China Business Daily (Reporter Ma Wenbo) On June 9, the three major A-share indexes opened high and closed high. As of the close, the Shanghai Composite Index rose 0.43% to close at 3399.77 points, once reached 3400 points during the session, the Shenzhen Component Index rose 0.65%, the ChiNext Index rose 1.07%, and the Beijing Stock Exchange 50 Index rose 1.08%. The total market transaction volume was 1312.6 billion yuan, an increase of 135.5 billion yuan from the previous day. More than 4,100 stocks in the entire market rose.
In terms of sector themes, innovative drugs, football concepts, controlled nuclear fusion, and Internet finance sectors have the highest gains, while precious metals and liquor sectors have the highest declines.
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Today, on the market, innovative drugs set off a wave of daily limits, driving pharmaceutical stocks to strengthen overall, and sectors such as CRO concept, weight loss drugs, and Alzheimer's concept all rose.
On the news, at the medical event "2025 American Society of Clinical Oncology (ASCO)" that just ended not long ago, there were 73 studies in my country who selected oral reports, including 11 major research abstracts (LBA).
CICC said that the American Society of Clinical Oncology (ASCO) annual meeting is the largest, most academic and most authoritative clinical oncology conference in the world. In recent years, with the continuous advancement of domestic enterprise innovation pipelines, the proportion of domestic innovative drug data on ASCO and the proportion of oral reporting of oral reports has continued to increase. Chinese pharmaceutical companies continue to make efforts, their innovation continues to improve, and they continue to be optimistic about the technology-driven cycle of the innovative pharmaceutical industry.
Dongwu Securities Research Report believes that 2025 will become the first year of explosive growth in China's innovative drug industry. Three core factors drive the industry into an upward cycle of at least three years: First, the heavy BD transactions of innovative drugs continue to be implemented, and the down payments have repeatedly hit new highs; Second, leading companies will turn losses into losses in 2025, and the turning point of industry profits appears; Third, the domestic innovative drug policy environment continues to be optimized. The bank estimates that the scale of China's innovative drug market will exceed 2 trillion yuan in 2030, with an annual compound growth rate of 24.1%.
Galaxy Securities stated that the pharmaceutical sector has undergone a long period of adjustment, the overall valuation is at a low level, and public holdings are underweight. In 2025, under the background of supporting and guiding the development of commercial insurance, the payment side is expected to improve marginally, and innovative drugs and equipment are expected to benefit. The pharmaceutical market will usher in a continuous recovery, and structural opportunities still exist.
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Institutions look at the future market
In June, how do institutions view the future trends of China's capital market and A-shares?
HSBC Global Private Banking and Wealth Management China Chief Investment Director Kuangzheng believes that in the past few months, the Asian market has performed well overall with its stable structural growth and diversified local opportunities. In Asia, HSBC is optimistic about markets such as China, India and Singapore that show economic resilience. "China and other regions in Asia have concentrated technical capabilities in professional manufacturing and are not easily replaced. The resilience and structural growth opportunities of China's economy are still obvious," said Kuang Zheng.
CITIC Securities believes that it will go through a transition phase of 3-4 months before the key entry point of the index bull market that may arrive from the end of the third quarter to the fourth quarter of this year. From the market perspective, A-share small and micro markets and themes are generally at high levels, and may fluctuate after the ultimate interpretation from April to May.
Galaxy Securities believes that it is currently in the performance window period of A-share listed companies, and pays attention to the impact of policy implementation rhythm and marginal changes in the external environment. We should pay attention to three main line allocation opportunities: First, assets with a high safety margin. The low valuation and high dividend characteristics are in line with the needs of medium- and long-term capital allocation, and have both safety margins and return certainty under external uncertainty and low interest rate environment. Second, technology will still be the main line of medium- and long-term allocation. In the short term, a series of conferences are about to be held, which is expected to drive the market rebound, but in the environment of rapid rotation of the main line of the market, it is recommended to pay attention to sub-sectors with lower valuations. Third, the large consumer sector boosted by policies. The old-for-new policy has shown results, and the new consumption potential continues to be released under the reconstruction of consumption behavior and the deep empowerment of technology.
(Note: The picture is from Tonghuashun, and this article does not constitute any investment advice)
