川财证券研究所晨报

Market Highlights - The State-owned Assets Supervision and Administration Commission (SASAC) initiated the third batch of central enterprise innovation consortiums on June 14, focusing on strategic emerging industries and future industries, with 24 innovation consortiums planned [4][18] - The Shenzhen Stock Exchange released the revised implementation measures for the Shenzhen-Hong Kong Stock Connect for 2024, adjusting the scale and weight requirements for ETFs [5][18] - The People's Bank of China reported an increase of 11.14 trillion yuan in RMB loans over the first five months, with household loans increasing by 889.1 billion yuan and corporate loans increasing by 9.37 trillion yuan [5][19] Macro Dynamics - In May, the new social financing (社融) increased by 2.06 trillion yuan, which is 508.8 billion yuan more than the previous year, primarily supported by a significant increase in government bonds [2][9] - The M1 money supply decreased by 4.2% year-on-year as of the end of May, indicating a broader trend of reduced liquidity in the market [2][9][31] - The total social financing stock reached 391.93 trillion yuan by the end of May, reflecting an 8.4% year-on-year growth [9] Industry Insights - The solar photovoltaic industry is experiencing price adjustments, with N-type G10L monocrystalline silicon wafers priced at 1.1 yuan per piece, indicating a competitive market environment [45] - The development of virtual power plants is being supported by local government measures, encouraging the mass production of key equipment and the integration of electric vehicles into the grid [45] - The charging pile industry is diversifying its business models, with new products and operational platforms emerging as the penetration rate of electric vehicles increases [22]