Market Overview - The market has shown signs of recovery, with the Shanghai Composite Index rebounding above 3900 points, closing at 3912.21, up 1.22% [2][4][6] - The Shenzhen Component Index and the ChiNext Index also experienced significant gains, with increases of 1.73% and 2.36% respectively [2][4] Sector Performance - The top-performing sectors included Electric Equipment (up 2.72%), Automotive (up 2.37%), Electronics (up 2.29%), Pharmaceutical and Biological (up 2.08%), and Retail (up 1.92%) [3][4] - Conversely, the sectors that underperformed were Steel (down 0.21%), Oil and Petrochemicals (down 0.14%), Agriculture, Forestry, Animal Husbandry, and Fishery (up 0.01%), Real Estate (up 0.11%), and National Defense and Military Industry (up 0.20%) [3][4] Concept Index Performance - The leading concept indices included Tonghuashun Fruit Index (up 3.40%), Cell Immunotherapy (up 3.18%), PEEK Materials (up 3.06%), High Voltage Fast Charging (up 2.72%), and Xiaomi Automotive (up 2.68%) [3][4] - The lagging concept indices were Military Restructuring Concept (down 1.88%), Transgenic (down 1.07%), Shenzhen State-Owned Enterprise Reform (down 0.78%), Lithography Machine (down 0.73%), and Corn (down 0.54%) [3][4] Economic Outlook - The report highlights the need for continued efforts to expand domestic demand and strengthen the domestic circulation, as emphasized by the Premier during a recent economic forum [5] - The International Monetary Fund (IMF) has slightly raised its global economic growth forecast for 2025, citing lower-than-expected impacts from tariffs and financial conditions, but warns of potential trade friction risks [5] - Domestic economic indicators show a slight decline in consumer prices and a narrowing decrease in producer prices, indicating a mixed economic environment [5][6] Investment Opportunities - The report suggests that in the context of intensified Sino-U.S. technological competition, sectors benefiting from domestic innovation, such as the domestic chip industry and operating systems, are worth monitoring [6]

Core Viewpoint - The A-share market experienced a rebound on June 3, with broad-based gains across indices, indicating a positive market response to domestic demand and policy support despite external trade tensions [2][7]. Market Dynamics - The market is characterized by "domestic demand-driven and policy-supported" dynamics, with financials, pharmaceuticals, and new consumption sectors attracting significant capital [2][10]. - Recent developments in U.S. tariff issues have heightened market risk aversion, leading to a surge in gold prices and declines in Hong Kong stocks, but the A-share market showed resilience by recovering losses [2][3]. Sector Performance - The consumer sector, particularly in beauty care, maternal and infant care, and pet products, has become a safe haven for funds due to policy support and consumption recovery [3][9]. - The banking sector is favored for its "high dividend and low volatility" characteristics, with several banks reaching historical highs amid increased institutional investment [7][10]. - The precious metals sector is gaining traction as a hedge against geopolitical conflicts and U.S. debt risks, becoming a core tool for mitigating uncertainty [3][9]. Structural Trends - The innovation drug sector is witnessing a fundamental reversal, driven by significant advancements showcased at international conferences, boosting industry confidence [4][9]. - Conversely, sectors like home appliances and steel are experiencing declines due to tariff impacts and reduced earnings certainty, reflecting a market strategy of "avoiding external demand and protecting internal demand" [5][10]. Outlook - Looking ahead to June, the marginal impact of tariff issues is expected to weaken, with domestic policies and industry fundamentals remaining focal points [6]. - In the absence of major catalysts, broad indices are likely to maintain a sideways trend, with structural opportunities emerging in new consumption, defensive sectors, and performance reversals in pharmaceuticals and beauty care [6][9].

Core Viewpoint - The cell immunotherapy sector has shown significant growth, with a 3.87% increase, ranking second among concept sectors, driven by strong performances from several stocks [1][2]. Group 1: Sector Performance - As of June 3, the cell immunotherapy concept saw 51 stocks rise, with notable gainers including Shutaishen and Guanhao Biological, both reaching a 20% limit up [1]. - Other top performers in the sector included Hainan Haiyao, Rui Zhi Pharmaceutical, and Zuo Li Pharmaceutical, with increases of 9.97%, 13.15%, and 10.66% respectively [1][2]. - Conversely, stocks like Xue Rong Biological, *ST Biological, and Fosun Pharmaceutical experienced declines of 1.76%, 1.14%, and 0.39% respectively [1]. Group 2: Capital Flow - The cell immunotherapy sector attracted a net inflow of 269 million yuan, with 34 stocks receiving significant capital inflows [2]. - Leading the net inflow was Huahai Pharmaceutical, which saw 266 million yuan enter, followed by Guanhao Biological and Hainan Haiyao with inflows of 159 million yuan and 64.85 million yuan respectively [2][3]. - The highest net inflow ratios were recorded for ST Zhongzhu, Hainan Haiyao, and Huahai Pharmaceutical, at 15.16%, 13.79%, and 12.53% respectively [3]. Group 3: Stock Specifics - Huahai Pharmaceutical had a daily increase of 7.63% with a turnover rate of 7.71% and a net capital flow of 266.08 million yuan [3]. - Guanhao Biological surged by 19.97% with a turnover rate of 28.68% and a net capital flow of 159.24 million yuan [3]. - Hainan Haiyao also performed well, increasing by 9.97% with a turnover rate of 6.18% and a net capital flow of 64.85 million yuan [3].