What a rollercoaster we’ve been on with Hims & Hers (NYSE: HIMS ); one that has surely paid off with the stock being one of the best performers in my coverage. I last madeI’m a retired Wall Street PM specializing in TMT; since kickstarting my career, I’ve spent over two decades in the market navigating the technology landscape, focusing on risk mitigation through the dot com bubble, credit default of ‘08, and, more recently, with the AI boom. In one word, what I’d like my service to revolve around is moment ...

Weekly Insights - The report highlights an increase in market disturbances due to escalating conflicts between Israel and Iran, leading to heightened concerns over oil prices and inflation risks. However, the direct impact on China is considered limited, with the main concern being the risk of significant oil price increases. Historically, Middle Eastern conflicts have acted as catalysts for oil price fluctuations, but their effects tend to be short-lived due to the global economy's inability to sustain high oil prices for extended periods. Overall, the emotional impact of these conflicts on the market is greater than the actual economic implications [4][7]. - The State Council's meeting on June 13 emphasized stronger measures to stabilize the real estate market, outlining four key policy directions: stabilizing expectations, activating demand, optimizing supply, and mitigating risks. This is expected to lead to timely responses from local governments and facilitate a quicker adjustment in the real estate cycle, contributing to marginal improvements in economic performance [4][7]. Market Trends - Despite recent adjustments, the overall market trend remains a broad range-bound movement. The core factors driving the market are stable and improving fundamental expectations, with hopes for gradual policy and external improvements. The report anticipates a structural bull market to emerge in the third quarter, with 3,400 points identified as a significant resistance level. The transition from quantitative to qualitative changes in A-shares is underway, indicating a revaluation of Chinese assets from a global investment perspective [5][8]. Investment Recommendations - The report suggests focusing on sectors with high economic activity, particularly in small and mid-cap stocks, which are expected to continue their upward trajectory. While there may be short-term adjustments in crowded small-cap stocks, the likelihood of a major cyclical downturn is low. The report remains optimistic about the performance of large-cap companies following the trends of small-cap stocks. Key sectors to watch include innovative pharmaceuticals and new consumer trends, with an emphasis on undervalued, high-dividend stocks as long-term investment opportunities in a declining interest rate environment [6][9]. Market Data - The report notes a general upward trend in the market, with small-cap stocks performing particularly well. The weekly performance of major indices shows positive returns, with the ChiNext Index leading at 2.32%, followed by the Shenzhen Component Index at 1.42% and the Shanghai Composite Index at 1.13% [10][12]. - The TMT (Technology, Media, and Telecommunications) sector has outperformed other industries this week, indicating strong investor interest in this area [13]. - Market turnover rates have increased, suggesting a rise in trading activity, while margin financing balances have shown a decline, reflecting reduced market participation [15][17]. Valuation Insights - The overall valuation levels in the market remain reasonable, with the exception of the Sci-Tech 50 Index, which has seen a notable increase. The report provides a detailed breakdown of sector valuations, highlighting significant variations across different industries [19][21]. - For instance, the electronics sector has a high price-to-earnings (P/E) ratio of 58.6, while the real estate sector shows a negative P/E of -6.4, indicating substantial differences in market sentiment and performance expectations across sectors [21][22].

Group 1 - The TMT industry has shown signs of recovery since late May, with a potential for a comprehensive rebound in the sector and its sub-sectors [1] - The performance of the dividend theme has weakened in June, with the probability of the CSI Dividend Index outperforming the CSI 300 dropping to 31%, significantly lower than in May [1] - Key dividend sectors such as banking, transportation, utilities, and coal have low probabilities of outperforming, with the transportation sector below 20% in June [1] Group 2 - Historical analysis indicates that the CSI Dividend Index has outperformed the CSI 300 in June due to favorable industry fundamentals and market downturns in previous years [2] - Current market conditions lack new industry logic or significant market fluctuations, suggesting that dividend assets may face headwinds in June [2] - New consumption and innovative pharmaceuticals are currently experiencing high market enthusiasm, but there is a risk of overcrowding, leading to a potential need for portfolio adjustments [2] Group 3 - The market sentiment for the TMT sector is currently at a low level, positioned at the 15th percentile over the past year, indicating potential for a catalytic phase [3] - Events such as the Apple Worldwide Developers Conference and Huawei Conference may serve as catalysts for the TMT sector, with the R2 model being a potential trigger point [3] - The performance of sub-sectors related to AI computing in Q2 is expected to support future trends, enhancing the attractiveness of the TMT industry amidst challenges in the dividend and new consumption sectors [3]

截至2025年6月13日 10:57，中证A500指数(000510)下跌0.92%。成分股方面涨跌互现，中远海能(600026)领涨8.84%，招商轮船(601872)上涨6.29%，赤峰黄金 (600988)上涨5.80%；新产业(300832)领跌7.99%，奥飞娱乐(002292)下跌6.34%，恩捷股份(002812)下跌6.03%。A500ETF基金(512050)下跌0.85%，最新报价 0.94元。流动性方面，A500ETF基金盘中换手11.09%，成交17.39亿元，市场交投活跃。拉长时间看，截至6月12日，A500ETF基金近1年日均成交36.15亿 元，排名可比基金第一。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600519 | 贵州茅台 | -2.26% | 4.28% | | 300750 | 宁德时代 | -1.31% | 2.96% | | 601318 | 中国平安 | -0.84% | 2.46% | | 600036 | 招商银行 | -0.18% | 2.37% | | 000333 | 美的集团 | ...

什么时候拉升，没有人清楚。股市不是我们的父母开的，不是天天都让我们挣大钱，一年有20%的时间能挣点利润就感恩吧！ 大盘缩量的情况下，依旧可以努力的守住3400点附近，说明已经很稳了，白酒砸盘就是为了更好的站稳3400点，不给空头的机会。 不是坏信号，反而是继续上涨的前提条件，目前还有几个权重行业有后劲，它们修复之前的下跌就回到3674点了，不值得期待吗？ 3400点，午后大幅缩量了，不过没有轻易的跌破它，港股证券、地产、医疗等反弹明显，A股的表现很逊色。 上证指数站上3400点，前高附近没有继续拉升而是盘整，这里就是心理博弈了，如果不能管理好仓位，没有持仓逻辑的情况下，很容易情绪化犯错了。 这个位置，大盘指数缩量了。 昨日的午后是放量急跌，今日缩量约1700亿就能理解了。大资金进场了没出货就锁仓了，未来的行情反而看好了，不相信就离场，我们持有ETF怕什么回 调，又不是持有股票跌了有可能涨不回来。 成交量缩量也是好事情，说明这里不是出货，3400点只是小阶段目标，市场依旧等待白酒、地产、保险的补涨，之后就是大行情了。 接下来，散户该怎么办？ 个人觉得只需要简单持股就行了，不要悲观也不要乐观，仓位管理、资产配置就 ...

证券研究报告 | 固定收益点评 2025 年 06 月 11 日 固定收益点评 [Table_Main] 证券分析师 吕品 资格编号：S0120524050005 邮箱：lvpin＠tebon.com.cn 宋康泰 资格编号：S0120524060003 邮箱：songkt＠tebon.com.cn 金晓溪 资格编号：S0120524110002 邮箱：jinxx＠tebon.com.cn 研究助理 相关研究 固定收益点评 以逸待劳，重视负债端变化 [Table_Summary] 投资要点： 最后，我们建议转债品种"以逸待劳"，在权益市场尤其是中小盘出现拐点前继续寻 找结构性机会，同时关注负债端变化，对部分高位品种做适度止盈。考虑到当前时点 距离半年业绩公告期上有 2-3 周交易时间，且转债供需仍处错位过程，当前风格仍建 议弹性>债性。结构上从三个策略出发： （1）期权价值策略下，科技与消费都是技术进步以及优质供给能催生新需求并迸发 了产业趋势。尽管短期有海外不确定性扰动，科技接力消费或成为下半年胜负手，分 请务必阅读正文之后的信息披露和法律声明 上周转债市场整体表现积极，指数走出连续上行过程。整体层面，中证 ...

Group 1 - A-shares experienced a sudden drop in the afternoon, with the Shanghai Composite Index reaching 3400 points before retreating, closing down 0.44% at 3384.82 points [1] - The Shenzhen Component Index fell 0.86% to 10162.18 points, while the ChiNext Index decreased by 1.17% to 2037.27 points, with a total trading volume of 14153.73 billion yuan [1] - Sectors such as port shipping, beauty care, innovative drugs, and rare earth permanent magnets saw gains, while sectors like Huawei Ascend, military industry, semiconductors, and software development faced declines [1] Group 2 - The rare earth permanent magnet sector saw significant gains, with Zhongke Magnetic Industry (301141) hitting the daily limit, following two consecutive gains for Beikong Technology (600980) [1] - The agriculture sector rallied in the afternoon, led by the seed industry, while short drama concepts surged, with Ciweng Media (002343) hitting the daily limit and other companies like Zhongwen Online (300364) and Guomai Culture (301052) rising over 10% [1] - Dongwu Securities anticipates a series of event catalysts for the technology sector in June, suggesting sustained prosperity and better elasticity for growth stocks due to a weak dollar environment [1] Group 3 - Jifeng Investment Advisors noted that with a series of counter-cyclical adjustment policies being implemented, the A-share market has gradually found a bottom, presenting medium to long-term investment opportunities [2] - The stock market has shown signs of stabilizing profit corrections, opening up space for further upward movement in profits and valuations, recommending investors to buy on dips [2]

【金工】TMT主题ETF资金显著流入，行业主题基金集体上涨——基金市场与ESG产品周报20250609 本周国内新基市场发行火热，合计发行310.13亿份。长期行业主题基金指数方面，各类行业主题基金集体上 涨，TMT主题基金表现强势、医药主题基金优势延续，分别上涨3.64%、2.24%。股票型ETF资金转为流出， 各类宽基ETF全面净流出，科创创业主题ETF资金净出规模相对较小，大盘宽基ETF资金净流出明显，信创 ETF等TMT主题ETF资金显著流入。 （祁嫣然）2025-06-09 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 COFs是一种新兴的结晶性多孔高分子材料，下游潜在的应用领域较为丰富。COFs的制备方法包括溶剂热 法合成、离子热合成、机械化学合成、微波 ...

Group 1 - The technology sector experienced a downturn today, with TMT and communication sectors collectively declining, while dividend assets showed resilience, with the Dividend Hong Kong Stock ETF (159331) rising nearly 1.5% [1] - According to China International Capital Corporation (CICC), dividend strategies not only perform well in volatile markets but also serve as a stabilizing component in portfolios, making them suitable for long-term holding [1] - Over the past decade, dividend strategies have only underperformed mainstream stock indices during major bull markets, while they have significantly outperformed in volatile and declining markets [1] Group 2 - The Dividend Hong Kong Stock ETF (code: 159331) tracks the Hong Kong Stock Connect High Dividend Index (code: 930914), which is compiled by China Securities Index Co., Ltd. It selects 30 liquid, consistently dividend-paying, and high-yielding listed companies from the Hong Kong Stock Connect securities [1] - The index primarily consists of stocks from the transportation and resource sectors, while also covering the consumer sector, focusing on investment targets with stable dividend characteristics, reflecting a robust investment style with high dividend yields [1] - Investors without stock accounts can consider the Cathay China Securities Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Link C (022275) [1]

核心观点 转债供给再审视。早在年初市场对浦发、以及高平价杭银/南银转债退出的预期较为充分，然而年内银行板块累计涨 幅接近 10%、更多银行转债的转股预期得以提升，当前齐鲁/常银/重银/上银平价都已达到 115 以上，如果以上银行转 债年内也完成转股，则年内单银行转债的转股&到期、就会导致转债规模减少超 1200 亿，也意味着转债有效供给的等 量减少；除银行转债以外，其余转债年内到期规模 134 亿；年初至今强赎退市转债已经超过 600 亿，预计下半年仍然 有不少强赎退出规模；待发层面当前证监会核准+发审委通过+交易所受理三个环节总共 420 亿元、即使下半年全部发 行规模也有限，且银行标的仅有个别。综合到期&退出以及潜在发行规模，下半年转债规模将持续收缩趋势，预计到 年底转债规模将减少至 6000 亿上下。转债供给（尤其是银行类转债）的减少会对需求造成何种影响？首先是 ETF 类 产品的再平衡需求，会挤出增量资金至其他标的；其次其他公募基金/保险/年金等的溢出配置，这部分虽无法精确测 算、但也有部分转移配置。总体而言，在转债规模持续收缩的背景下、需求还是会有一定溢出效应，尤其是在当前低 利率水平的背景下、资产 ...