According to a research report released by China Merchants Securities, the A-share market is poised to maintain its third-phase uptrend in June, driven by profitability. First-quarter financial results reveal that the growth rate of non-financial profits has hit a low point and is now rebounding, showcasing a pronounced K-shaped divergence. Specifically, upstream resource products, TMT semiconductors, and certain export-oriented mid-to-high-end manufacturing sectors are exhibiting robust growth momentum. Conversely, the consumer and real estate sectors are still undergoing adjustments.
Externally, the easing of tensions between the U.S. and Iran has led to a decrease in oil prices. Additionally, the market has already factored in the "hawkish expectations" stemming from the Federal Reserve's new chair's inaugural policy meeting. This has eased global liquidity pressures and is not expected to cause any significant disruptions to the market trend.
On the industrial front, the AI sector is shifting from a computing power arms race to a phase of accelerated commercialization. Positive indicators, such as DeepSeek V4's compatibility with domestic computing power and the expansion of capital expenditures by overseas cloud providers into storage and interconnection segments, provide robust support for the AI sector's sustained growth momentum.