Group 1 - The market experienced a rebound on June 3, with major indices showing slight increases, and the total trading volume in Shanghai and Shenzhen reaching 1.14 trillion, an increase of 22.3 billion compared to the previous trading day [1] - The focus of the market was on the pharmaceutical and consumer sectors, with over 3,300 stocks rising, leading to the Shanghai Composite Index increasing by 0.43%, the Shenzhen Component Index by 0.16%, and the ChiNext Index by 0.48% [1] - The drone concept gained traction following Ukraine's significant drone attack on Russian airbases, with companies like Yongyue Technology and Zhongtian Rocket achieving consecutive gains [1] Group 2 - BioNTech announced a licensing agreement with Bristol-Myers Squibb for its new cancer drug BNT327, which could yield up to 11.1 billion in milestone payments, highlighting the ongoing trend of large-scale business development agreements in the innovative drug sector [2] - The consumer market saw a resurgence during the Dragon Boat Festival, with new consumption trends emerging, particularly in the 618 shopping event, where companies like Pop Mart, Laopu Gold, and Mixue Group reached new historical highs [2] - The health beverage sector also saw significant activity, with companies like Yinyuan Health achieving a full limit-up, and others like Ruoyuchen, Wancheng Group, and Caibai Co. hitting historical highs [2]

分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 登记编号：S0890524080003 投资要点 权益市场回顾： 上周（2025年5月26日至2025年5月30日）A股市场先在中美贸易谈判缓和中放量走高，随后 陷入震荡调整。近期板块轮动速度加快，行情震荡格局尚未改变。 权益市场观察 创新药利好频出： 上周创新药板块继续上涨，主要由近期诸多利好事件驱动。市场热度可能已达到阶段性高 点，后续需要关注潜力BD落地情况、重点产品阶段数据兑现情况，一旦强逻辑支撑趋弱，创新药的阶段行情可 能就将告一段落。 "新消费"扩散： 本轮"新消费"行情由龙头个股景气驱动扩散为贝塔行情，由潮玩、高端金饰公司扩散到港股新 上市茶饮，A股的宠物、美护等方向，近期"新消费"行情开始进入边缘扩散阶段。 科技回到"击球区"： 近期小微盘有阶段见顶迹象，TMT成交额占全A交易比重已经回落至相对低位，考虑到资 金承载能力和板块成长性，科技板块已到可寻找布局方向的阶段 公募基金市场动态： 2025年5月30日，上海证券交易所与中证指数公司公布优化上证380指数编制方案，并发 布上证580指数。本次优化及新发后，上交所形成"上证 ...

Fund Market - In June, the public fund issuance market experienced a "small peak" with 89 new funds launched, 70% of which were equity products [1] - Major fund companies like E Fund, Bosera, and Huatai-PineBridge actively participated in the issuance, with 41 funds starting on the first day after the Dragon Boat Festival [1] Banking Sector - In the first five months of this year, 184 small and medium-sized banks were approved for mergers or dissolutions, indicating a rising trend in bank consolidations [1] - The number of banks is expected to decrease from a peak of 4,600 to around 3,000 by 2025, shifting the focus from quantity to quality in banking development [1] Semiconductor Industry - The global semiconductor market is projected to reach $700.9 billion in 2025, with a year-on-year growth of 11.2%, driven by demand in AI, cloud infrastructure, and advanced consumer electronics [2] - The DRAM industry revenue for Q1 2025 is estimated at $27.01 billion, a 5.5% decrease from the previous quarter, but prices are expected to stabilize and rise in Q2 2025 [1][2] Lithium Carbonate Market - The battery-grade lithium carbonate index price is currently at 60,456 yuan per ton, with a recent decline, and the market is expected to remain weak in the short term due to oversupply [2] Electronic Information Manufacturing - From January to April, the added value of China's electronic information manufacturing industry grew by 11.3% year-on-year, outperforming the overall industrial and high-tech manufacturing sectors [2] Travel and Tourism - During the Dragon Boat Festival in 2025, domestic travel reached 119 million person-times, a 5.7% increase year-on-year, with total spending of 42.73 billion yuan, up 5.9% [3] Microsoft Investment - Microsoft announced a $400 million investment in Switzerland to expand AI infrastructure and cloud computing services, enhancing its data centers in the region [4] Corporate Developments - Wanrun Co., Ltd. announced the resignation of its chairman, Huang Yiwu, due to work adjustments [5] - Honglu Steel Structure signed a procurement contract worth 458 million yuan for a steel structure project [6] - Fengfan Co., Ltd. won a bid for a 228 million yuan project with the State Grid [7] - Yatai Co., Ltd. received a notification for a new energy vehicle project with a total sales amount of approximately 200 million yuan over its lifecycle [8] Market Performance - The market saw a slight rebound with major indices rising, driven by strong performance in innovative drug and consumer sectors, while automotive stocks faced adjustments [9][10]

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 ...

银河证券：短期内，市场或仍维持震荡格局，关注外部关税的变化与国内政策的落地节奏。在国内一系 列政策支持下，市场调整空间有限。同时，6月18日至19日陆家嘴论坛期间将发布若干重大金融政策， 有望支撑市场预期，建议关注结构性机会。长期来看，A股市场走势仍将体现"以我为主"的内涵。随着 中央汇金公司发挥好类"平准基金"作用，政策大力推动中长期资金入市，A股市场平稳运行具备更为坚 实的基础。 中信建投：人形机器人板块继续分化，前期涨幅较好的标的普遍出现回调，市场聚焦相对有安全边际的 低估值具身智能应用标的。中长期来看，建议不拘泥于"人形"深度挖掘"AI＋机器人"的投资机会，包括 传感器、灵巧手、机器狗、外骨骼机器人方向。降息背景下，高股息率的红利资产继续受到市场青睐。 出海板块不断有新的上市公司提出H股发行计划，加之创业公司赴港上市数量增多，预计H股高端制造 板块将日益壮大，会吸引更多全球资金。 光大证券：政策的持续支持以及中长期资金积极流入背景下， A股市场有望震荡上行。当前A股市场的 估值处于2010年以来的均值附近，而随着政策的积极发力，中长期资金带来的增量资金或将持续流入市 场，对资本市场形成托底，A股市场有 ...

证券研究报告 | 2025年06月03日 港股 6 月投资策略 优于大市 IPO 火热给港股投资带来更多选择 美国：预计三季度通胀将快速攀升。按照我们的计算，Q3 开始美国核心通 胀将较 Q2 相比快速上升，下半年核心通胀将达到 3.8 左右。主要是因 为关税导致的核心商品价格的上涨加速，而房租、服务即便持平或者稍 有下降也无法对冲。因此我们认为市场目前预期的 3.2-3.3 的核心通胀 水平依然过于保守。 基于此，我们提示三季度美国股票、债券市场都将迎来较大的波动，投 资人应早做规划以应对不确定性的到来。 A 股：一季报后业绩分化，业绩驱动+低估值成为主线。5 月以来，分析师 对各个宽基指数在 2025 年的业绩进行了修正，其中科创 50 下修幅度较 大，上修的板块为红利、中证 500、深证成指与中证 1000。 反弹中，业绩，低估值与股价正相关，这说明 A 股已经从去年 9 月、今 年春节的情绪驱动转向业绩驱动。 港股：IPO 火热给港股投资带来更多选择。 上半年业绩不断上修、南向资金不断加码、美元指数走弱，这些都是支 撑港股中长期走强的理由。另一方面，也要考虑因为通胀带来的美债利 率的超预期上行，以及关 ...

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]

新消费与传统成长选择 20250602 摘要 新消费领域通过内容营销进行品类创新，在日化、个护、保健品等领域 表现突出，当前估值处于一倍到 1.3 倍 PEG 之间，与 2019 年股市爬坡 期类似，风险偏好中等偏高，或将进入阶段性盘整。 传统成长股如东鹏饮料、燕京啤酒估值偏低，PEG 低于 1，利润增长预 计超 30%，二季度旺季动销加速概率大，或有绝对和相对收益，传统消 费估值不高时或是配置重点。 2025 年新消费仍是首选，美妆（若羽臣、景峰医药、增康润本等）和 零食（盐津铺子、卫龙、百龙创源等）是重点；传统成长方面，关注无 糖茶增长的东鹏饮料和改善周期的燕京啤酒。 新消费增长点集中在情绪消费、新技术（AI）和新渠道，上半年表现理 想，业绩兑现度高，估值合理。6 月催化剂包括小米智能眼镜新品发布、 孩子王 AI 玩具推出、小商品城六区市场招商。 家电行业关注旧换新政策落地和 618 促销影响，截至 5 月 31 日，12 个 品类销量同比增长 39%，国补政策效果显著，但部分地区调整补贴进度。 立减促销对格力、小天鹅等龙头有利，关注美的集团、海尔等稳健龙头。 Q&A 当前新消费领域的创新周期与上一轮相比 ...

Group 1 - The core viewpoint of the articles is that Hunan Province is implementing a strategic initiative to attract and retain young talent, particularly university graduates, to foster innovation and entrepreneurship, which is seen as crucial for long-term development [2][3][6] - Hunan's "Double Backpack" action plan aims to provide comprehensive support for young entrepreneurs, from initial setup to market entry, reflecting a systematic approach to talent retention [2][16] - The "Intelligent Gathering of Xiang River Talent" series of actions includes job fairs and recruitment events targeting both local and national talent, with over 30,000 job openings available [8][10] Group 2 - The competition for talent has intensified across various cities in China, with a shift from quantity to quality in talent acquisition strategies, focusing on meeting industry needs and fostering innovation [3][5] - Hunan's initiatives are part of a broader trend where cities are recognizing the importance of creating a conducive environment for talent retention, including affordable living and high-quality life [12][13] - The tourism sector in Hunan is also being leveraged to attract talent, with significant visitor numbers and revenue contributing to the local economy, thus creating more job opportunities [10][14] Group 3 - Hunan's approach includes a multi-faceted strategy that encompasses policy support, economic development, and quality of life improvements to create an attractive environment for young professionals [12][16] - The province's focus on entrepreneurship is underscored by the low startup rates among graduates in China compared to global standards, with Hunan aiming to bridge this gap through innovative policies [6][15] - The "Xiang Business Return" initiative aims to attract local entrepreneurs back to Hunan, further enhancing the province's economic growth and talent pool [10][11]

Core Viewpoint - The new consumption sector in Hong Kong has seen significant growth, with stocks like Pop Mart rising over 150% this year, driven by a shift in investment strategies among private equity firms towards new consumer products [1][2] Group 1: Market Dynamics - The rise of new consumption is fundamentally a supply-side transformation, with high demand in niche markets such as trendy toys, pet food, and high-end beauty products [1][2] - External factors have prompted a shift of funds towards domestic consumption, as traditional sectors like liquor and home goods are closely tied to real estate [1][2] - The generational shift in consumer behavior, with younger consumers prioritizing emotional value and personal satisfaction, is a key driver of this trend [2][3] Group 2: Investment Strategies - Private equity firms are refining their investment strategies, focusing on new consumption as a primary target, emphasizing the importance of emotional value and product innovation [2][3] - A systematic approach to identifying new consumption companies involves five critical questions regarding emotional value, target demographics, innovation capabilities, international potential, and growth stage [2][3] - The investment community recognizes the need to differentiate between genuine growth companies and those with inflated valuations, leading to a consensus on a "goose the genuine, discard the false" strategy [4][5] Group 3: Future Outlook - The new consumption sector is viewed as a blue ocean market with substantial growth potential, particularly in areas like pet economy and beauty products [5] - The ongoing evolution of consumer preferences, driven by younger generations, suggests that the new consumption revolution is just beginning [5]