万联晨会-20250630

Core Insights - The A-share market showed mixed performance last Friday, with the Shanghai Composite Index down by 0.7%, while the Shenzhen Component Index and the ChiNext Index rose by 0.34% and 0.47% respectively. The total trading volume in the Shanghai and Shenzhen markets reached 15,409.36 billion yuan [1][7] - In terms of industry performance, non-ferrous metals, telecommunications, and textile and apparel sectors led the gains, while banking, public utilities, and food and beverage sectors lagged behind. Concept sectors such as copper cable high-speed connections, metal zinc, and newly listed technology stocks saw significant increases, whereas cross-border payments, combustible ice, and digital currencies experienced declines [1][7] Market News - During the 2025 Listed Companies Forum held in Wenzhou on June 28-29, leaders from the four major exchanges (Shanghai, Shenzhen, Beijing, and Hong Kong) emphasized multi-dimensional reform signals. The Shanghai Stock Exchange's deputy general manager stated that they will solidly promote the "1+6" reform measures and demonstration cases [2][8] - The Hong Kong market will adjust its stock transaction fees starting June 30, increasing from 0.002% to 0.0042% of the transaction amount, while removing the minimum fee of 2 HKD and the maximum fee of 100 HKD. This adjustment is expected to lower transaction costs for small trades and help institutional investors better control costs during large-scale transactions [3][9] Investment Highlights - As of June 25, the A-share market indices generally rose, with the Shanghai Composite Index closing at 3,455.97 points, reflecting a 3.24% increase from the end of May. The Shanghai 50 and CSI 300 indices showed significant gains [10] - Market liquidity has improved, with an increase in the scale of locked-up shares released in June compared to the previous month. The establishment of new equity funds and increased share buybacks by major shareholders contributed to a continued rise in trading volume [10] - Investor confidence has rebounded, with trading activity increasing following the easing of US-China trade tensions. However, geopolitical conflicts and domestic economic data have caused some adjustments in the market [10][12] - The Chinese government is focusing on expanding domestic demand and enhancing internal economic momentum, with the People's Bank of China and other departments issuing guidelines to support consumption growth through financial services [13][12] - The recent announcements from the China Securities Regulatory Commission (CSRC) regarding capital market reforms and support for technology enterprises are expected to boost investor confidence and improve long-term liquidity in the A-share market [13][12]