Report Industry Investment Rating No information provided. Core View of the Report - Due to the impact of risk - aversion sentiment, domestic stock indices continued to fluctuate weakly. It is recommended to make long - term allocations for IH2509 and IF2509, and move positions from IM2506 to IM2509 as the June contract of IM is approaching maturity and its annualized basis rate is relatively high [3]. Summary by Relevant Catalogs Market Performance - As of June 20, 2025, most domestic and foreign indices declined this week. The Nasdaq rose 0.22%, the S&P 500 fell 0.15%, and the Hang Seng Technology Index fell 2.08%. The Shanghai Composite Index fell 0.51%, the CSI 1000 Index fell 1.74%, the SSE 50 Index fell 0.10%, the ChiNext Index fell 1.66%, and the STAR 50 Index fell 1.55%. In terms of industries, most of the 31 Shenwan primary industry indices declined, with sectors such as beauty care, textile and apparel, and pharmaceutical biology falling more than 3%, while only a few sectors such as banking and communications rose [11][12]. Liquidity - In May, the growth rate of social financing was stable, and the growth rate of M2 declined slightly. The net MLF investment in May was 375 billion yuan, and the 10 - year government bond yield was around 1.65%. The growth rate of social financing remained relatively high, with government bond financing being an important support, but credit growth was still weak. The M2 growth rate declined slightly but remained stable overall, the M1 growth rate increased, and the M1 - M2 gap narrowed [22]. Trading Data and Sentiment - The escalation of the Israel - Iran conflict led to the weakening of stock indices this week. The trading volume of the two markets shrank to around one trillion yuan. The number of new A - share accounts opened in January was 1.57 million, in February was 2.83 million, in March was 3.06 million, in April dropped to 1.92 million, and in May continued to drop to 1.555 million [34]. Index Valuation - Index valuations are in the median range. As of June 20, 2025, the latest PB of the Shanghai Composite Index was 14.64 with a quantile of 64.72, and the latest PE of the Wande All - A Index was 19.18 with a quantile of 01.82. In terms of major stock indices, the valuation quantiles are in the order of CSI 1000 > CSI 500 > SSE 300 > SSE 50 [51]. Index Industry Weights (as of December 31, 2024) - In the SSE 50, the weights of banking, food and beverage, and non - bank finance are relatively high, at 19.4%, 16.57%, and 13.07% respectively, and the electronics industry has become the fourth - largest weighted industry. - The weights of the SSE 300 are relatively dispersed, with the top three weighted industries being banking, non - bank finance, and electronics. - The top three weighted industries of the CSI 500 and CSI 1000 are exactly the same, namely electronics, pharmaceutical biology, and power equipment, but the electronics industry in the CSI 1000 has a higher weight [52].

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The report conducts a comprehensive analysis of the convertible bond market, issuer financial performance, and credit risk based on the 2024 annual reports and Q1 2025 reports. With convertible bonds entering the peak redemption and repayment period in 2025, the importance of credit risk research has become prominent. Some industries face challenges such as price pressure, demand shortfalls, and supply - demand mismatches, leading to increased operating pressure, weakened profitability, and cash flow issues for some issuers, thus highlighting the need to focus on their credit risks [1][20]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Market Development Overview - **Issuance and Stock Situation**: In 2024, China's convertible bond issuance scale decreased year - on - year, with a total issuance of 38.757 billion yuan, a 72.78% decline. From January to May 2025, the issuance scale increased compared to the same period in 2024, reaching 25.923 billion yuan, a 156.40% increase. As of June 13, 2025, there were 484 outstanding convertible bonds, with a balance of 668.343 billion yuan. Private enterprises were the main issuers, with 383 convertible bonds and a balance of 388.428 billion yuan. Convertible bonds with lower credit ratings accounted for a relatively high proportion, indicating that some issuers had relatively weak creditworthiness [1][11][12]. - **Importance of Convertible Bond Credit Risk Research**: In recent years, the number of convertible bond credit risk events has increased. Since 2023, credit risk events have occurred in bonds such as Soute Convertible Bond, Hongda Convertible Bond, etc. With convertible bonds entering the peak redemption and repayment period in 2025, the importance of credit risk research has become more prominent [20]. 3.2 Financial Performance of Convertible Bond Issuers - **Profitability**: In 2024, the overall operating income and net profit of convertible bond issuers decreased year - on - year, but showed improvement in Q1 2025. In 2024, industries such as agriculture, forestry, animal husbandry, and fishery turned from losses to profits, while industries like power equipment and building materials saw significant net profit declines. In Q1 2025, industries such as agriculture, forestry, animal husbandry, and fishery continued to perform well, but industries like power equipment and coal had significant net profit declines [23][29]. - **Cash Flow**: In 2024, the overall operating net cash flow of convertible bond issuers decreased year - on - year. Industries such as communication, media, and construction decoration saw significant improvements, while industries like national defense and military industry and power equipment weakened significantly. In Q1 2025, the net outflow of operating cash flow decreased. In 2024, the overall net outflow of investment cash flow decreased, and the net inflow of financing cash flow decreased year - on - year. Industries such as power equipment, electronics, and basic chemicals had large net inflows of financing cash flow and were more dependent on external financing [2][3][49]. - **Debt Burden and Solvency**: At the end of 2024, the overall asset - liability ratio of issuers was 60.93%, an increase of 1.29 percentage points from the end of 2023. The total debt scale increased, and the short - term debt ratio decreased compared to the end of 2023. The overall solvency weakened at the end of 2024 [3]. 3.3 Summary of the Current Credit Risk Status of Outstanding Convertible Bonds - Some industries, including coal, steel, construction materials, and power equipment, face challenges such as price pressure, demand shortfalls, and supply - demand mismatches. Some issuers in these industries have increased operating pressure, weakened profitability, cash flow problems, increased debt burdens, and weakened solvency, requiring close attention to their credit risks [4][63][66].

Core Viewpoint - In the current volatile market environment, investors are increasingly focused on how to achieve stable asset appreciation, particularly in a context of declining interest rates and rising market uncertainty. The search for asset allocation strategies that provide stable cash flow and effectively mitigate market risks has become a common concern among various investors. The dividend low-volatility strategy, characterized by "high dividend yield and low volatility," is gaining attention as a potential solution to these challenges [1]. Interest Rate Environment - The global economy has largely entered a low or even negative interest rate era, with significant reductions in deposit rates by major banks in China. For instance, as of May 20, 2025, the interest rate for one-year fixed deposits fell below 1%, and the average interest rate for current deposits dropped to 0.05% [2]. This environment has compressed the yields of traditional fixed-income products, leading to a scarcity of stable assets, while dividend assets are becoming increasingly attractive due to their stable cash flow and higher dividend yields [2]. Policy Support - Regulatory bodies have intensified their focus on corporate dividend policies, with the introduction of measures linking dividend payouts to financing qualifications and shareholder behavior. For example, the "New National Nine Articles" issued in April 2024 aims to enhance shareholder return awareness among listed companies [3]. Additionally, new rules effective from January 1, 2025, will impose penalties on companies with low dividend payouts, further encouraging higher dividend distributions [3][4]. Fund Flow Dynamics - There is a notable shift in fund preferences towards dividend assets, driven by both policy support and changes in market dynamics. Long-term funds, such as insurance and pension funds, are increasingly allocating capital to high-dividend assets, with projections indicating an influx of approximately 600 billion to 800 billion yuan over the next three years [6]. This trend is expected to enhance the valuation of dividend assets and benefit related funds, such as the TaiKang Dividend Low-Volatility ETF [6]. Market Conditions - The current A-share market is characterized by volatility, influenced by international trade tensions and geopolitical risks. Despite maintaining stable growth, domestic economic indicators show signs of weakening, leading to a challenging investment environment. In this context, dividend low-volatility assets are positioned as a strategic choice for investors seeking stability and returns [19][20]. Investment Strategy - The dividend low-volatility strategy combines high dividend yield and low volatility characteristics, providing a robust investment framework. The CSI Dividend Low-Volatility Index selects stocks based on liquidity, consistent dividend payments, and low volatility, aiming to deliver stable returns while minimizing risk [14][15]. This strategy is particularly appealing in turbulent market conditions, as it has historically demonstrated strong defensive capabilities [19][20]. Conclusion - Overall, the combination of supportive policies, increasing fund inflows, and favorable market conditions positions dividend low-volatility assets as an attractive investment opportunity. These assets not only offer stable returns in a low-interest-rate environment but also serve as a defensive strategy in volatile markets, making them a preferred choice for investors seeking to navigate economic cycles effectively [20].

沪指6月19日下跌0.79%，申万所属行业中，今日上涨的有1个，涨幅居前的行业为石油石化，涨幅分别 为0.86%。跌幅居前的行业为纺织服饰、美容护理，跌幅分别为2.36%、2.28%。纺织服饰行业位居今日 跌幅榜首位。 纺织服饰行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300952 | 恒辉安防 | 0.36 | 6.16 | 2052.40 | | 300840 | 酷特智能 | -0.45 | 8.04 | 1317.89 | | 603665 | 康隆达 | 0.83 | 2.11 | 963.52 | | 002780 | 三夫户外 | -5.74 | 14.69 | 940.21 | | 300819 | 聚杰微纤 | -1.23 | 2.39 | 702.23 | | 603587 | 地素时尚 | -2.86 | 4.09 | 575.54 | | 002397 | 梦洁股份 | -0.52 | 3.06 | 353.85 | | 300577 | 开润股份 | ...

Market Overview - The A-share market experienced fluctuations, with a trading volume of 1.28 trillion yuan, and major indices such as the Shenzhen Component and ChiNext Index falling over 1% [1] - The only sector that saw an increase was oil and petrochemicals, which rose by 0.86% [4] Federal Reserve Insights - The Federal Reserve maintained the interest rate at 4.25%-4.50%, marking the fourth consecutive meeting without changes, aligning with market expectations [2] - The Fed's economic outlook has shown reduced uncertainty, but it remains at a high level, with GDP growth forecast for 2025 revised down to 1.4% and inflation expectations raised to 3% [2] - The dot plot indicates two expected rate cuts in 2025, totaling 50 basis points, consistent with previous forecasts [2][3] Policy Developments - The China Securities Regulatory Commission (CSRC) announced the "1+6" policy measures to deepen the reform of the Sci-Tech Innovation Board, including the establishment of a growth tier for unprofitable companies [2] - This initiative aims to support high-quality unprofitable enterprises during their R&D phase, allowing them to transition to the main board once they achieve profitability, thereby enhancing confidence in the development of tech enterprises [2] Market Performance - As of June 19, the Shanghai Composite Index closed at 3362.11 points, down 0.79%, while the Shenzhen Component and ChiNext Index fell by 1.21% and 1.36%, respectively [4] - A total of 699 stocks rose, while 4471 stocks declined, indicating a bearish market sentiment [4] Fund Tracking - The market's trading volume reached 12,810.23 billion yuan, showing an increase from the previous trading day, while the margin financing balance rose to 18,286.52 billion yuan [5]

Core Viewpoint - The A-share market remains stable despite tensions in the Middle East, continuing a pattern of slow upward movement amidst trade conflict concerns [1][2]. Market Outlook - The window for tariff events is closing, with a new policy window opening in late June, which may lead to a break in the current consolidation pattern if effective policies are implemented [2]. - The market is currently focused on tariff-related expectations, including U.S. court rulings and potential trade negotiations between China and the U.S. [2]. Hot Sectors - Consumption and healthcare sectors are expected to be key areas of focus, with an emphasis on domestic demand expansion as a priority for 2025 [3]. - The robotics sector is anticipated to grow, with advancements in various types of robots and related technologies [3]. - The semiconductor industry is on a path toward domestic production, with attention on equipment, wafer manufacturing, and IC design [3]. - The military industry is expected to see a rebound in orders by 2025, with signs of recovery in various sub-sectors [3]. - The innovative pharmaceutical sector is entering a growth phase after several years of adjustment, with positive profit growth expected [3]. - The AI sector is poised for new catalysts, particularly with updates from emerging models that are competitive with leading international models [3]. Market Review - The A-share market experienced narrow fluctuations, with previous leaders like innovative pharmaceuticals and banking showing signs of adjustment [4]. - Defensive sectors such as coal, utilities, and oil & gas led the market, indicating a shift in investor preference [4]. - Overall, the market maintained a positive earning effect, with over 2200 stocks rising despite some sectors facing declines [4].

Group 1 - Public fund research has shown a significant increase, with 129 public fund institutions conducting 780 research sessions on 135 stocks across 22 industries from June 9 to June 15, 2025, marking a 17.82% increase from the previous week [1][2] - Tianfu Communication emerged as the most favored stock among public fund institutions, attracting nearly 40% of public funds with a total of 57 research sessions [1][2] - The computer industry saw Zhongke Shuguang and Haitan Ruisheng being researched 46 times and 26 times respectively, while in the electronics sector, Haiguang Information and Longli Technology were researched 46 times and 17 times respectively [1][2] Group 2 - The electronics industry led the research interest with 160 sessions, followed by the computer industry with 104 sessions, indicating a strong focus on technology sectors [2][3] - Other popular industries among public fund institutions included communication, textile and apparel, defense and military, machinery, pharmaceuticals, retail, basic chemicals, and food and beverage [3] - 63 public fund institutions maintained a high-frequency research pace, averaging over 5 sessions per week, with Penghua Fund leading with 23 sessions [3]

Market Performance - The market experienced a rebound with the ChiNext leading the gains, closing at 2057.32, up by 0.66% [2][4] - The Shanghai Composite Index closed at 3388.73, up by 0.35%, while the Shenzhen Component Index closed at 10163.55, up by 0.41% [2][4] - The total trading volume in the Shanghai and Shenzhen markets was 1.22 trillion yuan, a decrease of 252.2 billion yuan compared to the previous trading day [7] Sector Performance - The top-performing sectors included Media (up 2.70%), Communication (up 2.11%), and Computer (up 1.99%) [3][4] - The sectors with the weakest performance were Agriculture, Forestry, Animal Husbandry, and Fishery (down 0.76%) and Beauty and Personal Care (down 0.49%) [3][4] - Concept indices that performed well included Digital Currency (up 4.72%) and Ant Financial Concept (up 4.40%) [3][4] Economic Indicators - In May, the total retail sales of consumer goods reached 41,326 billion yuan, a year-on-year increase of 6.4% [6] - The industrial added value for large-scale enterprises grew by 5.8% year-on-year in May, with a month-on-month increase of 0.61% [6] - The average sales price of new residential properties in first-tier cities decreased by 0.2% month-on-month in May [6] Future Outlook - The market is expected to maintain a range-bound trend in the short term, but overall is in a healthy operating condition [7] - Mid-term prospects remain positive due to economic resilience and supportive policy measures, indicating potential upward movement in the market [7] - Recommended sectors for attention include Finance, Non-ferrous Metals, Consumer Goods, and TMT (Technology, Media, and Telecommunications) [7]

Market Overview - The main indices showed positive performance today, with the Shanghai Composite Index increasing by 0.35%, the Shenzhen Component Index rising by 0.41%, and the ChiNext Index up by 0.66% [1] - Among the Shenwan first-level industry sectors, Media, Communication, and Computer sectors performed well, while Textile & Apparel, Pharmaceutical & Biological, and Automotive sectors lagged behind [1] - Concept sectors showed varied performance, with Digital Currency, Financial Technology, and First Board concepts performing relatively well, while Gold & Jewelry, Generic Drugs, and Chemical Fiber concepts underperformed [1]

Core Viewpoint - The latest financing balance of the ChiNext market has reached 344.88 billion yuan, with a week-on-week increase of 744 million yuan, indicating a positive trend in market financing activities [1]. Financing Balance Overview - The total margin balance of ChiNext stocks is 345.84 billion yuan, which has increased by 766 million yuan compared to the previous trading day, marking a continuous increase for seven consecutive trading days [1]. - The financing balance specifically stands at 344.88 billion yuan, with a week-on-week increase of 744 million yuan, also reflecting a seven-day growth streak [1]. - The margin trading balance for short selling is 95.6 million yuan, which has increased by 21.94 million yuan [1]. Stocks with Increased Financing Balance - A total of 476 ChiNext stocks have seen an increase in financing balance, with 39 stocks experiencing a growth rate exceeding 10% [1]. - The stock with the highest increase in financing balance is Huali Group, which has a latest financing balance of 111.47 million yuan, showing a week-on-week increase of 40.21% and a daily price increase of 2.01% [1][3]. - Other notable stocks with significant financing balance increases include Zhaori Technology and Hanshuo Technology, with increases of 31.71% and 31.30% respectively [1][3]. Market Performance of Stocks - Among the stocks with a financing balance increase of over 10%, the average daily increase was 3.44%, with 30 stocks rising, including Zhongke Magnetic Materials, which hit the daily limit, and other top performers like Guangkang Biochemical and Dahongli, with increases of 18.88%, 13.64%, and 13.28% respectively [1]. - Conversely, stocks with the largest declines include Kangliyuan, Baolid, and Wanbang Pharmaceutical, with declines of 7.91%, 7.48%, and 5.93% respectively [1]. Fund Flow Analysis - On June 11, among the stocks with increased financing balances, 28 stocks saw net inflows of main funds, with Zhaori Technology, Doushen Education, and Baiyang Pharmaceutical leading with net inflows of 273 million yuan, 135 million yuan, and 84.09 million yuan respectively [2]. - Conversely, 11 stocks experienced net outflows, with Baolid, Huaye Fragrance, and Kangliyuan seeing the largest outflows of 124 million yuan, 38.35 million yuan, and 22.94 million yuan respectively [2]. Stocks with Decreased Financing Balance - A total of 457 stocks experienced a decrease in financing balance, with 10 stocks showing a decline of over 10% [4]. - The stock with the largest decrease is Duku Culture, with a latest financing balance of 75.87 million yuan, reflecting a decline of 17.21% [4][5]. - Other stocks with significant declines include Hongjing Optoelectronics and Huilong New Materials, with decreases of 15.35% and 14.85% respectively [4][5].