Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - A-shares' major indices strengthened collectively this week, with all but the Shanghai Composite Index rising over 2%. The four stock index futures also went up, and small and medium-cap stocks outperformed large-cap blue-chip stocks. Both domestic and overseas positive news boosted the market. The ceasefire between Iran and Israel improved market risk appetite, and the central bank's guidance on financial support for consumption and expansion of consumption enthusiasm for the consumer and financial sectors [8]. - This week, the yields of treasury bond cash bonds weakened collectively. The yields of 1 - 7Y bonds rose by about 0.10 - 1.60bp, and the yields of 10Y and 30Y bonds rose by about 0.5bp and 1.15bp to 1.65% and 1.85% respectively. The adjustment in the bond market was mainly due to the shift in risk appetite, and the ceasefire between Iran and Israel drove the equity market to strengthen, triggering a slight increase in interest rates [8]. - In May, China's imports and exports, fixed - asset investment, and industrial added - value declined year - on - year compared to the previous period, and the real estate market continued to decline. Only social retail sales increased due to new policies. The previously announced CPI and PPI data also indicated future price pressure. The possible improvement in Sino - US trade relations and the dovish stance of the Fed officials supported commodity prices [8]. - The US dollar may continue to fluctuate weakly in the short term, and the euro benefits from the weakening of the US dollar in the short term. The Japanese yen is caught between the expectation of interest rate hikes and trade frictions [12]. - In May, the profits of industrial enterprises above the national scale decreased significantly year - on - year, mainly affected by insufficient effective demand, falling industrial product prices, and the high - base effect. However, the profits of the equipment manufacturing industry and some emerging industries increased significantly [13]. Group 3: Summary by Directory 1. This Week's Summary and Next Week's Allocation Recommendations Stocks - The Shanghai and Shenzhen 300 Index rose 1.95%, and the Shanghai and Shenzhen 300 Stock Index Futures rose 2.78%. A - shares' major indices strengthened, and the four stock index futures went up. Small and medium - cap stocks were stronger than large - cap blue - chip stocks. The ceasefire between Iran and Israel and the central bank's guidance on consumption boosted the market. Market trading activity recovered significantly. Allocation recommendation: cautious waiting and seeing [8]. Bonds - The 10 - year treasury bond yield rose by 0.05% this week, with a weekly change of + 0.08BP, and the main 10 - year treasury bond futures fell by 0.11%. The yields of treasury bond cash bonds weakened, and the yields of 1 - 7Y, 10Y, and 30Y bonds rose. The bond market adjustment was due to the shift in risk appetite. Allocation recommendation: cautious waiting and seeing [8]. Commodities - The Wind Commodity Index fell 1.01%, and the China Securities Commodity Futures Price Index fell 1.60%. In May, China's economic data was mixed, and the possible improvement in Sino - US trade relations and the dovish stance of the Fed officials supported commodity prices. Allocation recommendation: buy on dips [8]. Foreign Exchange - The euro against the US dollar rose 1.51%, and the euro against the US dollar 2509 contract rose 1.31%. The US dollar was under pressure, the euro benefited from the weakening of the US dollar, and the Japanese yen fluctuated. Allocation recommendation: cautious waiting and seeing [8] 2. Important News and Events - Premier Li Qiang attended the opening ceremony of the 2025 Summer Davos Forum and emphasized China's support for economic globalization, free trade, and multilateralism [16]. - Six departments including the central bank issued a guidance on financial support for consumption, with a 500 billion yuan re - loan for service consumption and elderly care [16]. - A military parade will be held in Beijing on September 3 to commemorate the 80th anniversary of the victory of the Chinese People's War of Resistance against Japanese Aggression and the World Anti - Fascist War [16]. - China strongly condemned the US attack on Iran's nuclear facilities and called for a ceasefire and dialogue [16]. - Iran and Israel agreed to a full ceasefire [17]. - The US and the EU are about to reach a "reciprocal trade agreement" on multiple non - tariff trade disputes, but the lack of tariff issues in the draft adds uncertainty [17]. - The probability of the Fed cutting interest rates in July is small, but the Fed officials have released dovish signals [17]. 3. This Week's Domestic and Overseas Economic Data - China: The profit of industrial enterprises above the national scale in May decreased by 9.1% year - on - year, and the cumulative profit from January to May decreased by 1.1% [13]. - US: The first - quarter GDP annualized quarterly rate was revised down to - 0.5%, consumer spending growth was at a low level since 2020, and the consumer confidence index was lower than expected [12]. - Eurozone: The economy showed signs of stabilization, but the manufacturing PMI was still under pressure. There were differences within the ECB on the pace of interest rate cuts [12]. - Japan: Inflation pressure continued to rise, but exports were suppressed by the US - Japan tariff deadlock, and domestic demand was weak [12]. 4. Next Week's Important Economic Indicators and Economic Events - Key economic indicators to be released next week include China's June official manufacturing PMI, Germany's June unemployment rate and CPI monthly rate, the US's June ADP employment, unemployment rate, and non - farm payrolls, etc. [85]