博时市场点评7月14日：两市涨跌不一，成交有所回落

Market Overview - The three major indices in the Shanghai and Shenzhen markets showed mixed performance, with total trading volume dropping below 1.5 trillion yuan [1] - The U.S. has postponed the implementation of reciprocal tariffs from July 9 to August 1, targeting major Asian export economies like Japan and South Korea [1] - The market's reaction to tariff news has weakened, indicating a need for caution regarding unexpected changes that could increase market volatility [1] Policy and Regulatory Updates - The Shanghai Stock Exchange has released new self-regulatory guidelines for the Sci-Tech Innovation Board, enhancing the inclusivity of unprofitable tech companies and shortening the financing path for quality enterprises [2] - The new rules maintain the asset and experience thresholds for individual investors while requiring them to sign risk disclosure agreements for trading newly registered companies [2] - The Ministry of Finance has issued a notice to guide insurance funds towards long-term stable investments, establishing a three-year performance evaluation mechanism starting in 2025 [2][3] Trade Performance - In the first half of the year, China's total goods trade reached 21.79 trillion yuan, a year-on-year increase of 2.9%, with exports at 13 trillion yuan (up 7.2%) and imports at 8.79 trillion yuan (down 2.7%) [3] - All trade metrics showed positive year-on-year growth in June, indicating resilience in China's foreign trade despite a complex international environment [3] Market Recap - On July 14, the A-share market saw mixed results, with the Shanghai Composite Index rising by 0.27% to 3519.65 points, while the Shenzhen Component Index fell by 0.11% to 10684.52 points [4] - The market capitalization of various sectors varied, with machinery, utilities, and comprehensive sectors leading gains, while real estate, media, and non-bank financials faced declines [4] Capital Flow - The market turnover was recorded at 14.81 billion yuan, showing a decrease from the previous trading day [5] - The margin trading balance increased to 1.88 trillion yuan, indicating a rise in leveraged trading activity [5]