[stock market afternoon review] the index of the two markets fluctuated and the Prev rose 0.01%. Guoxuan Hi-Tech led the lithium battery sector higher.

SMM5 on June 29: the index opened low and went high, and the three major stock indexes all turned red. In terms of the plate, the communications plate led the rise, and the dairy sector rebounded sharply after the adjustment a few days ago. On the whole, the capital sentiment continues to pick up, the market atmosphere is more positive, and the money-making effect continues to pick up. Towards midday, the index continued to rise, with the index rising to 1.5 per cent at one point. On the disk, the Internet celebrity economy, tourism plate intraday pull up, dairy and other food processing plate warmed up, banking, insurance and other weight plate pullback shock. On the whole, capital sentiment continues to pick up, individual stocks rise more and fall less, and the money-making effect is general. As of press time, the Prev Index was at 2846.41 points, up 0.01%; the Shenzhen Composite Index was at 10704.61 points, up 0.48%; and the Chuangxin Index was at 2076.32 points, up 1.04%.

Review of changes

The concept of radio and television department opened higher, the limit of radio and television network rose, Hubei radio and television, Guangxi radio and television, Guiguang network and so on rose.

Online game plate changes pull up, Yaoji science and technology limit, Storm Group, Oriental Pearl, Jiayun Technology, Radio and Television Media and so on.

Jinri Toutiao concept stocks rose, the blue cursor rose in a straight line, Guangbo shares opened and sealed the board, Jiayun Technology, Meisheng Culture, Shengguang Group and so on followed the rise.

Dairy plate changed to pull up, Cody Dairy rose, Miaoke Lando, New Dairy, Manor Ranch, Yantang Dairy, Beinmei and so on rose.

Scenic spots and tourism plate pull strong, Caesar travel industry rose, China Television Media, China Travel Service, Tengbang International, Zhongxin Tourism and so on.

Airport shipping sector continued to rise, Baiyun Airport rose more than 5%, Shanghai Airport, Shenzhen Airport, HNA Holdings, Xiamen Airport and so on rose.

Rare earth permanent magnet plate pulled up, Yinglohua rose by the daily limit, China Color shares rose more than 4%, China Road shares, ST Chuangxing, China Baoan and so on rose.

Internet celebrity economic plate is strong, the world show, Maida digital, Yuanlong Yatu, China Road shares and so on nearly ten collective limit.

Kechuangban stocks rose, Ofu environmental protection rose by the daily limit, Qingyi Optoelectronics, Pumen Technology, and Bairen Medical all rose more than 10%.

The concept of photoresist has been pulled up, Jianghua has risen slightly, Jacques Technology has previously sealed the board, and the sensitivity of Shanghai Xinyang and Rongda has risen by more than 5%.

Agricultural planting changes pull up, Shennong science and technology sealing board, landing sea seed industry, Su Ken Nongfa, Tsuen Yin Hi-Tech, Nongfa seed industry and so on rose slightly.

Message surface

[the Ministry of Finance is stepping up efforts to formulate measures for the filing of accounting firms engaged in securities service business]

In order to further promote the "management and service" reform of the State Council, accounting firms engaged in the securities service industry have changed from qualification examination and approval to record management. The reporter learned from relevant departments that at present, the Ministry of Finance is working closely with relevant departments to formulate measures for the filing of accounting firms engaged in securities services, which will promote the formation of a market-oriented screening mechanism and make full use of existing rules and regulations. we will promote the formation of a scientific management pattern and earnestly promote the improvement of the quality of information disclosure in the capital market.

[Jianghuai Automobile: Anhui SASAC, Volkswagen China, Jiangqi Holdings, etc., signed a letter of intent to increase capital]

Jianghuai Automobile announced on the morning of the 29th that Anhui SASAC, Volkswagen China Investment and JAC signed a letter of intent on increasing capital to Anhui Jianghuai Automobile Group holding Co., Ltd. Volkswagen China Investment will acquire 50% of the target company by capital increase before December 31, 2020 or other dates separately agreed by the parties. After the capital increase is completed, Volkswagen China Investment will become a shareholder of the target company, holding a 50% stake in the target company, while Anhui SASAC holds a 50% stake and still controls the target company.

[the central bank will carry out 300 billion yuan 7-day reverse repurchase operation]

The open market of the central bank will conduct a seven-day reverse repurchase operation of 300 billion yuan today, and there will be no reverse repurchase due today. This week, the central bank carried out a reverse repurchase operation of 670 billion yuan, and the central bank made a net investment of 670 billion yuan this week because there was no reverse repurchase due this week.

Institutional point of view

Citic Construction Investment said that the recent lack of new positive factors and a significant increase in short-term uncertainties are the main reasons for the adjustment of market shocks, and there is no sign of improvement in the situation, so we still need to be prepared to deal with market shocks. However, although the short-term lack of strong and favorable incentives makes the index weak, the tone of the "slow expansion" of the credit cycle and the expectation of sustained policy will limit the falling space of the future market to a certain extent. therefore, we still believe that the future market to maintain the overall shock pattern is still a high probability event, while paying attention to the relevant progress of the news side to further judge the direction choice. Market opportunities will still be dominated by structural market, and the characteristics of fast hot spot switching will still be maintained, investors also need to do a good job in the positive band to deal with.

Everbright Securities said that the probability of the market hitting a new low is low. From the perspective of valuation, the current market capitalization / M2 of A shares is 27.4%, and the historical valuation quantile is 38.3%, which is slightly underestimated. At the same time, there is no possibility of significant policy tightening in the near future, so the short-term correction caused by higher-than-expected factors means that the market performance-to-price ratio is further improved, and there is no need to worry too much.

Shenwan Hongyuan released the outlook for the development environment of the stock market in June, saying that in the verification of improving fundamentals, deepening reform can be expected. After experiencing a sharp contraction in economic activity in the first quarter, China's economic data improved in the second quarter, but the overall growth rate did not return to positive growth, and consumption and investment still grew negatively compared with the same period last year. It is expected that in the second quarter, policies such as re-loan rediscount and targeted reserve reduction in the first half of 2020 have fully guaranteed a good financing environment for physical enterprises and residents throughout the year. The focus of the policy in the second quarter is that the continuous transmission of early tools is effective, there is little need for further monetary easing, and the financial environment forms an obvious support for follow-up investment and enterprise production activities.

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