Two bad things! A shares and Hong Kong shares fell sharply, and the fake "price adjustment letter" triggered the limit rise, and then cut leeks to upgrade

A shares like volumes so much that today they finally broke down. Since the northward capital market was closed, A shares have been unable to get up. It's just not enough. They also rotate crazily every day. Once a short composition is published, it will pull a plate. It's completely news driven. Yesterday, it finally came to the worst photovoltaic plate of this year. It was considered that the tide had stopped rising. It seemed that the trend had reversed. As a result, it fell sharply today. It was necessary to catch up with high prices, and the ecology was extremely bad.

Earlier this morning, Nvidia announced that its first quarter results exceeded expectations, and its second quarter guidance also exceeded expectations, with its share price exceeding $1000 after hours. However, today, after the high opening of the AI plate, there was a big dive. The trend of core votes such as Industrial Fulian was general, and the theme stocks were hyped up, worthy of being A-shares.

We believe that the main reason for today's sharp decline of A-shares and Hong Kong shares is that they have risen more recently. As for A-share, futures prices of gold, copper, silver and other commodities fell sharply last night, leading to a sharp correction in the non-ferrous metal sector. In addition, the real estate sector also opened significantly lower. Real estate and non-ferrous metals have been the main line of A-share since April. The main line correction will generally lead to the withdrawal of funds, and in serious cases, it will lead to panic selling.

Let's expand on the following:

• The Federal Reserve releases hawks

In the early morning of this morning, the Federal Reserve released the minutes of the May interest rate meeting. At that time, Powell spoke in a rather dovish way, but today's minutes are a bit hawkish. The minutes show that Fed officials stressed that based on the disappointing inflation data, the policy interest rate needs to be maintained at the current level for a longer time than previously expected. There were even "several participants" who said that they would be willing to further tighten the policy if the risk of further inflation rose in some form.

After the recent continuous skyrocketing of copper futures, COMEX copper futures plunged nearly 6% and COMEX gold plunged more than 1.8% last night.

The hawkish meeting minutes was one of the reasons for the commodity pullback last night, but not the main reason. Last night, the US dollar index and the yield of the US ten bonds did not fluctuate significantly, indicating that the market's expectation of the US Federal Reserve's interest rate cut had not changed significantly.

We analyzed yesterday that the recent sharp rise in the price of nonferrous metal futures is driven more by transactional factors such as capital and sentiment. In fact, the U.S. economy is weakening, and there is no sign of strengthening the domestic economic recovery. There is no fundamental basis for trade inflation. After the craziness of non-ferrous metals, their emotions will subside, and when they rise more, they will fall.

• The fluctuation limit of a "fake letter"

Today, there was a strange thing. A price adjustment letter for nitrocellulose signed by the sales branch of North Chemical Industry Co., Ltd. was widely spread, and North China Co., Ltd. increased its limit. However, according to the Associated Press of Finance, the staff of the company's securities department said that the rumor of the price increase of nitrocellulose was false, and the outgoing price adjustment letter was also untrue. The company will reply to this matter in an open channel later.

Although it is popular for A-share companies to write essays on cutting leeks, it is not common to write a "price adjustment letter" specifically. Once again, I sighed that the ecology of A-share is too bad. Speculation is rampant. Hot money and retail investors like to speculate, and retail investors are the most active group of funds in A-share. Whatever concept they have, no matter whether it is really beneficial or not, they should first speculate. Anyway, there will be retail investors chasing after the ceiling, and there are also various widely circulated summaries to cooperate. Ordinary retail investors do not know whether it is true or not.

For example, today Nvidia has derived a concept of "electromagnetic wave shielding", with multiple stock trading limits such as Fangbang Shares and Hongfuhan. CPO, PCB and other real industrial chains are not rising, and various concepts are flying. We don't mean that the concept of speculation is totally wrong. Many industries have come from the concept, but the concept of A-share speculation is somewhat unreasonable. It's just a game of chips. At last, when the tide recedes, it is from where to where. A large number of retail investors hang on the hillock and purely cut leeks.

Finally, a brief look at the market. By the end of the day, the Shanghai Stock Exchange Index had declined by 1.33%, the GEM Index by 1.38%, the Hong Kong Hang Seng Index by 1.7%, and the Hang Seng Technology Index by 2.41%. The turnover of the two cities slightly increased to 0.84 trillion, with more than 4500 down.

Risk warning:

There are risks in the stock market, so investment should be cautious. This article does not constitute investment suggestions. Readers need to think independently