CSI 300 rose by 1.95%
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This week, the A-share market continued its “attempted rebound” pattern, with major indices collectively closing in positive territory and trading volume increasing further compared to last week. The SSE Index(000001) increased by 1.91%, standing 4.56% above its 200-day moving average and maintaining a position 27.31% above its yearly low. The CSI 300(000300) gained 1.95%, still lagging 11.88% behind its yearly high, indicating that although heavyweight blue-chip stocks have support, they haven’t yet formed breakthrough momentum. The Shenzhen Index(399001) and ChiNext(399006) rose by 3.73% and 5.69% respectively, with mid-cap and growth styles clearly taking the lead; particularly, the ChiNext Index has improved its technical structure continuously, now 5.44% above its 50-day moving average. In Hong Kong, the Hang Seng Index(HSI) climbed 3.2% this week, up 13.68% relative to its 200-day moving average, showing a sustained trend of capital inflows.
Overseas markets maintained a robust performance. The Nasdaq Composite(0NDQC) was up 3.7% this week, while the S & P 500 Index(0S&P5) increased by 2.9%, keeping the overall market in a strong trend. On the macroeconomic front, initial jobless claims in the U.S. were reported at 236,000, continuously below expectations, reflecting the resilience of the labor market. However, EIA crude oil inventories fell sharply to -5.836 million barrels; despite the decline being narrower than the previous value, it still indicates some support for oil demand.
On the policy front, divisions within the Federal Reserve intensified, with an expanding “wait-and-see” camp, and some officials issued warnings about the delayed effects of tariffs. Although the market still expects a possibility of interest rate cuts within the year, the likelihood of a cut in July has been continually revised downwards. As a result, the dollar experienced strong fluctuations, and the global risk appetite structure underwent adjustments.
Geopolitically, the IMF’s president expressed concern over the potential global systemic risks posed by the U.S. attack on Iran, emphasizing that impacts could extend beyond the energy sector. Should tensions in the Middle East escalate again, it could affect global commodity prices and inflation expectations, creating volatility factors for global stock markets.
On the macro level, domestic policies are releasing benefits intensively. The 14th session of the National Committee of the Chinese People’s Political Consultative Conference focused on “further deepening economic system reform,” emphasizing “promoting modernization with Chinese characteristics” and optimizing resource allocation. The National Development and Reform Commission released statements one after another, pointing out the need to accelerate the construction of a new development pattern and proposing an “AI+” action plan to cultivate and strengthen emerging industries and future industries. Meanwhile, it is promoting a new round of openings in sectors such as telecoms, education, culture, healthcare, and finance, strengthening the foundation for high-quality development. These signals continue to enhance market confidence in the direction of technology and consumption.
Regarding central bank actions, on June 25th, a 300 billion yuan MLF operation was conducted in excess, demonstrating the current policy orientation towards maintaining reasonably ample liquidity. Against the backdrop of gradually easing interest rate hike expectations among major global economies, domestic monetary policy operational space remains relatively flexible, supporting the medium-term performance of A-shares.
In terms of consumer-end policies, a headline article in the Securities Times called for “letting emotional consumption return to relaxation,” synchronously signaling with the first Quality Life Expo, indicating that stabilizing consumer confidence is a key focus for stable growth in the second half of the year. With policy bottoming out coupled with mid-year report expectations, certain consumer sub-sectors are expected to gradually strengthen.
From an industry perspective, Computer Sftwr-Financial(G2821IG.CN) led with a significant gain of 20.85% this week, becoming the strongest performing industry. This sector benefited from continuous policy-level promotion of fintech integration and deeper applications of AI algorithms in financial scenarios, attracting concentrated capital inflows and noticeably raising sector sentiment. Telecom Svcs-Wireless(G4892IG.CN) rose by 12.59%, continuing the previous theme’s heat, with market expectations for operators’ profit structure improvement enhanced under the innovation drive of communication technologies and smart terminals. Finance-Investment Mgmt(G8072IG.CN) saw a weekly increase of 10.48%, reflecting market expectations for mid-year report earnings recovery and growth in asset management business, also boosted by recent improvements in the equity market.
In terms of portfolio performance, TOP33 averaged a gain of 2.78% this week, with 25 stocks rising, broadening the scope of gains. Among them, Victory Git.Tech.Huizhou ‘A'(300476) stood out with a weekly increase of 16.6%. The company specializes in high-density printed circuit boards, widely used in LED, servers, communications, new energy vehicles, etc. As a standard-setting unit in China’s printed circuit board industry, it possesses solid technological strength and has obtained multiple quality and intellectual property certifications. Its O’Neil Score is 68, but both its RS Rating and EPS Rating are 99, indicating strong performance in profitability and stock price momentum. Additionally, currently ranked 119th in its industry, it does not fall into the category of leading industries, but with the short-to-medium term hype around the AI chain, capital enthusiasm has rapidly risen, making it worth continuously observing the rhythm of industry rotation and alignment with fundamentals.
Overall, the current A-share market enjoys triple supports of policy bottoming out, structural improvement, and capital recovery, though the index level hasn’t fully broken through, there are notable structural opportunities, with technology, consumption, and high-dividend areas showing relatively stable performances. It is advised to pay attention to stocks with solid fundamentals, excellent ratings, and upward trending industries, while also being cautious of potential short-term disturbances caused by external disruptions affecting market timing.
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Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. It is for educational purposes only.
published on June 27, 2025