Economic Indicators - The Consumer Price Index (CPI) increased by 0.1% year-on-year in June, marking a shift from a previous decline of -0.1%[7] - The Core CPI rose to 0.7%, the highest in 14 months[7] - The Producer Price Index (PPI) fell by 3.6% year-on-year, widening from a previous decline of -3.3%[7] Monetary Policy and Market Conditions - The central bank conducted a net withdrawal of 226.5 billion CNY in the open market this week, with a total of 425.7 billion CNY in reverse repos conducted[11] - The liquidity in the market is tightening, with expectations of significant impacts from upcoming tax payments in July[12] - The central bank is expected to maintain a supportive stance towards liquidity, increasing injections as needed[12] Bond Market Analysis - The bond market saw a slight increase in yields, with the 1-year yield rising by 3.41 basis points and the 10-year yield increasing by 2.24 basis points[13] - The expected range for the DR007 is between 1.40% and 1.50%, indicating potential investment opportunities in the bond market[17] Equity Market Performance - Major indices showed positive performance: Shanghai Composite Index up by 1.09%, Shenzhen Component Index up by 1.78%, and ChiNext Index up by 2.36%[5] - Growth sectors outperformed, with real estate, steel, and non-bank financials rising by 6.12%, 4.41%, and 3.96% respectively[5] - Daily trading volume increased to 14,961.49 billion CNY, up by 547.53 billion CNY from the previous week[5] Future Outlook - The market is expected to continue its upward trend, driven by economic transformation and potential catalysts such as clearer "14th Five-Year Plan" guidelines and U.S. interest rate cuts[5] - Key sectors to watch include military and resource industries, which are anticipated to perform well in the third quarter[26]

Core Viewpoint - The A-share market continues to show weakness, with major indices declining and market sentiment remaining cold, as evidenced by a significant drop in the number of rising stocks compared to falling ones [1] Market Performance - The A-share market saw a collective decline in major indices, with the Shanghai Composite Index down 0.79% to 3362.11 points, the Shenzhen Component down 1.21% to 10051.97 points, and the ChiNext Index down 1.36% to 2026.82 points, with a total market turnover of 1.28 trillion yuan [1] - Despite the overall market pressure, certain sectors like military and robotics showed resilience, with military stocks such as Zhongbing Hongjian rising by 3.88% and Changcheng Military by 10.02%, indicating a preference for defensive investments amid geopolitical tensions [2] - The technology sector, particularly the robotics segment, also performed well, with stocks like Aobi Zhongguang and Jing Shan Qingji rising by 3.95% and 5.19% respectively, suggesting a recovery after a prolonged adjustment period [2] Geopolitical Events - The ongoing conflict between Iran and Israel has heightened market tensions, leading to increased interest in energy-related stocks, with indices such as the Energy Equipment and Services Index rising by 1.98% [3] - The Iranian substitute concept stocks, including Jin Niu Chemical and Xinghua Shares, saw gains of over 3%, reflecting investor optimism regarding resource demand amid geopolitical risks [3] Hong Kong Market - The Hong Kong market experienced widespread declines, with the Hang Seng Index dropping 1.99% to 23237.74 points and the Hang Seng Tech Index falling 2.42%, indicating a lack of trading enthusiasm with a turnover of only 112.76 billion HKD, down nearly 40% from the previous day [4] - Major tech stocks such as Tencent, Baidu, and Alibaba all fell over 1%, while the new consumption sector also faced significant declines, with stocks like Pop Mart and Lao Pu Gold dropping over 5% [5] Market Summary - There is a noticeable increase in risk-averse sentiment, leading to a strategy of high cutting and low buying across market sectors [6]

Market Overview - A-share market experienced a "high-low switch" with strong sectors like innovative drugs, controllable nuclear fusion, and digital currency facing adjustments, while previously weak humanoid robot sector rebounded significantly [1][2] - High-position stocks faced significant fluctuations, with companies like Changshan Pharmaceutical and Yong'an Pharmaceutical hitting the daily limit down, contributing to a 1.98% drop in the micro-cap stock index [2] Index Performance - As of the morning close, the Shanghai Composite Index fell by 0.86% to 3359.78, the Shenzhen Component Index decreased by 1.01% to 10072.42, and the ChiNext Index dropped by 1.1% to 2032.19 [3] Innovative Drug Sector - The innovative drug sector saw a pullback, with Changshan Pharmaceutical hitting a 20% daily limit down and other stocks like Hanyu Pharmaceutical also experiencing significant declines [5][6] - Despite the current adjustments, institutions remain optimistic about the innovative drug sector's investment opportunities in the second half of the year, citing supportive policies and improving fundamentals [8] Solid-State Battery Sector - The solid-state battery sector showed strong performance in the morning, with stocks like Haike Xinyuan and others experiencing significant gains [10] - Key factors driving the solid-state battery sector include policy support, breakthroughs in research by leading battery manufacturers, continuous optimization of equipment, and unexpected commercial progress [11][12][13]

先聊个和今天市场没啥关系的事儿哈，上周五，总局印发了《商业银行代销管理办法》，为什么要聊这个呢，我一说可能大家就记起来了。 去年6月初的时候，市场一则关于 银行不得再继续代销私募基金 的传言发酵，对市场的冲击非常大，当天小盘股大跌2%以上，我当时也聊了，说这个传 闻"不可能发生，更不应该发生"，原文我删了，大家也不用回头找了，但草稿箱里还有，开头这么说的，下图。 你可以理解为，当时的这个传闻，就是借着，这回这个办法的征求意见稿的名头，传播的。 很多人问，能不能解读一下这个办法，我觉得简单来说，核心就是4件事。 1、 银行可以继续卖私募 ，方法沿用现在的，通过TOF或者私募管理人担任投顾的模式； 2、银行代销出现的风险事件太多了，爆出来的很多，没爆出来的更多，在这个办法中，相比过往的文件， 不再有银行不承担代销产品的风险管理责任的 说法 ，换句话说，以后银行不能轻飘飘地说，自己只是代销的，风险都是管理人造成的了——这导致银行对代销的准入、退出等全生命周期，会变得更 加谨慎。 3、私募管理人，做银行准入的最低门槛，是 规模不低于3亿、成立不少于3年、且3年内没有接受过惩罚 ，这意味着，过去那种明星公募基金经理，出 ...

下午14点20反弹之前，市场一度跌出了股X的味道，微盘股跌近6%，中证2000跌超4%，全市场90%以上的个股下跌，此前的高位股，大面积跌停。 有人找了一张图出来，上周四，微盘股破历史新高，紧接着，北京X报发了一篇报道， 小市值股票也有春天 ，然后周五中证2000就跌超2%，再接着就是 今天的一度崩盘，堪称精准的反指。 但大家可能有所不知的是，这篇报道的记者，上个月的2月18日，还写了一篇报道，叫 大型银行股持续走强是大势所趋 ，不得不服啊，四大行恰 恰好就在当日，股价见顶，随后整整跌了1个月。 说回正经的，聊聊今天市场实际的情况，一是小微盘开盘大跌的原因，二是下午反弹的驱动力。 从开盘崩的原因来看 ，有很多，最值得观察的一个指标，其实是两融数据——上周五融资净卖出-141亿，是春节以来的第二高，也是春节后， 唯二净卖出超过100亿的。 而春节以后净卖出最多的一天，是2月28日，当天中证2000同样大跌超4%，微盘股指数跌近3%，而原因，我们当时在《 今天大跌的原因 》讲到 过，主要是外围环境的变化——当时美国宣布要对我们加第二次税，而我们目前面临的局面，是4月2日，下周，新的对等关税即将生效。 而从下午反弹 ...

抱歉，懒得琢磨了，只能取这么个被XX报污名化的标题了，不过今天市场确实挺惨的，5000多只个股，80%以上是跌的，但是，实际赚钱效 应，可能比个股的涨跌还惨。 一方面，市场一共886只投资A股的股票型ETF， 跌幅中位数-1.7% ，上涨的只有27个，占比3%左右，其中2亿以上，相对还算活跃的产品，只有 11个，凤毛麟角； 另一方面，港股相关的ETF，更是全军覆没， 跌幅中位数在-2%以上 。 有个开玩笑的说法，这轮之所以下跌，特别是港股领跌，是因为某非金融区的大V， 峰哥 ，在本周二买入了恒生科技，而行情也在买入当日见 顶，最近三天恒生科技累计下跌近8%。 有些人可能对他不熟悉，他是靠搞草根IP，拍视频走红的，比如深入非洲和东南亚贫民窟，记录深圳的三和大神等，下图，真的会玩梗。 | 峰哥亡命天涯 曾 ■》 | | | | | --- | --- | --- | --- | | 5小时前 来自 iPhone 13 Pro Max | | | | | | | 心态崩了，满仓挨断头铡了，从即日起无限期停止更新股市内容。等下一个天亮! | | | 000 | | | | | 第出 描单 | 持仓 | | | | C ...

今天A股继续高低切，连续两天了，红利领涨，成长下跌，港股那边跌幅也比较大，恒生科技跌超3%，上周大涨的周五晚上，我们在《 牛市的 真正底气 》里提到过，不管是消费刺激，还是降准降息，都炒的有点过了，这周都呈现短期证伪的态势，回吐收益。 除了前两天的小米和腾讯，还有一个比较重要的公司， 中国平安，昨晚公布了年报 ，净利润同比大增47.8%，但今天平安的A股跌3%，港股平 安跌5%，不过我觉得股价下跌也很正常——今天A股保险股整体就跌了3.3%左右，所以不是平安财报本身的锅，而是市场原因，且市场变化的 背后，可能在于，上周五因为炒降准降息，保险股暴涨了6.6%，本来就是瞎涨，所以吐一点回去，也很正常。 简单聊聊平安的年报吧，平安在中国金融系统里，确实是比较特殊的存在——作为一个市场化程度比较高，考核比较严格的公司，势必导致其业 务层面，对环境变化就会很敏感，往往会及时做出相应的变化，这就是我们研究它的价值。 放心， 本文绝非平安软文。 本账号也永远不会接保险公司或者保险产品的广子，大家可放心食用，欢迎分享，绝对不同于其他纯粹的财务分析。 ...... 我们分析平安的财报，不必着眼于平安本身的营收啊、利润啊之类的， ...

Core Viewpoint - The recent market dynamics indicate a shift from a technology-dominated landscape to a more diversified performance across various sectors, including consumer goods, retail, textiles, agriculture, and light manufacturing, suggesting discussions around "market diffusion" or "high-low rotation" are increasing [1] Group 1: Calendar Effect - The calendar effect is a common explanation for the market's behavior, with reports indicating that March to April serves as a transition period where market styles shift from clear trends to a more balanced performance across various styles [2] - Specifically, from early February to early March, small-cap and high-beta sectors tend to outperform, while larger, low-valuation stocks struggle [2] - As the market moves into late April, with earnings reports being disclosed, the focus will shift towards high-performing stocks with strong earnings certainty [2] Group 2: Incremental Capital Changes - Reports suggest that the "high-low rotation" phenomenon is partly driven by incremental capital changes, with consumer-focused and dividend-style funds showing signs of increasing allocations to consumer sectors [3] - Additionally, there are indications of portfolio adjustments among dividend-style funds, while low-risk capital is being allocated to low-positioned cyclical large-cap growth stocks due to favorable cost-benefit considerations [3] - However, there is no significant evidence of technology growth funds switching out of their positions [3] Group 3: Market Pricing Dynamics - Changes in market pricing are also being observed, with reports noting that credit growth is weak, and consumer activity is seasonally declining post-holiday [3] - The stock market appears to be pricing in optimistic data while underpricing negative data, possibly due to prior pricing of pessimistic data and expectations of new growth cycles driven by policies and emerging industries like AI [3] Group 4: Global Perspective - Some analysts suggest that the changes in the A-share market should be viewed in a global context, indicating a shift in global investor focus from the U.S. and information technology to other sectors [4] - The rising correlation between the CSI 300 and European markets suggests that global investors are seeking new opportunities beyond traditional tech narratives [4] Group 5: Market Sentiment - The diverse explanations for market behavior reflect a warming market sentiment, indicating that the market is no longer dominated by a single sector, which may lead to more investment opportunities [5] - This environment is favorable for investors skilled in identifying alpha, providing a platform for previously held insights to materialize [5]

Core Viewpoint - The article discusses the recent volatility in Xiaomi's stock price, highlighting the significant role of foreign capital in driving the stock's performance, while domestic investors have been reducing their holdings [1][5]. Group 1: Xiaomi Stock Analysis - Xiaomi's stock experienced a sharp fluctuation, rising by 4% to a peak of 58.7 HKD before dropping by 8% to a low of 51.4 HKD [1]. - Over the past month, foreign banks like HSBC and Citibank have been the largest net buyers of Xiaomi shares, acquiring over 200 million shares combined, while domestic investors have sold approximately 52.5 million shares [1]. - The current short interest in Xiaomi remains high, with 349 million shares still shorted, indicating a potential short squeeze scenario as the stock price continues to rise [1]. Group 2: Market Trends and Sector Performance - The A-share market showed mixed performance, with the Shanghai Composite Index rising by 0.23%, while the Shenzhen Component and ChiNext Index fell by 0.26% and 0.52%, respectively [8]. - The total market turnover reached 20,422 billion CNY, an increase of 722 billion CNY from the previous day, indicating heightened trading activity [8]. - The consumer sector, particularly food and beverage stocks, saw significant gains, with several stocks hitting the daily limit up [8]. - The financing balance in the A-share market has increased significantly, reaching a total of 1,910.208 billion CNY, the highest since September 2021, reflecting strong bullish sentiment [5][6]. Group 3: Industry Insights - The top ten industries for financing purchases include electronics, computers, machinery, and electric power equipment, while non-bank financials and electronics lead in short selling [6]. - The market's preference for high-growth sectors has been bolstered by positive news regarding AI technology and significant investments from major companies like Alibaba [6]. - The upcoming "Two Sessions" in China is expected to bring policies aimed at boosting consumption, which could further influence market dynamics [8].