Market Overview - The market experienced a decline on June 13, 2025, with major indices closing lower: Shanghai Composite Index down 0.75%, Shenzhen Component Index down 1.10%, and ChiNext Index down 1.13% [1] - Sectors such as mining, precious metals, and aerospace showed gains, while beauty care, cultural media, and bioproducts faced losses [1] Oil Market Insights - According to Xinda Securities, the average price of Brent crude oil is expected to be around $70 per barrel for the year, with a high-low-high-low trend anticipated across the four quarters [2] - The potential for oil price increases is linked to risks in the Iranian region, while downward risks are associated with Saudi Arabia [2] - Iran's oil supply accounts for 3% to 4% of global supply, and escalating conflicts could threaten the Strait of Hormuz, a critical oil transport route [2] Gold Market Analysis - Minsheng Securities highlighted that global monetary expansion and rising geopolitical tensions are enhancing gold's appeal as a safe-haven asset [2] - The ongoing U.S. interest rate cut cycle is expected to support further increases in gold prices, indicating a bullish trend in the gold market [3] Military Trade Dynamics - Zhongtai Securities noted that recent geopolitical conflicts have led to a reassessment of military trade logic, suggesting significant growth potential in military exports [3] - China's military trade currently represents 5.9% of the global market, which is considerably lower than the U.S. at 43% and Russia at 9.6%, indicating room for expansion [3]

Core Insights - Ningbo Qianwan New Area is emerging as a hub for "unicorn" companies, with 11 enterprises listed in the 2025 Zhejiang Province unicorn company rankings, accounting for nearly one-third of Ningbo's total of 37 listed companies [1] - The total valuation of the 11 listed companies in Qianwan is approximately 25.25 billion yuan, driven by strong technological research and development capabilities [4] Unicorn Companies - The unicorn companies in Qianwan are primarily focused on "hard technology," with all 11 companies listed being categorized as such [1] - Kanglong Huacheng (Ningbo) Biopharmaceutical Co., Ltd. is the only unicorn in the life sciences sector, aiming to establish a world-class CGT (cell and gene therapy) drug R&D and production platform [2] Semiconductor Industry - Six of the listed companies in Qianwan are from the semiconductor industry, which is known for housing many unicorns and gazelles [2] - Qingchun Semiconductor, incubated by Fudan University Ningbo Research Institute, launched its first car-grade silicon carbide diode and MOSFET products within a year, filling domestic gaps [3] R&D Investment - Qianwan's total R&D expenditure surpassed 5 billion yuan for the first time in 2023, reaching 5.098 billion yuan, with an average growth rate of nearly 30% over the past three years [4] Digital Economy and Innovation - The Qianwan Digital Economy Industrial Park hosts over 40 companies engaged in R&D and production, with a total valuation exceeding 15 billion yuan [5] - The area has implemented forward-looking development policies for smart connected vehicles, digital economy, and biomedicine to attract potential projects [6] Financial Ecosystem - The financial ecosystem in Qianwan is continuously optimized to support the growth of unicorn companies, with nearly 100 capital matching events arranged annually [7] - Qianwan has established a leading capital market policy package, ensuring that companies receive necessary support at every growth stage [8] Investment and Collaboration - Qianwan has formed 31 sub-funds in collaboration with social capital, with a total scale approaching 25 billion yuan [9] - The region is focusing on AI and big data sectors, seeking professional fund collaboration teams to build an AI innovation industry cluster [9]

Market Overview - On June 10, the A-share market saw all three major indices decline, with the Shanghai Composite Index down 0.44%, the Shenzhen Component Index down 0.86%, and the ChiNext Index down 1.17%, with a total trading volume exceeding 1.4 trillion yuan [1] - Sectors such as shipping ports, beauty care, and gaming performed well, while semiconductor, aerospace, and software development sectors experienced significant declines [1] ETF Market Activity - The stock ETF market experienced a net outflow of funds, with investors opting to "take profits" [1] - On June 10, the net outflow from stock ETFs was 9.9 billion yuan, with notable outflows from several broad-based ETFs, including a 2.05 billion yuan outflow from the CSI 300 Index-related ETFs [1][4] Fund Inflows and Outflows - As of June 10, the total scale of 1,113 stock ETFs in the market was 3.52 trillion yuan [2] - Eleven stock ETFs saw net inflows exceeding 100 million yuan, with the top performers being the Science and Technology Innovation 50 ETF (645 million yuan), Military Leaders ETF (309 million yuan), and Semiconductor ETF (255 million yuan) [2][3] - Conversely, the top outflowing ETFs included the Shanghai Stock Exchange 50 ETF (-1.457 billion yuan), CSI 300 ETF (-1.1 billion yuan), and multiple Innovation ETFs with significant outflows [5] Investment Strategy Insights - Long-term investment strategies suggest a focus on a "barbell allocation" approach, balancing defensive and offensive positions [6][7] - Defensive sectors such as high-dividend stocks and gold are recommended for low-cost entry, while offensive sectors like technology growth, commercial aerospace, and robotics are expected to yield higher returns during macroeconomic easing [7] - The innovative pharmaceutical sector remains a focal point, with increasing confidence in its business models and potential for valuation uplift due to high volatility characteristics [6]

宏观 股指 市场分析：当日沪深两市成交额 1.45 万亿元，较前日放量 10.57%。银行、创新药等防御性 板块领涨，而半导体、航天航空等高波动板块承压。上证 50 主力合约 IH2506 持仓量环比下 降 2.82%，短期多空分歧加剧。中证 1000 收盘价接近压力位 6226 左右，若突破需成交量配 合；沪深 300 收盘价接近支撑位 3514 左右，短期反弹动能不足。 参考观点：中证 1000 波动率较高，建议关注 6227 附近压力位突破情况；上证 50 建议结合 持仓量变化判断趋势持续性；沪深 300 波动率处于低位，但成交额占比稳定，可作为中长期 配置参考；中证 1000 与沪深 300 的波动率比值（1.56）接近 2024 年均值（1.62），可关注 均值回归机会。 原油 宏观与地缘：上周五美国非农数据超预期，削弱美联储降息紧迫性，同时中美第二轮谈判， 市场对经贸缓和有一定预期，原油价格或偏强震荡，关注 WTI 主力 65 美元/桶关键位置。 市场分析：基本面看，OPEC 大幅调降未来两年全球需求增速，美国贸易战升级，特朗普政 府政策多变，引发市场对全球需求担忧。库存方面，美原油库存虽然下滑， ...

东莞证券认为，周二，A股市场午后快速走低，创业板指领跌。盘面上，市场热点较为杂乱，个股跌多 涨少。政策积极落地预期以及国内经济结构性亮点、科技领域技术突破催化等，都有望带动市场中结构 性机会显现和股市赚钱效应的增加，短期大盘或保持震荡蓄势，若后续成交量能持续放大指数有望实现 突破，否则仍将维持震荡走势。关注中美经贸磋商机制首次会议及6月底政策落地，同时留意经济数据 和美联储议息会议。 中原证券认为，周二A股市场冲高遇阻、小幅震荡整理，盘中银行、电力、医药以及航运港口等行业表 现较好；半导体、航天航空、软件开发以及电机等行业表现较弱，沪指全天基本呈现小幅震荡整理的运 行特征。5月降准降息落地后，市场资金面整体处于宽松充裕状态。现阶段货币政策尚有增量空间，预 计将伴随外部环境变化适时推出。财政政策则持续发力专项债和新质生产力领域，为经济高质量发展提 供坚实后盾。市场预计美联储最早或于9月份进行下一次降息操作，海外流动性进一步宽松尚需等待。 预计短期市场以稳步震荡上行为主，仍需密切关注政策面、资金面以及外盘的变化情况。 中信证券认为，5月A股市场投资者情绪整体平稳，上半月受益于中美贸易摩擦明显改善，下半月因内 需和 ...

Summary of Key Points Core Viewpoint - The article discusses recent IPO activities, highlighting two completed IPOs that raised approximately $1.2 billion, along with several companies planning to go public in the near future. Group 1: Recent IPOs - Circle (CRCL) completed its IPO at $31 per share, raising $1.054 billion by issuing 34 million shares, exceeding its initial plan of $24 to $26 per share and 24 million shares [1] - Omada (OMDA) raised $150 million by issuing 7.9 million shares at $19 per share [1] Group 2: Upcoming IPOs - Voyager Technologies, Inc. plans to go public on June 11, 2025, on the NYSE under the ticker VOYG, aiming to raise approximately $319 million by issuing 11 million shares at $26 to $29 per share. The company reported Q1 2025 revenue of $34.51 million, up from $30.22 million year-over-year, with a net loss of $26.94 million compared to a loss of $14.82 million in the previous year [2] - Chime Financial, Inc. is set to list on June 12, 2025, on NASDAQ under the ticker CHYM, with plans to raise about $832 million by issuing 32 million shares at $24 to $26 per share. As of March 31, 2025, Chime reported revenue of $519 million, an increase from $392 million year-over-year, with a net profit of $12.94 million compared to $15.90 million in the previous year [4][5] - Ategrity Specialty Holdings LLC plans to go public on June 12, 2025, on the NYSE under the ticker ASIC, aiming to raise approximately $107 million by issuing 6.67 million shares at $14 to $16 per share. The company reported Q1 2025 revenue of $82.12 million, up from $76.07 million year-over-year, with a net profit of $8.45 million compared to $8.96 million in the previous year [6] - Vantage Corp is scheduled to list on June 12, 2025, on NYSE MKT under the ticker VNTG, with plans to raise about $16.25 million by issuing 3.25 million shares at $4 to $5 per share. For the fiscal year 2023-2024, Vantage reported revenue of $23.99 million and $20 million, with net profits of $5.86 million and $4.96 million respectively [8]

Core Points - The collaboration between Tesla CEO Elon Musk and Republican candidate Donald Trump during the 2024 U.S. presidential election marked a significant political-business alliance, with Musk donating nearly $300 million to Trump's campaign and actively supporting him in key swing states [1] - Tensions escalated between Musk and Trump following the passage of a controversial tax reform bill, leading to public attacks and significant stock market impacts for Tesla and SpaceX [2][3] - The fallout from their partnership highlights structural contradictions in their interests, power dynamics, and ideological conflicts, particularly regarding fiscal policies and government spending [5][6][7] Group 1: Financial Impact - Tesla's stock plummeted by 14.26% on June 5, 2025, resulting in a market value loss exceeding $150 billion, marking the largest single-day drop in its history [3] - SpaceX's stock also fell by 9.3%, with its $4 billion collaboration with NASA facing potential suspension due to the escalating tensions [3] Group 2: Political Dynamics - The Republican Party experienced internal divisions, with some members advocating for Musk's fiscal conservatism, while Democrats criticized Trump's unsustainable policies [4] - Musk's initiative to form a centrist political party garnered over 3 million support votes, indicating his significant political influence despite the breakdown of his collaboration with Trump [4] Group 3: Industry Changes - If Trump follows through on threats to terminate contracts, NASA may lose its only reliable manned spaceflight capability, potentially relying on Russian spacecraft for International Space Station operations [9] - The cancellation of electric vehicle consumer tax credits is projected to reduce Tesla's 2025 sales by 120,000 units, allowing competitors like BYD and Ford to capture market share [10] - Musk's political endeavors may have failed, but his centrist movement could lead to the emergence of new political forces, while Trump must repair relations with tech capital to maintain voter support [11]

东兴证券指出，在指数维持区间震荡的前提下，建议维持中等仓位，可参与市场结构性投资的机会。在 7月之前市场有望维持大的区间震荡走势，由于市场成交量维持在较低水平，市场成交难以支撑大市值 板块持续上涨，因此，市场热点轮动态势将会十分明显，即使人工智能、机器人等产业向好的主线，目 前量能情况下也难有整体性上涨基础，因此，积极参与主线轮动将是较为合理的策略。在二季度存在业 绩压力的预期下，对于低估值板块可逢低布局，随着利率持续下行，机构资金尤其是中长线资金配置的 方向仍在低估值高分红板块。一旦进入6月之后，市场开始重新回归业绩预期，低估值板块有望迎来恢 复性反弹。 中原证券认为，周三A股市场高开高走、小幅震荡上行，早盘股指高开后震荡上行，盘中沪指在3378点 附近遭遇阻力，午后股指维持震荡，盘中消费电子、互联网服务、证券以及有色金属等行业表现较好； 航空机场、物流、航天航空以及化学制药等行业表现较弱，沪指全天基本呈现小幅震荡上行的运行特 征。当前上证综指与创业板指数的平均市盈率分别为13.78倍、36.16倍，处于近三年中位数平均水平， 适合中长期布局。两市周三成交金额11776亿元，处于近三年日均成交量中位数区域上 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 电子消费行业领涨 A 股小幅上行 ——市场分析 相关报告 《市场分析：金融消费行业领涨 A 股震荡上 行》 2025-06-03 《市场分析：银行医药行业领涨 A 股震荡整 固》 2025-05-30 《市场分析：成长行业领涨 A 股震荡上行》 2025-05-29 联系人： 李智 | | | 证券研究报告-市场分析 发布日期：2025 年 06 月 04 日 风险提示：海外超预期衰退，影响国内经济复苏进程；国内政 策及经济复苏进度不及预期；宏观经济超预期扰动；政策超预期 变化；国际关系变化带来经济环境变化；海外宏观流动性超预期 收紧；海外波动加剧。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共7页 地址： 郑州郑东新区商务外环路10 号18 楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 投资要点： ◼ A 股市场综述 周三（06 月 04 日）A 股市场高开高走、小幅震荡上行，早盘股指高 开后震荡上行，盘中沪指 ...

2025年5月29日，卫星概念爆发。截至 10:32，国证航天航空行业指数(CN5082)强势上涨1.71%，成分股 光启技术(002625)上涨7.39%，上海瀚讯(300762)上涨5.39%，航天晨光(600501)上涨3.46%，华力创通 (300045)，航发科技(600391)等个股跟涨。航空航天ETF天弘(159241)上涨1.51%，实时涨幅居同类第 一，最新价报1.01元。流动性方面，航空航天ETF天弘盘中换手29.06%，市场交投活跃，成交1.00亿 元，成交额居同类第一，流动性领先。 费率方面，航空航天ETF天弘管理费率为0.50%，托管费率为0.10%，费率在可比基金中最低。 5月以来，航天发射成果丰硕：11日，长征六号改运载火箭在太原卫星发射中心点火升空，将遥感四十 号02组卫星送入预定轨道，此次发射是长征系列运载火箭第574次飞行，该卫星用于电磁环境探测及相 关技术试验；13日，长征三号丙运载火箭在西昌航天发射场成功发射通信技术试验卫星十九号，其用于 多频段、高速率卫星通信技术验证，此次为长征系列运载火箭第575次飞行；14日，长征二号丁运载火 箭在文昌航天发射场以"一箭十二星"方 ...