As of June 8, 2025, the Shanghai Composite Index closed at 3382.15 points, with three consecutive positive weekly lines, and the average daily turnover of the two markets maintained a high of 1.2 trillion yuan. The current market has two major characteristics:
Policy-driven differentiation: The State Council issued the "Artificial Intelligence + Action Plan" to catalyze the demand for computing power, while the market-oriented reform of electricity accelerates and increases the value of dividend asset allocation
Funding game intensifies: the net inflow of northbound funds in a single week is 48.2 billion yuan (the second highest this year), but the growth rate of financing balance slows to 1.3%, indicating that leveraged funds tend to be cautious
1. Technical signal
Trend indicators
AI server sector: Inspur (603019) monthly MACD red column continued to amplify, and the stock price broke through the upper track of the Bollinger band (closing price on June 8 at 56.8 yuan, deviating from the 20-day moving average by 28%)
Power sector: Yangtze Power (600900) weekly TD sequence showed a "9" count, but the volume did not shrink significantly (weekly turnover rate 4.7% vs industry average 2.1%)
Breakthrough in key positions
Zhongji Xuchuang (300308) broke through the previous historical high of 89.6 yuan, with a cumulative turnover rate from June 5 to 8th.
Luxxx Precision (002475) formed a double bottom structure after retracing the annual line, and the RSI(6) indicator rebounded to the 45 neutral zone
2. News-side catalysis
Technology field
Huawei Ascend AI chips have been purchased by Microsoft Azure (Reuters reported on June 7), Cambrian (688256) supporting software stack has passed compatibility certification
National Big Fund Phase 3 investment of 150 billion yuan was implemented, and Northern Huachuang (002371) has received a batch order for 28nm etching equipment (Announced on June 6)
Traditional industries
Shanghai released a hydrogen energy industry plan (the output value exceeded 200 billion yuan in 2025), and Weichai Power (000338) fuel cell engine production capacity has increased to 50,000 units/year
Coal import tariffs were reduced by 3 percentage points, and China Shenhua (601088) dividend yield was expected to rise to 7.2% (calculated by Shenwan Hongyuan)
III. Movements on the capital side
Changes in institutional positions (as of June 7)
The proportion of the target public holdings, changes in northbound holdings, financing balance growth rate of Inspur 18.7%↑1.2pct+360 million yuan+22% Shanghai Rural Commercial Bank, 9.3%↑0.8pct+120 million yuan+15%
Main capital path
Main capital path
The top 3 net inflows in the computer equipment sector in the past five days: Inspur Information (1.24 billion), Unigroup Co., Ltd. (870 million), ZTE (620 million)
Net financing purchases in the power sector: Huaneng International (310 million), Yangtze Power (280 million)
Conclusion: Configuration suggestions and risk warnings
Key directions
Technological growth: Focus on Zhongji Xuchuang (both increasing optical modules in both volume and price), Zhongwei Company (domestic replacement of etching equipment)
Defense configuration: Yangtze Power (dual drive for dividend yield + installed capacity), China Mobile (growth of cloud computing business exceeds 30%)
Risk warning
Technical: The ChiNext Index shows signs of daily top divergence. If the volume can fall below 800 billion yuan, you need to be wary of a pullback
Policy: The scale of MLF operations on June 15 may affect liquidity expectations
Overtical market: U.S. Treasury yields intensify before the Fed's interest rate meeting on June 12
6.9 hot stocks (for reference only)
1.Boyuan Co., Ltd. 301617 (the bottom of the new stock explodes)
2. Zhongyuan New Materials 603527 (V-shaped reversal, MACD turns red)
3. Wanbond 002082 (Institutional group stocks, trends are increasing continuously)
