A shares last week
In the past week (May 29-June 2), the A-share Shanghai Composite Index, Shenzhen Composite Index and ChiNext Index all bottomed out. As of the close on June 2, the Shanghai Composite Index reported 3230.07 points, up 0.55% for the week; Shenzhen Component Index reported 10998.07 points, up 0.81% for the week; The ChiNext index was at 2233.27 points, up 0.18% for the week.
Specifically, 53% of individual stocks rose during the week, 90 stocks rose more than 15% on a weekly basis, and 25 stocks fell by more than 15%. Brain-computer interface, cloud gaming, AIGC concept, media, attractions and tourism, computer applications, precious metals, home appliances and other sectors rose first, and chemical pharmaceuticals, batteries, traditional Chinese medicine, agricultural services, general equipment, clothing and home textiles and other sectors fell first.
Outside on Friday
The three major stock indexes of the New York stock market rose significantly on the 2nd, and the Dow rose 700 points. As of the close of the day, the Dow Jones Industrial Average rose 701.19 points, or 2.12%, to close at 33,762.76 from the previous session; The S&P 500 stock index rose 61.35 points, or 1.45%, to close at 4282.37; The Nasdaq Composite rose 139.78 points, or 1.07%, to close at 13,240.77.
The three major European stock indexes rose collectively on the 2nd. Germany's Frankfurt stock market DAX index rose 197.57 points, or 1.25%, to close at 16051.23 points on the 2nd; the French BNP Paribas CAC 40 index closed at 7270.69 points on the 2nd, up 133.26 points, or 1.87%, from the previous trading day; The British FTSE 100 index closed at 7607.28 points on the 2nd, up 117.01 points, or 1.56%, from the previous session.
International oil prices rose significantly on the 2nd. By the end of the day, light crude futures for July delivery on the New York Mercantile Exchange closed at $71.74 per barrel, up 2.34%; London Brent crude futures for August delivery rose $1.85, or 2.49%, to settle at $76.13 a barrel.
Heavy information
1. Jin Zhuanglong, Minister of Industry and Information Technology: will accelerate the construction of virtual private networks in the 5G industry and comprehensively promote the research and development of 6G technology
Minister of Industry and Information Technology Jin Zhuanglong said at the 31st China International Information and Communication Exhibition held on the 4th that the Ministry of Industry and Information Technology will accelerate the construction of 5G industry virtual private networks, deeply implement 5G application sailing, further enrich and expand 5G application scenarios, deepen industrial Internet integration, improve industrial Internet technology system, standard system, application system, build a number of 5G factories, and vigorously promote intelligent, green and integrated manufacturing. At the same time, we will accelerate the cultivation of emerging industries, seize new advantages in the future, continue to enhance the advantages of the whole industry chain in mobile communications, optical communications and other fields, consolidate the leading position of advantageous industries, prospectively lay out cutting-edge fields such as the next-generation Internet, comprehensively promote the research and development of 6G technology, create a good development environment, guide and support enterprises to increase investment in research and development, and accelerate the development of emerging digital industries such as artificial intelligence, blockchain, cloud computing, and network security. (21st Century Business Herald)
TF Securities believes that the research of 6G technology in China and overseas has a high degree of overlap between space-space and sea, computing power perception and terahertz directions. 1) Air-space and sea-sea. The important development direction of 6G communication is to build a global connection of air-space and air-sea integration by integrating ground communication networks, satellite communication networks and deep-sea ocean-going networks. It is recommended to pay attention to the relevant targets of the satellite manufacturing segment; 2) AI+ computing power. Combining wireless transmission with AI deep learning at the communication physical layer is the future trend of 6G.
2. The National Council intends to extend and optimize the new energy vehicle purchase tax reduction policy, which is expected to boost industry confidence
The executive meeting of the State Council held on the 2nd pointed out that new energy vehicles are the main direction of the transformation and upgrading of the automobile industry, and the development space is very broad. It is necessary to consolidate and expand the development advantages of new energy vehicles, further optimize the industrial layout, strengthen the research of key core technologies in key areas such as power battery systems, new chassis architecture, and intelligent driving systems, coordinate the development and utilization of domestic and international resources, improve the recycling system of power batteries, build an industrial ecology for the integrated development of "vehicle energy road cloud", and improve the independent controllability and green development level of the entire industrial chain. It is necessary to continue and optimize the new energy vehicle purchase tax reduction policy, build a high-quality charging infrastructure system, further stabilize market expectations, optimize the consumption environment, and release the consumption potential of new energy vehicles. (CCTV News)
Shengang Securities believes that since 2014, the state has been implementing a vehicle purchase tax exemption policy for new energy vehicles. The National Assembly clearly extended the car purchase tax reduction policy, which is beneficial to the domestic new energy vehicle market, further stabilizes market expectations, and is expected to release the consumption potential of new energy vehicles. The continuous strengthening of policies will help the new energy vehicle industry overcome the impact of multiple factors, maintain a steady development momentum, and consolidate its dominant position. In anticipation of a new round of stimulus policies, we believe that the pessimism of the sector has passed, and it is expected to usher in a reversal after the low volatility.
Orient Securities believes that the State Council will propose to continue and optimize the new energy vehicle purchase tax reduction policy, which is expected to promote the recovery of confidence in the automobile market and the industry. The continuation and optimization of the purchase tax reduction policy reflects the country's concern and attention to the new energy vehicle industry, and looks forward to the subsequent introduction of relevant policies to support the development of the new energy vehicle market.
3. The Blue Book of New Power System Development was released to clarify the "three-step" development path
On June 2, the "Blue Book on the Development of New Power System" hosted by the National Energy Administration and undertaken by the General Institute of Electric Power Planning and Design and China Energy Media Group Co., Ltd. was held in Beijing. The "Blue Book" proposes that in accordance with the "two-step" strategic arrangement of the new era proposed by the Party Central Committee, anchor the "3060" strategic goal, take 2030, 2045 and 2060 as important time nodes for building a new power system, and formulate a "three-step" development path for the new power system, that is, the accelerated transformation period (now to 2030), the overall formation period (2030-2045), the consolidation and improvement period (2045-2060), and the planned Promote the construction of new power systems step by step. (National Energy Administration website)
Essence Securities pointed out that the "Blue Book" takes strengthening the construction of power supply guarantee support system as the first important task, puts forward to stabilize the basic power supply of coal power, promotes the flexible and low-carbon development of coal power, and emphasizes the role of coal power as a ballast stone. Under the background of falling coal prices, the performance trend of thermal power is expected to continue to improve. Compared with the previous draft for comments, the Blue Book released this time has changed the expression of nuclear power from "slowing down" to "further expanding the scale and application fields of nuclear power installation" and "actively developing nuclear power in a safe and orderly manner", and the acceleration of nuclear power approval is expected to remain unchanged. In addition, the "Blue Book" emphasizes strengthening the construction of intelligent operation system of power system, building a new dispatching and operation system that adapts to the development of new energy, promoting intelligent upgrading of power grids, building new digital infrastructure, and building a digital economy platform for energy and electricity.
4. US President Joe Biden signs the debt ceiling bill
US President Biden signed a bill on the federal government's debt ceiling and budget on the afternoon of the 3rd, ending the recent uncertainty surrounding the possibility of the United States falling into a government debt default. The bill suspends the debt ceiling until early 2025 and limits spending in fiscal 2024 and 2025, the 103rd adjustment of the debt ceiling in the United States since the end of World War II. The bill had previously passed the U.S. House of Representatives and then the Senate. (Xinhua News Agency)
China Merchants Securities believes that with the agreement on the US debt ceiling, the US debt level and interest expense will further climb, and there are constraints on the Fed to continue to raise interest rates and reduce the balance sheet. At the same time, Sino-US relations began to have phased communication. The expected recovery of the depreciation of the renminbi is expected to re-enter in June.
5. Saudi Arabia announced that it will cut crude oil production by an additional 1 million barrels per day in July
According to the Saudi Ministry of Oil, in order to cooperate with the decision of the "OPEC+" meeting and jointly maintain the stability of the international crude oil market, from July, it will voluntarily reduce crude oil production by another 1 million barrels / day, that is, from the previous voluntary crude oil production reduction of 500,000 barrels / day to 1.5 million barrels / day, for one month, the production reduction measures can be considered extended. Since May this year, Saudi Arabia has voluntarily cut crude oil production by 500,000 barrels per day. After two voluntary cuts, Saudi Arabia's crude oil production will be reduced to 9 million barrels per day by July this year. (CCTV News)
Institutional finishing touches
- CITIC Securities: It is expected that A-shares will continue to be highly volatile in June, and based on valuation and market sentiment, it is currently trending around the trough of the volatility range in the second half of the year. In terms of allocation, it is recommended to continue to focus on the varieties with policy catalytic expectations or performance advantages in the three major security fields of science and technology, energy resources and national defense, and continue to pay attention to the long-term allocation value of the pharmaceutical industry.
- Great Wall Securities: The bottom of the A-share fundamentals is expected to improve quarter by quarter, and the profits of computer, media, consumer services, travel and other industries have been significantly repaired. Domestic industrial policies support both short board areas and advantageous areas, and under the guidance of policies, they still adhere to the three main line opportunities of "artificial intelligence + medium special valuation + consumption structured recovery". This year's market can be compared to 2019, the second wave of the main market is still brewing, waiting for the risk appetite to repair after the market joint force formation. Short-term recommendations focus on directions with strong certainty of performance (some optional consumption), strong certainty of economic improvement (some new energy), and high margin of safety (big finance).
Focus announcement
Milkwell: MW-SG, a wholly-owned subsidiary, intends to acquire 100% of LHNLOG's shares by way of an offer to acquire LHNLOG
China Unicom: Yunnan Unicom withdrew the entrusted contracting operation right of Yunnan Province
Chint Electric: Plans to spin off its holding subsidiary Chint Aneng to the main board of the Shanghai Stock Exchange
Weiguang Biotechnology: The actual controller intends to change to Sinopharm Group and resume trading on the 5th
Zhejiang Jiaoke: Awarded the Great Wall Life License, holding ratio of 5.03%
PowerChina: Plans to spin off and list PowerChina New Energy, a holding subsidiary
Trading Tips
(Disclaimer: The content of the article is for reference only and does not constitute investment advice.) Investors do so at their own risk. ）
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