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 ...

Core Viewpoint - The Hong Kong stock market has gained significant attention this year, with notable stocks such as Pop Mart, Mixue Ice Cream, and Laopu Gold reaching new highs as of June 4 [1] Group 1: Stock Performance - The stock prices of Pop Mart, Mixue Ice Cream, and Laopu Gold have all surged, achieving record highs in 2023 [1] - Tencent Holdings and Smoore International are among the popular Hong Kong stocks recommended by multiple brokerages [2][3] Group 2: Broker Recommendations - The number of Hong Kong stocks included in the broker's "golden stock" combinations has significantly increased compared to previous periods [3] - Tencent Holdings received recommendations from four brokerages: Huaxi Securities, Southwest Securities, Yongxing Securities, and Tianfeng Securities [3] - Xiaomi Group-W and Smoore International also received multiple recommendations from various brokerages [3][4] Group 3: Industry Recommendations - The pharmaceutical and biotechnology sector has reclaimed the top position in industry recommendation rankings after three years, with a recommendation rate of 10.2% [5] - The electronics and food and beverage sectors follow in second and third place, with recommendation rates of 9.3% and 6.58%, respectively [5] Group 4: Broker Performance - In May, 31 out of 46 brokerages reported positive returns from their golden stock combinations, with Guoyuan Securities leading with a monthly return of over 6% [6][7] - The top three performing brokerages in terms of golden stock returns for May were Guoyuan Securities, Caitong Securities, and China Galaxy Securities [6] Group 5: Market Outlook - The market outlook for June suggests a focus on large-cap growth stocks, with expectations of continued improvement in returns and win rates [7] - Historical trends indicate that large-cap growth stocks tend to outperform in June, while sectors like household appliances and power equipment remain undervalued [7]

科创50指数今日上涨0.45%，报收986.11点，科创板全日成交量23.15亿股，成交额769.28亿元，加权平 均换手率为1.37%。 证券时报·数据宝统计显示，今日可交易科创板股中，389只股收盘上涨，涨幅超过10%的有4只，涨幅 在5%至10%的有13只，收盘下跌的有182只。 科创板股换手率区间分布显示，换手率超过20%的有1只，换手率10%~20%的有7只，换手率5%~10%的 30只，换手率3%~5%的66只，换手率1%~3%的286只，换手率不足1%的有197只。 分行业看，今日换手率超5%的个股中，所属医药生物行业个股最多，有14只个股上榜；国防军工、通 信等紧随其后，分别有7只、5只个股上榜。 资金流向方面，高换手率个股中，有18股今日获主力资金净流入，净流入金额较多的有仕佳光子、皓元 医药、浩欧博，净流入金额分别为6732.82万元、6488.46万元、4619.98万元，净流出金额较多的有中无 人机、概伦电子、凯因科技，净流出金额分别为9402.33万元、8337.20万元、4234.02万元。 从杠杆资金动向看，高换手个股中，共23股近期获杠杆资金净买入，统计显示，截至6月3日，近5 ...

Report Industry Investment Rating - No industry investment rating information is provided in the report. Core Viewpoints of the Report - During the week from May 26th to May 31st, 2025, the A-share market continued to fluctuate and consolidate, with deepening industry rotation. The pharmaceutical and biological, environmental protection sectors led the gains, while the household appliances, power equipment, and comprehensive sectors saw significant adjustments. The convertible bond market showed a slight recovery, with intensified valuation differentiation. The low-price zone compressed, and the medium and high-price zones had repair elasticity. The short-term market structure switched frequently, and the capital style shifted from high elasticity to stability and low-level repair. The primary market supply was stable, but clause games were active, with an increase in the number of early redemption and downward revision bonds. Attention should be paid to the risk of supply decline. It is recommended to focus on medium and high-price convertible bonds with low valuations and strong fundamentals, and also consider the allocation value of high-grade blue-chip convertible bonds, while flexibly participating in theme rotation opportunities [2][5]. Summary by Relevant Catalogs Market Weekly Review A-share Market - The A-share market continued to fluctuate and consolidate, with the Shanghai Composite Index down 0.03% week-on-week, the Shenzhen Component Index down 0.91%, and the ChiNext Index down 1.40%. The small and medium-cap stocks were more resilient, with the CSI 500 and CSI 2000 rising against the trend. The trading volume decreased slightly to 1.07 trillion yuan, and the average daily net outflow of main funds was 13.7 billion yuan, indicating a cautious attitude. In terms of industries, sectors with strong fundamentals or recovery expectations such as media and pharmaceuticals strengthened, while sectors such as automobiles and household appliances adjusted. Overall, the market risk appetite remained low, and the trading focus shifted towards low-valuation repair and strong fundamentals [9]. Convertible Bond Market - The convertible bond market showed a slight recovery, with the CSI Convertible Bond Index rising 0.2% week-on-week, and the average daily trading volume increasing to 5.578 billion yuan. The market activity recovered moderately. Structurally, large-cap convertible bonds were relatively stable, indicating that investors were seeking high-certainty allocations. The valuation in the parity range was significantly differentiated, with the valuation of low-parity convertible bonds generally compressed and the medium and high-parity ranges slightly repaired, showing a cautious game attitude among investors. The implied volatility increased slightly, and the median price rose slightly to 112.33 yuan, indicating a moderate recovery in market risk appetite. In terms of industries, convertible bonds in the media, beauty care, and national defense and military industries led the gains, while those in the communication, household appliances, and other high-elasticity sectors faced greater correction pressure. At the individual bond level, the top-performing bonds mostly had strong underlying stock drivers, and trading opportunities were concentrated in bonds with low valuations and strong fundamentals. Overall, the convertible bond market continued to fluctuate and consolidate, and the allocation focus shifted towards high certainty and defensive attributes [9]. Convertible Bond Allocation Suggestions - The convertible bond market showed a moderate recovery this week, with a slight repair in risk appetite and active short-term rotation trading. In terms of allocation, it is recommended to adhere to the idea of "stable allocation + theme elasticity": on the one hand, focus on large-cap blue-chip convertible bonds with high ratings, low premiums, and good liquidity for defensive purposes; on the other hand, moderately seize opportunities in medium and high-price growth convertible bonds with underlying stock drivers and strong fundamentals, focusing on high-quality varieties in advanced manufacturing, pharmaceuticals, and other sectors to balance defense and offense [7]. Market Theme Weekly Review Equity Theme Weekly Review - During the week from May 26th to May 31st, 2025, the theme trading style was significantly differentiated, and short-term game enthusiasm increased significantly. The limit-up trading style continued to lead, with the consecutive limit-up index, the first limit-up non-ST index, and the limit-up index rising 17.1%, 12.7%, and 12.5% week-on-week respectively, indicating that short-term trading funds dominated the market. Some high-growth sectors such as the innovative drug index, the pharmaceutical centralized procurement index, the financial technology index, and the nuclear power index rebounded, with week-on-week gains of over 4%, showing investors' willingness to make structural replenishments in high-quality themes. At the same time, the TMT and pan-AI sectors were under pressure, with the AI computing power index, the east-west computing power index, etc. falling by over 2%, and previously strong sectors such as cloud computing and IDC leading the decline. The automobile and humanoid robot sectors adjusted significantly, with related theme indices such as the charging station index, the automobile golden stock index, and the humanoid robot index all falling by over 3%, reflecting the market's revaluation pressure on high-valuation sectors. Overall, the market was still in the theme rotation stage, with short-term trading driven by events and sentiment, and structural differentiation and high-low switching remaining the main themes in the future [14]. Convertible Bond Weekly Review - The convertible bond market showed a slight recovery during the week from May 26th to May 31st, 2025, with overall trading activity moderately recovering, and investors preferring large-cap convertible bonds with high certainty. The CSI Convertible Bond Index rose 0.23% week-on-week, the large-cap index also rose 0.23%, while the medium and small-cap convertible bond indices fluctuated slightly. The market as a whole continued to recover moderately, with the large-cap index showing relatively strong upward momentum, indicating certain defensive characteristics. In terms of trends, the convertible bond market showed some independence compared to the equity market, reflecting the "offensive and defensive" characteristics of convertible bonds. In terms of style, the large-cap index was more active, indicating that investors were seeking certainty while also maintaining a certain degree of risk aversion. In terms of capital, the trading activity of the convertible bond market increased slightly, with the average daily trading volume rising to 5.578 billion yuan, a week-on-week increase of 64 million yuan, indicating a slight recovery in investor sentiment. Currently, the convertible bond market lacks clear trend catalysts, and investors still focus on large-cap convertible bonds with high certainty. The valuation in the parity range showed a differentiated trend. In the parity range below 80 yuan, the conversion premium rate compressed by 0.62%; in the 80-90 yuan range, the compression was even greater, reaching 1.49%. In the 100-yuan parity range, the conversion premium rate in the 90-100 yuan range slightly expanded by 0.33%, while that in the 100-110 yuan range compressed by 1.89%. In the medium and high-parity ranges, the conversion premium rates in the 110-120 yuan and 120-130 yuan ranges expanded by 1.09% and 0.04% respectively; while in the range above 130 yuan, it slightly compressed by 0.89%. Overall, the market valuation in the parity range was still in a box-shaped shock stage, reflecting investors' cautious game attitude. By market price range, the convertible bond valuation generally compressed. Convertible bonds below 90 yuan compressed by 1.07%, those in the 90-100 yuan range compressed by 12.61%, and those in the 100-110 yuan range compressed by 0.10%. In the 110-120 yuan range, it compressed by 3.31%, in the 120-130 yuan range by 3.21%, and above 130 yuan by 0.74%. Overall, the convertible bond market valuation by market price range showed obvious compression. The market was still cautious about the pressure to realize high positions, but the game sentiment among investors at low positions recovered. Currently, the market risk appetite continued to decline, and it is recommended to pay attention to the repair opportunities of bonds that have adjusted deeply and with fully compressed valuations, as well as medium and high-price bonds with strong fundamentals. The weighted implied volatility of the convertible bond market increased slightly this week. The weighted implied volatility of the entire market's convertible bonds narrowed from 18.8% on Monday to 19.1% on Friday, indicating that the overall market risk appetite was still relatively cautious. Investors preferred convertible bond assets with strong defensive attributes when market volatility increased. The elasticity of convertible bonds provided certain repair opportunities, but the implied volatility remained at a low level, and the market's expectation of significant future volatility was still moderate, reflecting that investors preferred stable allocations. In terms of strategy, it is necessary to defend while attacking, and accumulate safety margins through bond floor protection and clause games. The median convertible bond price increased slightly this week. The median convertible bond price rose slightly from 112.29 yuan last Friday to 112.33 yuan, showing a fluctuating pattern during the week. Currently, the convertible bond market continued to fluctuate and consolidate, and the moderate recovery of the price median reflected that the risk appetite had not significantly recovered, and the convertible bond market had no clear trend catalyst [17]. Weekly Market Outlook - Looking ahead, the A-share market is expected to continue its structural rotation pattern, with the market style becoming more balanced, and the trading focus shifting from high-elasticity themes to low-valuation and stable-growth sectors. In the short term, attention should be paid to the correction risk of high-position sectors, and sectors with strong fundamentals and recovery expectations such as consumption and pharmaceuticals are expected to continue to attract incremental funds. In the convertible bond market, while waiting for clear trend catalysts, trading activity may moderately decline following the equity market. The allocation value of medium and high-price convertible bonds with low premiums and strong underlying stock drivers is prominent. At the same time, attention should be paid to sectors with certain certainty such as basic chemicals and transportation, given the increasing scarcity of large-scale bank convertible bonds. In terms of strategy, it is recommended to pay attention to low-level repair opportunities, and focus on bonds with fully adjusted valuations, "bond floor + underlying stock catalysts", while controlling the risk of crowded trading [19].

金融工程| 证券研究报告 —周报 2025 年 6 月 4 日 中银量化大类资产跟踪 A 股缩量横盘，小微盘风格占优 股票市场概览 本周 A 股下跌，港股下跌，美股上涨，其他海外权益市场普遍上涨。 A 股风格与拥挤度 A 股行情及成交热度 本周领涨的行业为综合金融、电力设备及新能源、医药；领跌的行业为 国防军工、有色金属、机械。本周成交热度最高的行业为综合、食品饮 料、国防军工；最低的行业为房地产、煤炭、建筑。 A 股估值与股债性价比 A 股资金面 机构调研活跃度 当前机构调研活跃度历史分位居前的行业为商贸零售、纺织服装、房地 产，居后的行业为医药、银行、食品饮料。 利率市场 商品市场 成长 vs 红利：成长风格拥挤度及超额净值持续处于历史低位；红利风 格拥挤度当前仍处于历史较低位置，近期快速下降。 小盘 vs 大盘：小盘风格超额净值及拥挤度持续处于历史低位；大盘风 格拥挤度下降至历史低位。 微盘股 vs 基金重仓：近期微盘股拥挤度快速下降至历史低位；基金重 仓拥挤度及超额累计净值处于历史低位。 本周中国商品市场整体下跌，美国商品市场整体下跌。 风险提示 量化模型因市场剧烈变动失效。 中银国际证券股份有限公司 ...