Report Investment Rating - The investment rating for the stock index futures is a fluctuating and moderately bullish pattern [1] Core Viewpoints - The market's center of gravity continued to rise last week, with a late - stage rally followed by a decline. The core driver of last week's market was the China Central Finance and Economics Commission meeting on the 1st, which emphasized "anti - involution" through the construction of a unified market, leading to a sharp increase in market expectations for a new round of supply - side reform. The value style outperformed last week, with IH and IF stronger than IC and IM, mainly due to the rise of cyclical products. Overseas, the US "Great Beauty Act" was passed, non - farm payroll data was better than expected, and tariff negotiations were underway, causing the S&P 500 and Nasdaq to reach new highs [1] - Currently, the external geopolitical situation is calm, global risk assets are performing strongly, and the domestic economic outlook has shifted from pessimistic to stable, with structural reforms starting to take effect. The risk appetite in the stock market continues to recover, which is an important basis for the current long - position pattern of stock index futures. However, there is a lack of momentum for marginally positive surprises. As long as there are no unexpected changes in external forces and no intensification of domestic structural adjustments, the current pattern of fluctuating upward is expected to continue [2] Summary by Directory Market Review and Outlook - **Market Performance**: Last week, the market's center of gravity rose, with a late - stage rally followed by a decline. In terms of sectors, steel, building materials, and banks led the gains, while computer, non - bank finance, and beauty care led the losses. The value style outperformed, with IH and IF stronger than IC and IM, mainly due to the rise of cyclical products. Overseas, the US "Great Beauty Act" was passed, non - farm payroll data was better than expected, and tariff negotiations were underway, causing the S&P 500 and Nasdaq to reach new highs [1] - **Future Outlook**: The current external geopolitical situation is calm, global risk assets are performing strongly, and the domestic economic outlook has shifted from pessimistic to stable, with structural reforms starting to take effect. The risk appetite in the stock market continues to recover, which is an important basis for the current long - position pattern of stock index futures. However, there is a lack of momentum for marginally positive surprises. As long as there are no unexpected changes in external forces and no intensification of domestic structural adjustments, the current pattern of fluctuating upward is expected to continue. This week, attention should be paid to the release of June economic data in China [2] - **Factors to Watch**: Domestic economy and overseas tariff negotiation progress [3] Strategy Recommendations - **Short - term Strategy**: For intraday trading, refer to the 1 - minute and 5 - minute K - line charts. Set stop - loss and take - profit levels for IF, IH, IC, and IM at 76 points/95 points, 58 points/31 points, 66 points/121 points, and 84 points/142 points respectively [4] - **Trend Strategy**: Adopt a strategy of buying on dips. The core operating range for the IF2507 main contract is between 3826 and 4024 points; for the IH2507 main contract, between 2649 and 2772 points; for the IC2507 main contract, between 5646 and 6025 points; and for the IM2507 main contract, between 5970 and 6372 points [4] - **Cross - variety Strategy**: Due to the frequent switching between value and growth styles recently, it is advisable to wait and see [5] Spot Market Review - **Global Stock Index Performance**: Last week, the Dow Jones Industrial Average rose 2.3%, the S&P 500 rose 1.72%, and the Nasdaq rose 1.62%. In Europe, the UK's FTSE 100 rose 0.27%, Germany's DAX fell 1.02%, and France's CAC 40 rose 0.06%. In the Asia - Pacific market, Japan's Nikkei 225 fell 0.85%, and the Hang Seng Index fell 1.52% [8] - **Domestic Index Performance**: Since 2025, major domestic indices have risen. Last week, all major domestic indices also showed an upward trend [8] Index Valuation Tracking - As of June 27, the TTM price - to - earnings ratio of the Shanghai Composite Index was 14.93 times, the TTM price - to - earnings ratio of the CSI 300 Index was 13.02 times, the TTM price - to - earnings ratio of the SSE 50 Index was 11.18 times, the TTM price - to - earnings ratio of the CSI 500 Index was 27.66 times, and the TTM price - to - earnings ratio of the CSI 1000 Index was 36.02 times [19][20] Market Capital Flow Review - **Investor and Fund Data**: The number of new investors in the two markets and the share of newly established equity - biased funds are presented in relevant charts. Last week, the capital interest rate declined, and the central bank had a net withdrawal of funds [22]

Report Industry Investment Rating No information provided in the given content. Core Viewpoints - The contraction of the US Q1 GDP for the first time in three years has further strengthened market expectations of at least two Fed rate cuts this year, leading to a full - scale rise in the three major US stock indexes [2]. - China will issue the third batch of trade - in funds in July, which is expected to inject new impetus into domestic demand recovery in the second half of the year [2]. - After three consecutive days of strong rallies, A - shares' sentiment indicators are overheated, and the stock index is adjusting. It is expected that the index still has upward momentum after consolidation, with a rising price center, and the sector market will continue to diverge [2]. Summary by Directory Market Analysis - **Macroeconomic Situation**: The US economy is showing a decline. The US Q1 real GDP final annualized quarter - on - quarter decline was 0.5%, higher than the expected 0.2%, the first contraction in three years. The preliminary value of durable goods orders in May increased by 16.4% month - on - month, the largest increase since July 2014, far exceeding the expected 8.5%. Domestically, China will issue the third batch of consumer goods trade - in funds in July [1]. - **Spot Market**: A - share's three major indexes fluctuated downward. The Shanghai Composite Index fell 0.22% to close at 3448.45 points, and the ChiNext Index fell 0.66%. Most sector indexes declined. Bank, communication, and national defense and military industries led the gains, while automobile, non - bank finance, pharmaceutical biology, and beauty care industries led the losses. The trading volume of the Shanghai and Shenzhen stock markets remained at 1.6 trillion yuan. Overseas, the latest economic data significantly boosted market expectations of at least two Fed rate cuts this year, and the three major US stock indexes rose collectively [1]. - **Futures Market**: In the futures market, the IM basis continued to repair slightly. The trading volume and open interest of IF, IC, and IM decreased [1]. Strategy - The contraction of the US Q1 GDP has further strengthened market expectations of at least two Fed rate cuts this year, leading to a rise in the three major US stock indexes. China's issuance of the third batch of trade - in funds in July is expected to boost domestic demand in the second half of the year. After three consecutive days of rallies, A - shares are adjusting due to overheated sentiment, but are expected to rise after consolidation, with a rising price center and continued sector divergence [2]. Macro - economic Charts - The report includes charts such as the relationship between the US dollar index and A - share trends, the relationship between US Treasury yields and A - share trends, the relationship between the RMB exchange rate and A - share trends, and the relationship between US Treasury yields and A - share style trends [4][6][7]. Spot Market Tracking Charts - **Domestic Main Stock Index Daily Performance**: On June 26, 2025, the Shanghai Composite Index closed at 3448.45, down 0.22%; the Shenzhen Component Index closed at 10343.48, down 0.48%; the ChiNext Index closed at 2114.43, down 0.66%; the CSI 300 Index closed at 3946.02, down 0.35%; the SSE 50 Index closed at 2738.47, up 1.17%; the CSI 500 Index closed at 5838.25, down 0.41%; the CSI 1000 Index closed at 6247.79, down 0.45% [12]. Futures Market Tracking Charts - **Trading Volume and Open Interest**: The trading volume and open interest of IF, IH, IC, and IM futures decreased. For example, the trading volume of IF decreased by 38,640 to 84,890, and the open interest decreased by 10,070 to 243,932 [14]. - **Basis**: The basis of IF, IH, IC, and IM futures showed different changes. For example, the basis of IM continued to repair slightly, with the current - month contract basis rising by 1.17 to - 35.99 [33]. - **Inter - period Spread**: The inter - period spreads of IF, IH, IC, and IM futures also changed. For example, the spread between the next - month and current - month contracts of IM increased by 4.80 to - 55.20 [45].

Market Overview - The Shanghai Composite Index fell by 0.21% as of the morning close, with a trading volume of 796.29 million shares and a transaction amount of 10,137.47 billion yuan, an increase of 1.20% compared to the previous trading day [1] Industry Performance - The top-performing sectors included: - Non-ferrous metals: increased by 2.60% with a transaction amount of 514.87 billion yuan, led by Electric Alloy, which rose by 19.98% [1] - Beauty care: increased by 1.82% with a transaction amount of 36.86 billion yuan, led by Jinbo Biological, which rose by 12.27% [1] - Electronics: increased by 1.73% with a transaction amount of 1,309.31 billion yuan, led by Chuangyitong, which rose by 20.01% [1] - The sectors with the largest declines included: - Banking: decreased by 2.13% with a transaction amount of 325.49 billion yuan, led by Chongqing Bank, which fell by 3.56% [2] - Public utilities: decreased by 1.02% with a transaction amount of 149.91 billion yuan, led by Shouhua Gas, which fell by 4.62% [2] - Retail: decreased by 0.78% with a transaction amount of 166.34 billion yuan, led by Small Commodity City, which fell by 9.39% [2] Summary of Sector Changes - Non-ferrous metals, beauty care, and electronics showed significant gains, while banking, public utilities, and retail sectors experienced notable declines [1][2]

Group 1: Market Overview - The Hong Kong stock market is experiencing a surge in consumer stocks, with notable companies reaching historical highs and significant market valuations, reflecting the unique appeal of the Hong Kong consumer sector characterized by high growth, strong brand power, and valuation opportunities [1] - The influx of southbound capital into Hong Kong stocks is driven by the narrative of asset revaluation in China, improving market liquidity, and a favorable policy environment, positioning the Hong Kong consumer sector as a new battleground for global capital [1] Group 2: Consumer Recovery - The consumer market is witnessing a revival, with increased foot traffic in shopping areas, packed cinemas, and a surge in online shopping, indicating a robust recovery in consumer spending [2] - During the recent Dragon Boat Festival holiday, domestic travel reached 119 million trips, a year-on-year increase of 5.7%, with total spending of 42.73 billion yuan, up 5.9%, showcasing the recovery across various sectors including hospitality and transportation [2] Group 3: Policy Support - The Chinese government has prioritized boosting consumption and expanding domestic demand in its economic agenda, with comprehensive measures outlined in the "Special Action Plan for Boosting Consumption" to enhance consumer confidence and spending [3][4] Group 4: Emerging Consumer Trends - The rise of "self-care consumption" reflects a shift in consumer behavior, particularly among the Z generation, who prioritize emotional satisfaction and personal well-being in their purchasing decisions [5][6] - Emotional consumption, driven by the need for emotional fulfillment rather than just practical utility, is becoming increasingly popular, with key demands including self-care, value realization, personal expression, and emotional satisfaction [9][10] Group 5: Investment Opportunities in Hong Kong - The Hong Kong stock market is becoming a preferred destination for new consumer companies due to its more lenient listing requirements and the government's supportive measures for domestic companies seeking to list abroad [11] - The National Index for Hong Kong Stock Connect Consumer Theme has shown a cumulative increase of 32.3% in 2024, outperforming other consumer indices, indicating strong growth potential in the sector [15]

Market Overview - A-shares experienced narrow fluctuations on Wednesday, with major indices showing slight increases, while most individual stocks declined. The Shanghai Composite Index rose by 0.04% to 3388.81 points, and the Shenzhen Composite Index increased by 0.03% [1] - The total trading volume across A-shares was 12.218 trillion yuan, a slight decrease from 12.371 trillion yuan on Tuesday [1] Sector Performance - Bank stocks saw a broad increase, providing some support to the indices despite the decline in most individual stocks. Other sectors that performed relatively well included electronic components, consumer electronics, and wind power [1] - Conversely, sectors with significant declines included pesticides and veterinary drugs, beauty care, small metals, medical services, and household light industry [1] Financial Policy Announcements - The Lujiazui Forum opened on Wednesday, where the central bank governor announced eight financial opening measures, which likely contributed to the rise in bank stocks. The measures include establishing a trading report database for the interbank market and setting up a digital RMB international operation center [1] Market Sentiment and Future Outlook - The chairman of the China Securities Regulatory Commission discussed the Sci-Tech Innovation Board and the ChiNext at the Lujiazui Forum [2] - The U.S. stock market saw a slight decline overnight, with all three major indices dropping by less than 1%. The Hong Kong market experienced a general increase, although the Hang Seng Index fell by 1.12% [2] - The Federal Reserve's two-day interest rate meeting is ongoing, with expectations that there will be no interest rate cuts. Market focus is primarily on the Fed's statements [2] - Many institutions are adopting a defensive stance in their stock recommendations, indicating a cautious market sentiment. The A-share market is expected to continue its sideways trend until there is a noticeable improvement in the economic situation [2]

Group 1 - The article emphasizes that regional conflicts have escalated, leading to a decline in global risk appetite and a subsequent adjustment in the A-share market. The core reason for this adjustment is that the structural market has reached low-cost performance areas, resulting in decreased internal market stability [1][2] - It is suggested to lower the weight of macroeconomic analysis and increase the focus on strong sectoral trends when assessing the short-term market. This is due to the stabilizing capital market policies acting as a "buffer" against macro disturbances [2][3] - The current market's main downward risk is linked to long transmission chain risks, such as the potential for the U.S. economy to decline more than expected, which could reinforce global recession expectations [3] Group 2 - New consumption sectors (jewelry, trendy toys, new snacks and beverages, beauty products) and leading innovative pharmaceutical companies are still in a favorable narrative, although short-term volatility is increasing [4][5] - The article highlights that the Hong Kong stock market is a potential leading market in a bull cycle, with A-shares increasingly represented in Hong Kong, which is becoming a key segment for China's financial external circulation [5] - The article provides a detailed analysis of the profit expansion indicators across various sectors, indicating that sectors like oil and gas, precious metals, and pharmaceuticals continue to show positive trends, while others like textiles and real estate are experiencing contraction [8]

Market Overview - The Shanghai Composite Index decreased by 0.68% as of 10:28 AM, with a trading volume of 54.696 billion shares and a transaction value of 660.819 billion yuan, representing a 13.16% increase compared to the previous trading day [1]. Industry Performance - The top-performing industries included: - Oil and Petrochemicals: Increased by 1.21% with a transaction value of 12.32 billion yuan, led by Keli Co., which rose by 26.67% [1]. - National Defense and Military Industry: Increased by 0.86% with a transaction value of 26.916 billion yuan, led by Jieqiang Equipment, which rose by 20.01% [1]. - Public Utilities: Increased by 0.35% with a transaction value of 11.779 billion yuan, led by Shouhua Gas, which rose by 11.55% [1]. - The worst-performing industries included: - Beauty and Personal Care: Decreased by 3.18% with a transaction value of 5.266 billion yuan, led by Shuiyang Co., which fell by 8.89% [2]. - Media: Decreased by 2.53% with a transaction value of 29.79 billion yuan, led by Fuchun Co., which fell by 9.99% [2]. - Food and Beverage: Decreased by 2.16% with a transaction value of 19.531 billion yuan, led by Yanjing Beer, which fell by 6.12% [2]. Summary of Key Stocks - Leading stocks in the top-performing sectors included: - Keli Co. in Oil and Petrochemicals with a significant increase of 26.67% [1]. - Jieqiang Equipment in National Defense and Military Industry with a rise of 20.01% [1]. - Shouhua Gas in Public Utilities with an increase of 11.55% [1]. - Notable declines were seen in: - Shuiyang Co. in Beauty and Personal Care with a drop of 8.89% [2]. - Fuchun Co. in Media with a decline of 9.99% [2]. - Yanjing Beer in Food and Beverage with a decrease of 6.12% [2].

1. Report Industry Investment Rating No information provided in the given report. 2. Core Views of the Report - The convertible bond market declined following the underlying stocks, and the valuation compressed on June 10, 2025 [1]. - The trading sentiment in the convertible bond market heated up, with the trading volume increasing [1]. - The market style favored large - cap value stocks [1]. 3. Summary by Relevant Catalogs Market Overview - Index Performance: The CSI Convertible Bond Index decreased by 0.28% compared to the previous day. The Shanghai Composite Index decreased by 0.44%, the Shenzhen Component Index decreased by 0.86%, the ChiNext Index decreased by 1.17%, the SSE 50 Index decreased by 0.39%, and the CSI 1000 Index decreased by 0.92% [1]. - Market Style: Large - cap value stocks were relatively dominant. Large - cap growth decreased by 0.71%, large - cap value decreased by 0.07%, mid - cap growth decreased by 0.70%, mid - cap value decreased by 0.09%, small - cap growth decreased by 1.01%, and small - cap value decreased by 0.34% [1]. - Capital Performance: The trading volume of the convertible bond market was 74.1 billion yuan, a 6.52% increase from the previous day. The total trading volume of the Wind All - A Index was 1.451437 trillion yuan, a 10.57% increase. The net out - flow of the main funds in the Shanghai and Shenzhen stock markets was 35.972 billion yuan, and the yield of the 10 - year treasury bond increased by 0.10bp to 1.66% [1]. Convertible Bond Price - The central price of convertible bonds decreased, and the proportion of high - price bonds decreased. The weighted average closing price of convertible bonds was 119.95 yuan, a 0.31% decrease from the previous day. The closing price of equity - biased convertible bonds was 162.79 yuan, a 0.01% increase; the closing price of bond - biased convertible bonds was 111.37 yuan, a 0.20% decrease; the closing price of balanced convertible bonds was 121.15 yuan, a 0.01% decrease [2]. - The proportion of bonds with a closing price above 130 yuan was 24.42%, a 2.34 - percentage - point decrease from the previous day. The most significant change in the proportion was in the range of 110 - 120 (including 120), with a proportion of 34.82%, a 1.06 - percentage - point increase. There were 8 bonds with a closing price below 100 yuan. The median price was 121.38 yuan, a 0.67% decrease from the previous day [2]. Convertible Bond Valuation - The valuation compressed. The conversion premium rate of the 100 - yuan par - value fitted convertible bonds was 23.00%, a 0.42 - percentage - point decrease from the previous day. The overall weighted par value was 89.91 yuan, a 0.64% decrease [2]. - The premium rate of equity - biased convertible bonds was 4.93%, a 0.91 - percentage - point decrease; the premium rate of bond - biased convertible bonds was 90.04%, a 0.53 - percentage - point increase; the premium rate of balanced convertible bonds was 19.78%, a 0.08 - percentage - point increase [2]. Industry Performance - In the A - share market, the top three industries with the largest declines were national defense and military industry (-1.97%), computer (-1.87%), and electronics (-1.65%); the top three industries with the largest increases were beauty care (+1.10%), banking (+0.48%), and medicine and biology (+0.33%) [3]. - In the convertible bond market, 24 industries declined. The top three industries with the largest declines were communication (-2.17%), computer (-1.58%), and building materials (-1.49%); the top three industries with the largest increases were beauty care (+0.82%), agriculture, forestry, animal husbandry and fishery (+0.34%), and banking (+0.32%) [3]. - For different sectors: - Closing price: The large - cycle sector decreased by 0.59%, the manufacturing sector decreased by 0.65%, the technology sector decreased by 1.44%, the large - consumption sector decreased by 0.31%, and the large - finance sector increased by 0.14% [3]. - Conversion premium rate: The large - cycle sector decreased by 0.4 percentage points, the manufacturing sector increased by 0.62 percentage points, the technology sector increased by 0.86 percentage points, the large - consumption sector increased by 0.87 percentage points, and the large - finance sector increased by 1.0 percentage point [3]. - Conversion value: The large - cycle sector decreased by 0.81%, the manufacturing sector decreased by 1.51%, the technology sector decreased by 1.82%, the large - consumption sector decreased by 0.08%, and the large - finance sector decreased by 0.68% [3]. - Pure - bond premium rate: The large - cycle sector decreased by 0.7 percentage points, the manufacturing sector decreased by 0.72 percentage points, the technology sector decreased by 2.0 percentage points, the large - consumption sector decreased by 0.43 percentage points, and the large - finance sector increased by 0.13 percentage points [4]. Industry Rotation - Beauty care, banking, and medicine and biology led the rise. For beauty care, the daily increase of the underlying stocks was 1.10%, and the convertible bonds increased by 0.82%; for banking, the daily increase of the underlying stocks was 0.48%, and the convertible bonds increased by 0.32%; for medicine and biology, the daily increase of the underlying stocks was 0.33%, and the convertible bonds increased by 0.18% [53].

截至6月6日，市场最新融资余额为17964.09亿元，较上个交易日环比减少31.16亿元，分行业统计，申万 所属一级行业有9个行业融资余额增加，医药生物行业融资余额增加最多，较上一日增加4.19亿元；融 资余额增加居前的行业还有汽车、家用电器、美容护理等，融资余额分别增加2.41亿元、1.97亿元、 1.11亿元；融资余额减少的行业有22个，电子、基础化工、非银金融等行业融资余额减少较多，分别减 少8.29亿元、4.53亿元、3.85亿元。 以幅度进行统计，美容护理行业融资余额增幅最高，最新融资余额为59.02亿元，环比增长1.92%，其次 是家用电器、轻工制造、建筑材料行业，环比增幅分别为0.78%、0.69%、0.50%；融资余额环比降幅居 前的行业有公用事业、银行、基础化工等，最新融资余额分别有423.99亿元、530.06亿元、775.91亿 元，分别下降0.65%、0.63%、0.58%。（数据宝） 6月6日各行业融资余额环比变动 | 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 医药生物 | 1267.07 ...

证券时报·数据宝统计，截至上午10:28，今日沪指涨0.54%，A股成交量446.44亿股，成交金额5198.43亿 元，比上一个交易日增加5.12%。个股方面，4453只个股上涨，其中涨停65只，825只个股下跌，其中 跌停5只。从申万行业来看，计算机、电子、医药生物等涨幅最大，涨幅分别为2.11%、1.72%、 1.59%；美容护理、公用事业、银行等跌幅最大，跌幅分别为1.11%、0.21%、0.20%。（数据宝） | 石油石化 | | | | 广聚能源 | | | --- | --- | --- | --- | --- | --- | | 银行 | -0.20 | 89.83 | -11.63 | 沪农商行 | -1.12 | | 公用事业 | -0.21 | 110.49 | 4.75 | ST金鸿 | -5.02 | | 美容护理 | -1.11 | 42.23 | -15.65 | 拉芳家化 | -5.42 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 今日各行业表现（截至上午10:28） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 ...