| 房地产 | 22.70 | 18.09 | 1.04 | 1.24 | 1.37 | | --- | --- | --- | --- | --- | --- | | 环保 | 15.16 | 13.79 | 1.70 | 1.70 | 0.32 | | 建筑材 | 10.24 | 17.12 | 1.38 | 1.60 | 0.16 | | 料 | | | | | | | 美容护 理 | 3.08 | 5.84 | 2.74 | 1.13 | -0.43 | | 基础化 | 69.81 | 16.26 | 2.61 | 1.54 | -0.93 | | 工 | | | | | | | 煤炭 | 9.90 | -17.04 | 0.76 | -0.22 | -1.02 | | 医药生 | 48.87 | 7.78 | 1.79 | 1.10 | -1.09 | | 物 | | | | | | | 纺织服 | 15.73 | 11.16 | 2.25 | 0.91 | -4.69 | | 饰 | | | | | | | 交通运 | 52.76 | 13.26 | 1.26 | 0.26 | -6.75 | | ...

Market Overview - The Shanghai Composite Index increased by 1.07% with a trading volume of 920.72 million shares and a transaction value of 1,161.24 billion yuan, representing a 31.32% increase compared to the previous trading day [1]. Industry Performance - The top-performing sectors included: - Non-bank Financials: +2.69%, transaction value of 622.93 billion yuan, led by Xiangcai Co. with a gain of 10.05% [1]. - Electric Equipment: +2.58%, transaction value of 1,116.33 billion yuan, led by Xinde New Materials with a gain of 20.01% [1]. - Retail: +2.53%, transaction value of 151.10 billion yuan, led by Zhejiang Dongri with a gain of 10.02% [1]. - The sectors with the largest declines included: - Oil and Petrochemicals: -1.50%, transaction value of 180.21 billion yuan, led by Tongyuan Petroleum with a loss of 18.73% [2]. - National Defense and Military Industry: -0.31%, transaction value of 485.29 billion yuan, led by Jieqiang Equipment with a loss of 16.52% [2]. - Coal: -0.26%, transaction value of 52.03 billion yuan, led by Yunmei Energy with a loss of 2.51% [2]. Notable Stocks - Leading gainers included: - Xiangcai Co. in Non-bank Financials with a gain of 10.05% [1]. - Xinde New Materials in Electric Equipment with a gain of 20.01% [1]. - Zhejiang Dongri in Retail with a gain of 10.02% [1]. - Notable decliners included: - Tongyuan Petroleum in Oil and Petrochemicals with a loss of 18.73% [2]. - Jieqiang Equipment in National Defense and Military Industry with a loss of 16.52% [2].

| 申万行业 | 行业 | 成交额 | 比上日 | | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | 涨跌 | （亿元） | （%） | 领涨（跌）股 | （%） | | | （%） | | | | | | 煤炭 | 1.26 | 43.28 | 23.24 | 宝泰隆 | 4.78 | | 银行 | 0.88 | 214.76 | 21.85 | 浙商银行 | 2.01 | | 有色金属 | 0.71 | 267.01 | 13.63 | 腾远钴业 | 14.39 | | 国防军工 | 0.67 | 289.87 | 8.58 | 观想科技 | 13.46 | | 计算机 | 0.66 | 564.39 | -15.20 | 优博讯 | 13.34 | | 基础化工 | 0.64 | 440.70 | 6.64 | 海新能科 | 20.06 | | 环保 | 0.50 | 63.13 | 8.50 | 中电环保 | 12.36 | | 电力设备 | 0.43 | 611.09 | -2.73 | 远航精密 | 21.36 | | 电子 | 0.41 | 10 ...

Market Overview - On June 18, the Shanghai Composite Index rose by 0.04%, the Shenzhen Component Index increased by 0.24%, the ChiNext Index went up by 0.23%, and the CSI 300 Index gained 0.12% [1] - Among the tradable A-shares, 1,813 stocks rose, accounting for 33.54%, while 3,479 stocks declined [1] Capital Flow - The main capital experienced a net outflow of 17.787 billion yuan, marking five consecutive trading days of net outflows [1] - The ChiNext saw a net outflow of 7.021 billion yuan, while the STAR Market had a net outflow of 378 million yuan; however, the CSI 300 constituents had a net inflow of 1.425 billion yuan [1] Industry Performance - Out of the 28 first-level industries classified by Shenwan, 9 industries saw gains, with the electronics and communication sectors leading with increases of 1.50% and 1.39%, respectively [1] - The sectors with the largest declines were beauty care and real estate, which fell by 1.73% and 1.35%, respectively [1] Industry Capital Inflow and Outflow - The electronics industry had the highest net capital inflow of 4.346 billion yuan, with a daily increase of 1.50% [1] - The banking sector also saw a net inflow of 1.314 billion yuan, with a daily increase of 0.92% [1] - Conversely, the pharmaceutical and biological industry experienced the largest net outflow of 3.729 billion yuan, declining by 0.85% [1] - Other sectors with significant net outflows included the computer industry, which saw a net outflow of 3.030 billion yuan, and non-bank financials, basic chemicals, and non-ferrous metals [1] Individual Stock Performance - A total of 1,750 stocks had net capital inflows, with 515 stocks seeing inflows exceeding 10 million yuan; 52 stocks had inflows over 100 million yuan [2] - The stock with the highest net inflow was Huadian Technology, which rose by 10.00% with a net inflow of 718 million yuan [2] - Other notable inflows included Zhongchao Holdings and Bank of China, with net inflows of 624 million yuan and 465 million yuan, respectively [2] - Stocks with net outflows exceeding 100 million yuan included Lakala, Rongfa Nuclear Power, and Dongfang Caifu, with outflows of 826 million yuan, 735 million yuan, and 415 million yuan, respectively [2]

证券研究报告：金融工程报告 发布时间：2025-06-16 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:李子凯 SAC 登记编号:S1340124100014 Email:lizikai@cnpsec.com 近期研究报告 《谷歌更新 Gemini 2.5 Pro，阿里开源 Qwen3新模型——AI动态汇总20250609 【中邮金工】》 - 2025.06.09 《资金博弈停牌个股大幅流入信创 ETF，概念轮动速度较快——行业轮动 周报 20250608》 - 2025.06.09 《综合金融受益于稳定币表现突出， ETF 资金逢高净流出医药和消费——行 业轮动周报 20250601》 – 2025.06.02 《退潮周期情绪仍需等待恢复，ETF 净 流 入 国 防 军 工 — — 行 业 轮 动 周 报 20250525》 – 2025.05.26 《ETF 大幅流出红利，成长 GRU 行业因 子得分提升较大——行业轮动周报 20250518》 – 2025.05.19 《各大宽基指数成功补缺，融资资金大 幅 ...

Market Overview - The Shanghai Composite Index increased by 0.05% as of the morning close, with a trading volume of 635.63 million shares and a transaction amount of 805.66 billion yuan, representing a decrease of 13.90% compared to the previous trading day [1]. Industry Performance - The top-performing sectors included Media, Real Estate, and Comprehensive, with gains of 2.40%, 2.13%, and 1.77% respectively [1]. - The sectors with the largest declines were Agriculture, Forestry, Animal Husbandry, and Fishery, Beauty and Personal Care, and Pharmaceutical Biology, with losses of 0.84%, 0.81%, and 0.75% respectively [1][2]. Detailed Industry Data - **Media**: Increased by 2.40%, with a transaction amount of 422.57 billion yuan, up by 8.45% from the previous day. Leading stock: Light Media, up by 19.98% [1]. - **Real Estate**: Increased by 2.13%, with a transaction amount of 102.77 billion yuan, up by 20.27%. Leading stock: Hefei Urban Construction, up by 9.99% [1]. - **Comprehensive**: Increased by 1.77%, with a transaction amount of 16.81 billion yuan, down by 13.30%. Leading stock: Dongyangguang, up by 6.27% [1]. - **Pharmaceutical Biology**: Decreased by 0.75%, with a transaction amount of 709.73 billion yuan, down by 20.93%. Leading stock: Kanghui Pharmaceutical, down by 8.63% [2]. - **Beauty and Personal Care**: Decreased by 0.81%, with a transaction amount of 45.08 billion yuan, down by 35.60%. Leading stock: Huaye Fragrance, down by 4.74% [2]. - **Agriculture, Forestry, Animal Husbandry, and Fishery**: Decreased by 0.84%, with a transaction amount of 99.27 billion yuan, down by 26.97%. Leading stock: Guibao Pet, down by 4.82% [2].

并购重组是支持上市公司注入优质资产，提升投资价值的重要工具。近年来，在政 策持续优化与产业转型升级的推动下，上市公司并购重组市场显著升温。特别是"并购六 条"等政策发布以来，沪深市场并购重组案例同比明显多增，产业协同和发展新质生产力 成为主线。 上海证券交易所日前公布的数据显示，"科创板八条"2024年6月发布以来，科创板新 增披露产业并购超100单，已披露交易金额超330亿元。今年以来，科创板新增披露40多 单并购交易。拉长时间维度看，"科创板八条"发布后推出的现金重大收购及发股类交 易，已超过2019年至2023年5年单数总和。 丨 来源：新华社 2025-06-12 新华社北京6月12日电 题：政策暖风频吹 上市公司并购重组活跃 上交所相关负责人表示，并购重组已成为科创企业快速获取技术能力、获得上下游 产业链协同支持的重要途径。一大批体现新质生产力方向、具有产业整合逻辑的上市公 司之间并购重组案例已在科创板渐次落地。 深市方面，据深交所统计，2024年9月24日"并购六条"发布以来，深市新增披露864 单并购重组，金额合计3972亿元。其中重大资产重组100单，金额合计1803亿元，分别 同比增长213 ...

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - From June 3rd to June 6th, 2025, the A-share market oscillated and consolidated, with major stock indices rising moderately. The small and medium-cap and science and technology innovation sectors performed prominently. The convertible bond market warmed up overall, with funds preferring small and medium-cap high-elasticity targets. The daily average trading volume rose to 64.57 billion yuan. The valuation of low-par convertible bonds was significantly repaired, while the medium and high-par range showed caution, and risk appetite increased. At the industry level, convertible bonds in sectors such as media and light manufacturing led the gains. At the individual bond level, those with higher gains were mostly driven by underlying stocks. The supply in the primary market was stable, and clause games were active. It is necessary to pay attention to changes on the supply side. Overall, the market's rotation and repair trend continued. Short-term allocation suggestions should balance low-valuation repair opportunities and the defensive value of high-rated blue-chip convertible bonds, and flexibly grasp the structural market [2][6]. Summary According to Relevant Catalogs Market Weekly Review - **A-share Market**: The major A-share stock indices continued their moderate warming trend. The Shanghai Composite Index rose 1.1%, the Shenzhen Component Index rose 1.4%, and the ChiNext Index led the gains with a 2.3% increase. In terms of style, small and medium-cap and science and technology innovation indices were more elastic, with the Science and Technology Innovation 50 Index rising 2.3%, indicating a gradual repair of market risk appetite. In terms of funds, the daily average trading volume rose to 1.2 trillion yuan, and the net outflow of main funds narrowed by 6.4 billion yuan to 7.3 billion yuan compared with the previous week, and trading activity increased moderately. Overall, the risk appetite of the A-share market warmed up, and capital games were concentrated in small and medium-cap and science and technology innovation directions. The market entered a rotation and repair stage. It is recommended to focus on high-prosperity and low-level repair opportunities in the short term, and balance the structural opportunities of active small and medium-cap sectors [10]. - **Convertible Bond Market**: The convertible bond market significantly warmed up, and activity was moderately repaired. The ChinaBond Convertible Bond Index rose 1.08% across weeks, and the daily average trading volume rose to 64.57 billion yuan. Structurally, small and medium-cap convertible bonds were more active, indicating that funds were seeking offensive opportunities under the previous cautious sentiment, and market risk appetite increased. There was a differentiation in the parity range. The valuation of low-par convertible bonds was significantly repaired, while the medium and high-par range had limited fluctuations, reflecting active capital games on low-level high-elasticity targets. The implied volatility and price median increased slightly, and there was still repair momentum. At the industry level, convertible bonds in the media and light manufacturing sectors performed prominently, while adjustment pressures emerged in high-elasticity directions such as home appliances and communications. At the individual bond level, those with higher gains were mostly driven by underlying stocks, and the market preferred repair opportunities that combined fundamental support and elasticity. Overall, the convertible bond market continued to be actively volatile, and capital allocation focused on medium and low-price high-elasticity targets [10]. - **Primary Market**: The supply in the primary market of convertible bonds was generally stable. One enterprise updated its convertible bond issuance plan and was in the stage of passing the listing committee. The total scale of convertible bond issuance projects at the exchange acceptance stage and later remained at 58.99 billion yuan, and the supply rhythm was generally stable. In terms of clause games, five convertible bonds announced that they were expected to trigger downward revisions, and five announced no downward revisions. On the redemption side, two announced that they were expected to trigger redemptions, one announced no early redemption, and one announced early redemption. Overall, the market supply remained stable, and clause games and redemption operations continued. It is still necessary to pay attention to marginal changes on the supply side in the future [10]. Convertible Bond Allocation Suggestions - The convertible bond market was actively volatile during the week, and risk appetite increased slightly. In terms of allocation, it is recommended to adhere to the idea of "balanced allocation + gaming elasticity": focus on allocating large-cap blue-chip convertible bonds with high ratings, low premiums, and sufficient liquidity to balance low volatility and stable returns; at the same time, moderately grasp the periodic repair opportunities of low-par high-elasticity convertible bonds, focus on high-quality bonds in sectors such as media and light manufacturing with underlying stock prosperity support and performance certainty, and balance returns and risks [8]. Market Theme Weekly Review - **Equity Theme Weekly Review**: From June 3rd to June 6th, 2025, the A-share market continued its structural rotation. The technology sector warmed up, and short-term gaming sentiment was active. The daily limit style was prominent, with the daily limit index rising 8.0%, the first daily limit non-ST index rising 7.5%, and the first daily limit index rising 7.1%, reflecting high activity of short-term funds. Meanwhile, high-prosperity directions such as the digital economy and communication infrastructure strengthened. The optical module (CPO) index and the optical communication index rose 9.6% and 6.6% respectively, and the digital currency index and the east-west computing index also recorded gains of over 4%. Funds focused on structural repair opportunities for high-quality themes. The financial technology and pharmaceutical sectors also performed well, with the financial technology index rising 3.9%, the pharmaceutical centralized procurement index rising 3.7%, the cross-border payment index rising 3.4%, and the innovative drug index rising 2.6%. However, the automotive sector corrected, with theme sectors such as the new energy vehicle index, intelligent driving index, humanoid robot index, and Huawei automotive index experiencing corrections. Overall, the market was still mainly driven by events and capital games in the short term, with obvious characteristics of rotation repair and high-low level switching. The technology sector warmed up, but funds preferred low-level directions with fundamental support [14]. - **Convertible Bond Weekly Review**: From June 3rd to June 6th, 2025, the convertible bond market significantly warmed up, and overall trading activity increased significantly. Capital allocation tilted towards small and medium-cap directions with high elasticity and prosperity support. In terms of the market, the ChinaBond Convertible Bond Index rose 1.08% across weeks, the large-cap index rose 0.66%, the medium-cap index rose 1.19%, and the small-cap index performed the strongest, with a gain of 1.61%, indicating an increase in market risk appetite and a preference for small and medium-cap elastic targets. In terms of the parity range, the valuation of medium and low-par convertible bonds stretched significantly, while the medium and high-par range overall warmed up slightly. There was also a structural differentiation in the market price range, and the high-price range adjusted. At the industry level, the media, light manufacturing, and beauty care sectors led the gains. At the individual bond level, the convertible bonds with higher gains were mostly driven by underlying stocks, and trading opportunities were concentrated in targets with prosperity support and high elasticity. The supply rhythm in the primary market slowed down. Only one listed enterprise updated its convertible bond issuance plan during the week, with a scale of 450 million yuan, and the supply risk was temporarily controllable. Overall, the risk appetite of the convertible bond market warmed up moderately in the short term, and capital preferences were concentrated in medium and low-price and some medium and high-par range convertible bonds. It is recommended to pay attention to repair opportunities in the medium and low-par range and balance the stable allocation of large-cap convertible bonds [17]. Weekly Market Outlook - **A-share Market**: The A-share market is expected to continue its oscillating rotation characteristics, and the market style will gradually tilt towards balanced allocation. Capital layout will also tend to low-level repair and growth directions. In the short term, it is necessary to be vigilant against the high-level adjustment pressure of some previously strong sectors. It is recommended to focus on sectors such as pharmaceuticals and consumption with good prosperity sustainability and performance support [19]. - **Convertible Bond Market**: In the short term, the convertible bond market may experience a decline in activity with the fluctuations of the equity market, and risk appetite will still be differentiated. It is recommended to focus on allocating medium and high-price convertible bonds with low premiums, high certainty, and underlying stock elasticity, and pay attention to targets with capital allocation value in industries such as basic chemicals and transportation. In terms of strategy, it is recommended to balance the defensive attributes of high-rated blue-chip convertible bonds and the periodic gaming opportunities of small and medium-cap elastic convertible bonds, moderately grasp the structural repair window, and prevent the trading congestion risk of high-level sectors [19].

Market Overview - The A-share market saw most indices decline today, with the Shanghai Composite Index down by 0.44% closing at 3384.82 points, and the Shenzhen Component Index down by 0.86% closing at 10162.18 points [1] - The ChiNext Index fell by 1.17% to close at 2037.27 points, while the Sci-Tech 50 Index decreased by 1.47% to 982.90 points [1] - Overall, 4034 stocks declined while 1260 stocks rose, with a total trading volume of 14154 billion yuan, an increase of 1289.67 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, sectors such as beauty care, banking, pharmaceutical biology, transportation, media, and non-ferrous metals led the gains, while sectors like defense, computer, electronics, communication, non-bank financials, and construction materials experienced declines [1] Sector Highlights - The top-performing concept sectors today included tax refunds for outbound tourists, rare earth permanent magnets, medical beauty, pet economy, and biobreeding, among others [1]

Group 1 - The core viewpoint of the news is that the recent approval of a merger and acquisition project by Fulede marks the first successful case under the new restructuring regulations, indicating a significant shift in the M&A landscape in China [1][2] - Since the introduction of the "M&A Six Guidelines" in September 2024, the Shenzhen market has seen a substantial increase in M&A activities, with 817 disclosed transactions totaling 379.7 billion, representing year-on-year growth of 63% and 111% respectively [1] - The new regulations have led to a notable rise in major asset restructurings, with 99 transactions amounting to 178.4 billion, reflecting year-on-year increases of 219% and 215% [1] Group 2 - The revised regulations by the China Securities Regulatory Commission (CSRC) aim to simplify the approval process and enhance the inclusivity of the M&A market, thereby facilitating quicker resource integration for companies [2] - The new rules introduce a classification system for regulatory standards, increasing tolerance for same-industry competition and related transactions, while also adjusting requirements for improving financial conditions [2][3] - The regulations encourage private equity funds to participate in M&A activities by implementing a "reverse linkage" mechanism for investment and lock-up periods, which is expected to enhance market liquidity [3] Group 3 - The Shenzhen Stock Exchange plans to continue improving the M&A restructuring system and enhance regulatory services to support the quality of listed companies [4] - There is a strong emphasis on maintaining regulatory oversight to prevent market irregularities such as false restructurings and excessive speculation, ensuring a stable development of the M&A market [4]