The interest rate cut is coming, the A-share market is five consecutive yangs, and the SRAM concept fermentation and storage sector is exploding
Yesterday, we mentioned two points in the article: first, tomorrow's LPR quotation will be announced, and there is a high probability that interest rates will be cut; second, the A-share liquidity crisis has been resolved, and the national team's large-scale buying of the bottom may come to an end. And both of these points have been fulfilled today, let's take a closer look:
Because we knew that interest rates might be cut, we kept staring at the pop-up window of LPR before the market, and sure enough, the LPR ushered in an asymmetric reduction, with the 1-year LPR unchanged and the 5-year LPR reduced by 25BP. The LPR was cut without the MLF interest rate moving, and the reduction was the largest since the launch of the LPR, but it was not completely beyond expectations. First of all, the pre-holiday RRR cut provided room for the LPR to cut interest rates, and yesterday the Financial Times, the head of the central bank, also gave a hint, so we only said yesterday that we would cut interest rates.
Although the real estate policy has been issued frequently in the past two months, the real estate market is still very sluggish, and the sales of new homes continue to decline on the basis of last year's sharp decline, and the total sales of the TOP100 real estate companies in January fell by 33.3% year-on-year. In addition, since the mainland's CPI and PPI are both negative, and the real interest rate is too high, it is inevitable to cut interest rates in order to stimulate aggregate demand, and the bond market has long priced in interest rate cuts, and China's 10-year government bond yield has long fallen below 2.5%.
However, although today's interest rate cut and the rate cut slightly exceeded expectations, but the A-share morning reaction was flat, the real estate sector yesterday has funds into the game, this morning after the dive, due to the Spring Festival before the week to now many sectors have accumulated a large increase, funds began to take advantage of the good shipment, A shares once dived, this is the old tradition.
And after the A-share liquidity crisis eased, Huijin's buying efforts shrank sharply, we looked at it in the morning, except for pulling the CSI 300 and ChiNext indexes, Huijin basically did not buy much, until the midday index diving increased, Huijin began to increase its efforts, and the index bottomed out. The details here are that Huijin no longer buys CSI 1000 and CSI 2000, and the bailout of small and micro cap stocks may be over, and it is good to pay attention to the SSE 50, CSI 300, and ChiNext index.
Incremental funds determine the strength of the market rebound, and the previous incremental funds were the national team and foreign capital, but now the purchase intensity of Huijin has shrunk sharply, and incremental funds have become a problem. There is no surplus between public and private offerings, and there is no hope in the short term, and more of a stock position adjustment. Fortunately, foreign capital has gradually become more active in Chinese assets, and domestic capital such as foreign capital and insurance capital is still the key incremental capital, and the follow-up attention will be paid to the inflow of foreign capital.
In addition, due to the lifting of the liquidity crisis, the situation of significant financing positions has also eased, and yesterday's financing increased by more than 15 billion.
Back to today's market, in the morning, A-shares took advantage of the interest rate cut, the index once dived, and at noon, with Huijin and foreign capital increasing positions, the index bottomed out and rebounded, and the Shanghai Composite Index was five consecutive yang. As of the close, the Shanghai Composite Index rose 0.42%, the ChiNext Index edged down 0.01%, the Hong Kong Hang Seng Index rose 0.57%, and the Hang Seng Technology Index closed up 0.35% in late trading. Today, the turnover of the two cities shrank sharply to 0.78 trillion, and more than 3,500 stocks rose.
In terms of industries, household appliances, light manufacturing, agriculture, forestry, animal husbandry and fishery, media, medicine and biology led the gains, while food and beverage, power equipment, automobiles and other industries led the decline.
Due to the price war at the beginning of the year and the negative impact of the U.S. sanctions on smart auto parts, the auto sector fell sharply today, but the end of the market recovered a lot.
He Qiang, a professor at the School of Finance of the Central University of Finance and Economics, attended the CSRC's symposium on February 18 online, proposing that the "T+0" pilot project could be carried out in the state-owned large-cap blue chips and the Beijing Stock Exchange. But in fact, Professor He Qiang used to mention it every year, and if he did, he might not be on the meeting.
Unlike Nvidia GPUs, which rely on high-speed data transmission, Groq's LPUs do not use high-bandwidth memory (HBM) in their systems. It uses SRAM, which is about 20 times faster than the memory used by GPUs. The news stimulated the strengthening of the storage sector, and Beijing Junzheng and Wanrun Technology rose to the limit.
SRAM is not a new thing, the advantage is that it is fast, the disadvantage is that the capacity is very small, and now the vast majority of SRAM is integrated into the SoC core, commonly known as L2 cache, and the market for memory chips alone is so small that it can not be smaller, and only used in extremely special industries.
Risk Warning:
The stock market is risky, investment needs to be cautious, this article does not constitute investment advice, readers need to think independently