Core Insights - The report indicates that the market is likely to experience a period of index fluctuations in June, with large-cap and quality indices expected to outperform [1] - The implementation of new quantitative regulations is anticipated to reduce the activity of quantitative funds, leading to a less favorable environment for small-cap stocks [1][3] - The liquidity environment is currently more favorable for large-cap and quality stocks due to regulatory and funding conditions [1] Liquidity Analysis - Recent regulatory actions have led to a clear divergence in market styles, with large-cap value and small-cap stocks both showing strength [3][8] - The trading volume of the CSI 2000 index has increased significantly, reaching over 35% of total A-share trading volume, while the CSI 300 has dropped to around 15% [8][9] - The net inflow of funds in the secondary market has shifted from outflow to inflow, with ETF net inflows recorded at 57.1 billion [3][27] Market Sentiment - Investor activity has decreased, leading to an increase in equity risk premiums [36] - The VIX index has declined, indicating improved risk appetite in the market [38] - The sectors attracting significant net inflows include automotive, electric equipment, and food and beverage, while sectors like pharmaceuticals and agriculture have seen net outflows [45][46] Regulatory Developments - The implementation of the "Procedural Trading Management Implementation Rules" is expected to reduce the trading activity of small-cap stocks [11][13] - Continuous efforts to regulate online financial information and illegal stock recommendations may further suppress the trading of small-cap stocks [14] Funding Supply and Demand - The supply of funds has decreased, with new equity mutual funds issued at 92.3 million units, down from previous levels [27] - The demand for funds has also decreased, with IPO financing dropping to 28.8 million and significant net selling by major shareholders [31]

Core Viewpoint - The Sichuan Securities Regulatory Bureau reveals nine common scams related to illegal stock recommendations and provides guidance on how investors can protect themselves from such frauds [2][5]. Group 1: Types of Illegal Stock Recommendations - Nine typical cases of illegal stock recommendations include: 1. Using short videos to lure investors 2. Exploiting the identity of financial influencers 3. Pretending to be professors teaching stock trading 4. Selling packaged stock trading software 5. Utilizing paid reward functions 6. Claiming to be professional investment institutions 7. Impersonating employees of securities institutions 8. Disguising as financial charities 9. Fabricating positive news [3][4]. Group 2: Common Tactics - Common tactics used by fraudsters include: 1. Social media stock recommendations through platforms like WeChat, Weibo, Douyin, and others to share financial information and lure investors [3]. 2. Phone and SMS recommendations by obtaining investors' contact information and enticing them to download illegal apps or join investment groups [3]. 3. Online live streaming stock recommendations by creating stock trading rooms under various titles to attract investors [4]. Group 3: Prevention Guidelines - Investors should follow these guidelines to avoid illegal stock recommendations: 1. Identify the nature of the service; any entity or individual providing paid stock analysis without a license from the China Securities Regulatory Commission is illegal [5]. 2. Verify qualifications by checking the legitimacy of institutions and individuals on official regulatory websites [6]. 3. Validate information by confirming the identity and legitimacy of anyone claiming to represent financial institutions through official channels [6].

当前，非法荐股活动与电信诈骗活动深度交织，花样不断翻新，隐蔽性、欺骗性显著增强。 案例警示：当前，短视频平台已成为非法荐股引流的重灾区。不法分子设置各种诱饵吸引关注，然后将 投资者引流至微信、QQ或小众聊天软件进行洗脑诈骗。投资者应牢记，任何在网上声称带你投资炒股 赚钱并要求转出本金的都是诈骗。 案例二：利用财经大V身份实施非法荐股 基本案情：投资者陈某长期炒股，一天在微博平台刷到某千万粉丝财经大V，该大V自称西南第一操盘 手、股市资深操盘家、证券顶级分析师，并在线建立多个实盘交流群供粉丝加入。入群后，该大V时常 发布大盘分析和个股操作记录，群内多名"徒弟"对大V进行吹捧，其他粉丝也纷纷附和。一段时间后， 陈某添加了该大V微信，表示想"拜师学艺"，并缴纳了18.8万元的"拜师费"。成为学徒后，该大V便劝说 陈某将其证券账户交由其团队操作，承诺盈利后五五分成，亏损由大V承担。陈某认为资金在自己证券 账户中且亏损由对方兜底，觉得无风险便表示同意，随即告知对方账户密码，并开通信用账户进行杠杆 交易。然而账户交出不到半年，陈某便发现其账户持续亏损已高达410余万元，遂与大V进行交涉，要 求赔偿损失。大V声称亏损是暂时 ...

1 多箭齐发！中方坚决反制美"对等关税" 美东时间4月2日，美方宣布对所有贸易伙伴征收"对等关税"。中方对此坚决反对，并表示将坚决采取反制措施维护自身权益。4月4日，中方接连表态并发布反制行 动： 国务院关税税则委员会公告，对原产于美国的所有进口商品，在现行适用关税税率基础上加征34%关税； 商务部会同海关总署对钐、钆、铽、镝、镥、钪、钇等7类中重稀土相关物项实施出口管制措施； 中方在世贸组织起诉美"对等关税"措施； 商务部将斯凯迪奥公司等11家美国企业列入不可靠实体清单； 商务部将16家美国实体列入出口管制管控名单； 商务部对进口医用CT球管发起产业竞争力立案调查； 商务部对原产于美国、印度的进口相关医用CT球管发起反倾销立案调查； 海关总署暂停美国C&D (USA) INC.企业高粱和American Proteins inc.等3家企业禽肉骨粉输华资质； 海关总署暂停美国2家禽肉企业产品输华。 5 程序化交易规则落地！三大交易所细化监管标准 2 特朗普回应股市崩盘 在美国宣布所谓"对等关税"政策引发美国和全球股市震荡后，美国总统特朗普最新在社交媒体上转发其支持者发布的一段视频，视频开头表示 股市崩盘是" ...

Core Viewpoint - The phenomenon of end-of-day price surges on stock index futures settlement days is driven by various market mechanisms and investor behaviors, which need to be understood in a comprehensive manner [1]. Group 1: Settlement Price Mechanism - The settlement price for stock index futures is typically based on the arithmetic average of the underlying index over the last 1-2 hours on the expiration date, such as the last 2-hour average for the CSI 300 index [4]. - Investors may engage in concentrated trading at the end of the day to "manipulate" the settlement price, especially if they believe it will impact their profits or losses from open positions [4]. Group 2: Position Adjustment and Liquidity Changes - On settlement days, there is pressure to close positions as open contracts must be settled in cash at the settlement price, leading some investors to close positions at the end of the day to avoid physical delivery or optimize settlement costs [6]. - As the market approaches closing time, some investors may exit, resulting in reduced liquidity, which can significantly impact prices and create "surge" or "crash" scenarios [6]. Group 3: Arbitrage and Futures-Spot Linkage - As the settlement date approaches, futures prices typically converge towards the spot index, and if futures are trading at a discount, arbitrageurs may buy futures and sell the spot to drive up futures prices and narrow the basis [7]. - Algorithmic trading may trigger automated arbitrage strategies based on basis and volatility indicators at specific times, exacerbating short-term price fluctuations [7]. Group 4: Market Psychology and Expectation Games - Some traders may anticipate fund movements on settlement days (such as institutional rebalancing or retail investor behavior) and position themselves accordingly, influencing end-of-day market activity [8]. - Investors with information advantages, such as knowledge of large clients' positions, may exploit this information at the end of the day for profit [8]. Group 5: Potential Manipulation Risks - Abnormal price fluctuations at the end of the day can raise suspicions of manipulation, particularly if there are efforts to inflate the settlement price in conjunction with spot holdings for profit, which may violate trading regulations [9]. - Regulatory bodies typically increase monitoring of trading activities on settlement days to prevent such manipulative behaviors [9].