20230705-中国银河-战略投资股票池月度动态—2023年6月_12页_1mb

报告摘要

Economic outlook stabilizing with PMI improvements in June, indicating a potential Q3 policy support focus.
Markets showed mixed performance in June, with A-shares slightly down and US stocks rising; home appliances, telecom, and auto sectors outperformed.
Investor attention shifted from domestic policy expectations to overseas factors, with July-August emphasizing earnings-driven investment.
Configuration recommendations: Target AI and national key asset themes for continued upside; explore sectors like pharma and food and beverage for untapped earnings improvements.

Manufacturing and non-manufacturing PMI improved, signaling economic stabilization but lingering demand weaknesses.
Non-manufacturing sector growth slowed, with real estate pulling down non-tech services; policy direction needed for high-quality development.
PPI nears a bottom, but inventory cycles suggest a potential shift from active to passive inventory reduction as demand stabilizes.

June A-share indices were mixed: Shanghai Composite rose slightly, Shenzhen Component and创业板 surged.
Global performance favored US stocks, with strong gains in major indices like S&P 500 and Nasdaq.
Sector-wise, home appliances and telecom excelled, while health care, transport, and consumer staples lagged.

Prioritize themes with strong narratives: Artificial Intelligence (AI) and national key assets (中特估) remain central, with valuation opportunities post-adjustments.
Suggest bottom-fishing in sectors like pharma and food and beverage, which show improving fundamentals but undervalued potential.
Strategy: Focus on earnings-driven stocks in Q3-Q4 for better risk-adjusted returns.

High sensitivity to unexpected policy changes or economic downturns in target sectors.
Market volatility could persist due to ongoing uncertainties in demand and international relations.

Strategic stock pool delivered robust returns in June, outperforming benchmarks with a focus on high-growth areas.
Key holdings include tech leaders (e.g., Tencent, AMZN) and cyclical stocks, with ongoing performance monitoring required.

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