosperity [5][6]. - The new generation information technology sector leads in emerging industries, while the service sector's IT services maintain a leading position [5][6]. - External uncertainties continue to impact sectors like textiles, pharmaceuticals, and biotechnology, as indicated by their performance data [5][6]. - The construction sector is experiencing a rise in prosperity due to accelerated issuance of special bonds and project implementations, although upstream material sectors remain under pressure due to real estate slowdowns [5][6].

Core Viewpoint - The Zhongzheng Guangyin Wealth Management Hong Kong-Shenzhen Technology Leaders Index has shown a mixed performance, with a recent increase but a decline over the past three months, indicating volatility in the technology sector [1][2] Group 1: Index Performance - The Zhongzheng Guangyin Wealth Management Hong Kong-Shenzhen Technology Leaders Index rose by 1.15% to 2180.95 points, with a trading volume of 91.926 billion yuan [1] - Over the past month, the index has increased by 1.53%, while it has decreased by 6.24% over the last three months, and it has risen by 9.71% year-to-date [1] Group 2: Index Composition - The index comprises 50 large-cap listed companies from the information technology, biomedicine, and high-end manufacturing sectors, reflecting the overall performance of technology leaders in the mainland and Hong Kong markets [1] - The top ten holdings in the index include Alibaba-W (11.98%), Tencent Holdings (10.74%), Xiaomi Group-W (10.53%), CATL (8.42%), BYD Company (5.81%), and others [1] - The market distribution of the index holdings shows that the Hong Kong Stock Exchange accounts for 49.63%, the Shenzhen Stock Exchange for 28.12%, and the Shanghai Stock Exchange for 22.25% [1] Group 3: Industry Breakdown - The industry composition of the index holdings includes 31.19% in information technology, 23.16% in consumer discretionary, 18.11% in industrials, 15.02% in communication services, and 12.53% in healthcare [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Core Viewpoint - The China Securities Index for Hong Kong-listed tradable mainland consumption has experienced a decline of 3.0%, closing at 1280.46 points, with a trading volume of 54.252 billion yuan. However, the index has shown an increase of 6.66% over the past month, 1.65% over the past three months, and 17.36% year-to-date [1]. Group 1 - The index series includes HKT Hong Kong Real Estate, HKT Mainland Consumption, and HKT Mainland Banking, reflecting the overall performance of related theme securities in the Hong Kong market [1]. - The index is based on a reference date of December 31, 2007, with a base point of 1000.0 [1]. - The top ten holdings in the index are BYD Company (14.22%), Alibaba-W (12.29%), JD Group-SW (7.78%), Trip.com Group-S (7.67%), Meituan-W (6.89%), Pop Mart (4.85%), Li Auto-W (4.44%), Xpeng Motors-W (3.9%), Anta Sports (3.55%), and Yum China (3.45%) [1]. Group 2 - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange, with 88.76% in discretionary consumption and 11.24% in staples [2]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2]. - In special circumstances, the index may undergo temporary adjustments, such as removing delisted companies or handling mergers and acquisitions according to maintenance guidelines [2].

Core Viewpoints - The article summarizes the insights from fund managers based on their Q1 2025 reports, focusing on their investment strategies and market outlooks [1]. Group 1: Fund Manager Perspectives - Fund managers typically cover two main areas in their reports: a review of past investments and future market outlooks, with the latter being more significant [3]. - Different fund managers exhibit varying levels of detail in their reports, influenced by their investment styles, such as value or growth [3]. - The deep value style emphasizes low valuations and high dividend yields, primarily investing in sectors like finance, real estate, and energy [4][5]. - Growth value style focuses on companies with strong profitability and cash flow, often holding stocks for the long term [10]. Group 2: Deep Value Style Insights - Deep value style has shown strong performance from 2021 to 2024, while it underperformed in 2019-2020 [6]. - Fund managers express confidence in their holdings despite market uncertainties, citing factors like geopolitical changes and technological advancements as influential [7]. - The current market environment is characterized by structural changes, with some sectors facing prolonged competition, while others show clear competitive advantages [7]. Group 3: Growth Value Style Insights - Growth value managers highlight the resilience of high-frequency economic data and improved financing conditions, suggesting a positive outlook for the second quarter [12]. - They emphasize the importance of focusing on domestic economic transformation and internal demand rather than external pressures [12][13]. - Fund managers are adjusting their portfolios to capitalize on sectors like AI and healthcare, anticipating a shift in consumer behavior and market dynamics [15][16]. Group 4: Balanced Style Insights - The balanced style seeks to combine growth potential with valuation, often looking for stocks that offer good value relative to their growth prospects [26]. - Fund managers maintain a diversified approach, focusing on sectors with favorable valuations and growth potential, such as healthcare and technology [29][30]. - They express optimism about domestic consumption policies and liquidity, which may support market performance despite external uncertainties [30]. Group 5: Growth Style Insights - The growth style prioritizes companies with high revenue and profit growth, often accepting higher valuations for strong growth potential [39][40]. - Fund managers are actively seeking opportunities in emerging industries, such as renewable energy and technology, which are expected to drive future growth [41].

Core Points - The Shanghai Composite Index rose by 0.21%, while the Shanghai China Manufacturing Theme Index increased by 0.1%, closing at 1417.05 points with a trading volume of 40.378 billion yuan [1] - Over the past month, the Shanghai China Manufacturing Theme Index has increased by 2.74%, but it has decreased by 6.30% over the last three months and is down 3.76% year-to-date [1] - The index includes representative listed companies in sectors such as new generation information technology, high-end CNC machine tools and robotics, aerospace equipment, energy-saving and new energy vehicles, electric power equipment, new materials, biomedicine, and high-performance medical devices [1] Index Composition - The top ten weighted stocks in the Shanghai China Manufacturing Theme Index are: Wanhua Chemical (4.13%), Guodian NARI (3.56%), Longi Green Energy (3.54%), CRRC (3.43%), China Shipbuilding (2.72%), Kingsoft Office (2.55%), Tebian Electric (2.32%), United Imaging (2.2%), AVIC Shenyang Aircraft (2.03%), and China Shipbuilding Industry Corporation (1.95%) [1] - The index is fully composed of stocks listed on the Shanghai Stock Exchange, with a 100% representation [1] Industry Breakdown - The industry composition of the index shows that industrials account for 55.63%, information technology for 16.96%, materials for 14.03%, healthcare for 11.77%, and consumer discretionary for 1.62% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Core Viewpoint - The article critiques the common investment framework that relies on predicting export data to derive macroeconomic indicators and corporate profits, arguing that this approach is fundamentally flawed due to the high difficulty in accurately forecasting export data [3]. Group 1: Flaws in Current Investment Framework - The article emphasizes that predicting export data leads to significant misjudgments in macroeconomic indicators, such as PPI and GDP, with a 10% misjudgment in exports potentially causing a 2% misjudgment in PPI and a 0.4-0.5% misjudgment in GDP [3]. - An example is provided where the market expected a 0-2% growth in April exports, but the actual growth was 8.1%, highlighting the fragility of investment decisions based on export predictions [3]. Group 2: Recommended Analysis Logic - The article suggests focusing on the status of the U.S. discretionary consumer sector as a more reliable indicator for assessing export trends [4]. - It discusses the importance of predicting the "turnover rate" of exports, which is influenced by global demand stability, particularly the U.S. import growth rate [4]. - The U.S. accounts for approximately 15-16% of global imports and about one-third of global final consumption, making its import growth a critical factor for global trade dynamics [4]. Group 3: U.S. Tariff Impact and Consumer Power - The article notes that the current academic research on U.S. tariff elasticity may not apply due to recent high tariff changes, complicating the assessment of tariffs' impact on imports [5]. - It emphasizes the need to evaluate whether U.S. consumers can absorb the impact of tariffs, which is crucial for maintaining corporate revenues and economic stability [5]. - The discretionary consumer sector is highlighted as particularly sensitive to tariff changes, with a focus on the performance of high-yield corporate bonds in this sector as an early indicator of risk [5]. Group 4: Current Investment Context and Insights - The article identifies "certainty" as the current investment backdrop, contrasting the Chinese government's stability-focused approach with the uncertainty generated by U.S. policies [6]. - It suggests that the volatility of the Chinese financial market is likely to be lower than that of the U.S. due to the government's commitment to market stability [6]. - The article provides three insights: the potential for lower asset price volatility compared to economic data volatility, the need for caution regarding mid-term risks, and the importance of monitoring institutional behaviors in the market [6][8]. Group 5: Investment Strategy - The recommended investment posture is "high allocation, low volatility," suggesting that investors should maintain a high allocation to capitalize on potential government interventions that may mitigate risks [8]. - The article argues that excessive pessimism is unwarranted in the current environment, as government actions may counterbalance some downward risks [8].

Group 1: Stock Recommendations - Recommended stocks include Geely Automobile, Xpeng Motors, Zoomlion, Sany Heavy Industry, Atour Group, Luckin Coffee, and Proya, all rated as "Buy" with target price increases ranging from 12% to 37%[5] - The average market capitalization of the recommended stocks is approximately $25 billion for Geely Automobile and $19.7 billion for Xpeng Motors[5] - The average daily trading volume for these stocks varies, with Geely Automobile at $200.2 million and Xpeng Motors at $248.2 million[5] Group 2: Financial Metrics - Price-to-earnings (P/E) ratio for FY24A shows Geely Automobile at 10.90, while Xpeng Motors is not available (N/A)[5] - Return on equity (ROE) for FY24A is highest for Atour Group at 47.5%, while Xpeng Motors is N/A[5] - Dividend yield for FY24A is 1.7% for Geely Automobile and 5.4% for Xpeng Motors[5] Group 3: Performance Review - The basket of 22 stocks listed in the previous report had an average return of 6.0%, compared to the MSCI China Index return of 8.1%[9] - Out of the 22 stocks, 6 outperformed the benchmark index[9]