Market Performance - The A-share market showed signs of recovery this week, with the ChiNext Index rising by 2.3%, while the Shanghai 50 Index had the smallest increase of 0.4%[1] - The overall valuation of the Wind All A Index is currently at a historical average level since 2010[1] - Among sectors, telecommunications, non-ferrous metals, and electronics performed well, with increases of 5.3%, 3.7%, and 3.6% respectively[1] Economic Factors - Domestic policies aimed at stabilizing growth, such as the launch of the 2025 "Service Consumption Season" and the promotion of new energy vehicles, are being implemented[2] - External factors include a recent phone call between Chinese President Xi Jinping and U.S. President Trump, and the SEC tightening regulations on foreign companies listed in the U.S.[2] - The overall domestic economy remains stable, with a projected resilient economic performance in Q2 due to supportive policies and reduced tariffs between China and the U.S.[2] Investment Strategies - Focus on three main investment lines: - Domestic consumption, which is expected to receive policy support and has shown resilience in earnings[4] - Domestic substitution, targeting industries with high import ratios from the U.S. and strong domestic supply capabilities[4] - Sectors currently underweighted by funds, such as banking and public utilities, which may present long-term investment opportunities[4] Risk Analysis - Potential risks include policy measures falling short of expectations, continued weak consumption data, and significant declines in market sentiment[4] - Concerns over external disturbances, particularly from U.S. policy changes, may hinder market upward movement, especially as the Shanghai Index approaches levels seen in early April[2][3]

Market Overview - The A-share market saw a mixed performance today, with the Shanghai Composite Index slightly up by 0.04% closing at 3385.36 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.19% and 0.45% respectively [1][9] - The total trading volume in the Shanghai and Shenzhen markets was 11,520 billion yuan, a decrease of 1,384 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included non-ferrous metals, communication, oil and petrochemicals, construction decoration, and basic chemicals, with respective gains of 1.16%, 1.00%, 0.88%, 0.79%, and 0.74% [1] - Conversely, the sectors that experienced declines included beauty and personal care, textiles and apparel, food and beverage, media, and non-bank financials, with losses of 1.70%, 1.18%, 0.92%, 0.85%, and 0.84% respectively [1] Concept Sectors - The top-performing concept sectors today were continuous boards, Hainan Free Trade Port, Tibet revitalization, industrial metals, and vitamins, among others [2] - Sectors that faced declines included financial technology, contract research organizations (CRO), and dairy [2]

Group 1 - As of June 4, the total market financing balance reached 1.79 trillion yuan, an increase of 22.38 million yuan from the previous trading day [1] - The financing balance for the Shanghai Stock Exchange was 907.55 billion yuan, up by 101.1 million yuan, while the Shenzhen Stock Exchange's financing balance was 882.01 billion yuan, increasing by 125.1 million yuan [1] - The North Exchange saw a decrease in financing balance to 5.368 billion yuan, down by 24.1388 million yuan [1] Group 2 - On June 4, a total of 1,873 stocks received net financing purchases, with 341 stocks having net purchases exceeding 10 million yuan, and 38 stocks exceeding 50 million yuan [1] - The top net purchase was for Guodian NARI, with a net purchase amount of 217 million yuan, followed by Zhongke Jincai and Everbright Securities with net purchases of 188 million yuan and 158 million yuan respectively [1] - Industries with significant net purchases included electronics, computers, and pharmaceuticals, with 6, 5, and 3 stocks respectively [1] Group 3 - The average ratio of financing balance to circulating market value for stocks with large net purchases was 3.95%, with the highest ratio for Zhangqu Technology at 8.82% [2] - Other stocks with high financing balance ratios included Dongshan Precision, Jianghuai Automobile, and Zhongke Jincai, with ratios of 8.73%, 8.47%, and 7.92% respectively [2] - The table provided detailed information on net purchases, including stock codes, names, price changes, net purchase amounts, and industry classifications [2][3][4]

Core Insights - The report indicates that 12 industries experienced net inflows of capital, while 19 industries faced net outflows on the trading day [1] - The industry with the highest net inflow was non-ferrous metals, with a net inflow of 1.401 billion yuan and a price change of 1.40% [1] - The computer industry had the largest net outflow, totaling 2.479 billion yuan, with a price change of 0.32% [1] Industry Summary - **Non-Ferrous Metals**: - Trading volume: 3.084 billion shares - Change in trading volume: +30.12% - Turnover rate: 1.42% - Price change: +1.40% - Net capital inflow: 1.401 billion yuan [1] - **Pharmaceuticals and Biology**: - Trading volume: 7.775 billion shares - Change in trading volume: +7.98% - Turnover rate: 2.87% - Price change: +1.78% - Net capital inflow: 0.917 billion yuan [1] - **Banking**: - Trading volume: 5.035 billion shares - Change in trading volume: +32.17% - Turnover rate: 0.38% - Price change: +1.98% - Net capital inflow: 0.627 billion yuan [1] - **Computer**: - Trading volume: 5.470 billion shares - Change in trading volume: -13.05% - Turnover rate: 3.11% - Price change: +0.32% - Net capital outflow: -2.479 billion yuan [1] - **Automobile**: - Trading volume: 5.542 billion shares - Change in trading volume: -17.43% - Turnover rate: 2.59% - Price change: -0.27% - Net capital outflow: -1.959 billion yuan [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The downstream sales of new energy vehicles have increased year - on - year but decreased month - on - month. The cross - regional passenger flow during the Dragon Boat Festival is expected to grow. The prices of some upstream commodities have declined, and the operating rates of some mid - stream industries have changed. The credit spreads of some industries have rebounded [1][2][3][4] 3. Summary by Related Catalogs 3.1. Middle - view Event Overview 3.1.1. Production Industry - In the first four months of this year, the cumulative sales of new energy pickups reached 9,000 units, a year - on - year increase of 168%. In April, the sales of new energy pickups were 2,000 units, a year - on - year increase of 127% and a month - on - month decrease of 14% [1] 3.1.2. Service Industry - During this year's Dragon Boat Festival, the cross - regional passenger flow is expected to reach 687 million person - times, about 7.7% higher than the same period in 2024. The railway transportation for the Dragon Boat Festival will start on May 30 [1] 3.2. Industry Overview 3.2.1. Upstream - Chemical industry: The price of natural rubber has declined. Black commodities: The prices of black commodities have declined in the short term [2] 3.2.2. Mid - stream - Chemical industry: The operating rate of PX has rebounded significantly recently. Infrastructure: The operating rate of asphalt has declined [3] 3.2.3. Downstream - Real estate: The sales of commercial housing in first - and second - tier cities have seasonally declined and are at a three - year low. Service: The number of international and domestic flights has decreased periodically [3] 3.3. Market Pricing - The credit spreads of the media, communication, and non - bank financial industries have rebounded [4] 3.4. Industry Credit Spread Tracking - The credit spreads of various industries have different trends. For example, the credit spread of the real estate industry has decreased from 234.76 BP last year to 99.89 BP this week, and the credit spread of the leisure service industry has increased to a high quantile [51] 3.5. Key Industry Price Index Tracking - The prices of various industries have different changes. For example, the price of natural rubber has decreased by 5.97% year - on - year, and the price of WTI crude oil has increased by 0.44% year - on - year [52]

Core Points - The Shanghai Composite Index increased by 0.37% today, with a trading volume of 657.93 million shares and a total transaction value of 863.796 billion yuan, representing a 7.16% increase compared to the previous trading day [2] Industry Performance - The defense and military industry had the highest increase, with a rise of 5.62%, followed by the electric equipment sector at 1.81% and the machinery equipment sector at 1.64% [2] - The pharmaceutical and biological sector experienced the largest decline at 0.67%, with coal and public utilities also seeing declines of 0.50% each [2] Notable Stocks - In the defense and military sector, Aerospace South Lake saw a significant increase of 19.99% [2] - Macro Technology in the electric equipment sector rose by 11.29% [2] - Qifeng Precision in the machinery equipment sector surged by 29.97% [2]

证券时报·数据宝统计，今日有4个行业主力资金净流入，27个行业主力资金净流出。资金净流入金额最 大的行业为纺织服饰，涨跌幅0.72%，整体换手率3.12%，成交量较前一个交易日变动8.01%，主力资金 净流量2.26亿元；今日资金净流出最大的行业为电子，涨跌幅-2.07%，整体换手率1.98%，成交量较前 一个交易日变动-12.85%，主力资金净流量-91.64亿元。（数据宝） | 医药生 | 43.91 | -9.02 | 1.62 | -0.24 | -9.65 | | --- | --- | --- | --- | --- | --- | | 物 | | | | | | | 汽车 | 56.05 | -6.34 | 2.60 | -0.97 | -16.43 | | 非银金 | 29.57 | -15.81 | 0.72 | -0.94 | -19.26 | | 融 | | | | | | | 传媒 | 32.07 | -19.19 | 2.21 | -1.82 | -20.84 | | 商贸零 | 36.93 | 7.23 | 3.07 | -1.63 | -22.35 | | 售 | | | | | ...

Market Overview - The Shanghai Composite Index closed at 3286.65 points, down 0.05%, with a trading volume of 430.88 billion yuan [1] - The Shenzhen Component Index closed at 9849.80 points, down 0.05%, with a trading volume of 591.24 billion yuan [1] - The ChiNext Index closed at 1931.94 points, down 0.13%, with a trading volume of 270.74 billion yuan [1] - The STAR 50 Index closed at 1003.87 points, up 0.1%, with a trading volume of 18.71 billion yuan [1] - Total trading volume for both markets was 1022.12 billion yuan, a decrease of 34.29 billion yuan from the previous trading day [1] Sector Performance - Strong sectors included beauty care, media, machinery, light industry manufacturing, chemicals, home appliances, jewelry, and computers [3] - Active concepts included PEEK materials, humanoid robots, hub motors, noise reduction, integrated die-casting for automobiles, pet economy, AI, fluorine chemicals, and antibacterial fabrics [3] - Weak sectors included electric power, insurance, oil and petrochemicals, coal, and banking [3] Stock Performance - A total of 3381 stocks rose, while 1588 stocks fell, with 129 stocks remaining flat and 52 stocks suspended [3] - 76 stocks hit the daily limit up, while 62 stocks hit the daily limit down [3] - Liou Co. had the highest limit-up order volume with 118 million shares, followed by other notable stocks [3][4] Fund Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 2.352 billion yuan [5] - The machinery equipment sector saw the highest net inflow of main funds, amounting to 2.317 billion yuan [6] - A total of 10 sectors experienced net inflows, while 21 sectors saw net outflows [6] Individual Stock Highlights - Liou Co. had the highest net inflow of main funds at 884 million yuan [8] - Other stocks with significant net inflows included Miao Yi Innovation and Sichuan Changhong [8] - 38 stocks experienced net outflows exceeding 1 billion yuan, with Shenghong Technology leading at 390 million yuan [10] Institutional Activity - Institutions had a net selling of approximately 42.47 million yuan, with 13 stocks seeing net purchases [11] - The top net purchase was for Da Ye Co. at approximately 44.54 million yuan [11]