The three major A-share indexes collectively pulled back today. As of the close, the Shanghai Composite Index fell 0.46% to close at 3,109.57 points. The Shenzhen Component Index fell 1.23% to close at 9391.05 points; The GEM index fell 1.35% to close at 1806.25 points. The turnover of Shanghai and Shenzhen stock markets was only 741.7 billion yuan, which was more than 30 billion yuan less than the previous trading day.
Industry sectors rose less and fell more, with power industry, power grid equipment and electronic chemicals among the top gainers, while real estate services, household light industry, real estate development, cultural media and games were among the top losers.
In terms of individual stocks, there were only more than 1,100 stocks that rose and more than 4,100 stocks that fell. The power and power grid industrial chains continued to rise against the trend, with green power and smart grid leading the way, while Chendian International, Star Power, Jinkong Power, Huayin Power, Electric Power Research Institute and Zhongzhi Technology had daily limit. The chip semiconductor plate strengthened against the trend, with the daily limit of Taiji, Yangfan New Materials, Broadcom Integration and Shanghai Belling. Non-ferrous and other resource stocks are active, Huayu Mining and Liyuan shares have daily limit, and Yuguang Gold and Lead and Huaxi Nonferrous have risen sharply. In terms of decline, the real estate sector surged back, Xinhua Lian and Zhengyuan shares fell, and Derby Group, Tefa Service, I love my family and gemdale fell sharply.
In terms of industry funds, as of the close, the net inflow of power industry, semiconductors and shipping ports ranked high, of which the net inflow of power industry was 1.269 billion.
Xinhua News Agency talks about "strengthening patient capital": based on the long-term without the interference of short-term market fluctuations
Recently, the word "patient capital" has come into public view — — When the central government deployed "developing new quality productive forces according to local conditions", it clearly stated that "we should actively develop venture capital and expand patient capital". "Patience capital", as its name implies, is to guide capital to be a "friend of time", not disturbed by short-term market fluctuations, and to accompany hard technology, scientists and entrepreneurs to "long-distance running". Both "patient capital" and new quality productivity reflect a truth of economic development: we must have a forward-looking vision, but also have strategic determination, not afraid of risks and challenges, persist in doing the right thing, and bear fruitful results in long-term investment and persistence.
Shanghai Jiutiao landed for 12 hours: the sales office did not close, and some new sites planned to recover the discount. The second-hand landlord raised the price.
On May 27th, the Shanghai Municipal Housing and Urban-Rural Construction Management Committee, the Municipal Housing Authority, the Municipal Planning and Resources Bureau and the Municipal Taxation Bureau jointly issued the Notice on Optimizing the Policies and Measures for the Stable and Healthy Development of the Real Estate Market in this Municipality, with a total of nine adjustment policies. According to industry experts, this policy not only exceeded expectations, but also made precise measures in an all-round and multi-angle way.
General Administration of Financial Supervision: Meet the reasonable financing needs of real estate projects and vigorously support the construction of "three major projects" such as affordable housing.
On the afternoon of May 27th, the General Administration of Financial Supervision held a party committee meeting to convey the spirit of studying the the Political Bureau of the Communist Party of China (CPC) Central Committee Conference, and to study and deploy measures to implement the Provisions on Accountability for Preventing and Resolving Financial Risks (Trial). The meeting stressed that it is necessary to promote the virtuous circle of finance and real estate, further play the role of the coordination mechanism of urban real estate financing, meet the reasonable financing needs of real estate projects, and vigorously support the construction of "three major projects" such as affordable housing. It is necessary to cooperate with the prevention and resolution of local debt risks and guide financial institutions to carry out debt restructuring and replacement in a market-oriented manner.
The rise of central China welcomes heavy documents. These stocks deserve attention.
Debon Securities believes that there are five points worthy of attention in the rise of the central region: First, technological innovation and industrial integration are the first hand to create new quality productivity; Second, the importance of industrial gradient transfer under common prosperity has increased; Third, it emphasizes deep-seated reform and high-level opening up, and the business environment for private enterprises and foreign investment continues to be optimized; Fourth, green and low carbon is the road to long-term development. This year, the two sessions will revisit the energy consumption constraint index; Fifth, the attention to resource security has increased, including food and energy.
SASAC: Promote the integration and reorganization of state-owned enterprises, advance and retreat in an orderly manner, improve quality and efficiency, and actively lay out new industrial tracks.
On May 27th, the Party Committee of the State Council State-owned Assets Supervision and Administration Commission held an enlarged meeting. The meeting stressed that it is necessary to maintain the sense of responsibility of climbing over the hill, pay close attention to implementation and unswervingly push forward the reform, deepening and upgrading of state-owned enterprises. It is necessary to deepen the reform around the strategy of serving the country, promote state-owned enterprises to give full play to the strategic functional value, and give full play to the supporting role of scientific and technological innovation, industrial control and security in building a modern industrial system and building a new development pattern; Deepen reform around optimizing resource allocation, adhere to taking enterprises as the main body and marketization as the means, highlight the main business and focus on industry, pay more attention to becoming stronger and better, promote the integration and reorganization of state-owned enterprises, advance and retreat in an orderly manner, improve quality and efficiency, actively lay out new industrial tracks, develop new quality productivity according to local conditions, and vigorously cultivate new kinetic energy for development.
Institutional point of view
Guojin Securities: It is suggested to maintain the strategy of "large-scale value defense"
Guojin Securities said that it will maintain the strategy of "defending the market value", pay attention to banks+gold, which are highly defensive and have sustained excess returns, and choose high dividends next. Diffusion strategy include: 1. surplus commodities with low sensitivity to domestic economy and benefit from global liquidity; 2. Industries with "dilemma reversal" logic, with clear supply, stable demand and even recovery; 3. For high dividend industries with low price sensitivity; 4. Having "relative income" benefits from strong fundamentals and liquidity overseas.
CITIC Securities: The third phase of the big fund set sail, and it is recommended to continue to pay attention to leading enterprises in related fields.
CITIC Securities pointed out that the third phase of the National Integrated Circuit Industry Investment Fund (Large Fund) was formally established. From the perspective of this capital contribution, it focuses on financial support entities and the orientation of expanding patient capital. There may be some adjustments and optimizations in the entrusted management mode and investment period compared with the first phase and the second phase. Taking a long-term goal orientation will help avoid short-sightedness and contribute to long-term industrial development. It is estimated that in the third phase of investment, semiconductor manufacturing is still the largest, and it is expected to further increase support for equipment, materials, components, EDA, IP and other fields. It is recommended to continue to pay attention to leading enterprises in related fields.
Huatai Securities: The defensive industry allocates the bottom position for funds, and the export of the real estate chain is the direction of capital concern.
Huatai Securities believes that last week, the real estate policy was expected to be fulfilled, superimposed by domestic and foreign factors, the market volatility fell, the industry rotated rapidly, but the capital inflow was not sustained, and the defensive industry was among the top gainers. Specifically: 1. Under the rapid rotation of the industry, short-term funds are mainly net outflows; The net inflow of foreign capital is small, in which the net outflow of foreign capital in active allocation has narrowed to the minimum since July last year, and the net inflow in passive allocation is large → Allocated foreign capital inflows for two consecutive weeks; Long-term funds have entered the market steadily. 5.24 After the promulgation of the Interim Measures for the Administration of Shareholder Reduction of Listed Companies and its supporting rules, the industrial capital ecology is expected to improve; 2. The defensive industry is the bottom warehouse allocated by the consensus of funds. Although the funds flow into industries such as nonferrous metals and electric power, the sustainability is low. In addition, the consensus of funds focuses on the direction of export (light industrial manufacturing) in the real estate chain, and there are still differences in other directions.
CICC: Since the beginning of the year, the amount of industrial capital reduction has dropped significantly, which has promoted the marginal improvement of A-share funds.
According to the China Gold Research Report, since the CSRC issued an important policy to implement the active capital market on August 27, 2023, and standardized the behavior of share reduction, the scale of capital reduction of shareholders and directors of listed companies has been at a low level. From the beginning of 2024 to the present (as of May 24, 2024), the scale of industrial capital reduction was 33.5 billion yuan, the scale of industrial capital increase was 32.8 billion yuan, and the final scale of industrial capital net reduction was 700 million yuan. In the same period last year, the scale of industrial capital reduction, increase and net reduction were 1908, 325 and 158.3 billion yuan respectively. At the level of individual stocks, since the beginning of the year, shareholders and executives of 522 listed companies have reduced their holdings, and shareholders and executives of 781 listed companies have increased their holdings. On the whole, under the background of optimizing the reduction system, the scale of industrial capital reduction has dropped significantly, and more listed companies have increased their holdings than those have reduced their holdings, which has promoted the marginal improvement of A-share funds.
