According to Netease Finance on June 17, Monday A-share The Shanghai Composite Index fell 0.49% and the Shenzhen Composite Index fell 0.46%, GEM The index fell 0.58%, with a total turnover of 6.115 billion yuan in Shanghai and Shenzhen Stock Exchanges, and the decline of indexes of virtual power plants, billboards, target materials and other sectors was the largest. The concept of Internet of Vehicles was initially active, and Guangting Information rose by more than 10%. Jinyi Technology, Gao Xinxing, Xingmin Zhitong, Qianfang Technology, Wanji Technology and other collectives were open. The concept of virtual power plant was at the beginning of downturn, Yubang Power fell by more than 13%, and Kehui Shares, Beijing Kerui, Jiuzhou Group, Wansheng Intelligent, Canaan Intelligent, etc. followed the decline.
As of press release, the Shanghai Composite Index fell 14.92 points, or 0.49%, to 3017.72; The Shenzhen Composite Index fell 42.79 points, or 0.46%, to 9209.46; The CSI 300 Index fell 20.1 points, or 0.57%, to 3521.44; GEM It dropped 10.43 points, or 0.58%, to 1780.94; The sci-tech innovation 50 index fell 4.32 points, or 0.57%, to 749.94.
The market focus stock Huawen Group (7 boards in 8 days) closed at a competitive price limit. Jingzhen's concept shareholder, Jingzhen Electronics (3 boards), opened at a high price of 8.25%, the chip industry chain's Kaiwei Tek (2 boards in Science and Technology Innovation), opened at a low price of 3.94%, Pioneer Electronics (2 boards in 3 days), opened at a low price of 8.15%, the smart grid sector's Great Wall Electric (2 boards), opened at a high price of 9.94%, Beijing Kerui (2 boards), opened at a low price of 4.87%, and Jinglun Electronics (2 boards in 3 days), opened at a low price of, Chenfeng Technology (second board) in PCB sector opened 8.91% higher, Weiergao (first board of GEM) opened 2.29% higher, Yazhen Home Appliances (second board) in low price+real estate chain opened 1.28% lower, and Antong Holdings (second board), which was acquired and restructured, opened 9.02% higher.
Company News
Haitong Securities: Recently, it is rumored that Guotai Jun'an and Haitong Securities will merge. A reporter called Haitong Securities as an investor, and relevant people said that the company has no relevant plans at present.
Yun Tianhua: The company has transferred 18.6% of the equity of Phosphate Chemical Group held by BOCOM Investment and CCB Investment. After the transfer, the company will hold 100% of the equity of Phosphate Chemical Group, which will become a wholly-owned subsidiary of the company.
TBEA: The subsidiary Xinte Energy will receive the shares of the new energy company held by ABC Investment and BOCOM Investment. After the transfer, Xinte Energy will hold 99.49% of the shares of the new energy company.
Antu Biology: Miao Yongjun, the chairman and actual controller of the company, increased his holdings of 8000 shares of the company by means of centralized bidding transaction, accounting for 0.0014% of the total capital stock of the company. Miao Yongjun plans to increase his shareholding of the Company with his own funds by means of centralized bidding transaction at the right time within 6 months from the date of the first shareholding increase. The amount of shares to be increased is not less than 20 million yuan and not more than 40 million yuan (including the amount of shares already increased this time).
Step Pharma: The company plans to increase the share repurchase amount and adjust the share repurchase plan. The share repurchase amount will increase from 180 million yuan to 360 million yuan to 360 million yuan to 720 million yuan. Other contents in the original share repurchase plan remain unchanged. The upper limit of share price for this repurchase is 24 yuan/share.
Institutional perspective
citic securities : The three major signals are still to be verified, and the third quarter is expected to usher in a turning point
At present, A-share is in the stage of reality driven verification. The price signal is still weak, the external signal is still complex, and the policy signal needs to be clear. The stock game and conservative allocation characteristics of the market are more obvious, and the differentiation of individual shares within each industry is greater than the division of sectors between industries. As the three major signals are gradually verified in the third quarter, A-share is expected to usher in an inflection point.
In terms of configuration, before the inflection point is clear, it is suggested to focus on the leading players with excellent performance, and then the focus of configuration should be shifted from low wave dividends to excellent growth. First of all, the price signal is still weak, the internal and external needs continue to differentiate, and the effectiveness of production control and price protection still needs data verification; The housing prices in some core cities are showing signs of stabilizing, but the policy relay of destocking and stabilizing the market is still needed. Secondly, external signals are still becoming more complex, and the dollar has strengthened recently RMB rate Passive pressure, while the suppression of external geographical disturbances on market risk appetite still needs time to digest. Finally, the policy signal needs to be clarified. The Third Plenary Session of the CPC Central Committee is approaching, and the reform is expected to heat up. The focus is expected to be in the fields of finance and taxation, state-owned enterprises, finance, and other fields, as well as the direction of supporting system reform of new quality productivity.
CICC: Short term twists and turns do not change the long-term situation
The most pessimistic period expected by investors this year has passed. Although the repair market since February has twists and turns, it is still expected to continue. In the second half of the year, the coordinated efforts of finance and currency are the focus, and real estate is still the key "winner" in the market. At present, attention to medium - and long-term reform has increased. The upcoming Third Plenary Session of the CPC Central Committee in July is expected to further clarify the direction of medium - and long-term reform, and capital market reform is also being orderly promoted. With the recent index adjustment, the current A-share market valuation is attractive, and there is no need to be pessimistic about the subsequent market performance. In terms of configuration, scientific and technological innovation fields with policy dividend expectation in the short term, especially those with industrial independent logic, are expected to be relatively active; In the context of better external demand, there are still opportunities to allocate resources in the export chain industry and global pricing; Although dividend assets have been adjusted recently, the medium-term trend has not changed; Green sectors such as new energy focus on marginal changes in recent industrial policies, which will help gradually reverse investors' prudent expectations.
CSCI: Follow up space of science and technology sector needs to be viewed rationally
Financial and core CPI data are low expectations, and the market is waiting for further fiscal strength and monetary easing. Recently, we have suggested that we should pay attention to the opportunities of electronics and semiconductors. Under the environment of stock funds, electronics/semiconductors have driven the technology sector to see a structural market under some catalysis and expectations. To sum up, the end of market adjustment needs to wait for liquidity and policy catalysis. Compared with the AI and Huawei chain market in the second half of last year, the follow-up space of technology sector needs to be viewed rationally, focusing on stock selection and trading ability.
Haitong Securities: Looking for the Central Rise after the Market Rest
Since the middle of May, the trend of each index has gradually turned to the recuperation, the market sentiment has also cooled, and the market has entered the recuperation stage of fundamental verification. From the medium-term perspective, both fundamentals and funding are expected to usher in positive changes. With the improvement of both fundamentals and funding, the A-share index center in the second half of the year is expected to rise further compared with the first half of the year. In terms of configuration, the attractiveness of high dividends may decline. High end manufacturing is expected to become the medium-term main line of the stock market, focusing on China's advantageous manufacturing with obvious export competitiveness and technological manufacturing leading the development of new quality productivity.
Cinda Securities: There is little room for the stock market to continue to retreat
The rest time of A-share has been completed in half, and the withdrawal space is limited. It may be necessary to wait for July to rise again. After July, it may start to rise again, and the main catalyst may come from the impact of the disclosure of the central report, the Third Plenary Session of the CPC Central Committee and the real estate policy on sales.
In terms of configuration, the upstream cycle stocks may also be stronger and stronger. The rise in commodity prices has just changed from gold to industrial metals, and it is still 1-2 years away from the peak. There is no need to worry about the high probability of fundamentals. The suggested allocation sequence for the year is: upstream cycle>automobile auto parts, going to sea>financial real estate>AI, medicine&semiconductor&new energy>consumption. The highest ranking may be the strongest main line of the future bull market.
Everbright Securities: The market is expected to fluctuate upward. It is suggested to focus on the balanced and pro cyclical sectors
The upward revision of profit expectations and the promotion of policies may become the upward force of the market. With the introduction of favorable policies, the superimposed overseas risk factors gradually converge, and the market valuation level may gradually rise, gradually returning to the level matching the current liquidity and profitability. It is expected that the market situation is expected to repair to the optimistic level of last year.
In terms of allocation, the market in June was between equilibrium and procyclicality. In terms of sentiment, policies may form strong support for market sentiment; In reality, the domestic economy may continue to repair against the background that exports and real estate are expected to improve. In the future, the market will probably be in the situation of "strong reality, strong emotion" or "strong reality, weak emotion", and the style will be between equilibrium and procyclicality. In the first level industry, the focus in June was on household appliances, electronics, banking, basic chemicals, non-ferrous metals and real estate.
Zhongtai Securities: adjust or close to the end, focus on opportunities in technology stocks
In the short term, this round of adjustment may be near the end, and the market may rebound from mid June to the Third Plenary Session. In terms of structure, the most flexible segment of the current round of rebound market is the technology sector where the rise of risk appetite and RRR reduction+social finance data exceed expectations and drive the recovery of liquidity expectations, such as semiconductor equipment, AI consumer electronics, core military industry, etc.
For investors seeking to gain relative returns in this round of rebound, the best layout window for technology stocks is at the end of the recent market adjustment. For long-term investors, from the perspective of the whole year, the steady assets (Hong Kong stock dividends, central enterprises' utilities, non-ferrous metals and other globally priced resources, machinery and other overseas products) corresponding to the expansion cycle of the manufacturing industry under the global geopolitical turmoil are still the trend of a longer cycle in the second half of the year after the Third Plenary Session. On the other hand, strengthening financial supervision is the most important factor driving this round of adjustment.
