A-shares fluctuate and differentiate | Financial stocks continue to heat up, ChiNext leads gains, and the central bank's reserve requirement ratio cuts lead to new market expectations

On Wednesday, the A-share market showed an overall volatile upward trend, thanks to the strong performance of financial heavyweight sectors, with the ChiNext Index performing the most prominently. The Shanghai Composite Index once returned above 3400 points, and the total transaction volume of the Shanghai and Shenzhen stock markets reached 1.32 trillion yuan, reflecting a significant increase in market activity.

However, during the opening phase on Thursday, the main stock indices experienced a slight correction. As of the opening, the Shanghai Composite Index fell 0.16% to 3398.43 points; The Shenzhen Component Index fell 0.28% to 10324.84 points; The ChiNext Index fell 0.34% to 2076.04 points; The Shanghai and Shenzhen 300 and Sci Tech Innovation 50 respectively fell slightly by 0.23% and 0.22%. The CSI 50 Index is relatively resistant to decline, with a drop of only 0.08%.

In terms of sectors, the concepts of shipping and China Europe freight trains led the market, with Nanjing Port, Ningbo Shipping, and Ningbo Ocean Shipping hitting the daily limit up for three consecutive days. Air China Ocean Shipping rose more than 10%, while COSCO Shipping opened higher. Coke, office desks and chairs, venture capital and other sectors also showed activity. Relatively speaking, sectors such as silk, high-voltage direct current transmission, financial information services, Moore's Thread, and wealth management have shown weak performance.

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🔍 Key points of company dynamics:

• Tencent Holdings (00700. HK)Q1 revenue reached RMB 1800.2 billion, a year-on-year increase of 13%; Non IFRS operating profit increased by 18% year-on-year to 69.32 billion yuan. Despite slightly lower than expected profits, the main business still maintains good growth momentum.

• Vanke A (00000 2. SZ)The largest shareholder, Shenzhen Railway Group, plans to provide a loan of no more than 1.552 billion yuan with a term of 36 months for debt repayment.

• Ziguang GroupFormer chairman Zhao Weiguo was sentenced to death with a reprieve and all personal property confiscated on three charges including corruption.

• Crystal Integration (688249. SH)The chairman stated that in 2024, the company will accelerate its progress in OLED, advanced CIS, and PMIC products, with a focus on the research and development of automotive grade chips.

• China Rare Earth (000831. SZ)The company is cooperating with the group to solve the problem of industry competition and will carry out mergers and acquisitions at an appropriate time in the future.

• Shenghe Resources (600392. SH)Chenguang Rare Earth, a subsidiary of the company, plans to acquire equity in Peak Australia for approximately 740 million yuan and has obtained a special mining license.

• Huagong Technology (000988. SZ)The subsidiary has established a technology company with a registered capital of 200 million yuan through a joint venture with Licai Precision, entering the field of 3D printing SLM.

• Hainan Airport (600515. SH)Jointly establish a joint laboratory for intelligent robots with Harbin Institute of Technology (Shenzhen) to promote the upgrading of intelligent management.

• Sinopec (600028. SH)The parent company increased its holdings of 302 million H-shares in Hong Kong, with a total amount exceeding HKD 1.2 billion, demonstrating long-term optimism.

• Daikin Heavy Industries (002487. SZ)The subsidiary won the bid for the European offshore wind power project, with a contract amount of 1 billion yuan, accounting for nearly 26% of the company's annual revenue.

• Baofeng Energy (600989. SH)We plan to repurchase shares with a capital of 1-2 billion yuan, which will be used for employee stock ownership plans or equity incentives.

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🧭 Macro and Policy Outlook:

• The first reserve requirement ratio cut by the central bank this year has officially landedToday, about 1 trillion yuan of liquidity was released, and policy space still exists. It is expected that the reserve requirement ratio will continue to be lowered in the second half of the year.

• The National Entrepreneurship Investment Guidance Fund has been launchedThe Ministry of Science and Technology and seven other departments jointly issued a document focusing on supporting the transformation of future industries and technological achievements.

• The trend of optimizing social financing structure is beginning to emergeIn April, social financing increased by 1.22 trillion yuan year-on-year, and the proportion of government and corporate bond financing increased, supporting the clear direction of the real economy.

• Zhongdeng Company responds to rumors of 'checking allocation'Account verification is a routine task without any special allocation arrangements, aimed at strengthening real name management.

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🚀 Market opportunity insights:

• The integration of the rare earth industry is acceleratingChina Rare Earth accelerates the process of resource restructuring, policy supports strategic upgrading, and leading enterprises embrace development opportunities.

• Three Body Computing Constellation NetworkChina's AI technology has entered the space age, and the Thousand Star Plan has opened a new cycle for the commercial aerospace industry.

• Carbon fiber prices increaseJilin Chemical Fiber's price increase has attracted attention, and the release of demand from aerospace and military industries is expected to boost the industry's prosperity.

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📈 Quick overview of institutional perspectives:

• Galaxy SecuritiesOptimistic about Apple Chain related companies, short-term tariff easing brings export window, benefiting consumer electronics and passive component leaders.

• Open source securitiesAI toys and embodied intelligence are driving a surge in demand for intelligent computing power modules and CDN, and related sectors are expected to undergo valuation reshaping.