U.S. stocks have entered a trend of continuous new highs, beginning to attack 39,000 points, the overall trend is still strong, and the external financial market has shown obvious signs of rebound. The A-share market is slightly weak after rebounding for 2 consecutive days, coupled with the recent uproar of the new rules for delisting, some stocks have shown obvious signs of selling, and it is worth noting that institutional funds have begun to intensively adjust positions and swap shares, which has also led to a large amplitude of some stocks, and some stocks have also seen a trend of 5 consecutive declines. The current A-share market does not have the momentum to continue to rise, and we still pay attention to the opportunity to participate after the pullback.
Bull riding bears found that the current gold gains may be overpriced compared with fundamentals, and the market's expectations for the Fed to cut interest rates may also be a little too optimistic. Once the subsequent U.S. economy and inflation fail to be significantly weaker than expected, and the Fed's policy stance fails to accelerate the dovish turn, gold is likely to pull back in the short term. From a medium-term perspective, referring to the history of the Fed's conversion from interest rate hikes to interest rate cuts in 2018-2019, gold prices will perform better in the range from the expected fermentation of interest rate cuts to the actual landing of interest rate cuts. In the long run, the continued increase in central bank demand for gold is expected to lift the gold price pivot. In addition, the current international risk events continue, and risk aversion is expected to further increase the cost performance of gold allocation.
The three major indexes collectively opened low, with more than 1,000 red stocks in the two cities opening, and the performance of immunotherapy, coal, disperse dyes and other sectors in the theme sector was strong, while the performance of Sora, knowledge payment, Internet and other sectors was poor. The concept of stem cells has risen in a large area, and more than 10 shares such as Guanhao Biotechnology and Kaineng Health have successfully cured a type 2 diabetic patient with severe impaired islet function by using stem cell-derived autologous regenerative islet transplantation therapy for the first time, and the patient has been completely weaned off insulin for 33 months. Power stocks bucked the trend and strengthened, Xichang power limit, star power, Huayin power and other stocks rose more than 5%, the National Energy Administration recently said that it is expected that during this summer, the national electricity load will grow rapidly, the highest load increased by more than 100 million kilowatts year-on-year, and the power supply is facing certain pressure.
The coal sector rebounded, Jinkong Coal Industry hit the daily limit, Lu'an Environmental Energy, Yankuang Energy, etc. have followed suit, and the supply contraction will amplify the contradiction between supply and demand in the peak demand season of the power industry, so it is expected to promote the rebound of coal prices again. The expectation that coal prices will rise to 1,200 yuan/ton in May has been revised to 1,200 yuan/ton in June, and the expectation of coal prices remains optimistic. The concept of synthetic biology bottomed out and rebounded, Ruifeng high-tech rose by more than 15%, Azure Biology walked out of 6 boards, Sino Biological, nearshore protein, etc. rose highly, synthetic biology is a sunrise industry that emerged at the beginning of this century, which can realize the transformation and even creation of life systems, and the current primary market financing is hot. Intelligent driving concept stocks moved up, Huaan Xinchuang 20CM daily limit, Yitong Century, Zhonghaida, etc., Tesla proposed to land "driverless taxis" in China.
The Shanghai Composite Index fluctuated underwater after opening low on Tuesday, and there was no obvious sign of a rebound, showing obvious weakness. In terms of northbound funds, starting from May Day, there have been signs of capital flight this week, which is in stark contrast to the pre-holiday period, the trading volume of the two cities has fallen after the blowout, it is worth noting that the ST plate has fallen to the limit, and the impact on the market is self-evident! In the afternoon, pay attention to whether the Shanghai Composite Index can stabilize above 3130 points.
The ChiNext index opened with a gap on Tuesday to make up for Monday's gap, and then continued to fall by more than 1%, showing obvious signs of decline, and 1900 points are as difficult to break through as a mountain. From the beginning of March to the beginning of May, the 2-month period was stopped at 1900 points, which also shows that the upward difficulty is still relatively large. After May Day, tourism, hotel catering and other consumer sectors fell sharply, and they have always been the main objects of capital flight, and the large consumption sector has been weakening, which has a certain relationship with the economic recovery being less than expected, which everyone should pay attention to. In the afternoon, pay attention to whether the GEM index can stabilize above 1860 points.
Lunchtime highlights:
1. The People's Bank of China carried out a 7-day reverse repurchase operation of 2 billion yuan today, and the winning interest rate was 1.80%, the same as before. There is no reverse repo expiration today
2. As of May 7, the financing balance of the Shanghai Stock Exchange was 789.312 billion yuan, an increase of 1.521 billion yuan from the previous trading day, the financing balance of the Shenzhen Stock Exchange was 701.534 billion yuan, an increase of 1.428 billion yuan from the previous trading day, and the total of the two cities was 1490.846 billion yuan, an increase of 2.949 billion yuan from the previous trading day.