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17只个股上榜；计算机、国防 军工等紧随其后，分别有6只、5只个股上榜。 资金流向方面，高换手率个股中，有27股今日获主力资金净流入，净流入金额较多的有皓元医药、荣昌 生物、航天南湖，净流入金额分别为7497.99万元、5558.58万元、5400.52万元，净流出金额较多的有莱 斯信息、海创药业、兰剑智能，净流出金额分别为3838.38万元、2689.99万元、2545.36万元。 从杠杆资金动向看，高换手个股中，共29股近期获杠杆资金净买入，统计显示，截至5月30日，近5日融 资余额增加较多的有中邮科技、荣昌生物、科捷智能等，分别增加1.31亿元、1.16亿元、6460.17万元； 融资余额减少金额较多的有德科立、聚石化学、盟科药业等，分别减少3285.16万元、2643.37万元、 1719.05万元。 换手率最高的是汉邦科技，该股今日收盘上涨7.28%，全天换手率34.64%，成交额2.96亿元，其次是航 天南湖，该股今日收盘上涨3.50%，全天换手率20.57%，成交额5.97亿元，换手率居前的还有概伦电 子、中邮科技、华纳药厂等，换手 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Last week (May 26 - May 30, 2025), the A - share market first rose on high volume due to the easing of Sino - US trade negotiations and then entered a volatile adjustment. The sector rotation speed has accelerated recently, and the volatile market pattern remains unchanged [11]. - The innovation drug sector continued to rise last week, driven by multiple favorable events. However, the market heat may have reached a phased high, and the phased market of innovation drugs may end once the strong logical support weakens [12]. - The "new consumption" market has spread from the prosperity of leading stocks to a beta market, and has now entered the marginal spread stage, but its sustainability is uncertain [13]. - The technology sector has reached a stage where layout directions can be explored, as small - cap stocks show signs of peaking and the TMT trading volume as a proportion of the total A - share trading volume has fallen to a relatively low level [14]. 3. Summary by Relevant Catalogs 3.1 Weekly Market Observation 3.1.1 Equity Market Review and Observation - The A - share market first rose on high volume and then oscillated last week. The WanDe All - A Index fell 0.02% for the whole week. The environmental protection, pharmaceutical biology, national defense and military industry, agriculture, forestry, animal husbandry and fishery sectors led the gains, while the automobile, power equipment, non - ferrous metals, and comprehensive sectors underperformed [11]. - As of May 30, the trading volume proportions of the CSI 1000 and CSI 2000 indexes in the Shanghai and Shenzhen stock markets reached 19.59% and 33.26% respectively, both at 5 - year peak levels. Since 2020, the trading volume proportion of the CSI 2000 index has risen from less than 15% to over 30%, while that of the CSI 300 index has dropped from nearly 50% to less than 20%. The A - share market is a stock and shrinking market, and market participants are engaging in a stock game in small - and medium - cap stocks [11]. - The innovation drug sector continued to rise, driven by the approval of 11 innovative drugs from 8 Chinese companies on May 29 and important clinical data disclosed at the 2025 ASCO Annual Meeting from May 30 - June 3. However, the market heat may have reached a peak, and the phased market may end if strong logical support weakens [12]. - The "new consumption" market has spread from leading stocks to various directions such as new - listed Hong Kong - listed tea drinks, A - share pet and beauty care sectors. The market focus has shifted from pet food to non - liquor products, and the market has entered the marginal spread stage with uncertain sustainability [13]. - The technology sector has reached a stage for layout, as small - cap stocks show signs of peaking and the TMT trading volume proportion has declined. Upcoming industrial events in June may act as catalysts [14]. 3.1.2 Public Fund Market Dynamics - On May 30, 2025, the Shanghai Stock Exchange and China Securities Index Company optimized the compilation plan of the SSE 380 Index and launched the SSE 580 Index, forming a flagship broad - based index system of "SSE 50, SSE 180, SSE 380, and SSE 580". The index system covers 50% of the number of Shanghai - listed securities and nearly 90% of the market value [15]. - The SSE index system has established an "integrated two - wing" index brand of "flagship broad - based + science and technology innovation + dividend", which is an important part of promoting the entry of long - term funds into the market [16]. 3.2 Active Equity Fund Index Performance Tracking | Index Classification | Last Week | Last Month | Year - to - Date | Since Inception | | --- | --- | --- | --- | --- | | Active Stock Fund Preferred | - 0.12% | 1.45% | 4.59% | 5.44% | | Value Stock Fund Preferred | - 0.15% | 2.80% | 1.42% | 1.50% | | Balanced Stock Fund Preferred | 0.03% | 2.51% | 2.06% | - 0.17% | | Growth Stock Fund Preferred | - 0.01% | 0.94% | 9.74% | - 0.13% | | Pharmaceutical Stock Fund Preferred | 3.78% | 6.65% | 23.08% | 6.62% | | Consumption Stock Fund Preferred | - 0.93% | 3.15% | 7.37% | 0.46% | | Technology Stock Fund Preferred | - 0.01% | - 0.44% | 2.05% | 3.65% | | High - end Manufacturing Stock Fund Preferred | - 0.30% | - 0.95% | - 4.28% | - 8.90% | | Cyclical Stock Fund Preferred | - 0.81% | 3.01% | 4.22% | - 3.14% | [17] 3.2.1 Active Stock Fund Preferred - The portfolio selects 15 funds each period, with equal - weight allocation. Core positions select active equity funds based on performance competitiveness and style stability in value, balanced, and growth styles, and balance the style distribution according to the CSI Active Stock Fund Index [18]. 3.2.2 Value Stock Fund Preferred - The value style includes deep - value and quality - value styles. The index is composed of 10 funds selected from deep - value, quality - value, and balanced - value styles based on multi - period style classification [20]. 3.2.3 Balanced Stock Fund Preferred - Balanced - style fund managers balance stock valuation and growth, and switch to stocks with higher cost - performance. The index is composed of 10 funds selected from relatively balanced and value - growth styles based on multi - period style classification [21]. 3.2.4 Growth Stock Fund Preferred - The growth style aims to capture the double - click opportunity of performance and valuation during a company's high - growth stage. The index is composed of 10 funds selected from active - growth, quality - growth, and balanced - growth styles based on multi - period style classification [24]. 3.2.5 Pharmaceutical Stock Fund Preferred - The index selects funds with an average purity of no less than 60% in the pharmaceutical industry based on the intersection market value of fund equity holdings and the representative index (CITIC Pharmaceutical). An evaluation system is established, and 15 funds are selected to form the index [24]. 3.2.6 Consumption Stock Fund Preferred - The index selects funds with an average purity of no less than 50% in the consumption industry based on the intersection market value of fund equity holdings and representative indexes (CITIC Automobile, Home Appliances, etc.). An evaluation system is established, and 10 funds are selected to form the index [29]. 3.2.7 Technology Stock Fund Preferred - The index selects funds with an average purity of no less than 60% in the technology industry based on the intersection market value of fund equity holdings and representative indexes (CITIC Electronics, etc.). An evaluation system is established, and 10 funds are selected to form the index [30]. 3.2.8 High - end Manufacturing Stock Fund Preferred - The index selects funds with an average purity of no less than 50% in the high - end manufacturing industry based on the intersection market value of fund equity holdings and representative indexes (CITIC Construction, etc.). An evaluation system is established, and 10 funds are selected to form the index [34]. 3.2.9 Cyclical Stock Fund Preferred - The index selects funds with an average purity of no less than 50% in the cyclical industry based on the intersection market value of fund equity holdings and representative indexes (CITIC Petroleum & Petrochemical, etc.). An evaluation system is established, and 5 funds are selected to form the index [36].

证券投资基金研究报告/基金周报 环保板块表现较优 QDII 基金平均收益相对领先 ——基金市场周报（2025.5.26-2025.5.30） 报告日期：2025年06月03日 本期（2025.5.26-2025.5.30）上证指数下跌 0.03%，深证成指下跌 0.91%。申万一级行业涨多跌少，其中环保和医药生物行业表现较好。 海外权益市场重要指数涨多跌少，国际黄金价格下跌。本期各类型基金 跌多涨少。主动投资股票基金较上期下跌 0.25%，主动投资混合基金下 跌 0.40%，主动投资债券基金下跌 0.01%；QDII 基金较上期上涨 1.04%。 图 1、基金指数近一年收益率走势 数据来源：wind，上海证券基金评价研究中心； 起止时间：2024 年 5 月 31 日——2025 年 5 月 30 日 图 2、各类型基金本期收益率（%） 数据来源：wind，上海证券基金评价研究中心；数据截至 2025 年 5 月 30 日 注：主动投资股票基金、混合基金及债券基金平均收益率采用中国开放式主动管理基 金系列指数收益率；其他类型基金平均收益率采用样本基金收益率算术平均值 分析师：池云飞 执业证书编号：S08705 ...

今年5月，权益市场呈现出局部的投资机遇，特别是生物制药、金融等板块表现出色。这也带动许多重仓这些行业的FOF基金净值明显提升。总体来看，股 票型FOF月内平均收益率领跑FOF行业，除了一些行业估值较低吸引资金外，产业的投资信心也在逐渐恢复。 股票型FOF业绩均值领先，生物制药板块贡献多 进入5月，国内股、债市场持续呈现震荡格局，仅有少数行业吸引资金关注，难以形成趋势性的主线行情，但至少从盈利的角度来看，许多FOF基金因此受 益。 Wind统计显示，今年5月，股票型FOF平均业绩录得0.91%，在所有类型FOF中单月表现较好，其中富国智鑫行业精选A单月业绩录得1.59%，在股票型FOF 当中排第一（统计初始基金）。 另外，从所有FOF基金单月业绩表现来看，创金合信荣和积极养老目标五年的业绩最好，录得3.86%，此外，还有富国智诚精选3个月持有A、华夏聚盈优选 三个月A、交银智选星光A等业绩靠前。 尽管这些基金在一季度报告中呈现的基金配置方向有所不同，但总体来看，生物医药板块贡献颇多，此外，金融板块的行业主题基金也贡献了不错的收益。 在申万一级行业中，今年5月内的表现差异很大，环保行业单月涨幅达到6.83%，医药 ...

策 略 研 究 华福证券 突破、主升形态为主 团队成员 投资要点： 策 略 定 期 报 告 主题投资数据库旨在筛选优秀量价形态的主题机会，把握热门主题的 见顶节奏、龙头股的调整程度。在 3/9 发布的《主题投资的下半场决胜法 则》中，我们构建了主题投资的数据追踪体系。我们专注于 2 方面：1）4 种形态量化筛选，高赔率的主题机会；2）构建交易热度指标，把握热门主 题的见顶节奏，并最新增加了龙头股的调整程度观察。后续，我们将定期 更新主题投资数据体系。我们希望通过这种偏量化的方式，给予投资者更 客观的参考，把握住主题投资的行情节奏。 突破、主升形态为主。本期走出见底、突破、主升、加速的主题指数 数量分别有 0、27、20、2 只。其中，27 只突破形态的主题指数中，行业 多为国防军工（6 只）和有色金属（5 只）。20 只主升形态的主题指数中 包含医药生物行业（8 只）和计算机行业（7 只），而 2 只加速形态的主题 指数分别属于交通运输行业、环保行业。 人形机器人、Deepseek 主题的交易热度持续下降，对应龙头股收盘价 仍低于 MA60 的位置。我们对人形机器人、Deepseek 主题进行交易热度的 监控 ...

Group 1 - Renowned private equity firm Ruijun Asset announced that starting from June 8, 2025, it will suspend new client subscription applications for products managed by Dong Chengfei, prioritizing performance and controlling scale [1] - Dong Chengfei, a prominent fund manager, transitioned from public to private equity in 2022, joining Ruijun Asset and investing at least 40 million yuan of personal funds into the firm's products, achieving a first fundraising scale of 4.5 billion yuan [2][6] - Under Dong Chengfei's management, products like "Ruijun Chengfei" series have shown significant performance, with cumulative returns around 32% since their inception [6] Group 2 - Dong Chengfei's historical performance includes annualized returns of 19.87%, 10.97%, and 19.13% for various funds during his tenure at Xingzheng Global Fund [6] - The "Ruijun Youfu" series products have substantial holdings in technology stocks, with a cumulative market value of 5.93 billion yuan as of the latest reports [7] - The firm has increased its holdings in key technology stocks, including significant positions in companies like Yuanli Co., Lexion Technology, and Chipong Micro, with total holdings reaching 15.42 billion yuan [8][9] Group 3 - Dong Chengfei's investment strategy has shifted towards materials and design sectors, indicating a cautious approach to semiconductor investments due to high valuations [9][10] - Ruijun Asset has conducted extensive research, with 70 investigations into 65 stocks in Q2, focusing on sectors like electronics, pharmaceuticals, and basic chemicals, which constitute over 55% of their research activities [10]

[Table_Reportdate] 2025年06月03日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 花雨欣 hyx@longone.com.cn [晨会纪要 Table_NewTitle] 20250603 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.从合约货与工业企业利润的关系，寻找库存去化与订单景气的方向——资产配置周报 （2025/05/26-2025/05/30） ➢ 2.抢出口有支撑，但强度相对温和——国内观察：2025年5月PMI ➢ 1.美国4月PCE出炉 ➢ 2.特朗普称美国钢铁进口税提高至50% ➢ 3.工业和信息化部：加大汽车行业"内卷式"竞争整治力度 ➢ 4.美国延长对中国 ...

2025 年 06 月 03 日 一周市场回顾 证券研究报告-一周市场回顾 一周市场回顾 （2025.05.26—2025.05.30） A 股市场： 融资融券： 分析师：马遥识途 资格证书：S1330524050001 联系邮箱：mayst@hxzb.cn 联系电话：15201282186 相关研究 一周市场回顾 （ 2025.05.06 — 2025.05.09） 2025.05.12 一周市场回顾 （ 2025.04.28 — 2025.04.30） 2025.05.06 一周市场回顾 （ 2025.04.14 — 2025.04.18） 2025.04.21 市 场 研 究 · 一 周 市 场 回 顾 · 证 券 研 究 报 告 本周 A 股上证指数下跌 0.03%，收于 3347.49 点，深证成指下跌 0.91%，收于 10040.63 点，创业板指下跌 1.40%，收于 1993.19 点。 价值风格类板块代表指数上证 50、中证 100、沪深 300 分别下跌 1.22%、下跌 1.69%、下跌 1.08%，成长风格类板块代表指数中小 100、中证 500、中证 1000 分别下跌 1.55% ...

2025 年 06 月 03 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 张 翔（分析师） 证书编号：S0790520110001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 苏 良（分析师） 证书编号：S0790523060004 何申昊（分析师） 证书编号：S0790524070009 陈 威（研究员） 证书编号：S0790123070027 蒋 韬（研究员） 证书编号：S0790123070037 相关研究报告 《开源量化评论（23）-"金股+"组 合的量化方案》-2021.4.26 《开源量化评论（32）-券商金股的内 部收益结构》-2021.8.29 魏建榕（分析师） 高鹏（分析师） gaopeng@kysec.cn 证书编号：S0790520090002 6 ...

1．情绪模型观点：市场情绪得分有所下降 根据《从结构化视角全新打造市场情绪择时模型》文中提到的构建思路，目前我们用于构建市场情绪结构指标所用到 的细分指标如下表。 在指标合成方法上，模型采用打分的方式，根据每个分项指标所提示的情绪方向和所处布林轨道位置计算各指标分 数，指标分数可分为（-1，0，1）三种情况，最终对各个指标分数等权求和。最终的情绪结构指标为求和后分数的20 日均线，如图1所示，指标整体围绕0轴在[-6,6]的范围内上下波动，近5年A股市场情绪波动较大，其中2023年大部分 时间指标都处于较低位置，直至2024年10月市场情绪得分突破2。 截至5月30日，市场情绪指标数值为2.5，较上周五的2.65有所下降，代表市场情绪已经结束了进一步向上修复的趋 势，观点偏空。从所有分项指标分数之和的变化来看，本周分数之和有所下降。 1.1 从分项指标出发：本周行业交易活跃度下降，市场情绪向上修复态势结 本周各项情绪指标分数较上周有一定边际下行，行业间交易波动率、PCR结合VIX指标分数下降，从行业交易活跃度 和期权波动率两方面佐证资金情绪的不确定性增加。此外市场风险偏好进一步下降且行业涨跌趋势得分继续为负。 ...