Special topicPokergarrettPolicy and reform are expected to continue to increase the A-share stage adjustment will not hinder the continuation of the repair market
May 27 news, the index continued to differentiate in early trading, Prev red market concussion, Chuang Index, Shenzhen Index weak adjustment. In terms of the plate, the e-commerce plate was strong in early trading, with the new Schindler and Kaichun shares trading on the 20cm limit.Pokergarrett; electric power, DC transmission plate higher, Hengshi technology, Zhong Zhong science and technology 20cm limit, Guonan Dianzi, Xinzhonggang and other trading limit; shipping plate collective strength, Phoenix shipping trading limit. In terms of decline, BC battery concept stocks continued to adjust, Zhengye Technology fell more than 10%; copper cable high-speed connection concept shock lower, Huafeng Technology led the decline; the consumer electronics plate weakened, Litong Electronics fell by the limit. Overall, individual stocks showed a general downward trend, falling more than 3900 stocks.
By lunchtime close, Prev was at 3100.Pokergarrett.22:00, up 0.Pokergarrett.37%; Shenzhen Index reported 9399.04 points, down 0.27%; Chuangxin Index reported 1806.72 points, down 0.65%.
On the disk, Internet e-commerce, virtual power plants, logistics plate led the rise, BC battery, copper cable high-speed connection, genetically modified plate led the decline.
Hotspot plate:
1. Shipping
Huaguang Yuanhai, Phoenix Shipping, COSCO Marine Control, Air China Ocean and other shares are active.
On the news, from May 18 to May 24, the Ningbo Export Container Freight Index (NCFI) of the Maritime Silk Road Index released by Ningbo Shipping Exchange closed at 2187.5 points, up 7.4 per cent. Prior to this, Dafei, Maersk price increase letter issued in June, Dafei June 1 shipping date after the FAK quotation rose to 3200 Master6000 (up 500Uniq1000 compared with the previous period).
2. Flexible DC transmission
Baofan Electric, Shenma Electric, Sifang shares, Xu Ji Electric and other shares strengthened.
On the news, Zhang Zhigang, chairman and secretary of the party group of State Grid Co., Ltd., held talks with Meng Zhenping, chairman and secretary of the party group of China Southern Power Grid Co., Ltd., in Guangzhou on May 24. Zhang Zhigang said that the two sides will actively promote the construction of HVDC transmission projects across operating areas and further deepen cooperation around speeding up the construction of a new power system.
Message side:
1. [Sichuan: has supported leading enterprises to take the lead in setting up seven innovative consortiums such as green hydrogen, vanadium titanium, humanoid robot] Huang Qiang, deputy secretary of the Sichuan Provincial CPC Committee and governor, said at the news conference of the State Information Office today that at present, leading enterprises have been supported to take the lead in setting up seven innovative consortia, including green hydrogen, vanadium titanium, and humanoid robots, breaking through a number of key core technologies and developing a number of important products.
2. [the registered capital of the third phase of the National large Fund is 344 billion] according to App, recently, the third phase of the National Integrated Circuit Industry Investment Fund Co., Ltd. was established, the legal representative is Zhang Xin, the registered capital is 344 billion yuan, the business scope is private equity fund management, venture capital fund management services, private equity funds engaged in equity investment, investment management, asset management and other activities. Business management consulting. According to shareholder information, the company is jointly owned by 19 shareholders, including the Ministry of Finance, Guokai Financial Co., Ltd., Shanghai Guosheng (Group) Co., Ltd., Industrial and Commercial Bank of China Co., Ltd., China Construction Bank Co., Ltd., Agricultural Bank of China Co., Ltd., Bank of China Co., Ltd.
3. [China Consumer Association: the relevant laws, regulations and standards of live e-commerce need to be improved] the China Consumer Association today released the Annual report on the Protection of consumers' Rights and interests in China (2023). The annual report points out that there are still six outstanding problems in the protection of consumers' rights and interests in China. First, the relevant legislation on consumer credit in the financial field lags behind, and consumers' basic rights and interests, such as the right to know, privacy, cancellation and early repayment, need to be better protected by the rule of law. Second, the supply of consumer rights and interests protection system in new consumption areas such as digital consumption is still insufficient. It is necessary to speed up the construction of the legal system in the areas of smart terminals, smart homes, self-driving, digital human services, generative artificial intelligence services, meta-universe virtual scenes, blind box management and other areas. Third, new food production and management models such as prepared vegetables need to be standardized, and consumers are worried about the problems such as stale ingredients, insufficient taste reduction, serious product homogenization, low brand, imperfect standards and so on. Fourth, there are many "overlord clauses" in medical beauty contracts, marketing "routines" consumers, "black institutions, black doctors" lead to "beauty" into "disfiguring" and other problems, which need to be regulated regularly. Fifth, under the digital background, the means of electric fraud are constantly renovated, and AI portraits of "accurate fraud" and small frauds make it difficult for consumers to guard against, so it is urgent to strengthen the management of the whole chain and effectively enhance consumers' awareness and ability to prevent fraud. Sixth, live e-commerce, new network marketing and other relevant laws and regulations and standards need to be improved, some platform data fraud, vulgar "carrying goods", induction of private transactions and other problems need to be strengthened.
4. [Shenzhen: promoting the trade-in of automobiles, home appliances and communication equipment in 2024 accounts for more than 24%] Shenzhen Municipal Bureau of Commerce issued the Shenzhen Action Plan for promoting the Trade-in of Consumer goods, which aims to promote the growth of total retail sales of consumer goods by more than 7% in 2024, and strive to increase the retail sales of cars above the quota by more than 10 billion yuan in the whole year, and more than 30 new automobile sales enterprises have been put into storage. Promoting the trade-in of automobiles, home appliances and communication equipment accounted for more than 24%. Specific measures mentioned to expand the consumption of new energy vehicles. Abolish the social security restrictions on the increment index of new energy cars for non-deep household registration personnel. Relax the condition limit that only one car registered in Shenzhen can apply for the increment index of hybrid electric car. We will continue and optimize the policy of tax relief for the purchase of new energy vehicles.
Institutional viewpoint:
Citic Construction Investment Strategy Research team released a research report said that after the landing of the real estate policy, we suggest that the tactical short-term end, the market adjustment as scheduled this week. In the near future, the Fed's interest rate cut expectations continued to move backward, exchange rate pressure increased, China issued special treasury bonds, but the previous market interest rate cut expectations did not materialize, and the net investment did not appear. A-share reduction of new rules on the ground, while the recent IPO audit restart, broad-based ETF showed outflow, micro-liquidity marginal contraction. The export boom is still there, and the repair of domestic demand remains to be seen. We believe that strategically we can still be optimistic about A-shares, tactically short-term defense-oriented, waiting patiently. The configuration is still configured with a dividend bottom position, while focusing on industries with independent fundamental logic.
The CICC research report believes that combined with the current market environment, the implementation of stable growth policies may be the key to subsequent market direction choices. Subsequent policies and reforms at the economic level in my country are expected to continue to increase, and drive investors 'expectations to continue to repair. The recent phased adjustment of the A-share market does not mean that the repair market since February is over. After adjustment, the main index is expected to regain its momentum. Although the current market valuation has been repaired, the forward P/E ratio of the Shanghai and Shenzhen 300 Index is only 10.5 times, which is still far from the historical average (the average in the past ten years is about 12.6 times), and the marginal repair of profit expectations after the first quarter also contributes to the performance of the market outlook index. In terms of allocation, there are still opportunities for allocation in export chain industries and globally priced resource products against the background of better external demand; some price-increasing sectors such as utilities have attracted increased market attention; green sectors such as new energy focus on recent marginal changes in industrial policies, which will help reverse investor expectations.
