20250624-财达证券-每日市场观察_5页_442kb

报告摘要

Market Summary

On Monday, June 24, 2025, the stock market showed a mixed performance with increased trading volume of approximately 1.15 trillion yuan, up about 600 billion yuan from the previous day. The Shanghai Composite led the gains, closing 0.65%, while the Shenzhen Component and ChiNext indices rose by 0.43% and 0.39% respectively. Sectors such as computer, defense, coal, and banking saw significant gains, whereas food and beverage, white goods, and steel experienced minor declines.

US military action in the Middle East had a brief but limited effect on A-shares markets. The market trend flipped in the afternoon after initial weakness, with bank stocks driving much of the rally due to their steady performance amid a shrinking interest rate spread, which is seen as a passive choice by market funds. Overall market activity remains moderate, with most funds focusing on thematic areas like digital finance and defense, two sectors influenced by ongoing geopolitical tensions.

In terms of fund flows, main funds flowed into software, semiconductor, and battery sectors, while draining out of white liquor, white appliances, and power industries. Key news included fiscal data showing slight improvement in budget revenue growth, a Shanghai interest rate policy meeting focusing on market stability through tax adjustments, and a national security comment emphasizing technological independence. Industry highlights featured breakthroughs in high-thermal-conductivity graphite films for electronics, housing policy changes in Hangzhou to ease first-home purchases, and growth in the PC display market.

Bond ETFs recorded substantial growth, with two funds exceeding 500 billion yuan in scale, and discussions on tax reforms to support family offices in Hong Kong. The market outlook emphasizes monitoring defense and tech themes amid continued geopolitical and policy influences, with a cautious tone due to lingering economic pressures.