6 月 3 日 A 股市场低开高走，宽基指数普涨，6月录得开门红。市场运行逻辑方面，"避险+消费"双轮驱 动的主线依然清晰，银行、新消费、创新药等板块持续获得资金青睐。 银行股的强势不仅源于其低估值和高股息属性对中长期资金的吸引力，部分个股入选重要指数样本也带 来增量资金预期。 消息面上，近期美国关税问题再生波澜，市场避险情绪升温，6月2日黄金大涨，港股全线收跌。就3日 表现看，港股收复昨日失地，A股也是低开高走，表明市场对关税不确定性已对贸易摩擦的边际影响逐 步脱敏 。 逻辑上，证监会此前明确表示，A 股上市公司近九成收入来自国内，且对美出口占比不足 10% 的企业 达 91%，叠加 "东升西落" 叙事下全球资本再平衡，美国金融市场波动反而凸显中国资产的稳定性。 题材热点方面呈现快速轮动态势。稳定币概念持续发酵，特别是数字货币与跨境支付方向表现强势，主 要受市场对相关领域潜在政策进展预期的推动。军工板块中无人机方向异军突起，多股涨停，行业前景 向好及潜在需求复苏预期成为重要驱动因素。受地方性足球赛事带动文旅消费等消息刺激，足球概念股 也出现明显拉升。此外，黄金概念股表现也较为抢眼。 这种分化折射出市场在不确 ...

Group 1 - The U.S. has announced an increase in tariffs on imported steel and aluminum from 25% to 50%, causing a strong global reaction and leading to a drop in steel stocks in Asia [2] - South Korea's trade ministry held an emergency meeting with industry leaders to discuss the potential impact of these tariffs on steel exports, which accounted for 13.1% of South Korea's total steel exports in 2024 [2] - Major steel trading partners of the U.S., including Canada and the EU, condemned the tariff increase and warned of possible retaliatory measures [2] Group 2 - In June, brokerage firms have released their "golden stocks," with over a hundred stocks recommended, particularly in the machinery and pharmaceutical sectors [3] - The machinery sector is optimistic about investment opportunities arising from the development of controlled nuclear fusion, while the pharmaceutical sector suggests focusing on CXO, specialty raw materials, and pharmacies [3] Group 3 - The second round of negotiations between Russia and Ukraine concluded with an agreement to exchange the remains of fallen soldiers and a new round of prisoner swaps [4] - Russia plans to unilaterally transfer 6,000 fallen soldiers' remains to Ukraine next week, and both sides will establish a medical committee for regular exchanges of severely injured soldiers [4] Group 4 - A surge in interest around "stablecoins" has led to numerous broker calls focusing on this topic, with several stablecoin-related stocks showing strong performance [5] - Despite the potential applications of stablecoins, there are concerns about market speculation and a lack of in-depth research from major institutions [5] Group 5 - Insurance companies have been actively increasing their stakes in high-dividend assets, particularly bank stocks, with 15 instances of stake increases reported by seven insurance firms by the end of May [6] - The current wave of stake increases is driven by the need for stable cash returns in a low-interest-rate environment [6] Group 6 - An announcement from the White House indicated that the U.S. and China are expected to hold talks regarding tariff issues [7] - The U.S. International Trade Court has blocked a tariff policy announced by Trump, stating that such powers belong exclusively to Congress [7] Group 7 - An announcement from Annier indicated that the company is planning a change in control, with the current major shareholders proposing to transfer 13.03% of their shares to a counterparty [8][17] - The stock of Annier will be suspended from trading starting June 3, with the suspension expected to last no more than two trading days [8][17] Group 8 - BYD reported a total of 382,500 new energy vehicle sales in May 2025, with overseas sales accounting for 89,000 units [28] - BAIC BluePark's subsidiary saw a 215.11% year-on-year increase in sales in May 2025, totaling 17,100 units [29] - Great Wall Motors reported May sales of 102,200 vehicles, marking an 11.78% year-on-year increase, with 32,600 of those being new energy vehicles [30]

Group 1 - The US claims that China has violated the consensus reached during the Geneva trade talks, while China's Ministry of Commerce firmly rejects these accusations and urges the US to correct its erroneous actions [2] - The A-share market is expected to experience downward pressure in the short term due to various disturbances, but institutions remain optimistic about structural opportunities, particularly in dividend assets, growth, and consumption sectors [2][3] - The EU expresses regret over the US's decision to increase tariffs on steel and aluminum, which adds to economic uncertainty across the Atlantic [2] Group 2 - China's manufacturing PMI rose by 0.5 percentage points in May, indicating improved manufacturing sentiment, while the export container freight index has also rebounded [3] - The People's Bank of China conducted a 700 billion yuan reverse repurchase operation in May to maintain liquidity in the banking system, despite a net withdrawal of 200 billion yuan [3] - The Ministry of Ecology and Environment plans to establish around 100 key laboratories by 2035 to enhance environmental science and technology in China [3] Group 3 - In the first four months of the year, China's total social logistics amounted to 115.3 trillion yuan, a year-on-year increase of 5.6% [4] - During the Dragon Boat Festival holiday, an estimated 657 million people are expected to travel across regions in China, reflecting a 3.0% year-on-year increase [4] Group 4 - The Hang Seng Index closed down 0.57% at 23,157.97 points, with significant declines in pharmaceutical and real estate stocks [5] - As of June 3, 28 listed companies have successfully removed their ST (special treatment) status this year, primarily through financial improvements and restructuring [5][6] Group 5 - 104 private equity firms have emerged as major holders in 97 newly listed ETFs, with a total of 1.783 billion shares held, indicating strong interest in ETFs [6] - *ST Hengli is under investigation by the China Securities Regulatory Commission for suspected false disclosures in its financial reports [6] Group 6 - The automotive industry is facing declining profitability due to intense competition, with profit margins expected to drop to 4.3% in 2024 [9] - In the first five months, the top 100 real estate companies in China acquired land worth 405.19 billion yuan, a year-on-year increase of 28.8% [9] Group 7 - The South Korean government is holding an emergency meeting with major steel manufacturers to discuss the impact of increased US tariffs on steel and aluminum [9] - India's government has finalized a new electric vehicle policy allowing companies to import EVs at a reduced tariff, contingent on local manufacturing investments [10] Group 8 - The global airline industry is projected to achieve a net profit of $36 billion in 2025, showing improvement from previous forecasts [10] - Chinese biopharmaceutical company has reported promising results from a clinical trial for a lung cancer treatment, outperforming a leading competitor [11] Group 9 - Tesla's sales in Europe have significantly declined, with France experiencing a 67% drop in sales [11] - Meta Platforms aims to enable brands to fully utilize AI for ad creation by the end of next year [11] Group 10 - The US Treasury is facing scrutiny over its debt levels, with concerns that rising debt could trigger a global bond market crisis [12] - The ISM manufacturing PMI for the US in May was reported at 48.5, indicating contraction in the manufacturing sector [12] Group 11 - The UK government plans to expand its nuclear submarine fleet amid rising geopolitical tensions [13] - Japan is expected to engage in new trade negotiations with the US, with a potential agreement anticipated soon [13] Group 12 - The US steel stocks surged following the announcement of increased tariffs, with companies like Steel Dynamics seeing gains of over 10% [15] - The three major US stock indices experienced slight gains, with notable performances from companies like Nike and Boeing [15] Group 13 - European stock indices showed mixed results, with Germany's DAX index declining by 0.28% [16] - Major Asian stock indices also had varied performances, with Japan's Nikkei 225 dropping by 1.3% [16] Group 14 - Concerns over the US's growing federal budget deficit have led investment firms to shift away from long-term US Treasury bonds [17] - US Treasury yields have collectively risen, with the 30-year yield reaching 4.963% [17] Group 15 - International precious metals futures saw widespread gains, with COMEX gold futures rising by 2.74% [18] - Oil prices increased significantly, with US crude oil futures rising by 3.7% [18] Group 16 - Goldman Sachs is investigating potential tariffs on copper imports following the US's increase in steel and aluminum tariffs [19] - The firm has adjusted its aluminum price forecasts for 2025, reflecting market dynamics [19] Group 17 - The US dollar index fell by 0.75%, with most non-US currencies appreciating against the dollar [20] - Morgan Stanley predicts that the dollar will decline significantly by mid-next year due to economic factors [20]

Market Outlook - A-shares are expected to experience a structural market in June, with a focus on core assets despite short-term downward pressure [1][2] - Institutions suggest maintaining dividend assets as a base while exploring growth and consumption opportunities, particularly in banking, computing industry chain, card games, and innovative pharmaceuticals [1][5] Market Performance Review - In May, the three major indices saw gains, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.09%, 1.42%, and 2.32% respectively [1] - Daily trading volume in A-shares remained above 1 trillion yuan [1] Economic and Policy Factors - Economic recovery and positive domestic policies are expected to enhance market risk appetite, leading to a potential upward trend in June [2] - The stability of the Chinese economy and policy expectations may continue to favor Chinese assets, even amid global uncertainties [2] Sector Performance - In May, 25 out of 31 Shenwan first-level industries saw gains, with environmental protection, pharmaceuticals, defense, and banking leading the way [3] - There is a divergence among institutions regarding market style and focus for June, with some favoring technology growth while others lean towards large-cap value stocks [3][4] Investment Strategies - Suggested strategies include focusing on technology growth sectors, consumer sectors benefiting from domestic policies, and banking sectors with stable earnings and high dividends [5][6] - Specific recommendations include investing in robotics, artificial intelligence, and sectors with recent thematic catalysts, such as innovative pharmaceuticals and military electronics [5][6]

端午假期已经结束了，明天又是新的上班时间到了，明天是节后的第一天开盘，在这个假日来说，利好 的消息有，利空的消息也有。消息很多，最重要的是一个关于钢铁加税的影响，第二个是关于豁免延期 到8月31日。这两个消息看怎么去理解，有利空有利好的方面，大家很多时候在关注港股方面的，港股 走出了一个盘中V形反转，尾盘也收回来了很多，对于明天的走势还是有一定积极的影响的。 我们很多人知道跟涨不跟大跌的顺势而为，所以对于明天的走势来说，也是比较重要的。稍等我们来说 一下这方面，首先来说一下关于"稳定币"方面的表现，明天开始要注意了，不能追高。对于科技股方 面，短期有一个好的表现还是有难度的。新能源开始"内卷"模式也会有点影响，但是新能源还是会有表 现的。那么大盘明天会不会跌破3300点这也是很多人关心的，那么到底会怎么走呢，我们一起来看一 下。 短线策略： 3320点到极限3300点这个区间的位置不排除会靠拢一下，在周初有这样的需求，但是大部分震荡是在所 难免的，重点关注3350点附近的位置，到3300点是一个不错的加仓机会，但是要根据自己手中的仓位决 定。如果你不看好市场的情况下，多看少动是一个选择，这点很重要。毕竟股市的 ...

Core Viewpoint - The Chinese stock market is entering a "transformation bull" phase, driven by a clearer understanding of economic conditions among investors and a shift in the main contradictions from economic cycle fluctuations to a decline in discount rates, particularly the reduction in risk-free rates and systemic risk awareness [1][2]. Group 1: Market Dynamics - The key drivers of the market are the decline in risk-free interest rates and a systemic reduction in risk perception. The past three years saw high opportunity costs hindering investor willingness to enter the market, but recent monetary policies have improved liquidity [2]. - The long-term government bond yield has fallen below 2%, and deposit rates have dropped below 1%, indicating a substantial decrease in risk-free rates in the Chinese stock market [2]. Group 2: Investment Opportunities - Emerging technologies are a primary investment theme, while cyclical finance is seen as a dark horse. The focus is on sectors such as finance and high dividends, with recommendations for brokers, banks, and insurance companies, as well as companies with stable dividends and monopolistic advantages [3]. - New technology growth is emphasized, particularly in sectors like internet, media, robotics, pharmaceuticals, and military, driven by competition between China and the U.S. [3]. - The revival of cyclical consumption is anticipated, with a focus on sectors experiencing improved competitive dynamics and tight supply-demand conditions, such as non-ferrous metals and chemicals, along with new consumer demands in retail and cosmetics [3]. Group 3: Thematic Recommendations - Recommendations include investments in AI applications, which are expected to accelerate demand for computing power, benefiting internet giants and infrastructure spending [4]. - The diversification of products and applications in embodied intelligence is highlighted, with a focus on core components and lightweight materials that benefit from large-scale production [4]. - The rise of domestic brands in consumer goods is noted, with recommendations for sectors like beauty, IP toys, and pet services that resonate with new consumer demographics [4]. - Regional economic policies, such as the Western Development strategy and the upcoming Hainan free trade zone, present opportunities in infrastructure, specialty raw materials, and tourism [4]. - The restructuring of global technology supply chains suggests a positive outlook for advanced semiconductors, domestic computing, and foundational software [4].

Company Movements - In May, BYD sold 382,500 new energy vehicles, up from 331,800 units in the same month last year, with a cumulative sales of 1.7634 million units, a year-on-year increase of 38.7% [5] - Leap Motor delivered 45,067 vehicles in May, representing a year-on-year growth of over 148% [5] - Li Auto delivered 40,856 new vehicles in May, a year-on-year increase of 16.7%, with a historical cumulative delivery of 1,301,531 units as of May 31 [5] - Xpeng Motors delivered 33,525 vehicles in May, marking a year-on-year increase of 230%, achieving over 30,000 deliveries for seven consecutive months [7] - Xiaomi Motors delivered over 28,000 vehicles in May and is preparing for large-scale production of the Xiaomi YU7 [7] - Deep Blue Motors delivered 25,521 vehicles in May, showing a year-on-year growth of 78% and a month-on-month increase of 27% [7] - NIO delivered 23,231 new vehicles in May, a year-on-year increase of 13.1%, with 13,270 from the NIO brand, 6,281 from the Lada brand, and 3,680 from the Firefly brand [7] - Lantu Motors sold 10,022 vehicles in May, reflecting a year-on-year growth of 122% [7] Investment News - 12 brokerages, including Shenwan Hongyuan and Everbright, released their top ten stocks for June, with Yara International being favored by three institutions, while Zijin Mining, Juhua Co., Huadian Technology, Dongpeng Beverage, and Qingdao Beer were each listed twice [4] - In May, the three major exchanges in China received a total of 16 IPO applications, marking a significant increase compared to the previous four months and setting a new monthly record for the year, with the Beijing Stock Exchange accounting for nearly 70% of the applications [4] - Last week, institutions conducted research on 435 listed companies, with Zhongwei Company receiving the most attention from 212 institutions [4] - This week, one new stock, Haiyang Technology, is available for subscription at an issue price of 11.5 yuan per share, with an issue price-to-earnings ratio of 12.69 times, compared to the industry average of 23.65 times, requiring a minimum investment of 145,000 yuan in the Shanghai market [4] - A total of 54 restricted shares will be unlocked this week, amounting to 2.399 billion shares with a market value of 27.875 billion yuan, led by Chipone Technology at 4.259 billion yuan [4]

Core Viewpoint - The performance of U.S. stocks and risk assets is closely tied to three key indicators: broker stocks, bank stocks, and Bitcoin, which will serve as signals for market direction [1][10]. Group 1: Market Indicators - Broker stocks, bank stocks, and Bitcoin are identified as the best indicators for market trends, with a double top pattern signaling a bearish outlook and a clean upward breakout indicating a bullish outlook [1]. - The S&P 500 index recorded its best May performance since 1990, surging 6%, while the 30-year Treasury bond saw an increase following recommendations to invest in "humiliated" assets [1][10]. Group 2: Dollar and Economic Sentiment - In contrast to the rally in risk assets, the dollar is struggling to gain traction, leading to speculation about a potential bear market for the dollar [3]. - The weak dollar is viewed as a tool to revitalize U.S. manufacturing, which currently accounts for only 8% of U.S. jobs, potentially leading to a bear market for the dollar and a bull market for gold, emerging markets, and international assets [6]. Group 3: Investment Strategies - Bearish investors are positioning themselves defensively by allocating to healthcare, consumer staples, and utility stocks, which currently represent only 18% of the S&P 500, the lowest level since 2000 [5]. - Bullish investors are employing a barbell strategy by going long on the "Magnificent Seven" tech stocks and value stocks from other regions to hedge against potential market bubbles and risks from excessive EU fiscal spending [8]. Group 4: Fund Flows and Market Dynamics - Recent fund flow data indicates a divergence in market sentiment, with cryptocurrencies seeing a significant inflow of $2.6 billion, the largest weekly inflow since January [10]. - Despite the bullish outlook for the "Magnificent Seven," historical data suggests that market bubbles typically peak at a P/E ratio of 58x and a 244% increase, indicating that there may still be 30% upside potential [10]. Group 5: Historical Context - The current market environment is reminiscent of past asset bubbles, with 12 out of the last 14 bubbles accompanied by rising bond yields, and the 30-year real interest rate nearing its highest level since November 2008 [11].

分析指出，这一现象清晰表明韩国市场的投资者正逐步摆脱对少数科技巨头的依赖，转而布局更广泛的行业机 会。 韩国股市的上涨正在蔓延至越来越多的行业领域，不再依赖三星电子等科技巨头。 5月30日，韩国KOSPI指数周四（5月29日）创去年8月以来新高，当天有91只成分股触及52周新高，创下2021 年5月以来单日之最。 值得注意的是，Kospi指数本月已上涨超过5%，自4月初以来触及的低位涨近20%，正逼近技术性牛市区域。 年初迄今，韩国Kospi指数涨超12%。 值得注意的是，在芯片霸主地位松动之际，韩国股市正在全面开花，周四创下52周新高的股票覆盖了多个行业 领域： 控股公司（韩华集团和斗山集团）、券商（未来资产证券）、零售商（现代百货店）、国防企业 （现代Rotem）以及核电相关企业（现代工程建设）。 据报道，控股公司、券商和消费类股票的大幅上涨主要源于市场对6月3日总统大选后将推出更多企业改革和新 刺激措施的乐观预期。 与此同时，韩国国防和核电相关股票则受益于投资者对全球军备和能源需求结构性增长的看好情绪。 对于那些习惯"三星涨则韩股涨"的投资者而言，韩国股市多元化行情的兴起，或预示着一个长期依 赖科技单极 ...

Core Viewpoint - The China Securities Association (CSA) is planning to implement a trial evaluation for securities firms to effectively contribute to the financial "Five Major Articles" by 2025 [1] Group 1 - The CSA is developing a "Special Evaluation Method for Securities Companies to Effectively Contribute to the Financial 'Five Major Articles'" [1] - The evaluation aims to enhance the industry's functional performance and provide a reference for the classification supervision of securities firms [1] - The CSA intends to organize trial evaluations based on the indicators outlined in the evaluation method to ensure the smooth execution of the 2025 evaluation [1]