Market Overview - On June 30, A-shares saw all three major indices rise, with the Shanghai Composite Index up by 0.59%, the Shenzhen Component Index up by 0.83%, and the ChiNext Index up by 1.35% [1] - The STAR Market Composite Index led the gains with an increase of 1.70% [2] - Over 4,000 stocks in the market experienced an increase [1] Hong Kong Market - On the same day, major indices in the Hong Kong stock market collectively declined, with the Hang Seng Technology Index down by 0.72% [4] - The Hang Seng Index fell by 0.87% [5] Sector Performance - The defense and military sector saw the highest gains, with an increase of 4.35%, followed by media at 2.82% and telecommunications at 1.90% [7] - In contrast, non-bank financials decreased by 0.77%, banks by 0.34%, and transportation by 0.09% [7] Industry Highlights Solid-State Battery Technology - A pilot project for all-solid-state battery electric bicycles was launched in Beijing, marking a significant step towards the commercialization of solid-state battery products [8] - Century Securities reported that the solid-state battery industry is progressing towards commercialization, with a recent announcement from a U.S. company indicating a 25-fold increase in heat treatment speed, leading to a 76.67% increase in stock prices over two days [8] Defense and Military Sector - There has been a significant inflow of capital into the defense and military sector, with the Defense ETF rising by 4.88% [9] - Northeast Securities highlighted the long-term growth certainty of the defense and military sector, noting that the industry is expected to recover as demand increases and structural capacity improves [9]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, the A-share market rebounded strongly, with the Shanghai Composite Index breaking through the year's high. The average daily trading volume increased by 22.36% week-on-week. The market risk appetite increased due to the easing geopolitical situation and the introduction of domestic growth-stabilizing policies [1][10]. - The financial technology sector led the rise this week, with both financial and growth styles performing well. The growth style index rose 5.21% this week, and its trading volume accounted for 54.20% of the total, reaching a four-week high [14]. - Looking ahead, the market is expected to maintain a steady upward trend. In July, the market is expected to see an orderly rotation of hot sectors. However, investors should remain cautious before the uncertainties of Sino-US tariff negotiations and the Fed's interest rate decision are eliminated [15]. 3. Summary According to the Directory 3.1 This Week's Market Review 3.1.1 Industry Index - The comprehensive finance, computer, comprehensive, national defense and military industry, and non-bank finance sectors led the gains this week. The trading volume of non-bank finance and bank sectors increased significantly compared to last week, while the trading activity of media, petroleum and petrochemical, medicine, food and beverage, and agriculture, forestry, animal husbandry, and fishery sectors decreased significantly [10]. - COMEX gold fell 2.94%, and the Chinese bond market maintained a narrow range of fluctuations. The basis of stock index futures contracts increased overall, and the net value of stock hedging strategies continued to decline. The average and median returns of neutral hedging funds this week were -0.10% and -0.03% respectively [1][10]. 3.1.2 Market Style - The financial technology sector led the rise this week, driving the market index higher. The growth style index rose 5.21% this week, and its trading volume accounted for 54.20% of the total, reaching a four-week high. The consumer style index rose 1.46%, and its trading volume accounted for 10.93% of the total, reaching a four-week low [14]. - The financial style index rose 3.41%, and its trading volume accounted for 10.07% of the total, reaching a four-week high. The stable style index rose only 0.78%, and its trading volume accounted for 3.45% of the total, reaching a four-week low [14]. - The cyclical style index rose 3.02%, and its trading volume accounted for 21.35% of the total, reaching a four-week low. The CSI 2000 index rose 5.55% this week, but its trading volume accounted for 28.89% of the total, reaching a four-week low [14]. 3.2 Active Equity Funds 3.2.1 Funds with Excellent Performance in Different Theme Tracks This Week - In the single-track fund category, the top five funds in terms of performance this week were Dongcai Value Qihang A, Taixin Development Theme, Chang'an Yusheng A, Huashang Upstream Industry A, and Huitianfu Consumption Upgrade A [20]. - In the double-track fund category, the top five funds in terms of performance this week were China Merchants Securities Technology Theme 6-Month Holding A, Yin Hua Multi-Power, Yongying High-End Equipment Smart Selection A, Huashang Computer Industry Quantitative A, and Hongtu Innovation Selection LOF [20]. 3.2.2 Funds with Excellent Performance in Different Strategy Categories - In the deep undervaluation strategy, the top three funds were Orient Internet Jia, Qianhai Kaiyuan Event-Driven A, and GF Shanghai-Hong Kong-Shenzhen Value Growth A [2][22]. - In the high-growth strategy, the top three funds were China Europe Prosperity Outlook One-Year Holding A, Yuanxin Yongfeng High-End Manufacturing, and Huafu Guotai Min'an A [2][22]. - In the high-quality strategy, the top three funds were Furong Fujin A, Great Wall Jiuxin A, and E Fund New Normal [2][22]. - In the quality undervaluation strategy, the top three funds were Tongtai Financial Selection A, Qianhai Kaiyuan Shengxin A, and Wells Fargo Financial Real Estate Industry A [2][22]. - In the quality growth strategy, the top three funds were AVIC New Takeoff A, SDIC UBS New Energy A, and E Fund National Defense and Military Industry A [2][22]. - In the GARP strategy, the top three funds were Guoshou Anbao Target Strategy A, Guotai Dazhizao Two-Year Holding, and China AMC Panyi One-Year Fixed Open [2][22]. - In the balanced cost-performance strategy, the top three funds were Hongtu Innovation Selection LOF, Chang Sheng State-Owned Enterprise Reform Theme, and Taixin Development Theme [2][22]. 3.3 Index Enhanced Funds 3.3.1 This Week's Excess Return Distribution of Index Enhanced Funds - The average and median excess returns of CSI 300 index enhanced funds were 0.06% and 0.10% respectively [25]. - The average and median excess returns of CSI 500 index enhanced funds were -0.35% and -0.37% respectively [25]. - The average and median excess returns of CSI 1000 index enhanced funds were -0.20% and -0.22% respectively [25]. - The average and median excess returns of CSI 2000 index enhanced funds were -0.04% and -0.06% respectively [25]. - The average and median excess returns of CSI A500 index enhanced funds were 0.11% and 0.13% respectively [25]. - The average and median excess returns of ChiNext index enhanced funds were -0.20% and -0.17% respectively [25]. - The average and median excess returns of STAR Market and ChiNext 50 index enhanced funds were -0.11% and -0.14% respectively [26]. 3.4 This Issue's Bond Fund Selections - The report screened out the medium- and long-term bond fund pool and the short-term bond fund pool based on indicators such as fund size, performance risk indicators, the latest fund size, Wind Fund secondary classification, three-year rolling returns, and three-year maximum drawdowns [42]. 3.5 This Week's High-Frequency Fund Position Detection - Active equity funds significantly increased their positions in the petroleum and petrochemical (0.18%), coal (0.09%), and comprehensive (0.08%) industries this week; they significantly reduced their positions in the machinery (0.19%), automobile (0.13%), and commercial and retail (0.08%) industries [3]. - From a one-month perspective, the position of the pharmaceutical industry increased significantly by 0.71%, while the positions of the machinery and automobile industries decreased significantly by 0.64% and 0.65% respectively [3]. 3.6 This Week's Weekly Tracking of US Dollar Bond Funds - Not provided in the content

招商银行研究院将分章节为您推送《 逆风前行——2025年中期宏观经济与资本市场展望 》 本篇为文章第二、三部分， 海外宏观：韧性依旧，隐忧尚存；海外策略：中短美债占优，美股均衡配置。 更多精彩之后将陆续推送，敬请期待。 ■ 关税变局不断演变，我国经济挑战与机遇并存。 外需支撑或显著减退，内需能否稳固支撑是决定经济 动能变化的关键。基准情形下，预计全年实际GDP增长5%，GDP平减指数或下探至-1%。在供给端，企业 生产和利润温和承压。在需求端，出口增速显著放缓，消费对经济增长的贡献或有增强，房地产投资的拖 累或因体量收缩而边际减弱，基建投资维持高位，制造业投资温和放缓。经济运行或继续呈现供强需弱格 局，价格修复相应承压。 ■ 看境外市场， 去美元化逻辑或继续演绎，美股有望震荡上行，美债利率中枢维持高位，黄金 强者恒强，外汇市场或延续"美元弱，非美强"格局。 相关报告 《逆风前行——2025年中期宏观经济与资本市场展望①》 正文 海外宏观：韧性依旧，隐忧尚存 上半年，特朗普政府"削减政府开支+对等关税"组合拳扰动预期，市场一度担忧美国经济陷入衰退甚至滞胀， 美联储将于年内降息5次（125bp）。随着财政政策重回 ...

| 国防军工 | | | | 内蒙一机 | | | --- | --- | --- | --- | --- | --- | | 煤炭 | 0.04 | 30.23 | 20.33 | 新大洲A | 2.90 | | 银行 | -0.38 | 202.23 | 26.26 | 苏农银行 | -2.40 | | 石油石化 | -1.35 | 110.25 | -17.64 | 科力股份 | -17.05 | 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。 （文章来源：证券时报网） 证券时报·数据宝统计，截至上午10:28，今日沪指涨0.95%，A股成交量540.75亿股，成交金额6764.01亿 元，比上一个交易日增加26.40%。个股方面，4713只个股上涨，其中涨停53只，625只个股下跌，其中 跌停13只。从申万行业来看，非银金融、汽车、电力设备等涨幅最大，涨幅分别为2.95%、2.41%、 2.14%；石油石化、银行等跌幅最大，跌幅分别为1.35%、0.38%。（数据宝） 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（ ...

| 通信 | | | | 退市鹏博 | | | --- | --- | --- | --- | --- | --- | | 电子 | -1.75 | 1195.91 | 8.93 | 润欣科技 | -7.80 | | 国防军工 | -2.12 | 429.84 | -7.16 | 捷强装备 | -14.53 | | 计算机 | -2.22 | 1072.73 | 13.18 | 退市龙宇 | -35.16 | 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。 （文章来源：证券时报网） 证券时报·数据宝统计，截至下午13:59，今日沪指跌0.51%，A股成交量999.00亿股，成交金额11940.64 亿元，比上一个交易日增加13.24%。个股方面，1047只个股上涨，其中涨停51只，4261只个股下跌。 从申万行业来看，医药生物、美容护理、银行等涨幅最大，涨幅分别为0.51%、0.46%、0.40%；计算 机、国防军工、电子等跌幅最大，跌幅分别为2.22%、2.12%、1.75%。（数据宝） 今日各行业表现（截至下午13:59） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（% ...

Core Viewpoint - The market is expected to continue a trend of oscillating upward in the coming week, supported by technical indicators and liquidity metrics [1][2]. Market Indicators - The liquidity shock index for the CSI 300 was 0.30, indicating higher liquidity than the average level over the past year by 0.30 standard deviations [2]. - The PUT-CALL ratio for the SSE 50 ETF options decreased to 0.85, reflecting a reduced caution among investors regarding short-term movements [2]. - The five-day average turnover rates for the SSE Composite Index and Wind All A were 0.82% and 1.40%, respectively, indicating increased trading activity [2]. Macroeconomic Factors - The onshore and offshore RMB exchange rates saw weekly increases of 0.15% and 0.25%, respectively [2]. - The official manufacturing PMI for China in May was reported at 49.5, matching expectations, while the Caixin manufacturing PMI was lower at 48.3 [2]. Technical Analysis - The Wind All A index broke through the SAR point on June 4, signaling a buy opportunity, with the moving average strength index scoring 207, placing it in the 81.6% percentile since 2021 [2][3]. Market Performance - For the week of June 2 to June 6, the SSE 50 index rose by 0.38%, the CSI 300 index increased by 0.88%, the CSI 500 index grew by 1.6%, and the ChiNext index surged by 2.32% [3]. - The overall market PE (TTM) stands at 19.2 times, which is in the 52.3% percentile since 2005 [3]. Factor Analysis - Small-cap factors performed well, with a crowding degree of 1.05, while low valuation factors had a crowding degree of 0.06 [3]. - The industry crowding degree is relatively high in machinery, comprehensive, retail, environmental protection, and beauty care sectors, with notable increases in beauty care and banking [3].

Market Overview - The Shanghai Composite Index increased by 0.33% as of 10:28 AM, with a trading volume of 445.73 billion shares and a turnover of 540.25 billion yuan, representing a decrease of 8.41% compared to the previous trading day [1]. Industry Performance - The top-performing sectors included: - Comprehensive: +2.17% with a turnover of 15.96 billion yuan, led by Dongyangguang (+6.26%) [1]. - Non-ferrous Metals: +1.63% with a turnover of 236.13 billion yuan, led by Sry New Materials (+12.20%) [1]. - Communication: +1.47% with a turnover of 287.97 billion yuan, led by Taichengguang (+15.65%) [1]. - The sectors with the largest declines included: - Transportation: -0.75% with a turnover of 124.09 billion yuan, led by Xinning Logistics (-6.09%) [2]. - Agriculture, Forestry, Animal Husbandry, and Fishery: -0.40% with a turnover of 71.39 billion yuan, led by Xiangjia Co. (-5.01%) [2]. - Banking: -0.38% with a turnover of 114.66 billion yuan, led by Qingdao Bank (-1.90%) [2]. Detailed Industry Data - The following industries showed notable performance: - Electronics: +1.43% with a turnover of 481.30 billion yuan, led by Guanghua Technology (+10.02%) [1]. - Power Equipment: +1.27% with a turnover of 404.26 billion yuan, led by Keheng Co. (+20.02%) [1]. - Textile and Apparel: +0.93% with a turnover of 98.88 billion yuan, led by Mankalon (+13.55%) [1]. - Conversely, industries with significant downturns included: - Coal: -0.12% with a turnover of 18.78 billion yuan, led by Dayou Energy (-1.61%) [2]. - Public Utilities: -0.13% with a turnover of 76.12 billion yuan, led by Southern Power Energy (-5.50%) [2]. - Real Estate: +0.13% with a turnover of 47.49 billion yuan, led by Zhujiang Co. (+9.95%) [1].

证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250529 ❖ 市场概况：今日转债增量上涨，估值环比抬升 指数表现：中证转债指数环比上涨 0.58%、上证综指环比上涨 0.70%、深证成 指环比上涨 1.24%、创业板指环比上涨 1.37%、上证 50 指数环比上涨 0.29%、 中证 1000 指数环比上涨 1.76%。 市场风格：小盘成长相对占优。大盘成长环比上涨 0.62%、大盘价值环比下降 0.03%、中盘成长环比上涨 1.48%、中盘价值环比上涨 0.62%、小盘成长环比 上涨 1.53%、小盘价值环比上涨 0.84%。 资金表现：转债市场成交情绪升温。可转债市场成交额为 571.54 亿元，环比 增长 12.24%；万得全 A 总成交额为 12134.10 亿元，环比增长 17.37%；沪深 两市主力净流入 74.33 亿元，十年国债收益率环比上升 0.45bp 至 1.69%。 转债价格：转债中枢提升，高价券占比提升。转债整体收盘价加权平均值为 118.69 元，环比昨日上升 0.59%。其中偏股型转债的收盘价为 162.71 元，环比 上升 0.07%；偏债型转债的收盘价为 11 ...

点击注册小程序 查看完整报告 报告摘要 5月A股港股市场有所回暖 5月A股主要指数涨跌分化，行业端涨多跌少。受风险偏好波动等因素影响，5月（截至27日），A股主要指数 涨跌出现分化，其中万得全A涨幅最大，而科创50跌幅最大。行业端涨多跌少，轻工制造、综合、纺织服饰等 行业表现较好，而电子、计算机、房地产、社会服务等行业表现相对较差。 5月港股市场震荡上行。5月受海外扰动缓和、国内风险偏好回暖等因素影响，港股市场整体走势震荡上行。截 至2025年5月27日，恒生香港35、恒生指数、恒生综合指数、恒生中国企业指数、恒生科技的涨幅分别为 7.6%、5.7%、5.3%、4.9%、1.9%。 A股观点：继续关注三类资产 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股市场有望震荡上行。 配置方向上，关注三类资产。方向一：稳定类资产，如高股息、黄金。稳定类资产能够在市场面临不确定时提 供确定性。方向二：产业链自主可控。在"双循环"新发展格局和全球产业链重构的双重驱 ...

Market Overview - The Shanghai Composite Index increased by 0.19% today, with a trading volume of 606.39 million shares and a total transaction value of 735.57 billion yuan, representing an 18.90% decrease compared to the previous trading day [1]. Industry Performance - The top-performing sectors included: - Non-bank Financials: +1.23%, with a transaction value of 238.85 billion yuan, led by Hongta Securities (+5.27%) [1]. - Transportation: +1.09%, with a transaction value of 272.69 billion yuan, led by Air China (+24.84%) [1]. - Oil and Petrochemicals: +0.86%, with a transaction value of 48.97 billion yuan, led by Maohua Shihua (+10.11%) [1]. - The sectors with the largest declines included: - Textiles and Apparel: -1.11%, with a transaction value of 100.10 billion yuan, led by Taihu Snow (-7.13%) [2]. - Electric Power Equipment: -0.96%, with a transaction value of 525.10 billion yuan, led by Xinyu Ren (-7.84%) [2]. - Social Services: -0.83%, with a transaction value of 52.02 billion yuan, led by Qujiang Cultural Tourism (-4.03%) [2]. Summary of Sector Changes - Non-bank Financials showed a decrease in transaction value by 7.63% compared to the previous day [1]. - Transportation sector saw a significant increase in transaction value by 40.62% compared to the previous day [1]. - The overall market sentiment reflected a mixed performance across various sectors, with notable gains in non-bank financials and transportation, while textiles and electric power equipment faced declines [1][2].