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Last Friday, several trading days, many track stocks experienced adjustments, and the A-share market showed a volatile trend. During the week, the Shanghai Stock Exchange Index, Shenzhen Stock Exchange Index and Growth Enterprise Market Index rose by 0.43%, 0.86% and 0.68% respectively, while the Kechuang 50 Index fell by 3.69%. The turnover of Shanghai and Shenzhen Stock Exchanges exceeded 1.1 trillion yuan for five consecutive days.

What major events have affected the opening of A shares this weekend? What are the latest judgments of analysts?

Ten events affecting A shares over the weekend

1, 150 billion! A new wave of lifting the ban is coming.

Wind data shows that this week (July 19-July 25), 91 companies will lift the ban on restricted shares in the A-share market, with a total of 5.905 billion shares in initial circulation, an increase of 98.54% over the previous week, and the total market value of the lifted shares will reach 154.9 billion yuan, an increase of 30.45% over the previous week. Among them, the market value of science and technology innovation board stocks was 113 billion yuan, accounting for 74% of the total market value of the two cities.

Judging from the market value of lifting the ban, Chianxin -U is temporarily the largest. According to the current stock price, the market value of lifting the ban has reached 43.768 billion yuan.

In addition to Chianxin -U, the CAMBRIAN -U, known as the "first AI chip", has a large market value of lifting the ban, with a reference market value of 25 billion yuan.

In addition, the market value of "the first power battery in science and technology innovation board", such as Funeng Technology, Changfei Optical Fiber, Western Securities, Beijing Express and Xinpengwei, is also in the forefront.

2. Yi Huiman: Resolutely prevent disorderly capital expansion and "making wealth" in violation of laws and regulations.

On 16th, Yi Huiman, Secretary of the Party Committee and Chairman of the CSRC, gave a special party class to party member and cadres of the whole system. Yi Huiman pointed out that we should unswervingly follow the road of developing China’s characteristic capital market. Insist on combining the general laws of market development with the national conditions and market conditions, especially in the process of steadily promoting the reform of the whole market registration system, strengthen the scientific grasp of key issues such as information disclosure supervision, IPO normalization, intermediary agencies’ due diligence and integrity risk prevention and control, and better reflect the characteristics of China and its development stage. Accelerate the improvement of the judicial system and mechanism of securities law enforcement, orderly promote the normalization of litigation of special representatives of securities disputes, and continuously improve the three-dimensional organic insurance system. We should close the entrance to the capital market, strengthen supervision and cooperation with relevant parties, and resolutely prevent disorderly expansion of capital and "making wealth" in violation of laws and regulations.

3. The handling fee for fund transactions will be lowered.

According to the announcements issued by the Shanghai Stock Exchange and the Shenzhen Stock Exchange, since July 19, 2021, the fee for handling fund transactions in the Shanghai Stock Exchange has been reduced from 0.0045% of the transaction amount to 0.004%. The related fees of Shenzhen Stock Exchange Fund will be charged bilaterally at 0.00487% of the transaction amount, and will be lowered to 0.004%.

In addition to the downward adjustment of the handling fee standard for fund transactions, the handling fee standard for fund bulk transactions in Shanghai Stock Exchange will be lowered synchronously according to the adjusted standard rate, and the downward fluctuation range will remain unchanged, that is, 50% of the handling fee standard for bidding transactions will be charged to both buyers and sellers. Marketing unit’s usage fee is reduced from 50,000 yuan per year in marketing unit to 45,000 yuan per year in marketing unit. The Shenzhen Stock Exchange will charge the handling fee for fund block transactions at 50% of the adjusted standard rate.

450 billion yuan reverse repurchase will expire.

Wind data shows that 50 billion yuan of reverse repurchase will expire in the central bank’s open market next week, of which 10 billion yuan will expire from Monday to Friday, and no repurchase and central bank bills will expire.

On July 15, this year, the first comprehensive RRR cut was implemented, and the long-term funds released by the RRR cut were about 1 trillion yuan. At the same time, the central bank also launched a 100 billion yuan medium-term loan facility (MLF) operation and a 10 billion yuan reverse repurchase operation.

5. Next week, 15 new shares will be issued in Shanghai and Shenzhen stock markets.

The data shows that 15 new shares will be issued next week (July 19th to July 23rd). On July 19th, Huayi Technology, Tonghui Information, Baolijia, Shuangle and Runfeng were issued. On July 20th, Tianmicroelectronics, Zhengyuan Dixin and Shenshui Institute were released. On July 21, it was issued by Kindick; On July 22, Longban Media, Guo Bang Medicine, Central Hailu, Baijiete and Zhongqi New Materials were released. On July 23rd, Fudan Microelectronics was released. The cumulative number of these 15 new shares issued is about 745 million shares, and the total amount of funds raised is expected to be 12.184 billion yuan. In addition, next week, two new shares will be listed for the first time, and on July 19, it will be listed as a reader culture; On July 20th, Huayang Variable Speed was listed.

6. China Telecom plans to raise 54.4 billion yuan on the main board of Shanghai Stock Exchange at the IPO of 13 companies next week.

Next week (July 19-23), the Municipal Committee of GEM will make persistent efforts and continue to arrange the deliberation of five companies. Among them, on July 22nd, the Shanghai Municipal Committee of GEM will hold the 41st Shanghai Municipal Committee in 2021 to review Dezhou United Petroleum Technology Co., Ltd. and China Automotive Research Institute Co., Ltd.; On July 23, three other companies appeared: Jiangsu Xinshiyun Technology Co., Ltd., Guoke Hengtai (Beijing) Medical Technology Co., Ltd. and Shandong Xinjufeng Technology Packaging Co., Ltd.

There will be a lot of excitement in science and technology innovation board next week. On July 20, there will be Yuncong Technology Group Co., Ltd. and Shanghai Haihe Drug Research and Development Co., Ltd.; On July 22nd, there was Saikh Intelligent Equipment (Shanghai) Co., Ltd.; On July 23rd, there was Yingshi Innovation Technology Co., Ltd..

Next week, the 18th audit committee of CSRC also arranged the meeting of four companies: Beijing Caishikou Department Store Co., Ltd., Lihua Yiwei Chemical Co., Ltd., Laopu Gold Co., Ltd. and China Telecom Co., Ltd. (hereinafter referred to as China Telecom).

7. Fifty new funds will be launched next week, and the first Public Offering of Fund named after "carbon neutrality" will come.

Wind data shows that 50 new funds will be issued next week, which is a great improvement compared with 32 this week. Specifically, among the 50 new funds to be launched, there are 19 active equity funds, namely, 18 partial stock mixed funds and 1 balanced mixed fund. In addition, it also includes 16 bond funds and 14 ETF funds. It is worth mentioning that the first Public Offering of Fund named "carbon neutral" in the market will also be put on sale next week.

8. The National Development and Reform Commission will hold a press conference in July on the 19th.

The National Development and Reform Commission is scheduled to hold a press conference in July at 10:00 a.m. on Monday, July 19th to introduce the macroeconomic operation and other relevant information.

9, the new version of the "Regulations on the Prohibition of Securities Markets" will be implemented.

From July 19, the new version of the "Regulations on the Prohibition of Securities Markets" will be implemented. The main revision contents of the new version of the regulations include three aspects. First, further clarify the types of market bans; Second, further clarify the applicable rules of trading ban; The third is to further clarify the objects and applicable situations that are prohibited from entering the market.

10. The new LPR quotation will be announced.

On July 20th, the central bank will announce the new LPR quotation. Previously, the one-year LPR was 3.85%, and the LPR over five years was 4.65%, which has remained unchanged for 14 consecutive months. Some analysts said that the just-implemented RRR cut, by injecting stable funds into financial institutions and promoting the decline of comprehensive costs, is expected to drive the adjustment of LPR, but the time lag of MLF interest rate and price transmission may restrict its downside. Therefore, we need to pay attention to this month’s LPR quotation, and its changes will affect the subsequent adjustment of monetary policy and the trend of medium and long-term interest rates.

10. On July 20th, Lenovo Group will hold a general meeting of shareholders, and Mu Yuan and Air China of China will hold an extraordinary general meeting of shareholders; On July 22nd, Great Wall Motor, Dongfeng Motor and Yonghui Supermarket held a special shareholders’ meeting; On July 23rd, Bank of Beijing held an extraordinary general meeting of shareholders.

The six major securities firms look at the market: the upward trend will not change as the fluctuation increases, and the index is in the stage of gaining momentum.

Many brokers believe that the market is still in the transition stage from the quiet period to the resonance upward period, the traditional value sector leader whose fundamentals are expected to improve will be repaired in stages, and the high-prosperity growth sector has entered the rotation stage from the group stage. It can be laid out around the main line of high prosperity, and it is optimistic about sectors such as military industry, new energy, information technology and medical equipment, and there are also opportunities for cyclical sectors such as big finance, chemicals and non-ferrous metals.

The strategy team of CITIC Securities believes that with the convergence of the extreme style differentiation of the market, the traditional value sector leader whose fundamentals are expected to improve will be repaired in stages.

Guotai Junan Securities Strategy Team pointed out that the increase in volatility does not change the upward trend, and the index is in the stage of gaining momentum. In the context of relatively loose policies and risk-free interest rate downtrend, mid-cap blue chips will continue to benefit.

Haitong securities strategy team believes that the current market style is still biased towards the growth of the broader market. From the relative trend of style index and valuation, the evolution of growth style has not yet reached the extreme; The relative trend of profit determines that the current market style will continue.

According to the strategy team of GF Securities, the microstructure of A shares has some adjustment pressure. Since March, some white horse blue-chip stocks have fallen, which stems from the uncertainty of performance after being given an excessive "deterministic valuation premium", and will gradually enter the process of bottoming out in the near future.

Looking forward to the market outlook, CICC’s strategic team believes that the cyclical sector may be difficult to produce a consistent and trending return in the second half of the year; With the overall valuation rising and the market’s interpretation of future expectations deepening, the growth style plate may be further divided. Once the logic of high prosperity and high certainty is recognized or verified, such targets may be recognized by market funds and there will be a valuation premium. In addition, as the market interest rate goes down, some high-interest and stable assets will also be concerned.

For the cyclical sector, the strategy team of open source securities pointed out that the basic logic of the revaluation of cyclical stocks has been made clear, and the long-term constraints of supply have made the stability of their profits explicit, and some sectors and stocks have regained their growth because of the new demand in energy transformation. Considering the high prosperity of the current cycle plate, pricing correction is on the way.

Comprehensive from Finance Association, Securities Times, etc.

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