Group 1 - The report emphasizes the importance of a thematic investment database aimed at identifying high-potential opportunities and monitoring peak trends in popular themes, along with the adjustment levels of leading stocks [2][9] - The report outlines a quantitative screening process focusing on four types of patterns to identify high-odds thematic opportunities and the construction of trading heat indicators to track peak trends [2][9] - The current thematic index shows 27 breakout patterns, primarily in the defense and military industry (6 stocks) and non-ferrous metals (5 stocks), while 20 stocks exhibit main rising patterns, including 8 in the pharmaceutical and biological sector and 7 in the computer industry [12] Group 2 - The trading heat for the humanoid robot and Deepseek themes has declined, with humanoid robots at 67% and Deepseek at 53%, indicating a downward trend in interest [3][17] - Leading stocks in these themes, such as Changsheng Bearing and Daily Interaction, are trading below their 60-day moving average by -16% and -14.9% respectively, suggesting a bearish sentiment [3][17]

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]

Group 1 - The report highlights the relationship between contract goods and industrial enterprise profits, indicating that inventory destocking and order prosperity are key directions for asset allocation [5][7] - In May 2025, the manufacturing PMI improved to 49.5%, reflecting a slight recovery in manufacturing market demand, although it remains below the first quarter average [11][12] - The report notes that the domestic equity market showed a mixed performance, with 18 industries rising and 13 falling, indicating sector-specific dynamics [6][20] Group 2 - The report discusses the impact of external factors such as the U.S. increasing steel import tariffs to 50%, which may affect related industries [17] - It mentions the extension of certain exemptions from the U.S. Section 301 tariffs on China, which could influence trade dynamics [19] - The report emphasizes the need for policies to support growth in light of ongoing economic challenges, particularly in the real estate sector [11][14] Group 3 - The analysis of industrial enterprise profits shows a 3.0% year-on-year increase in April 2025, despite a 2.7% decline in the Producer Price Index (PPI), suggesting a complex relationship between costs and profitability [7][8] - The report identifies sectors such as agricultural product processing and electrical machinery as performing well, while sectors like automotive and power equipment faced declines [6][8] - The report indicates that the recovery in manufacturing is supported by a decrease in raw material costs, which may benefit midstream manufacturing leaders [7][8]

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 ...

Core Viewpoint - The market sentiment score has declined, indicating a bearish outlook for the market as it has ended its upward repair trend [1][4]. Group 1: Market Sentiment Indicators - The market sentiment structure indicator has shown significant fluctuations over the past five years, with a low position for most of 2023, only breaking above 2 in October 2024 [1]. - As of May 30, the market sentiment score was 2.5, down from 2.65 the previous week, suggesting a shift towards a bearish sentiment [1]. - The decline in sentiment is supported by a decrease in industry trading activity and a drop in the PCR combined with VIX indicators, reflecting increased uncertainty in fund sentiment [4][6]. Group 2: Industry Performance - The trading activity score across industries has significantly decreased, indicating a lack of investment themes and weak trends in industry performance [6][13]. - The overall trading volume in the A-share market has dropped, with a notable decline in the first three trading days of May, reaching a low of 1.16 trillion RMB on Friday [8]. - The industry performance shows that sectors like environmental protection, biomedicine, and national defense have maintained positive growth, while sectors like automobiles, electric equipment, and non-ferrous metals have seen significant declines [16][17]. Group 3: Short-term Trends - The short-term trend scoring model indicates that sectors such as computer, media, electronics, and biomedicine have shown significant upward trends, with the computer sector's score increasing by 22.22% [19][20]. - The model suggests that small-cap growth stocks are currently favored, with strong signals indicating a preference for this style despite a potential strengthening of value styles [21].

2025年6月3日早盘，A股三大指数低开后震荡走强，全线翻红。计算机、半导体及医药生物板块活跃上 行，相关个股表现强势。神州细胞涨超10%，澜起科技涨超7%，思瑞浦、复旦微电、迈威生物、中望 软件、三生国健等个股涨幅居前。 科创芯片ETF南方(588890)紧密跟踪上证科创板芯片指数，上证科创板芯片指数从科创板上市公司中选 取业务涉及半导体材料和设备、芯片设计、芯片制造、芯片封装和测试相关的证券作为指数样本，以反 映科创板代表性芯片产业上市公司证券的整体表现。指数前十大权重股分别为中芯国际、海光信息、寒 武纪、澜起科技、中微公司、芯原股份、沪硅产业、恒玄科技、思特威、华润微。 科创100ETF南方(588900)紧密跟踪上证科创板100指数，上证科创板100指数从上海证券交易所科创板中 选取市值中等且流动性较好的100只证券作为样本。上证科创板100指数与上证科创板50成份指数共同构 成上证科创板规模指数系列，反映科创板市场不同市值规模上市公司证券的整体表现。指数前十大权重 股分别为恒玄科技、百济神州、睿创微纳、泽璟制药、纳芯微、国盾量子、翱捷科技、华虹公司、安集 科技、博瑞医药。 相关产品： 科创芯片ETF ...

Group 1 - The ChiNext Index has evolved significantly since its inception, with only 16 of the original constituent stocks remaining, reflecting a shift from small and medium-sized enterprises to industry leaders with market capitalizations exceeding 100 billion yuan [2][3] - The index has seen substantial growth in its constituent companies, with some achieving nearly 40% global market share in their respective sectors, such as power batteries and photovoltaic inverters [3][4] - The overall revenue and net profit of the ChiNext Index constituents have shown impressive annual growth rates of 30% and 26% respectively from the end of 2010 to the end of 2024, with future projections indicating continued growth [4] Group 2 - The upcoming revision of the ChiNext Index will introduce a weight limit mechanism to control the influence of individual stocks, enhancing the index's stability and representation of the market [5] - An ESG negative exclusion mechanism will be implemented to promote sustainable investment practices, ensuring that stocks rated below B in ESG criteria are excluded from the index [5] - The ChiNext Index has grown to a scale of over 80 billion yuan, reflecting its importance in tracking the performance of innovative enterprises in China [6]

Core Viewpoint - The monthly stock recommendations from brokerage firms reflect a comprehensive judgment on macroeconomic conditions, industry trends, and individual stock values, serving as an important reference for investors to observe market directions [1] Group 1: Market Analysis - As of June 2, 23 brokerage firms have released their assessments for the A-share market in June, with a total of 157 stocks included in the June "golden stock" list [2] - The top three industries represented in the recommendations are machinery and equipment, electronics, and pharmaceuticals, with 17, 14, and 13 stocks respectively [2] - East Wu Securities indicates that while U.S. tariff disruptions continue, their impact on the market is marginally weakening, suggesting that the overall impact on A-shares is controllable [2] - Zhongtai Securities anticipates some pressure in the market for June but expects a solid bottom, with potential upward options for A-shares in the medium term [2] Group 2: Stock Recommendations - A total of 21 stocks received recommendations from two or more brokerage firms, with Yara International (000893) and Dongpeng Beverage (605499) leading with four recommendations each [3] - Yara International's strengths include a recovering potassium fertilizer industry, successful expansion in production, and favorable tax policies [3] - Dongpeng Beverage reported a first-quarter revenue of 4.85 billion yuan, a year-on-year increase of 39.2%, and a net profit of 960 million yuan, up 53.5% year-on-year [3] Group 3: Performance Metrics - All 21 stocks on the June golden stock list reported profits in the first quarter, with 13 stocks showing a net profit growth of over 10% [4] - Yara International and Wanma Technology both saw their net profits double year-on-year [4] - Wanma Technology's first-quarter revenue grew by 78.24%, with a net profit increase of 237.89%, driven by growth in communication and vehicle networking businesses [4] - Juhua Co. achieved a net profit of 808 million yuan in the first quarter, a 160.64% increase, with a focus on high-quality development in pharmaceutical packaging [4]

中信建投：关税冲击再起，内需韧性支撑 关税担忧再起，短期或压制市场情绪，但从边际上看，市场正逐步对关税脱敏。4月工业企业利润改善，"两 新"与消费激励政策兑现程度良好，拉动下游消费增长，同时支撑中游设备制造业，5月PMI制造业整体景气回 暖，出口订单反弹，新动能和消费品表现突出，中国基本面的韧性将为市场提供底部支撑。微盘股交易热度上 升，拥挤度高位，注意交易拥挤风险。 配置上继续看好具备地缘政治隔离、内需驱动和成长弹性特征的"新质内需成长"方向，目前仍以内需循环为 佳，聚焦服务消费、新消费、反关税。行业重点关注：美容护理、农林牧渔、国防军工、有色金属、医药生 物、计算机、社会服务、商贸零售等。 中国银河证券：市场调整空间有限 近期板块轮动速度加快，行情震荡格局尚未改变，市场成交额未出现明显放量，仍以存量博弈为主。外围市场 方面仍然存在较大不确定性。尽管当前中美达成阶段性关税协议，短期缓解了外贸压力，但后续特朗普政府政 策仍然存在反复性。短期内，市场或仍维持震荡格局，关注外部关税的变化与国内政策的落地节奏。在国内一 系列政策支持下，市场调整空间有限。同时，6月18日至19日陆家嘴论坛期间将发布若干重大金融政策， ...