The three major indexes of A shares closed down, brokerage stocks led the decline, and the real estate chain strengthened against the market.
The three major A-share indexes collectively pulled back today. As of the close, the Shanghai Composite Index fell 0.82% to close at 3,119.90 points. Shenzhen Component Index fell 0.88% to close at 9583.54 points; The growth enterprise market index fell 0.90% to close at 1838.89 points. The turnover of Shanghai and Shenzhen stock markets was only 761.1 billion, a decrease of 63.5 billion compared with the previous trading day.
The industry sector rose less and fell more.、、、When the real estate chain strengthens,、Among the top gainers,、、、、、The plate was among the top losers.
In terms of individual stocks,More than 1300 stocks rose. The real estate sector surged in intraday trading.、、Daily limit Home and home improvement stocks fluctuated and strengthened.、Daily limit Chemical and chemical fiber stocks are active.20CM daily limit,、、Daily limit The ST plate oscillated and rebounded.、、、Wait for more than 30 shares to limit. In terms of decline, brokerage stocks were collectively adjusted.Down limit.
Industry capital flow: 1.467 billion net inflow
In terms of industry funds, as of the close, the net inflow of,, etc. ranked high, of which the net inflow of real estate development was 1.467 billion.
In terms of net outflow, the net outflow of,, and so on ranked first, of which the net outflow was 4.202 billion yuan.
Today’s news
The United States announced the imposition of tariffs on electric vehicles in China, and the Ministry of Foreign Affairs and the Ministry of Commerce responded.
On May 14th, Foreign Ministry Spokesperson Wang Wenbin held a regular press conference. A reporter asked questions. It is reported that US President Biden will announce tariffs on products from China this week, targeting China’s electric cars, medical supplies,What is China’s response to the product? Wang Wenbin said that you can ask the competent authorities for details. What we want to tell you is that China has always opposed the unilateral imposition of tariffs in violation of WTO rules and will take all necessary measures to safeguard its legitimate rights and interests.
China and the United States hold the first meeting of intergovernmental dialogue on artificial intelligence
May 14, 2024, local time, China and the United StatesThe first meeting of the intergovernmental dialogue was held in Geneva, Switzerland. The two sides introduced their respective views on technological risks and governance measures, as well as measures taken to promote economic and social development. China emphasizes that artificial intelligence technology is the most concerned emerging technology at present. China has always adhered to the concept of people-oriented and intelligent goodness to ensure that artificial intelligence technology is beneficial, safe and fair. China supports strengthening the global governance of artificial intelligence, advocates giving full play to the role of the United Nations as the main channel, and is willing to strengthen communication and coordination with the international community, including the United States, and form a global artificial intelligence governance framework and standards with broad consensus. China has made a solemn stand on the US restrictions on China in the field of artificial intelligence.
The brokerage industry is heavy! "League of Nations+People’s Livelihood" is coming.
On the evening of May 14th,Disclosure of major asset restructuring plans and announcement of resumption of trading. It is planned to issue A shares to purchase 100% shares of Minsheng Securities, and raise no more than 2 billion yuan (inclusive) of matching funds. A shares resumed trading on May 15th. Besides,、、The company announced on the evening of the 14 th that it intends toSell the shares held by Minsheng Securities and subscribe for newly issued A shares with the underlying assets.
MSCI adjusts in the early morning! MSCI China A-share Index added 8 targets and excluded 41 stocks (attached list).
In the early morning of May 15th, Beijing time, MSCI, an international index compilation company, announced the quarterly adjustment results of its index in May 2024, and the adjustment results will take effect after the closing on May 31st, 2024. In this adjustment, the MSCI Global Standard Index added 42 stocks, including 8 A-share targets; At the same time, 121 stocks were removed, including 41 A-share targets.
Civil Aviation Administration of China: Improve the level of scale, networking, intelligence and standardization to promote the healthy development of low-altitude economy.
The relevant person in charge of the Civil Aviation Administration of China said that it will grasp the principle of "step by step, being proactive and prudent, and striving for progress in stability"Develop laws and stage characteristics, improve the level of scale, networking, intelligence and standardization, and promote healthy development.
Institutional point of view
"15+3" is the winner.
In the "high-winning investment era", "15+3" assets not only have certain growth, but also have a high dividend guarantee, and at the same time imply a high ROE, which is a natural high-winning asset. "15+3" is not a rigid standard, but an investment concept. Investors with different tendencies such as growth value dividends can give different weights to growth rate and dividend yield. However, the direction of investment thinking is the same, that is, it converges from both ends of the dumbbell to the middle: on the one hand, the growth rate converges to the middle, which does not require a very high growth rate, but requires a more stable growth rate; On the other hand, the dividend yield can also converge to the middle, which does not need an absolute high dividend, but needs a sustainable and even growing high dividend. We have formulated simple and clear screening criteria for "15+3". The conditions are as follows: 1) CSI 800 constituent stocks with a market value of not less than 30 billion yuan; 2) The growth rate of net profit in 2)2024Q1, 2024E and 2025E shall not be less than 10%; 3) The dividend yield disclosed in the 2023 annual report shall be no less than 2.5%. The excess return of "15+3" assets this year is very significant.
The two types of A-shares are expected to provide a relatively stable return on investment.
Combined with the annual report/quarterly report, it is recommended to pay attention to resource products, information technology, health care and midstream manufacturing with a long-term contraction of production capacity and a profit turning point. At present, the incremental growth rate of social financing is relatively low, while the interest rate center is relatively low, showing a typical asset shortage background, the two types of A shares are expected to provide relatively stable returns to investment. The first category is the leader of excellent performance in various industries; The second category is industries with low credit correlation.
：In the medium term, it is expected to maintain a volatile upward trend.
The weak financial data in April, the weak economic data expectation and the cautious adjustment of the cargo administration report in the first quarter may cause some interference and partial shock to the short-term market. However, in the medium term, it is expected to maintain the upward trend of shocks. On the one hand, Politburo meeting of the Chinese Communist Party’s policy adjustment is positive, and the recent real estate policy is also intensively loosened. It is expected that the speed and intensity of subsequent fiscal policies will also accelerate; On the other hand, the impact of economic and financial data in April on the market has weakened under the adjustment of Politburo meeting of the Chinese Communist Party, and it is expected to respond quickly. The market is more concerned about the pace of policy implementation after Politburo meeting of the Chinese Communist Party and its impact on subsequent economic operation.
Ping An Securities: Continue to be optimistic about the investment opportunities of AI theme
Ping An Securities Research Report pointed out that the current global AI model is gradually showing a development trend from unilateral performance competition to paying equal attention to performance and practicality. When the AI big model capability reaches a certain level, it will inevitably be applied. By improving the cost performance of its products and promoting the deployment of downstream applications, AI big model manufacturers are expected to accelerate the formation of a closed-loop business of the AI big model industry chain. Continue to be optimistic about the investment opportunities of the AI theme.