2025 年 6 月 5 日 股指期货偏强震荡 黄金、白银期货将偏强震荡 螺纹钢、 焦煤、原油期货将偏弱震荡 玻璃、纯碱期货将震荡偏弱 陶金峰 期货投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 股指期货将偏强震荡：IF2506 阻力位 3863 和 3879 点，支撑位 3833 和 3819 点；IH2506 阻力位 2689 和 2699 点，支撑位 2664 和 2644 点；IC2506 阻力位 5700 和 5749 点，支撑位 5668 和 5616 点；IM2506 阻力位 610 ...

Group 1 - The CSI 300 Index has seen a slight decline of 0.09% as of June 5, 2025, with mixed performance among constituent stocks, highlighting a volatile market environment [1] - The CSI 300 ETF has recorded a trading volume of 202 million yuan, with an average daily trading volume of 1.255 billion yuan over the past year, ranking among the top three comparable funds [1] - The latest scale of the CSI 300 ETF has reached 168.307 billion yuan, indicating significant investor interest and participation [1] Group 2 - Leverage funds are increasingly positioning themselves in the market, with a net financing purchase amount of 8.8768 million yuan on the previous trading day and a total financing balance of 1.088 billion yuan [1] - The valuation of the CSI 300 Index is at a historical low, with a price-to-book (PB) ratio of 1.3, which is below 81.03% of the time since the index's inception, suggesting attractive valuation opportunities [1] - The top ten weighted stocks in the CSI 300 Index account for 23.22% of the index, with notable companies including Kweichow Moutai, CATL, and Ping An Insurance [1] Group 3 - East Wu Securities emphasizes the solid foundation for China's high-quality economic development and the transition between old and new growth drivers, indicating a positive long-term economic outlook [2] - Citic Securities predicts a potential annual-level rally in Chinese equity assets over the next year, with a significant shift in market style from small-cap stocks to core asset trends [2] Group 4 - Investors without stock accounts can access core A-share assets through the CSI 300 ETF linked fund (160724), providing an opportunity for low-cost entry into the market [3]

交易咨询资格号： 晨会纪要 2025 年 6 月 5 日 证监许可[2012]112 | | [Table_Finance] | | | | | | --- | --- | --- | --- | --- | --- | | 联系人：王竣冬 | 2025/6/5 | | 基于基本面研判 | | | | 期货从业资格：F3024685 | 趋势空头 | 震荡偏空 | 震 荡 | 震荡偏多 | 趋势多头 | | | | 多晶硅 | 铝 | 中证1000指数期货 | | | 交易咨询从业证书号：Z0013759 | | 工业硅 | 氧化铝 | 沪深300股指期货 | | | | | 沥青 | 二债 | 燃油 | | | 研究咨询电话： | | 烧碱 | 五债 | 上证50股指期货 | | | | | 生猪 | 棉花 | 中证500股指期货 | | | 0531-81678626 | | PTA | 棉纱 | 硅铁 | | | | | 乙二醇 | 玻璃 | | | | 客服电话： | | 短纤 | 纯碱 | | | | 400-618-6767 | | 对二甲苯 | 三十债 | | | | | | 鸡蛋 | 白糖 | ...

6月4日各行业融资余额环比变动 截至6月4日，市场最新融资余额为17949.26亿元，较上个交易日环比增加22.38亿元，分行业统计，申万 所属一级行业有22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9.23亿元；融 资余额增加居前的行业还有计算机、机械设备、传媒等，融资余额分别增加4.68亿元、4.14亿元、2.88 亿元；融资余额减少的行业有9个，非银金融、通信、有色金属等行业融资余额减少较多，分别减少 4.31亿元、3.90亿元、1.33亿元。 以幅度进行统计，交通运输行业融资余额增幅最高，最新融资余额为339.36亿元，环比增长0.82%，其 次是综合、医药生物、纺织服饰行业，环比增幅分别为0.80%、0.74%、0.73%；融资余额环比降幅居前 的行业有通信、农林牧渔、建筑材料等，最新融资余额分别有604.01亿元、249.76亿元、109.54亿元， 分别下降0.64%、0.51%、0.47%。（数据宝） | 房地产 | 301.13 | -0.36 | -0.12 | | --- | --- | --- | --- | | 商贸零售 | 209.57 | -0.38 | -0 ...

Core Insights - The latest financing balance of the ChiNext market is 340.12 billion yuan, with a week-on-week increase of 1.03 billion yuan, indicating a positive trend in market financing activity [1][2] Financing Balance Overview - The total margin balance for ChiNext stocks reached 341.06 billion yuan, an increase of 1.04 billion yuan from the previous trading day, with the financing balance at 340.12 billion yuan, up by 1.03 billion yuan [1] - The margin balance for short selling was 93.7 million yuan, reflecting a week-on-week increase of 13.95 million yuan [1] Stocks with Increased Financing Balance - A total of 500 ChiNext stocks saw an increase in financing balance, with 36 stocks experiencing a growth rate exceeding 10% [1] - The stock with the highest increase in financing balance is Aoya Co., Ltd., with a latest financing balance of 65.55 million yuan, showing a week-on-week increase of 33.67% and a price increase of 20.00% on the same day [1][3] - Other notable stocks with significant financing balance increases include Fosa Technology and Hopson Co., Ltd., with increases of 28.81% and 26.58%, respectively [1][3] Market Performance of Stocks - Among the stocks with a financing balance increase of over 10%, the average price increase on the same day was 3.89%, with 26 stocks rising and two stocks, Aoya Co., Ltd. and Lepu Medical, hitting the daily limit [1] - Stocks with the largest price increases included Mankalon, Tianyuan Pet, and Xingyun Co., Ltd., with increases of 17.01%, 16.81%, and 15.34%, respectively [1] Stocks with Decreased Financing Balance - A total of 432 stocks experienced a decrease in financing balance, with 41 stocks showing a decline of over 5% [4] - The stock with the largest decrease in financing balance is Green Island Wind, with a latest financing balance of 22.39 million yuan, reflecting a decrease of 26.68% [4][5] - Other stocks with significant declines include Superjet Co., Ltd. and Kaile Co., Ltd., with decreases of 13.94% and 13.00%, respectively [4][5] Capital Flow Analysis - On June 4, among the stocks with increased financing balances, 29 stocks saw net inflows of main funds, with Lepu Medical, Kidswant, and Tianyuan Pet leading with net inflows of 391 million yuan, 70.54 million yuan, and 66.33 million yuan, respectively [2] - Conversely, seven stocks experienced net outflows, with Mankalon, Hopson Co., Ltd., and Langxin Group seeing the largest outflows of 58.55 million yuan, 31.15 million yuan, and 27.89 million yuan, respectively [2]

6月4日沪指上涨0.42%，市场两融余额为18069.04亿元，较前一交易日增加24.16亿元。 证券时报·数据宝统计显示，截至6月4日，沪市两融余额9159.10亿元，较前一交易日增加11.45亿元；深 市两融余额8856.24亿元，较前一交易日增加12.95亿元；北交所两融余额53.70亿元，较前一交易日减少 0.24亿元；深沪北两融余额合计18069.04亿元，较前一交易日增加24.16亿元。 融资余额增幅前20只个股 | 代码 | 简称 | 最新融资余额（万 | 较前一个交易日增减 | 当日涨跌幅（%） | 所属行业 | | --- | --- | --- | --- | --- | --- | | | | 元） | （%） | | | | 833873 | 中设咨 询 | 224.22 | 127.96 | 5.45 | 建筑装饰 | | 600644 | 乐山电 力 | 21170.72 | 48.48 | 6.21 | 公用事业 | | 002275 | 桂林三 金 | 11865.21 | 40.13 | 10.02 | 医药生物 | | 920068 | 天工股 份 | 1090.34 | ...

Summary of Key Points Core Viewpoint - In May 2025, the total amount of stock reduction by directors, supervisors, and senior executives of listed companies in the Shanghai and Shenzhen stock markets reached approximately 2.186 billion yuan, resulting in a net reduction of 1.83 billion yuan after accounting for the total increase of about 356 million yuan [1][3]. Group 1: Stock Reduction - The total reduction amount in May 2025 was approximately 2.186 billion yuan, involving 153 companies [1][3]. - The computer industry had the highest reduction amount, approximately 412 million yuan, while the mechanical equipment and pharmaceutical industries followed with reductions of about 312 million yuan and 257 million yuan, respectively [11]. - The top three companies with the highest reduction amounts were: - Ruiming Technology: 302 million yuan [3][4] - Beijiete: 92 million yuan [3][4] - Bichuang Technology: 84 million yuan [3][4]. Group 2: Stock Increase - The total increase amount in May 2025 was approximately 356 million yuan, involving 48 companies [1][12]. - The food and beverage industry had the highest increase amount, approximately 141 million yuan, followed by the pharmaceutical industry with about 86 million yuan and the steel industry with approximately 53 million yuan [19]. - The top three companies with the highest increase amounts were: - Taoli Bread: 141 million yuan [12][16] - Shouxiangu: 73 million yuan [12][16] - Dazhong Mining: 53 million yuan [12][16].

Market Overview - A-share market continued to rebound on June 4, with all three major indices opening higher and closing positively, particularly the ChiNext Index which rose over 1% [1][2] - The total trading volume reached 1.18 trillion yuan, with nearly 4,000 stocks rising and over 80 stocks hitting the daily limit [1][2] - The market is currently in a repair phase, supported by a series of domestic policies, limiting the adjustment space [1][5] Sector Performance - The consumer sector saw significant activity, with beauty care, textiles, and retail sectors leading the gains, with increases of 2.63%, 2.53%, and 2.41% respectively [2][3] - Solid-state battery and optical module sectors also performed well, contributing to the overall market rebound [1][2] - A total of 32 stocks reached historical highs, predominantly from the banking, pharmaceutical, and food and beverage sectors [3] Fund Flow - On June 4, the net inflow of main funds in the CSI 300 exceeded 3 billion yuan, indicating a recovery in market sentiment [3][4] - Among the 13 sectors with net inflows, electronics, communications, and power equipment led with inflows of 22.99 billion yuan, 13.48 billion yuan, and 11.00 billion yuan respectively [4] - Conversely, sectors such as defense, pharmaceuticals, and automotive experienced net outflows [4] Investment Strategy - Analysts suggest focusing on high-performance consumer leaders and traditional companies with new consumption thinking, as they may benefit from structural opportunities [3][5] - The current market environment is characterized by a focus on safety and stability, with recommendations to invest in dividend-paying stocks and technology sectors [5][6] - The upcoming Lujiazui Forum is expected to announce significant financial policies that could support market expectations [5]

股权激励受热捧的背后，既有政策推动，也是企业提高管理能力的体现。这些激励计划宛如一把把"金 钥匙"，有效地激发了企业内生动力，为公司长期发展注入源源不断的活力。统计结果显示，股权激励 有效推动公司业绩增长，提振中长期股价走势，实现了人才、企业与股东的三方共赢。 近年来，A股股权激励计划数量呈现出逐步增长势头。截至2025年5月底，近20年来A股市场累计已有超 5600份股权激励计划落地，涉及上市公司超2900家，其中近4年均有超650份计划实施。 占比超54% 股权激励是指上市公司通过授予关键人员（通常为公司的董事、高级管理人员、核心技术人员及核心业 务人员等）股票或期权，将员工的利益与公司的长远发展紧密绑定，主要形式包括限制性股票、股票期 权和股票增值权等。 股权激励是现代企业重要的管理工具，通过将员工利益与企业效益紧密绑定，提升管理者与关键员工的 工作积极性。它不仅能够有效吸引并留住关键人才，促使员工以主人翁的姿态投入工作，助力实现个人 梦想，还能够提升公司的业绩与价值。从长期视角来看，这一机制不但持续激发员工动力，优化公司治 理结构，增强企业的竞争力，还能创造企业与员工的共同价值，推动企业的长期可持续发 ...