Group 1: Tariff Policy and Economic Outlook - The article suggests a relatively neutral to optimistic outlook on future tariff policies, indicating that the potential cancellation of reciprocal tariffs and negotiation space for the 20% fentanyl tax is likely [1] - It highlights three key investment themes: government support in the consumer sector focusing on social welfare, an increase in free cash flow due to declining capital expenditure willingness, and growth in high-end manufacturing driven by artificial intelligence investments [1] Group 2: ETF Market Trends - The ETF market has seen a shift from broad-based ETFs to sector-specific thematic ETFs, indicating an increased risk appetite among investors, particularly in technology, artificial intelligence, chips, and military sectors [2] - The article identifies artificial intelligence as a key economic driver, with potential market gains in the context of U.S.-China relations, while the military sector is viewed positively despite weak current fundamentals [2] Group 3: Cash Flow and Dividend Strategies - The article emphasizes the importance of free cash flow, suggesting that as economic growth slows, companies may reduce investment willingness, leading to increased free cash flow [3] - It argues that free cash flow is a strong investment factor, outperforming dividend-focused strategies, and recommends a focus on large and medium-sized state-owned enterprises with ample cash flow as a potential investment theme [3] Group 4: Investment Recommendations - For the second half of the year, the article recommends a diversified asset allocation strategy, suggesting technology for aggressive investors and dividend or cash flow strategies for conservative investors [4] - Specific ETF recommendations include the CSI A500 ETF for broad exposure, the Guotai Science and Technology Index ETF for technology, and a combination of dividend and cash flow ETFs for income generation [4]

注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 消息面上，2025年5月27日，中国科学院科技创新发展中心联合《中国科学院院刊》推出"科技创新与产 业创新深度融合"专题，系统探讨融合发展的战略方向与对策，为新质生产力提供理论支撑。同期，"科 创中国"创新创业投资大会集中展示超50项前沿成果，推动产业对接。 招商证券指出，科创综指相关行业在5月表现分化，其中软件开发等科技领域亏损企业占比较高，行业 集中度与总资产周转率处于低位，显示产能出清压力较大。从景气度看，信息技术领域集成电路出口金 额同比增幅扩大，但LCD出货量增速放缓；结合盈利预测，6月科创领域企业盈利改善或集中在TMT制 造业等板块。此外，谷歌AI生态升级推动技术迭代，AI视频生成工具Veo 3、图像工具Imagen 4等创新 产品落地，或对科创产业链形成催化。行业配置需关注外部关税不确定性，围绕自 ...