Group 1 - The core conclusion of the report indicates that the recent investment style is characterized by three main features: new, small, and fast. The strongest industry trends since September last year are AI and new consumption, which align with new industrial logic [2][6][7] - The first feature, "new," highlights that the strongest industries during 2013-2015 were TMT (Technology, Media, and Telecommunications) driven by the growth of mobile internet, similar to the current AI trend. New consumption sectors such as dining, tourism, light industry, and textiles outperformed traditional sectors like food and home appliances [3][6][7] - The second feature, "small," notes that small-cap stocks are currently active, especially during market fluctuations, mirroring the performance of small-cap stocks during 2013-2015 [11][15] - The third feature, "fast," refers to the rapid rotation of market trends, with AI and robotics showing strong excess returns in Q4 of last year and Q1 of this year, but weaker performance recently. This mirrors the volatility seen in TMT during 2013-2015 [12][15] Group 2 - The report identifies the underlying reasons for the current investment style as a weak economy with a strong market, a decline in old funds (active public funds), and a rise in new funds (financing balance, speculative quantitative funds). Additionally, continuous policy support is noted, with a slow IPO pace [15][19] - The report suggests that despite a weak economic backdrop, there are structural opportunities in the stock market, similar to the conditions observed during 2013-2015 when economic growth was also weak [15][19] - The report anticipates that the market may experience a slight pullback from late May to July, with pressures including slow economic recovery and reduced trading enthusiasm among retail investors. However, a return to a bullish market is possible in Q3 if any of the factors related to earnings, policy, or retail funds turn optimistic [21][23]

证券研究报告 | 2025年6月8日 估值周观察(6月第2期) 小盘成长、TMT估值扩张幅度较大 策略研究 · 专题报告 证券分析师：王开 021-60933132 wangkai8@guosen.com.cn S0980521030001 证券分析师：陈凯畅 021-60375429 chengkaichang@guosen.com.cn S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 近一周（2025.6.2-2025.6.6）海外市场整体上涨，估值温和扩张。整体延续上涨趋势，仍是韩国市场最突出，韩国综合指数和 KOSPI50指数分别上涨4.24%和5.04%；美国主要指数涨幅均在1%-2%；香港市场本周明显反弹，主要指数涨幅约为2%。仅日本市场 整体回调。估值方面，整体温和扩张。英国富时100和法国CAC40指数分别小幅上涨0.75%、0.68%，但PE分别收缩0.47x和0.67x；韩 国综合指数显著上涨，但PE缩小0.5x，盈利有所修复。德国DAX指数PE扩张幅度最大，达到1.35x，不同统计口径下的估值分位数均 ...

证券研究报告·宏观报告·宏观深度报告 宏观深度报告 20250608 并购重组驶入"快车道"助力科技企业估值 提升 [Table_Summary] ◼ 政策红利密集释放 在资本市场加速发展的浪潮中，并购重组作为产业沿链补链的关键，直 接关乎创新产业发展机遇的把握和产业升级的进程。政策推进的节奏是 并购重组市场的关键驱动力。在此背景下，为了鼓励和活跃资本市场， 助力上市公司实现高质量发展，监管机构推出了一系列直击并购市场难 点痛点的举措，精准发力优化并购重组环境。 ◼ 本轮并购重组最新进展 ◼ 本轮并购重组成效和特点 央国企主导整合浪潮：本轮并购重组政策除了监管层面在积极推动，从 中央到地方的产业政策中也频频提及"国有企业"。从中央层面为国有 企业松绑，拓宽国有企业创新投资和并购重组的路径，是培育"耐心资 本"的必要手段。2025 年已完成的并购项目中，国有企业数量占比 50%， 金额占比 68%。国央企合并有望促进国有资本进一步向符合国家战略 的重点行业、关键领域和优势企业集中，推动国央企的产业结构调整升 级，优化国有资本的布局与资源配置，实现资源向维系国家安全、掌握 国民经济命脉和关乎国计民生的重要行业和关 ...

证券研究报告|宏观研究报告 [Table_Date] 2025 年 06 月 08 日 [Table_Title] 科技或是轮动下一站 [Table_Title2] 类权益周报 [Table_Summary] ► 行情回顾：身处"乱纪元"，心向"恒纪元" 6 月 3-6 日，类权益行情显著走强。截至 2025 年 6 月 6 日， 万得全 A 收盘价为 5156.21，较 5 月 30 日上涨 1.61%；中证转 债同期上涨 1.08%，各价位转债估值回升。 ► 海外线索："乱纪元"并未改变 中美贸易线索，或进入新阶段。美国将钢铝关税提升至 50%， 不过市场已对频繁的关税消息"麻木"，并未引发较大波动。 非农推动美国经济增长预期回暖，降息预期回撤，美联储年 内首次降息预计不会早于9月。值得注意的是，中美官员将于 6 月 9 日在伦敦进行新一轮贸易谈判，除了关税之外，还可能 就技术出口限制等方面进行谈判。 ► 策略：维持轮动思维，关注科技机会 "乱纪元"环境仍在延续，建议继续维持轮动思维。尽管中 美各方面摩擦均趋于缓和，但国际线索仍然以混沌为主，需 要做好形势反复的准备。而在基本面修复的基础上，"乱纪 元"的 ...

兴业期货日度策略：2025.06.06 重点策略推荐及操作建议： 商品期货方面：白银相对坚挺，氧化铝、尿素承压。 联系电话：021-80220262 操作上： 品种基本面分析及行情研判： | 品种 | 观点及操作建议 | 方向研判 | 分析师 | 联系人 | | --- | --- | --- | --- | --- | | 股指 | 中美谈话再传积极信号，风险偏好继续回升 本周以来 A 股市场持续走强，资金量能小幅提升，虽然海外宏 | | 投资咨询部 | | | | 周四 A 股市场涨势延续，创业板继续领涨，沪深两市成交额提 | | | | | | 升至 1.32（前值 1.18）万亿元。从行业来看，TMT、金融板块领 | | | | | | 涨，农林牧渔、商贸零售行业领跌。股指期货随现货走强，IC、IM | | | | | | 近月合约基差逐步修复，但远月合约仍处于深度贴水状态。 | | 张舒绮 | 联系人：房紫薇 | | | | | 从业资格： | 021-80220135 | | | | 震荡 | | | | | 观扰动频发，但国内市场依旧表现出稳定的经济和政策预期。昨晚 | | F3037345 | ...

Market Overview - The market experienced a complex morning with the three major indices peaking at 3391 points before retreating, while Hong Kong stocks slightly corrected and A-shares lacked upward momentum [1] - Trading volume exceeded 30 billion, with nearly 3000 stocks declining, indicating mixed market sentiment with some investors reducing positions and others increasing [1] Trading Dynamics - The market showed significant volume from the opening until 11:30 AM, suggesting that some investors were exiting positions after three consecutive days of gains [3] - Key sectors like liquor and banking saw upward movement followed by pullbacks, while the securities sector failed to maintain its upward trend, making it difficult for the overall index to gain traction [3] Conditions for Market Recovery - For the market to return to 3400 points, two conditions must be met: a noticeable inflow of northbound capital and significant gains in sectors like liquor and securities, which are currently not in place [5] - The absence of a clear main trading theme and the recent cooling off of the TMT sector indicate a lack of strong market drivers, although the absence of any stocks hitting the daily limit down suggests a stable market sentiment [5] Future Outlook - The market is expected to trend upwards with fluctuations, and individual trading strategies may vary, emphasizing the importance of position management [7] - Despite nearly 3000 stocks declining, the overall index did not drop significantly, indicating potential for future market movements as the market adjusts [7]

策略研究 | 证券研究报告 — 深度报告 2025 年 6 月 6 日 风格制胜 3 风格因子体系的构建及应用 自下而上的 A 股风格因子的定量构建及框架应用。 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：郭晓希 (8610)66229019 xiaoxi.guo@bocichina.com 证券投资咨询业务证书编号：S1300521110001 风格因子的构建及其表现。本篇报告试图探究决定风格资产强弱的风格 因子体系，并尝试将风格投资进一步落地化。我们通过自下而上的方式 来构建风格因子组合，使得样本内每只股票都有对应的风格标签，同时 便于风格投资更加落地化。我们的风格因子体系主要分为市值、估值、 盈利、动量四个维度。2）对于 A 股而言，不同时期的市场呈现出不同的 主导因子：2013 年至 2014 年，A 股呈现显著的盈利因子主导的行情特征； 2015 年至 2016 年中，小市值因子显现出明显优势；2016 年 8 月至 2018 年，A 股呈现非常明显的估值因子主导的风格特征 ...

一、三大指数集体飘红 6 月 5 日的 A 股市场 ，投资者的目光紧锁在行情大屏 —— 军工股集体爆发与算力板块的强 势拉升形成鲜明对照，而大消费板块的绿线则默默延伸。截至 收盘 ，上证指数微涨 0. 23 % 报 3 384.10 点，深证成指涨 0. 50 % 报 10 203 .5 0 点，创业板指涨 1.17 % 报 20 48.62 点，沪深两市半日成交额 12904 亿元， 相对昨天放量 1374 亿 ，结构性行情正成为 资金博弈的核心战场。 3 、 资金布局聚焦科技主线。两融余额突破 1.8 万亿元大关，单日增长 24.4 亿元，其中东 方财富获融资买入 8.26 亿元，新易盛、中际旭创等 TMT 个股同样获大额融资流入。今日新 发的 9 只基金涵盖混合型与债券型产品，为市场输送增量弹药。游资则围绕连板股展开攻势 —— 滨海能源 13 天 8 板，均瑶健康 8 天 6 板，短线赚钱效应持续激活交投情绪。 四 、后市展望：结构分化延续 当前市场核心矛盾凸显：一方面关税政策扰动推升避险需求，黄金配置价值凸显；另一方面低 利率环境重塑估值体系，高股息化工股（股息率普遍超 6% ）与科技成长股形成配置双 ...

Group 1 - The A-share TMT sector experienced a morning surge on June 5, with computer, electronics, and communication industries leading the market [1] - The AI ETF Huaxia (159381) rose over 1%, with holdings such as Zhongwen Online, Hangyu Micro, and Shenxinfeng leading the gains [1] - According to the strategy team at Industrial Securities, short-term tariff disturbances may impact the overall market and technology style, but the technology growth sector has reached a favorable valuation after adjustments [1] Group 2 - The Huaxia AI ETF (159381) is recommended for exposure to the TMT technology sector's recovery, featuring low fees and high elasticity, with a management fee of 0.15% and a custody fee of 0.05% [2] - The ETF tracks the entrepreneurial board AI index and includes leading companies in AI hardware, software, and applications, with significant exposure in optical modules and IT services [2] - The top ten constituent stocks include leading optical module companies such as Xinyi Sheng, Zhongji Xuchuang, and Tianfu Communication, as well as major players in IDC, cloud computing, and data center industries [2]

【中泰金工】市场整体情绪修复，传统行业走强而科技承压 ——行业轮动全景观察（2025.06） 分析师：李倩云 执业证书编号：S0740520050001 Email：liqy02@zts.com.cn 分析师：熊婧妍 执业证书编号：S0740523110005 Email：xiongjy01@zts.com.cn 全景观察（2025.05）》2025-05-05 2、《【中泰金工】资源型行业拥挤 （2025.04）》2025-04-02 证券研究报告/金融工程定期报告 2025 年 06 月 04 日 报告摘要 风险提示：结论基于公开的历史数据进行统计、测算，文中部分数据有一定滞后性，同时 存在第三方数据提供不准确风险；对基金产品和基金管理人的研究分析结论并不预示其未 来表现，也不能保证未来的可持续性，亦不构成投资收益的保证或投资建议；产品的表现 受宏观环境、行业基本面超预期变动、市场波动、风格转换等多重因素影响，存在一定波 动风险。 请务必阅读正文之后的重要声明部分 行业月度收益：本月 A 股市场在超长期特别国债发行、LPR 降息预期等政策及内需复 苏（"五一"消费数据超预期）推动下结束调整，主要指数震荡上 ...