The US PPI data exceeded expectations, indicating that inflation still fell less than expected, and the Federal Reserve mentioned that interest rate hikes would be "delayed", but US stocks continued to be strong, less than 1% away from record highs. The peripheral market is obviously higher, and the A-share market has also fluctuated at a high level since May, and the market is seriously differentiated in this position, and the policy and news are relatively flat, which has a certain relationship with the "five poor" market. At present, the strategy is still to see the rhythm of the rebound, do not chase the rise and kill the fall, but can choose to enter the market at a low level after adjustment.
The central bank proposed to study and digest the stock of real estate and optimize the policy measures for incremental housing, Hangzhou and Xi'an liberalized the purchase restriction policy, and Shenzhen optimized the purchase restriction area and purchase restriction conditions. Real estate stock prices usually respond faster to policy than the recovery of fundamentals, and the current valuation of the real estate sector is at a low level, and the bottom of real estate stocks has been basically clear. The change in the tone of the Politburo meeting on real estate, as well as the strong expectation of further release of future policies, may drive this round of sector rally. With the coordinated efforts of macro policies and the continuous follow-up of policies at both ends of real estate supply and demand, especially in core cities, driven by policies, market activity will further increase.
The three major indexes opened mixed, with individual stocks in the two cities falling more and rising less, with cloud games, aquatic products, BC batteries and other sectors performing strongly, while CXO, family doctors, synthetic biology and other sectors performed poorly. Most of the U.S. photovoltaic concept stocks closed up overnight, SunPower rose 92.9%, Maxeon Solar Technology rose 52.2%, iSun rose 14.6%, and Ascent Solar Technology rose 7.4%. Media and game stocks continued to be active at the opening, with Xinghui Entertainment 20CM daily limit, Caesar Culture daily limit, Tianzhou Culture, Dasheng Culture, etc., U.S. stock game station continued to rise 60% on Wednesday, and the stock rose 74% on Tuesday. In addition, Rastar Entertainment said on the interactive platform that the company has signed a licensing agreement with Shanghai Xuanting Entertainment Information Technology Co., Ltd. to obtain the authorization of "Celebrating More Than Years".
The concept of low-altitude economy bottomed out and rebounded, the new research shares 20% of the daily limit, Andawell, Shanggong Shenbei, etc. quickly followed up, and will strengthen research and planning in aircraft airworthiness certification, low-altitude flight service guarantee, infrastructure construction standards, market access management, safety supervision, etc. It has been a week since Shenzhen introduced the policy of zoning to optimize the purchase of housing, and the number of transfers in a single week has hit a new high in the past three years since May 2021. Since late April, many sets of domestic polyester plants have been reduced and overhauled, with a total overhaul capacity of 2.8 million tons. Ping An Securities pointed out that PTA and polyester filament yarns have gradually entered the maintenance cycle, and local supply may be tightened.
The Shanghai Composite Index has always been underwater after opening low on Wednesday morning, and has never even had the courage to turn red, and there has been a very weak market trend. The brokerage sector, which was good for the weekend, did not move on Monday and Tuesday, but there was a sharp decline on Wednesday, which is also one of the main reasons for dragging down the index, which further illustrates that the market has begun to turn from strong to weak, and the trading volume has further shrunk. In the afternoon, pay attention to whether the Shanghai Composite Index can stabilize above 3140 points.
The ChiNext index continued to adjust downward on Wednesday, being suppressed below the 5-day and 10-day lines, and has never shown obvious signs of rebound. As the market begins to weaken, the number of stocks falling in the two cities continues to increase, judging from the current downward trend, we should be careful that the index further declines to near the 20-day line, and here we should also pay attention to the pullback trend of strong stocks in the early stage, and be careful that the market trend weakens as the index falls. In the afternoon, pay attention to whether the GEM index can stabilize above 1850 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 a reverse repurchase of 2 billion yuan due today
2. The People's Bank of China conducted a one-year MLF of 125 billion yuan today, and the interest rate was flat at 2.5%. $125 billion of 1-year MLF is due today.