兴业证券指出，后续围绕两条思路进行布局：第一，继续寻找科技成长主线内部的低位方向，挖掘尚未 被充分定价的细分领域；第二，对于低位顺周期板块，精选具备景气预期、符合资金审美，既有短期轮 动机会、同时兼具中长期成长性的优质赛道。 消息面上，2025中国算力大会透露，中国算力平台正加快建设。数据显示，近年来，我国算力总规模年 增速达到30%左右。工业和信息化部负责人表示，将引导各地合理布局智能算力设施，逐步提高智能算 力供给质量，满足新兴产业和未来产业发展需要。预计2025年，我国智能算力规模增长将超过40%。 另外，上周深度求索在官方订阅号发布文章《DeepSeek-V3.1 发布，迈向 Agent时代的第一步》，明确 指出"DeepSeek-V3.1使用了UE8MO FP8 Scale 的参数精度"。同时，在推文下置顶留言解释:"UE8MO FP8是针对即将发布的下一代国产芯片设计"，引发Deepseek新版本带来"国产AI芯片"量产的预期。 华金证券评论，随着DeepSeek-V3.1的发布，支持FP8精度，针对即将发布的下一代国产芯片设计，头部 国产模型对国产芯片的支持有望加速国产算力生态进一步完善。看好国 ...

Group 1 - The China Securities Regulatory Commission (CSRC) Chairman announced plans to enhance the STAR Market's demonstration effect, including the establishment of a STAR Market Growth Tier and the reintroduction of the fifth listing standard for unprofitable companies [1] - The STAR Market Growth ETF (588110) saw a strong increase of 1.20% as of June 18, 2025, with notable gains in constituent stocks such as Shengyi Electronics (688183) up 16.63% and Tiande Yu (688252) up 9.28% [1] - The STAR Market Growth ETF has experienced a significant increase in trading volume, with a turnover rate of 4.74% and a daily average transaction of 15.45 million yuan over the past week [1] Group 2 - The STAR Market Growth ETF has achieved a net value increase of 38.29% over the past year, ranking 185 out of 2854 index equity funds, placing it in the top 6.48% [2] - The ETF's highest monthly return since inception was 25.02%, with an average monthly return of 7.25% during the months it increased [2] Group 3 - The management fee for the STAR Market Growth ETF is 0.50%, and the custody fee is 0.10%, making it one of the lowest in its category [3] - The STAR Market Growth Index consists of 50 high-growth companies selected based on revenue and net profit growth rates, reflecting the overall performance of high-growth stocks on the STAR Market [3] - The top ten weighted stocks in the STAR Market Growth Index account for 53.67% of the index, including companies like Haiguang Information (688041) and Hengen Technology (688608) [3] Group 4 - The introduction of new indices in the STAR Market is positively impacting domestic index investment development by enriching the investment target pool and providing more diverse underlying assets for ETFs [4] - The emergence of thematic and industry indices is guiding investors to accurately allocate resources in emerging industries, enhancing the capital market's effectiveness in serving new productive forces [4]

Core Viewpoint - The ETF market shows mixed performance with specific ETFs leading and lagging in different sectors [1] Group 1: ETF Performance - The Hang Seng Central Enterprise ETF (513170) leads with a gain of 1.53% [1] - The CSI Dividend Quality ETF (159209) increases by 0.60% [1] - The Sci-Tech Growth ETF (588110) rises by 0.53% [1] - The Internet ETF (159729) experiences the largest decline at 1.09% [1] - The Hong Kong Technology ETF (513560) falls by 1.02% [1] - The Hong Kong Stock Connect Internet ETF (159792) decreases by 0.96% [1] Group 2: Investment Strategy - The strategy suggests that investors should consider buying index ETFs to capitalize on market rebounds [1]

Core Viewpoint - The market has rebounded to the level of 3400, returning to the position seen in March, following a 10% adjustment over two months, indicating a potential recovery in investor sentiment and market dynamics [1][3]. Group 1: Market Performance - The banking, brokerage, and insurance sectors have surged, contributing to a significant increase in the index, which has now surpassed 3400 [3][9]. - The banking index has reached a historical high, with a total market capitalization exceeding 10 trillion, representing over 10% of the total market capitalization of the CSI All Share Index, which stands at 99 trillion [9]. Group 2: Fund Management Regulations - New regulations for public funds are expected to tie performance assessments to benchmarks and investor profitability, prompting a shift in investment strategies [3][4]. - Most public funds benchmark against the CSI 300 index, leading to a potential increase in buying activity in the index's constituent sectors, particularly in banking and finance [4][5]. Group 3: Investment Strategies - The anticipation of new regulations has led to a tactical shift in fund managers' strategies, with early buying seen as advantageous for cost efficiency [4][6]. - High-profile institutions, including Goldman Sachs, have noted that the financial sector is experiencing a rise due to the new public fund management guidelines, with significant reallocations observed since the announcement on May 7 [7][10]. Group 4: Market Sentiment and Future Outlook - The current market behavior is characterized as a short-term tactical repositioning rather than a fundamental improvement in the market [11][12]. - The expectation is that public funds will increasingly invest in CSI 300 constituents, but fund managers are likely to maintain their research-driven investment approaches to outperform the index over time [12][13].

Core Viewpoint - The article discusses the implications of recent market movements influenced by U.S. President Trump's decisions, highlighting potential insider trading and the need for strategic asset allocation in volatile markets [1][2][5][6]. Group 1: Market Reactions and Insider Trading - President Trump's tweet led to a significant surge in the Nasdaq index by 12.16%, with the total market capitalization of major U.S. stocks increasing by 13.4 trillion RMB [5]. - There were unusual trading activities, particularly in S&P 500 call options, which yielded returns as high as 2100%, raising suspicions of insider trading [5][7]. - The article draws parallels between Trump's actions and past incidents involving Elon Musk, suggesting a pattern of market manipulation that could harm ordinary investors [8][9]. Group 2: Asset Allocation Strategies - The article introduces a "pyramid model" for asset allocation, consisting of three layers: a stable "defensive layer," a growth-oriented "offensive layer," and a liquid "emergency layer" [11][12][14]. - The defensive layer should comprise 50%-60% of total assets, focusing on stable investments that generate consistent cash flow [15][16]. - The offensive layer, accounting for 20%-30% of assets, aims to capture excess returns from industry transformations, emphasizing the importance of high-dividend stocks [17][18]. - The emergency layer, representing 10%-20% of total assets, is crucial for maintaining liquidity and avoiding forced sales during market downturns [21][57]. Group 3: Recommended Asset Types - Gold is highlighted as a favored safe-haven asset, with central banks purchasing over 1000 tons annually, supporting its price increase [24]. - Bonds are also recommended for their stability during market volatility, with certain bond funds showing resilience amid recent market fluctuations [28][30]. - High-dividend stocks, particularly in sectors like utilities and banking, are suggested for their ability to provide steady income and withstand market pressures [36][39]. Group 4: Future Market Outlook - The article warns of an "asset scarcity" era due to declining interest rates, necessitating a shift in investment strategies to adapt to changing market conditions [60][61]. - It emphasizes the importance of continuously adjusting investment models to seize opportunities in a dynamic financial landscape [63].