Three A-share indexes closed higher： Shanghai Composite Index hit a new high in the year, and cyclical stocks rose sharply.
The three major indexes of A shares rose slightly today, and the Shanghai Composite Index hit a new high in the year. As of the close, the Shanghai Composite Index rose 0.54% to close at 3,171.15 points; The Shenzhen Component Index rose 0.43% to close at 9750.82 points; The growth enterprise market index rose 0.59% to close at 1875.93 points. The turnover of Shanghai and Shenzhen stock markets reached 995.4 billion, 108 billion more than the previous trading day.
The industry sector rose more and fell less.、、、、Equicyclical stocks rose sharply,、、、、The plate was among the top losers.
In terms of individual stocks, more than 2,700 stocks rose. Periodic stocks led the gains in the middle and colored directions.、、、Daily limit; The direction of coal and oil and gas fluctuated and strengthened.、Equal increase exceeds 5%; Power stocks once surged,Daily limitShares continue to be active,、、Daily limit Tourism stocks rose in intraday trading,Daily limit In terms of decline, real estate stocks began to adjust.Wait for many stocks to fall more than 5%.
The net inflow of northbound funds was 5.333 billion yuan.
Northbound funds bought a net of 5.333 billion yuan today.、、Net purchases were 391 million yuan, 365 million yuan and 263 million yuan respectively.The net sales amount ranked first, with an amount of 473 million yuan.
Industry capital flow: 929 million net inflow
In terms of industry funds, as of the close, the net inflow of,, etc. ranked high, of which the net inflow was 929 million.
In terms of net outflow,And other net outflows ranked first, with a net outflow of 2.584 billion yuan.
Today’s news
The "precious metal frenzy" continues: gold continues to hit a record high and silver rises above $32.
Shortly after the opening of the Asian session on Monday, spot gold further hit a record high, while the price of silver rose above $32, as investors’ expectations for the Federal Reserve to lead the global central bank to cut interest rates during the year continued to heat up, and the news surrounding the helicopter accident of the Iranian president also stimulated the safe-haven demand in the precious metals market. According to market data, the spot gold price once hit a maximum of $2,440.61 per ounce in the day, surpassing the previous record high set in April.
Unprecedented strength! The central bank’s "four arrows in one fell swoop" stabilized the property market, and the Ministry of Housing and Urban-Rural Development also voiced.
The people of China have earnestly implemented it, and based on the central monetary policy and macro-prudential management functions, they have introduced the following four policies and measures: First, they plan to set up 300 billion yuan of affordable housing refinancing; The second is to reduce the minimum down payment ratio of individual housing loans at the national level; The third is to cancel the lower limit of the national personal housing loan interest rate policy; The fourth is to reduce the interest rate of housing provident fund loans for various maturity varieties by 0.25 percentage points.
Intel overweight glass substrate is on fire! Within five years, the penetration rate will exceed 50%, and many A-share companies will rush to the layout.
International investment bank Morgan Stanley said thatThe advanced packaging technology adopted by GB200 will use glass substrate; Besides,, Samsung, AMD,Major manufacturers have previously indicated that they will introduce or explore glass substrate chip packaging technology. From the industry point of view, chip packaging is regarded as an important technology to extend the life of Moore’s Law. In order to achieve a major technical breakthrough of increasing transistor density to exert higher efficiency, it is planned to put into mass production of glass substrates for the next generation of advanced packaging from 2026 to 2030, so that more transistors can be incorporated into a single package, and Moore’s Law will continue to be promoted. On the interactive platform, a large number of investors have asked questions about related issues, and many companies have revealed the technical layout in the field of TGV (Glass Through Hole Technology).
National Development and Reform Commission: Take more measures to consolidate and expand the development advantages of new energy automobile industry
Huo Fupeng, deputy director of the Industry Department of the National Development and Reform Commission, said on the large-scale all-media talk show of the "China Economic Roundtable" launched by Xinhua News Agency on the 20 th that the National Development and Reform Commission will take more pragmatic measures with relevant parties to promoteImprove the quality, reduce the cost and expand the volume of automobiles, and consolidate and expand the advantages of industrial development.
Goldman Sachs resumed tracking Contemporary Amperex Technology Co., Limited with a target price of 304 yuan.
The company resumed tracking, rated as Buy, with a target price of RMB 304, up 50%.
Institutional point of view
: Looking for the intersection of policy-driven and performance improvement from the institutional perspective
It is pointed out that the market volatility dropped in the first four trading days last week, and the lost land was recovered on Friday when the real estate policy exceeded expectations. Structurally, the industry rotation accelerated and policy transactions warmed up. We summarize the following observations: 1. In April, the economic data structure continued to differentiate, the scissors gap between industry/export and consumption widened, and the resilience of mass consumption was stronger than that of high-end consumption; 2. The strength of the real estate policy exceeds expectations, and the results are yet to be tested. The policy ends with the sale of real estate/Dominant, but the difference between this round and the past real estate market is that the cyclical variety boom picks up first after the renewal cycle and external demand pull part; 3. Both macro and micro perspectives indicate that the export chain boom is sustainable, and the chips are not crowded, but the short-term oversold varieties may have callback pressure. In terms of configuration, the dividend position should be appropriately reduced, and the light industry/chemical fiber///Hong Kong stocks are consumed by the public.
: The real estate cycle may face a turning point, and the revaluation of the sector is expected to continue.
According to the CICC Research Report, real estate stocks have been rapidly repaired under the policy drive recently, and it is expected that there will still be further upward momentum in the short term. Aside from the short-term game and event factors, the real estate market itself is moving in the direction of slowing down the downward slope. The recent package of policies will help the current cycle to turn around faster in the dimension of 6-12 months, so as to end the rapid adjustment stage since 2021 and transition to a relatively stable stage. With the stabilization of the real estate cycle, the plate is expected to have a considerable revaluation. Although the recent transaction has a certain pre-position, but the plate has increased (accumulated by about 40%) or has not overdrawn the potential height of this round, we can maintain a positive attitude. If there is a correction and consolidation in the subsequent share price, the allocation can be further increased.
: The real estate policy boosted expectations and the steady upward trend continued.
With the disclosure of economic data in April, the bottom of the fundamentals has been made clear, and the real estate policy has been launched in multiple lines to support the real estate chain, boosting economic expectations in the second half of the year and further boosting market risk appetite. The budding optimism continues to accumulate, and the A-share market is expected to continue its steady upward trend. It is suggested to continue to focus on the three main lines of excellent growth, low dividend and active theme, reduce the rotation trading game, and focus on the varieties that intersect with the real estate chain in the short term. First of all, the real estate policy is multi-line, and the policy goal has changed from investment-oriented to stable price-oriented. With the release of financial support and purchase restriction, the housing prices in core cities are expected to stabilize in the middle of the year, and with the stock houses digesting the policy relay, the industrial dilemma of the real estate industry is expected to gradually improve. Secondly, the overall domestic economic operation is stable, and the real estate policy underpins the real estate chain. Together with the acceleration of government financing, it will improve the pressure on the investment side and boost economic expectations in the second half of the year. However, the political significance of the US tariff increase is greater than the economic significance, and the substantive impact is small. Finally, the multi-line real estate policy boosted expectations. Behind the return of foreign capital, China’s assets were more optimistic, and the "National Nine Articles" gradually improved the market ecology. The optimism of various investors will continue to accumulate, and the A-share market is expected to continue its steady upward trend.
: Short-term policy or catalytic real estate chain phased repair, medium-term look at high-end manufacturing or stock market mainline
4.30 Politburo meeting of the Chinese Communist Party’s post-real estate supply and demand policies will make concerted efforts to repair the fundamental data of real estate in the short term. Since February 5, the stock market has been the first wave of rebound after the bottom, but the fundamentals are still unstable. In the future, we need to pay attention to policy strength and data repair. Short-term policies or catalytic real estate chain stage repair, medium-term look at high-end manufacturing with better fundamentals or the main line of the stock market.