As June's trading sessions approach, the market looks ahead with cautious optimism. The weekend brought several notable developments and fresh analysis from major brokerages.
Key Weekend Events 1. Executive Share Sales at Zhejiang Sanhua Intelligent Controls Co.,Ltd. Draw Attention Zhejiang Sanhua Intelligent Controls Co.,Ltd., a prominent A-share company in the "embodied intelligence" sector, was in the spotlight over the weekend. The company announced that Chairman Zhang Yabo and five other senior executives collectively disclosed plans to reduce their shareholdings. Chairman Zhang cited personal financial arrangements as the reason, a common explanation. Several other executives stated that the proceeds from the sales would primarily be used for their children's education and daily living expenses, a response that garnered significant market attention. The five individuals have now completed their sales. Chairman Zhang Yabo sold 9.756 million shares at an average price of 43.1 yuan per share, realizing approximately 420 million yuan. The other executives collectively sold 343,300 shares, totaling proceeds of about 14.8 million yuan. It is noteworthy that among these executives, President Wang Dazhong's 2025 compensation reached 4.4371 million yuan, exceeding Chairman Zhang Yabo's 3.4454 million yuan. The annual salaries of Ni Xiaoming, Yu Yingkui, and Hu Kaicheng were 2.7545 million yuan, 2.0417 million yuan, and 1.7903 million yuan, respectively.
2. Ding Xiangqun Appointed Party Secretary of National Financial Regulatory Administration According to the National Financial Regulatory Administration website, on the afternoon of May 29, 2026, relevant officials from the Central Organization Department attended a leadership meeting and announced the central decision: Comrade Ding Xiangqun has been appointed Party Secretary of the National Financial Regulatory Administration.
3. Four Departments Issue Guidelines to Deepen Digital Application and AI Literacy Recently, the Cyberspace Administration of China, the Ministry of Education, the Ministry of Industry and Information Technology, and the Ministry of Human Resources and Social Security jointly issued the "Key Tasks for Enhancing National Digital Literacy and Skills in 2026," outlining 15 key tasks across six areas. These include deepening the construction of digital application scenarios to improve digital life quality, work capabilities, and innovation vitality. It also focuses on enhancing public artificial intelligence literacy by strengthening AI-enabled education, accelerating AI talent cultivation, and deepening the popularization and application of AI.
4. Nation's First Green Computing Full-Stack AI Platform Launches The nation's first green computing full-stack AI platform, the Inner Mongolia Token Trading Platform, commenced operations on the 30th in the Hohhot area of the Inner Mongolia Pilot Free Trade Zone. This platform aims to fill the gap in regional computing power model token trading and comprehensive services. Lyu Haidong, General Manager of the co-builder Inner Mongolia Computing Network Technology Co., Ltd., stated that the platform aggregates functions including token resource pooling and management, token supply-demand matching and transaction facilitation, token scheduling and delivery, and industrial services and ecosystem empowerment.
5. Multiple A-Share Index Adjustments Announced, Boosting "Tech Content" On May 29, the regular adjustment plans for a series of A-share indices were announced, effective after market close on June 12. This marks the mid-year regular rebalancing. Among the changes, the CSI 300 Index will replace 19 constituents, adding companies like Huagong Tech and Jiangbolong. The CSI 500 Index will replace 50 constituents, adding companies like Yuanjie Technology and Demingli. The CSI 1000 Index will replace 100 constituents, adding companies like Jiguang Technology and Tengjing Technology. The CSI A50 Index will replace 5 constituents, adding companies like Sungrow Power Supply and China State Shipbuilding. The CSI A100 Index will replace 9 constituents, adding companies like New Easun and Shaanxi Coal Industry. The CSI A500 Index will replace 34 constituents, adding companies like Jiangbolong and Biwin Storage.
6. AI "Power Duo" May Converge on A-Shares? MiniMax Starts Listing Tutoring for STAR Market Following their respective listings earlier this year, the "AI power duo" may soon meet on the A-share market. According to the CSRC website, MiniMax officially commenced its listing tutoring process on May 29, 2026, with CITIC Securities acting as the tutoring institution.
7. U.S. Defense Secretary: Negotiations with Iran Continue, Military Option Remains According to reports, on May 30 local time, U.S. Secretary of Defense Hagerseith stated at the Shangri-La Dialogue in Singapore that the U.S. aims to reach an agreement through negotiations with Iran. However, if talks fail, the U.S. is prepared to resume military strikes. The previous day, U.S. President Trump held a meeting on the Iran situation in the White House Situation Room but did not make a "final decision" regarding any agreement. In February, the U.S. and Israel jointly launched attacks on Iran. Subsequently, the U.S. blockaded Iranian ports, and Iran imposed special controls on navigation in the Strait of Hormuz. The conflict has resulted in significant casualties and contributed to rising global energy prices.
Latest Analysis from Top Ten Brokerages 1. CITIC Securities: From Building AI to Adapting to AI Looking ahead to the second half of the year, the firm maintains three core frameworks: viewing China from a global perspective, using K-shaped thinking to replace bull-bear thinking for the market, and shifting focus from "building AI" to "adapting to AI" regarding technology. Their allocation strategy revolves around a new barbell structure of "AI + Energy/Chemicals." For A-share corporate profits, beyond industry factors, the two most significant influences are the trend of continued RMB appreciation and the CPI-PPI gap during inflationary recovery—one affecting profit realization from external demand, the other affecting the smoothness of domestic price transmission. Regarding market liquidity, the AI era makes broader public participation in capital markets an inevitable trend. However, the costs of missing out and making mistakes are rising, leading to the simultaneous existence and growth of both aggressive and conservative capital, suggesting the barbell structure will persist. From an allocation perspective, Agentic AI driving demand and Middle East supply chain disruptions suppressing supply are the two most critical areas creating unexpected supply-demand gaps and profit realization this year. "AI + Energy/Chemicals" forms the new barbell structure for 2026, similar to "AI + Dividends" in 2023-2024 and "AI + Resources" in 2025. From a longer-term view, investment opportunities related to "building AI," such as native AI and "shovel sellers," are already well-recognized. "Adapting to AI" presents a challenge for broader economic and market participants and will gradually become the main theme and source of opportunity in the next phase. The core of adaptation lies in continuously solidifying and amplifying intrinsic comparative advantages.
2. China Securities Co., Ltd. Strategy: Capital Relay, Consolidation Before Rise Volatility in the AI sector intensified significantly this week, but the medium-to-long-term industrial景气 foundation remains intact for now. The short-term market is at a critical juncture for capital relay. The后市 may replicate an "M-shaped"震荡 upward path, with指数 resuming its upward trend after completing筹码 exchange through a process of "floating筹码清洗 → new capital接力." Macro-wise, the U.S.-Iran memorandum is nearing completion, international oil prices fell to around $90 this week, easing inflation concerns and potentially boosting global demand. Overall, the firm maintains the "景气为纲" investment approach from its mid-year outlook, focusing on the dual themes of "Computing Power Bull + Recovery Bull." Key sectors include AI (semiconductors, optical communication, electronic cloth, servers, etc.), non-ferrous metals (industrial metals like copper and aluminum), and new energy (lithium/sodium batteries, wind, nuclear, power grids).
3. Sinolink Securities Strategy: June, The Verification Month In the current market rally driven by AI capital expenditure, changes at the分子端 are the core factor determining market shifts. In June, the market will await a verification moment amidst震荡. If the Strait of Hormuz reopens, the market is more likely to return to HALO trading. If tail risks materialize, even current high-景气 sectors may not remain immune. Recommendations are as follows: First, focus on two lines: the扩散 of macro recovery and AI investment into traditional economic sectors and price transmission—industrial metals (copper, aluminum, lithium), chemicals (AI upstream materials, refining, etc.), and beneficiaries of energy restocking and other大宗品 safety inventory cycles (tanker, dry bulk). Second,关注 energy price中枢上移 (oil, coal, lithium batteries, wind/solar). Third, sectors where capacity cycles have bottomed and are poised for high elasticity with subsequent global industrial demand recovery: commercial vehicles, power grid equipment, textile manufacturing, electronic chemicals.
4. China Merchants Securities Strategy:景气 Strengthens,震荡 Upward The current A-share market has entered a profit-driven upward phase. June is expected to see指数呈现 "震荡上行、高点抬升" pattern. Externally, falling oil prices from highs alleviate imported inflation. If uncertainty around Fed policy subsides, market focus will return to the domestic profit主线. AI has become a variable with dual attributes of industrial growth and volatility amplification. Its景气 has not yet peaked, but high trading concentration and large IPOs will加剧 market波动. Therefore, the June market will still验证景气 logic, with超额收益 coming from业绩, supply-demand, and涨价 chains. Allocations should focus on resource products, the AI computing power chain, and export manufacturing—directions with stronger earnings certainty.
5. Soochow Securities Strategy: Will Market Style Shift? A turn in the liquidity cycle does not directly terminate产业趋势行情. However, the emergence of a liquidity拐点 is an important prelude to a market style shift. Supported by a strong产业趋势, the previous market主线 will not experience a one-sided rapid correction but will more likely form a complex top structure through反复震荡 and multiple rounds of博弈. The current market may be in the early stages of a style shift, making a smooth, unilateral uptrend in the tech sector difficult to sustain. Against a backdrop of marginally tightening liquidity, overall sector volatility will放大,轮动 will加快, and the difficulty of obtaining超额收益 will increase significantly. It must be clarified, however, that the high-景气 AI产业趋势 has not ended. Subsequently, the tech track will remain the主线, with行情 gradually entering a phase of缩圈交易 and focusing on core品种. Market capital will gradually abandon纯题材炒作标的 and集中布局 core品种 with real业绩兑现 and clear high-景气 expectations. Structural行情 will continue.
6. BOC International Strategy: Style Rebalancing Amid High-Level Volatility The market experienced持续高位波动 this week. Structurally, the previously strong tech赛道 continued to face profit-taking pressure, with capital engaging in some rebalancing between high-position, crowded sectors and low-position,确定性 sectors. Drivers include: On one hand, persistently high oil prices and近期明显升温 overseas liquidity tightening expectations, coupled with the formal接任 of new Fed Chair Warsh, have升温 market expectations for a more hawkish U.S. monetary policy. Currently, expectations for a Fed rate hike within 2026 have begun to明显升温. The双重夹击 of high oil prices and high interest rates has substantially compressed the room for easing in the global liquidity environment. On the产业层面, expectations for summer peak electricity demand catalyzed the power sector, while coal supply contraction pushed prices持续抬升. During this window of加剧震荡 and淡基本面 signals, capital assigned higher pricing权重 to the确定性 of dividend returns and the安全边际 of relatively low positions.
7. Shenwan Hongyuan Strategy: Gathering Strength for Another Breakthrough Conditions for another market突破: 1. Further strengthening of new economy产业趋势. 2. Broader基本面验证, with the new economy gathering strength and other directions接力. 3. Reinforced positive循环 of增量资金. The firm continues to emphasize that in a major波段上涨行情, it's okay to wait. Over time, the conditions for another market突破 will improve.
8. Huaan Securities Strategy: AI Leads, Continuing Upward The market's main矛盾 currently lies with overseas Fed actions and the AI产业 narrative. The firm判断 the probability of the Fed starting QT at its June meeting is low, the AI产业 trend remains unchanged with不断热点, and the probability of positive U.S.-Iran谈判 is提升. Although domestic economic conditions, policy, and liquidity do not provide significant support, they are also not forming a drag and are not the main矛盾 in current market trading. Therefore, overall, based on a偏乐观判断 on overseas factors, the firm believes the June market有望继续向上. For allocation, the AI产业链 remains the首选. On one hand, continue to集中 on the AI产业链, especially upstream/midstream computing power and supporting equipment—中期涨势 is certain, with electronics facing short-term降温 pressure and communications有望接力. On the other hand, high-α景气领域 like the energy storage chain, machinery equipment, memory, and semiconductor equipment are also key opportunities.
9. Industrial Securities Strategy: AI Penetration Rate as Key Gauge for Market "Positioning" Penetration rate, a core indicator for judging an industry's lifecycle, also helps gauge the rhythm, position, and potential of an industry行情. The stage of fastest penetration rate increase often coincides with the steepest行情 slope and greatest market imagination space. Once penetration nears saturation and its growth slope趋势性 slows, it signifies the industry has passed its fastest development phase and entered maturity, with行情 potentially entering a top area. Comparing current AI penetration rates with internet penetration during the dot-com era and penetration rates of past A-share主lines, the conclusion is that within the context of this major cycle, AI penetration提升 is still midway, not yet past the stage of fastest slope increase. Furthermore, compared to历轮 A-share主lines, current AI penetration still has room for提升.
10. Huaxi Securities Strategy: Has A-Shares' Style Shifted Direction? Returning to Balanced Allocation Since mid-May, A-shares have entered a震荡整固 phase. On one hand, the current财报真空期 has increased investor focus on macro factors like U.S.-Iran谈判 progress and密集 central bank meetings; June may become a key window for资本市场 pricing海外流动性. On the other hand, the global AI-led tech mega-trend remains unchanged, but internal style分歧 has显著抬升.近期 A-shares have shown signs of边际收敛 in styles through高低切换 and板块轮动. Overall, the current market exhibits characteristics of "bottom有支撑, top知敬畏." Bottom support stems from stable domestic fundamentals, global产业趋势, and policy端稳预期. Top敬畏 is reflected in获利盘兑现意愿增强 after the ChiNext and STAR 50 indices hit record highs, coupled with external liquidity tightening expectations and geopolitical risks. The market's极致分化 structure is阶段性地收敛, which can be addressed through适度均衡配置.
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