Group 1 - Major stock indices are experiencing declines, with Dow futures down 0.20%, S&P 500 futures down 0.48%, and Nasdaq futures down 0.63% [1] - Tesla's stock dropped over 7% following Elon Musk's announcement to form a third political party, raising concerns among investors about potential impacts on the company's stock price [1] - Alibaba's stock fell over 1% amid a fierce competition in the food delivery market with Meituan, as both companies are offering substantial discounts to attract users [1] Group 2 - Shell's stock declined over 3% after the company reported weak second-quarter data, with lower-than-expected earnings from downstream operations [2] - Bank of America downgraded Stellantis' rating to neutral due to concerns over its European business and anticipated weak performance, projecting a 15% year-over-year decline in revenue for the first half [2] - JPMorgan expressed caution regarding the future of stablecoins, predicting the market size will only reach $500 billion by 2028, citing a lack of mainstream adoption [2] Group 3 - Retail investors in the U.S. achieved a record high in stock trading, with total transactions exceeding $6.6 trillion in the first half of 2025 [3] - Oracle is offering significant discounts on its licensed software and cloud services to U.S. government agencies, with a 75% discount on software [3]

Group 1 - Major industry ETFs in the US stock market experienced an overall increase, with regional bank ETFs rising by 1.59%, global airline ETFs by 1.51%, and bank ETFs by 1.27% [1][2] Group 2 - Regional bank ETF (KRE) is currently priced at $63.51, with a gain of $0.99 (+1.59%) and a total market value of $5.3 billion, reflecting a year-to-date increase of 6.66% [2] - Global airline ETF (JETS) is priced at $24.15, up by $0.36 (+1.51%), with a market value of $760.725 million, showing a year-to-date decline of 4.73% [2] - Bank ETF (KBE) is trading at $59.00, gaining $0.74 (+1.27%), with a market capitalization of $4.567 billion and a year-to-date increase of 7.86% [2]

Market Overview - Major industry ETFs mostly declined, with the Consumer Discretionary ETF down approximately 1%, the Biotechnology Index ETF down 0.55%, and the Energy ETF down 0.5% [1] Industry Performance - Consumer Discretionary ETF (US XLY) current price: $215.37, down $1.96 (-0.90%), with a trading volume of 86,452 shares and a total market value of $27.051 billion, down 3.53% year-to-date [2] - Biotechnology Index ETF (US IBB) current price: $125.81, down $0.70 (-0.55%), with a trading volume of 54,019 shares and a total market value of $9.989 billion, down 4.76% year-to-date [2] - Energy ETF (US XLE) current price: $84.39, down $0.42 (-0.50%), with a trading volume of 1.0193 million shares and a total market value of $21.133 billion, up 0.09% year-to-date [2] - Semiconductor ETF (US SMH) current price: $277.65, down $1.23 (-0.44%), with a trading volume of 248,700 shares and a total market value of $3.282 billion, up 14.65% year-to-date [2] - Internet Index ETF (US FDN) current price: $268.48, down $0.85 (-0.31%), with a trading volume of 2,192 shares and a total market value of $17.827 billion, up 10.41% year-to-date [2] - Global Technology ETF (US IXN) current price: $92.09, down $0.25 (-0.27%), with a trading volume of 3,645 shares and a total market value of $1.289 billion, up 8.87% year-to-date [2] - Banking ETF (US KBE) current price: $55.67, down $0.09 (-0.16%), with a trading volume of 32,613 shares and a total market value of $4.309 billion, up 1.77% year-to-date [2] - Technology Sector ETF (US XLK) current price: $252.89, down $0.34 (-0.13%), with a trading volume of 158,800 shares and a total market value of $804.33 billion, up 9.13% year-to-date [2] - Healthcare ETF (US XLV) current price: $134.61, down $0.18 (-0.13%), with a trading volume of 326,900 shares and a total market value of $25.760 billion, down 1.30% year-to-date [2] - Financials ETF (US XLF) current price: $52.31, down $0.06 (-0.11%), with a trading volume of 890,000 shares and a total market value of $58.223 billion, up 9.00% year-to-date [2] - Global Airlines ETF (US JETS) current price: $22.95, down $0.02 (-0.09%), with a trading volume of 42,334 shares and a total market value of $72.293 million, down 9.47% year-to-date [2] - Utilities ETF (US XLU) current price: $81.60, down $0.06 (-0.07%), with a trading volume of 595,900 shares and a total market value of $11.846 billion, up 9.33% year-to-date [2] - Regional Banks ETF (US KRE) current price: $59.42, up $0.03 (+0.05%), with a trading volume of 263,600 shares and a total market value of $4.959 billion, down 0.20% year-to-date [2] - Consumer Staples ETF (US XLP) current price: $81.33, up $0.36 (+0.44%), with a trading volume of 459,700 shares and a total market value of $137.63 million [2]

交易提示 交易咨询：0571-85165192，85058093 2025 年 6 月 23 日星期一 交易提示 | | | | 显示，今年前五个月，全国一般公共预算支出达 112953 亿元，同比增长 | | --- | --- | --- | --- | | | 中证 500 | 上行 | 4.2%。全国一般公共预算收入 96623 亿元，同比下降 0.3%，降幅略有收 | | | | | 窄。据国家有关部门消息，消费品以旧换新加力扩围政策没有变化，补贴 | | | | | 资金使用进度符合预期，后续还将有 1380 亿元中央资金在三、四季度分 | | | | | 批有序下达。中国人民银行与香港金管局启动跨境支付通，将于 6 月 22 | | | 中证 1000 | 上行 | 日上线运行。支持用户通过参与机构的手机银行、网上银行等渠道，线上 | | | | | 发起内地与香港间人民币和港币的跨境汇款；支持经常项目项下一定金额 | | | | | 内的便利化汇款实时到账。国家发改委组织集中向民间资本新推介项目 | | | | | 3200 余个，聚焦能源、新型基础设施、城市基础设施、仓储物流、制造 | | ...

Group 1 - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 17.52%, with 208 stocks having a shareholding ratio exceeding 20% [1] - As of June 20, southbound funds held a total of 4,397.44 million shares, accounting for 13.34% of the total market value of the stocks [1] - The highest shareholding ratio by southbound funds is in China Telecom, with 74.79% of its issued shares held, followed by Shandong Molong and Green Power Environmental, with 68.53% and 68.22% respectively [1] Group 2 - Southbound funds with a shareholding ratio exceeding 20% are mainly concentrated in the healthcare, industrial, and financial sectors, with 43, 31, and 29 stocks respectively [2] - The top stocks with high southbound fund holdings include China Telecom, Shandong Molong, and Green Power Environmental, with respective shareholding ratios of 74.79%, 68.53%, and 68.22% [2] - A significant portion of the stocks with high southbound fund holdings are AH concept stocks, with 118 out of 208 stocks (56.73%) having a shareholding ratio over 20% [1][2]

Market Performance Summary - Semiconductor industry ETF declined by 0.88%, while network stock index ETF fell by 0.83% and global technology stock index ETF decreased by 0.48% [1] - Technology sector ETF dropped by 0.44%, whereas consumer discretionary ETF increased by 0.12%, banking sector ETF rose by 0.62%, and regional bank ETF gained 0.76% [1] - Energy sector ETF saw the highest increase at 1.02% [1] Sector Performance - Among the 11 sectors in the S&P 500, the telecommunications sector experienced the largest decline of 1.83%, with Google A shares down by 3.85% and Google C shares down by 3.59% [1] - Meta Platforms also saw a decrease of 1.93% [1] - The energy sector was the only sector to show a significant increase, rising by 1.05% [1] ETF Details - Semiconductor ETF closed at $260.27, down by $2.32 (-0.88%), with a total market value of $30.77 billion and a year-to-date increase of 7.47% [2] - Network stock index ETF closed at $253.63, down by $2.11 (-0.83%), with a total market value of $168.41 billion and a year-to-date increase of 4.30% [2] - Technology sector ETF closed at $240.54, down by $1.07 (-0.44%), with a total market value of $765.05 billion and a year-to-date increase of 3.63% [2]

Core Viewpoint - The U.S. stock market opened with mixed performance among major industry ETFs, showing overall modest fluctuations, with regional bank and energy sector ETFs leading the gains [1] Group 1: ETF Performance - Consumer discretionary ETF (US XLY) increased by 1.04 points, or 0.49%, with a trading volume of 142,400 shares [2] - Regional bank ETF (US KRE) rose by 0.28 points, or 0.49%, with a trading volume of 1,048,900 shares and a market value of $4.679 billion [2] - Semiconductor ETF (US SMH) gained 1.25 points, or 0.48%, with a trading volume of 280,500 shares and a market value of $3.107 billion [2] - Energy sector ETF (US XLE) saw an increase of 0.35 points, or 0.40%, with a trading volume of 2,585,700 shares and a market value of $22.291 billion [2] - Financial sector ETF (US XLF) rose by 0.17 points, or 0.33%, with a trading volume of 2,354,500 shares and a market value of $56.103 billion [2] - Internet index ETF (US FDN) increased by 0.83 points, or 0.33%, with a trading volume of 33,368 shares and a market value of $17.086 billion [2] - Technology sector ETF (US XLK) gained 0.56 points, or 0.23%, with a trading volume of 323,600 shares and a market value of $76.931 billion [2] - Global airline ETF (US JETS) rose by 0.04 points, or 0.21%, with a trading volume of 93,521 shares and a market value of $6.83708 million [2] - Global technology ETF (US IXN) increased by 0.17 points, or 0.20%, with a trading volume of 8,040 shares and a market value of $1.222 billion [2]

证券研究报告·策略报告·策略点评 策略点评 20250616 地缘冲突再起——全球市场观察系列 2025 年 06 月 16 日 以伊冲突升级，短期来看我们认为美股震荡，核心在于地缘政治的不确 定性。一是，以伊冲突压制美股风险偏好。考虑到如果原油供给受到显 著冲击，短期油价上涨会快速作用在美国通胀上，当前美国物价水平的 平稳回落受到阻力，打压降息预期，联储在短期内难以发挥作用；二是， 虽然"软"数据走强，但短期内没有进一步的"硬"数据做支撑。三是， 中东局势紧张抬高全球风险情绪，VIX 指数快速上涨破 20，美股再次回 到高波状态。 ◼ 黄金：全球主要黄金 ETF 有 11 支增持。其中流入最多的是 SPDR 黄 金信托（$7.21 亿美元），其次是 iShares 黄金信托（$2.53 亿美元）， 第三是 SPDR MiniShares 黄金信托（$2.38 亿美元）；其中主要增持国 我们认为，战争从来不是阻止美股上涨的因素，关键在于未来如何影响 宏观经济及企业盈利。通过复盘历史，战争短期内影响美股波动，但中 长期仍旧能够保持正收益，核心在于战争性质及美国经济的应对能力。 因此，从中长期来看，有望回归由经济 ...

6月15日深夜，全球股市还在跳水，越南那边就传来个大消息。 越南正式宣布加入金砖组织，成了伙伴国。这个前不久还被特朗普46%关税砸得够呛的国家，转眼就投靠了金砖。 越南咋就变卦了？这下全球经济的牌局要重新洗吗？ 作者-木小小 关税重击，美国盟友的幻灭 4月3日那天，特朗普挥起关税大棒，46%砸向越南。这个数字就像一记闷雷，把越南政府砸得七荤八素。要知道，美国可是越南的最大出口市场，2024年越 南对美出口高达1195亿美元。这下好了，46%的关税一加，这些出口商品瞬间变成了烫手山芋。 越南盾应声暴跌，一路狂奔到25455的历史最低点，成了亚洲第三惨的货币。那些天，河内的外汇交易大厅里，交易员们的脸色比股票绿得还厉害。有人开 玩笑说，越南盾跌得这么惨，连买个汉堡都得掂量掂量了。 前言 越南政府急了，副总理胡德福带着一票官员火急火燎地飞到华盛顿求情。他们低声下气地表示，愿意把对美国商品的关税降到零，甚至承诺开放更多市场准 入。这副模样，活脱脱像个被欺负急眼了的小学生，跑去找老师告状。 哪知道特朗普根本不买账。美国商务部反手又给越南的镀锌钢产品加征最高88.12%的反倾销税。特朗普更是放话说，"哪怕关税降为零，美国 ...

Core Viewpoint - Major industry ETFs in the US are mostly down, with global airline and regional banking ETFs dropping over 2%, and banking ETFs nearly down 2% [1] Group 1: Industry Performance - Global airline industry ETF is priced at $21.87, down by $0.55 (-2.45%), with a trading volume of 620,500 shares and a year-to-date decline of 13.73% [2] - Regional banking ETF is priced at $56.56, down by $1.22 (-2.11%), with a trading volume of 2,409,700 shares and a year-to-date decline of 5.66% [2] - Banking ETF is priced at $53.16, down by $1.05 (-1.94%), with a trading volume of 110,800 shares and a year-to-date decline of 3.48% [2] - Financial sector ETF is priced at $50.09, down by $0.92 (-1.79%), with a trading volume of 5,092,500 shares and a year-to-date increase of 4.01% [2] Group 2: Other Sector Performance - Semiconductor ETF is priced at $259.13, down by $4.02 (-1.53%), with a trading volume of 833,400 shares and a year-to-date increase of 7.00% [2] - Global technology stock ETF is priced at $87.17, down by $0.97 (-1.10%), with a trading volume of 7,682 shares and a year-to-date increase of 2.86% [2] - Biotechnology index ETF is priced at $127.94, down by $1.06 (-0.82%), with a trading volume of 248,700 shares and a year-to-date decline of 3.15% [2] - Consumer discretionary ETF is priced at $212.08, down by $1.63 (-0.76%), with a trading volume of 253,000 shares and a year-to-date decline of 5.21% [2] - Energy sector ETF is priced at $87.38, up by $0.79 (+0.91%), with a trading volume of 7,943,300 shares and a year-to-date increase of 2.80% [2]