Market Overview - The A-share market experienced a significant adjustment, with all three major indices declining collectively. The Shanghai Composite Index fell by 0.46% to 3335.75 points, the Shenzhen Component Index decreased by 0.97% to 10504.33 points, and the ChiNext Index dropped by 1.15% to 2103.70 points. Over 4000 stocks declined, with less than 500 stocks rising, indicating a pessimistic market sentiment [1][2]. Reasons for Decline - External factors impacting the market include changes in the Federal Reserve's policy expectations, which have cooled interest rate cut anticipations, leading to pressure on global risk assets and foreign capital outflow from A-shares. Additionally, geopolitical tensions have heightened risk aversion, prompting some funds to withdraw from the stock market [3]. - Internal economic data has shown weakness, with recent PMI, consumption, and industrial value-added data falling short of expectations, raising concerns about the strength of economic recovery. Certain sectors, such as real estate and consumer electronics, have reported declining performance, negatively affecting related sectors [3]. - There is pressure on the funding side, with northbound capital experiencing a net outflow exceeding a specified amount, and margin trading balances declining, indicating reduced activity of leveraged funds [3]. Sector Performance - Leading sectors that faced declines include: - New Energy: Major stocks like CATL and LONGi Green Energy fell due to rumors of industry overcapacity. - Consumer Electronics: Stocks within the Apple supply chain collectively retreated. - Brokerage: The brokerage sector faced pressure due to low market trading activity [5]. - Defensive sectors, such as agriculture and pharmaceuticals, remained relatively stable, while high-dividend assets like banks and public utilities attracted risk-averse funds [5]. Investment Strategies - Companies suggest that the market may continue to experience fluctuations in the short term, advising investors to focus on policy catalysts and firms with strong earnings certainty. It is recommended to control positions to avoid blind bottom-fishing and to wait for market stabilization signals [4][5]. - Attention should be given to policy developments, such as increased growth stabilization measures or favorable capital market reforms, and to prioritize defensive sectors like consumer goods and pharmaceuticals that are undervalued [5].

900只股公布截至5月31日最新股东户数，相比上期股东户数下降的有396只，降幅居前的是哈三联、中 欣氟材、洁雅股份等。 投资者除了在定期报告中获得股东信息数据外，还可以在交易所互动平台上通过提问方式了解部分公司 更及时（每月10日、20日、月末）的股东户数信息。以往3期分别有735家、671家、658家公司在互动平 台透露了股东户数，截至发稿，共有900家公司公布了截至5月31日股东户数。 上期筹码集中股回测：58%跑赢沪指 证券时报·数据宝对上一期(5月20日)筹码集中股监测显示，这些股5月11日以来平均上涨4.30%，走势强 于同期沪指表现（上涨1.28%），其中，58%的筹码集中股相对大盘获超额收益。 上期股东户数降逾一成个股中，*ST和科涨幅最高，5月11日以来累计上涨36.06%，涨幅居前的还有万 通智控、速达股份等。 29股最新股东户数降逾一成 证券时报·数据宝统计显示，共有900只个股公布了5月31日股东户数，与上期（5月20日）相比，股东户 数下降的有396只。其中股东户数降幅超一成的有29只。 股东户数降幅最多的是哈三联，截至5月31日最新股东户数为40260户，较5月20日下降25.74 ...

分析师：孙书娜 登记编号：S0890523070001 分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 登记编号：S0890524080003 分析师：冯思诗 登记编号：S0890524070001 分析师：顾昕 登记编码： S0890524040001 投资要点 近期市场回顾： 2025年5月，权益市场情绪修复，债券市场走出震荡行情。权益市场方面，中美就关税问 题发布联合声明，达成关税削减协议，市场情绪有所修复；债券市场方面，5月整体呈现窄幅波动态势， 在中美关税缓和、政府债发行规模较大等因素的影响下，资金利率小幅回升，债市收益率震荡回升。 权益类组合配置思路： 目前看成交量仍不够推动指数持续向上，决定了后续行情仍是轮动为主。同时需 要注意当下长线资金和政策对股市的支持不同以往，底部的支撑足够强。市场或延续"上有顶、下有底"的 震荡格局，投资配置上需兼顾成长弹性与防御稳健性，把握结构性机会，动态平衡科技成长、出海方向与 防御板块的配置，同时警惕外部环境扰动和国内经济数据波动带来的风险。 固收类组合配置思路： 纯债型基金—— 目前市场在分歧下或将继续处于震荡波动格局之中，利率顺畅下行也等 ...

那么，在理解近期的行情特征时，又有何线索？ 要找线索，先得对近期的行情有了解。信达证券的报告用"新、小、快"来总结去年9月以来市场投资风格 方面。所谓新，指的是产业新，表现抢眼的AI和新消费，都符合产业逻辑新的特点。小指标的小，小微 盘表现活跃，且跑出了超额收益。快指轮动快，比如去年Q4和今年Q1超额收益最强的是AI和机器人，但 最近一个季度反而最弱。 在这份报告看来，上述现象的背后主要源自 经济背景 和 投资者结构 ——经济弱市场强（结构性机会很 多），同时老资金（主动公募）萎缩而新资金（融资余额、游资量化等）强。 所谓投资者结构，更直接的表述可能是增量资金。实话实说，确实有不少人是从增量资金的属性和需求入 手来理解近期的行情特征。 招商证券的报告中提到，今年以来市值因子是最显著的因子，即市值越小表现越好。该行情特征的首要原 因是个人投资者风险偏好的改善，今年前5个月上交所新增开户数创2021年以来新高。另外，从今年的增 量资金形式来看，保险仍是最多的增量资金之一，个人投资者后来居上，增量资金规模与保险相仿。所 以， 是散户和保险的双增量资金属性造就了今年以来风格市场特征 ——小微盘和高股息的银行表现相对 ...

Group 1: Market Performance - The Hong Kong stock market indices opened high but closed lower, with the Hang Seng Index down by 0.08%, the Hang Seng China Enterprises Index down by 0.15%, and the Hang Seng Tech Index down by 0.76% [1] - Coal stocks showed active performance, with Yancoal Australia up by 4.88%, China Coal Energy up by 3.57%, and South Gobi Resources up by 4.66% [2] - The pharmaceutical sector saw a broad increase, with Kangfang Biotech rising by 10.43% and Junshi Biosciences up by 8.85% [2] Group 2: Sector Highlights - Rare earth stocks led the gains, with China Rare Earth up by 13.24% and Jinli Permanent Magnet up by 3.41% following the Ministry of Commerce's approval of rare earth export licenses [1] - Precious metals stocks also surged, with China Silver Group leading at 17.65% increase, and Zijin Mining up by 2% [1] - The lithium battery and Tesla-related stocks experienced varying degrees of increase, while chip stocks faced declines, with Shanghai Fudan down by 4.36% [3] Group 3: Policy Impact - The State Council's recent policy aimed at improving basic medical insurance and drug access is expected to significantly impact the pharmaceutical sector, with 2025 projected as a pivotal year for innovative drug policies [2] - The coal industry is anticipated to see a turnaround as some production capacities are facing losses, indicating potential for recovery with supportive policies [2]

Group 1 - The National Enterprise Win ETF (159719) has seen a slight decline of 0.33% as of June 10, 2025, with a latest price of 1.52 yuan, while it has accumulated a rise of 0.92% over the past week as of June 9, 2025 [1] - The liquidity of the National Enterprise Win ETF is active, with a turnover rate of 11.05% and a transaction volume of 12.35 million yuan, while the average daily transaction volume over the past year is 17.53 million yuan [1] - The China Securities Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) has decreased by 1.12% as of June 10, 2025, with mixed performance among constituent stocks [1] Group 2 - There is a notable trend of central enterprises accelerating share buybacks and increases, with 35 central enterprise-controlled listed companies disclosing shareholding increase plans and 27 companies announcing buyback plans this year [2] - Since April 2025, 29 companies have disclosed the latest progress on shareholding increases and 18 on buybacks, indicating a rapid implementation of these plans [2] - The market is expected to see a systematic deepening of central enterprise value management, with opportunities for value re-evaluation in the capital market anticipated in the second half of the year [2] Group 3 - The Greater Bay Area ETF closely tracks the China Securities Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index, with the top ten weighted stocks accounting for 53.21% of the index as of May 30, 2025 [5] - The National Enterprise Win ETF tracks the FTSE China National Enterprise Open Win Index, which consists of 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong [5] - The top ten constituent stocks of the National Enterprise Win ETF are predominantly "China National" stocks, including major companies like China Petroleum and China Mobile [5]

FICC日报 | 2025-06-10 中美经贸磋商开启，关注国新办新闻发布会 市场分析 关注经济事实验证。4月国内数据好坏参半，4月出口整体略超预期，但转口支撑的特征明显，叠加中美关税缓和， 短期出口有支撑；但4月投资数据有所走弱，尤其是地产边际压力再增；4月财政收入和支出同步回升，收入主要 受到土地出让金的支撑；同时消费也略有承压。中国5月CPI同比降0.1%，环比由涨转降，其中主要拖累项为能源 和食品；PPI同比降幅扩大至3.3%，主要原因有两方面：一是国际输入性因素影响国内相关行业价格下降；二是国 内部分能源和原材料价格阶段性下行。中国5月按美元计出口同比增长4.8%，略低于一季度的5.7%和4月的8.1%， 进口下降3.4%。从集装箱的船运数据来看，5月上旬出口有所改善，但到了下旬又重新走弱。新一轮"抢出口"成色 一般的背景下，前期透支的需求会重新回到偏弱的去库周期中。中办、国办印发《关于进一步保障和改善民生 着 力解决群众急难愁盼的意见》，其中提到，合理提高最低工资标准、全面取消在就业地参加社会保险的户籍限制等 政策。国新办6月10日上午10时将就进一步保障和改善民生有关政策情况举行新闻发布会。面 ...

FICC日报 | 2025-06-10 市场分析 国内核心CPI上涨。国内方面，国家统计局数据显示，5月份，CPI环比下降0.2%，同比下降0.1%，扣除食品和能 源价格的核心CPI同比上涨0.6%，涨幅比上月扩大0.1个百分点。PPI环比下降0.4%，降幅与上月相同，同比下降3.3%， 降幅比上月扩大0.6个百分点。据海关统计，今年前5个月，我国货物贸易进出口总值为17.94万亿元，同比增长2.5%。 其中，出口10.67万亿元，增长7.2%；进口7.27万亿元，下降3.8%。海外方面，纽约联储调查数据显示，5月美国消 费者未来通胀预期全面下降，为2024年来首次，其中一年期通胀预期降幅最大，从4月的3.6%降至3.2%，三年期、 五年期通胀预期也均有下降。关注即将发布的美国通胀数据。 指数走高。现货市场，A股三大指数震荡走高，上证指数涨0.43%收于3399.77点，创业板指涨1.07%。行业方面， 板块指数基本收红，医药生物、农林牧渔、纺织服饰行业领涨，仅食品饮料行业收跌。当日沪深两市成交金额增 至1.3万亿元。海外市场，中美经贸磋商机制首次会议在英国伦敦开始举行，带动芯片股上涨，美国三大股指收盘 涨跌 ...

Group 1 - The innovative drug sector in Hong Kong continues to rise, with related ETFs showing significant gains, averaging around 3% in half-day trading and a total transaction amount exceeding 1 billion yuan [1][2] - The Hong Kong Medicine ETF (513200) recorded a half-day transaction amount of 474 million yuan, indicating active trading [1][3] - The number of pharmaceutical companies included in the Hong Kong Stock Connect has reached nearly 100, accounting for over 40% of the total pharmaceutical companies listed in Hong Kong [3] Group 2 - The average holding ratio of the top ten pharmaceutical stocks by Northbound funds is around 40%, reflecting sustained buying interest from mainland investors [3] - The valuation of the Hong Kong pharmaceutical sector has been contracting since mid-2021, with some quality companies' PE ratios nearing historical lows, suggesting limited downside risk for their stock prices [3] - The Hong Kong Medicine ETF (513700) and the Hong Kong Stock Connect Medicine ETF (513200) have seen half-day gains of 3.4% and 3.36%, respectively, with the latter's scale reaching 2.73 billion shares [3][4] Group 3 - The CSI Hong Kong Stock Connect Medical and Health Comprehensive Index selects 50 liquid and large-cap healthcare companies to reflect the overall performance of the sector [3] - Major weighted stocks in the index include Innovent Biologics (11.09%), BeiGene (10.33%), and WuXi Biologics (9.31%), among others [5][6]

【导读】医药板块持续发力，共创草坪7连板 中国基金报记者 晨曦 6月10日上午，A股市场短暂冲高后回落，随后窄幅震荡。截至午间收盘，上证指数涨0.11%，深证成指跌0.23%，创业板指跌0.36%。 内地股票 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3403.52 | 10226.55 | 1440.81 | | +3.75 +0.11% -23.59 -0.23% - -1.70 - -0.12% | | | | 科创50 | 创业板指 | 万得全A | | 991.55 | 2053.94 | 5189.33 | | -6.06 -0.61% -7.35 - -0.36% - -5.90 - -0.11% | | | | 沪深300 | 中证500 | 中证A500 | | 3891.60 | 5792.27 | 4565.25 | | +6.36 +0.16% -13.38 -0.23% - +2.49 - +0.05% | | | | 中证1000 | 深证100 | 中证红利 | | 6186.82 | 4 ...