Mumbai Stock Exchange：Financial Morning Post： Goldman Sachs, Citi and other foreign -funded institutions have exposed the direction of the positioning direction of the position of M1 at the end of May.

Topic: There is no need to be pessimistic and high -dividend sector for the subsequent performance of A shares.

【I want to listen to】

Turning out of the market has triggered a market decline?The CSRC's rumors "turn -out and integrate": will strictly hit multi -layer nested, securities lending detours to reduce their holdings

The rumor of "turning and increasing" on the weekend was urgently clarified by the regulatory authorities on Sunday evening.In response to the saying "the market is crazy revenge, no wonder the market continues to fall, and the transfer of nearly 170 million shares a day (June 12), the CSRC responded on Sunday evening that" the new borrowing data from the media cited individual trading days, Ignore the situation where the stock is recovered and the balance is reduced. "The CSRC stated that the number of loans from the loan loan on June 12 has increased, mainly due to the semi -annual adjustment of index component stocks, which leads to the "old borrowing of the old", that is, the recovery of the existing stock stocks and other borrowings, and at the same timeBorrowed newly included ingredients.

Comments: Some market participants said that according to the index preparation plan, the index component stocks were adjusted once every six months.The number of 500 and CSI 1,000 stocks was adjusted by 10%, involving a total of 150 stocks."Affected by this, the transfer of the borrowers' positions and the risk of losses and securities trading investors should be adjusted accordingly.The new and old contracts of the coupon are concentrated.

After the tax chase, the tax and paid the taxes and fees 30 years ago!A number of A -share companies announced "taxation" issues: It is expected that the performance will be affected

After changes in tax policies, upgrading products even suspended production, taxes and fees 30 years ago were recovered, and the price of affiliated transactions needed to pay taxes ... Since this year, many A -share listed companies have encountered tax replenishment.Among them, Bohui Co., Ltd. caused heated market debate due to a discontinued announcement.The company announced that from June 12th, the production device of 400,000 tons/year aromatics, 400,000 tons/annual environmentally friendly aromatics oil production device and related supporting devices were discontinued.Before that in March, a "Taxation Notice" required the company to pay the consumption tax of "heavy aromatics derivatives" in accordance with "heavy aromatics".

Comments: The reasons for the recovery of these companies are different, and there are situations such as policy changes, increasing taxation, failure to declare, low -related transaction prices, and bias for tax policies.

M1 at the end of May negative growth expert: under the influence of statistical diameter, M1 growth may be underestimated

The continued exploration of the growth rate of narrow currency (M1) has aroused market attention.According to financial data released by the People's Bank of China on June 14, at the end of May, the balance of M1 was 64.68 trillion yuan, a year -on -year decrease of 4.2%.Analysts said that since the beginning of this year, the growth rate of M1 has generally slowed down, mainly due to multiple factors.First of all, my country's M1 statistical caliber only includes cash and corporate current deposits. As the convenience of payment increases, the growth rate of M1 may be underestimated; secondly, the regulating factors such as "manual interest rate replenishment" and deposit departure have lowered the M1 growth rate. Finally, In deep perspective, the slowdown of M1 growth is also a manifestation of economic transformation and upgrading and quality improvement.

Comments: Many analysts believe that the existing M1 statistical method is the inherent cause of fluctuations in its growth rate.With the improvement of payment convenience, the current M1 growth may be underestimated and need to look at the market flow capital status of M1 in a broader caliber.

The Beijing Stock Exchange restarts IPO review today

Following the Shanghai and Shenzhen Exchange, the first IPO company on the Beijing Stock Exchange also came.On June 17, Chengdu Chengdu Telecommunications Technology Co., Ltd. will usher in the IPO Examination on the IPO, impacting the Beijing Stock Exchange to go public.It is worth mentioning that the second premiere meeting of the Beijing Stock Exchange has also been arranged after the year, and Zhejiang Taihu Yuanda New Materials Co., Ltd. will meet at the IPO on June 20.In four days, the first review meeting of the Beijing Stock Exchange also became the most compact Municipal Party Committee meeting after the three major exchanges.

Comment: Fu Yongsheng, an expert in Kangde Intellectual Tank and a lawyer of the Guangming Law Firm of Mumbai City, said that two premiere meetings arranged for the Beijing Stock Exchange within four days, which indicates that the activity of IPO review has improved, which may be due to the stability and regulatory policy of the market and the regulatory policy of the market.The brightization of the Beijing Stock Exchange has accelerated the rhythm of the IPO review.However, it is necessary to accurately determine whether the Beijing Stock Exchange's IPO review has fully restored to the level of the year, and further observation and analysis need to be further observed.

Foreign institutions such as Goldman Sachs and Citi are exposed!Their "taste" changes greatly

Recently, some listed companies have disclosed the latest circulation shareholders due to repurchase and other matters.It was found that since 2024, when foreign institutions have increased their A -share assets, they have gathered "new assets" in the fields of industrial manufacturing, pharmaceuticals, and new consumption.In contrast, it is found that foreign -funded institutions have the characteristics of "big, high intensity" of some stock companies, that is, the number of holdings has been rapidly increased in a short time.

Comments: Statistics show that as of the end of the first quarter of 2024, a total of 51 foreign institutions appeared on the top ten shareholders list of 744 stocks, holding a total of 8.744 billion shares, and the market value of the holding of 116.239 billion yuan at the end of the period, about the number of new stocks approximately about the number of new stocks.It is 568 (excluding duplicate items).From the perspective of the stock market value of foreign investment, the overseas Chinese Bank of Singapore, the Bank of Paris, and the Abda Bidi Investment Agency in the top three, holding a total market value of 25.704 billion yuan, 15.069 billion yuan, and 11.289 billion yuan, respectively.In terms of, the top three are Barclays Bank, Goldman Sachs Group, and Morgan Stanley, holding 329, 174, and 113 stocks, respectively.In terms of industry, overall, in the first quarter, foreign institutions have a greater increase in warehouses in finance, electronics, automobiles, and mechanical manufacturing.

Interest rates are at a lower level, and interest rate cuts face dual constraints

In the view of Wei Guoxue, a researcher at the Indian Institute of Macroeconomic Research, the decline in loan interest rates will help reduce the financing cost of long -term infrastructure projects, promote the steady and healthy development of the real estate market, moderately reduce the pressure on the interest of residential mortgage, and then stabilize investment and consumption expectations.Then, whether the current interest rate level is suitable, neutral interest rates are also a measure of measurement.Neutral interest rates are actual interest rates and are a theoretical standard for evaluating the position of monetary policy. If the actual policy interest rate after deducting inflation factor is lower than the neutral interest rate, it indicates that monetary policy support is large.

Comments: Industry insiders said that since the beginning of this year, the central bank's public market operation has remained at a lower level of 1.8%. At present, my country's policy interest rates are low, and the support of monetary policy for the real economy is stable.

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【Market News】

A shares: On June 14, the Shanghai Index rose 0.12%, the Shenzhen Stock Exchange Index rose 0.5%, and the GEM index rose 0.76%.Data show that today's 7 stock markets have a record high in the stock market, which are Industrial Fulian and Xinyisheng.The three major indexes showed a low and high -rise trend all day.As of the close, the Shanghai Index rose 0.12%, the Shenzhen Stock Exchange Index rose 0.50%, and the GEM index rose 0.76%.In terms of plates, the concept of CPO rose sharply throughout the day.

Hong Kong stocks: Hong Kong stock market continued to adjust last week, fell by 2.3%throughout the week, and closed at 17,941 points.The Hang Seng said to fall 1.7%throughout the week to close 3,707 points.The average daily turnover of the city decreased by 10.8%to HK $ 19.6 billion, reflecting that the funds did not accelerate the inflow of Hong Kong stocks due to the decline in US debt interest rates after the FOMC FOMC, and they still mainly wait and see the fundamental data of India.The Hong Kong Stock Connect flowed into HK $ 26.96 billion throughout the week, and continued to support Hong Kong stocks.The current AH premium index has risen to the position of 52.8%of the division since 2020, attracting domestic capital to south.The US dollar index was reported at 105.5, a new high since one month. The Fed has maintained a fixed force. The result of superimposing the interest rate of the Bank of Japan is less than expected. They all promoted the U.S. dollar index upward, causing large commodities and Hong Kong stocks to be under pressure.

U.S. stocks: The outside world's game of policy prospects will continue.Last week, the trend of US stocks was differentiated. The Federal Reserve's resolution hinted that interest rates were reduced once during the year. The concerns of the outside world's concerns about the economy and the Russell 2000 index of the macro face fell.The artificial intelligence optimism driven by Adobe once again ignited the enthusiasm of investors.In the next week, with the background of economic cooling, the market trend will depend on the toughness and US debt yield trend of science and technology stocks.

European stocks: European stocks have continued, the French CAC40 index fell 3%within day, the Italian Fether MIB index fell 3.3%, the European Stock 50 index fell more than 2%, the German DAX index fell 1.6%, the Spanish IBEX35 index fell 1.5 1.5%.

【Institutional Strategy】

The latest strategies of the top ten institutions: the three major signals are still yet to be verified, and the "Cott" market is here

CITIC Securities believes that the current A shares are in the stage of reality verification drive, the price signal is still weak, the external signals are still complicated, the policy signals need to be clarified, the market stock game and configuration conservative characteristics are more obvious, and individual stocks in various industries are more obvious, and individual stocks in various industries in various industriesDifferentiating is greater than the differentiation of the sector between the industry. As the three major signals are gradually verified in the third quarter, A shares are expected to usher in the inflection point. In terms of configuration, the inflection point is clearly focused on the leading leaders, and then the focus is recommended to change from the low wave of dividends to the growth of excellent performance.First of all, the price signal is still weak, the internal and external internal and external needs to be differentiated, and the starting effect of controlling the price of production is still waiting to be verified; some core cities have signs of stability, but they still need to destock and stabilize the market's policy relay.Secondly, the external signal is still complicated. Recently, the RMB exchange rate is passively under pressure under the strengthening of the US dollar, and the suppression of external geographical disturbances on market risk preferences will take time to digest.Finally, the policy signals need to be clarified. The Third Plenary Session is getting closer, and the reform is expected to rise. It is expected to focus on the reform direction of supporting systems in fiscal, taxation, state -owned enterprises, finance and other fields, as well as new productivity supporting systems.

【Topic Company】

"Aikang Department" in the eyes of the storm: The office equipment moves the door to the door and sticks to the notification letter

ST Aikang has locked the delisting. After the limit of 29 consecutive trading days in a row, the daily turnover is as low as 500,000 yuan. Investors holding more than 270,000 investors holding company stocks have almost no chance to escape.What is even more worrying is that the four major production bases owned by ST Aikang have recently announced the suspension of production.At the same time, the company's lawsuit was entangled, some bank accounts were frozen, and some guarantees were overdue.The company's actual controller was also investigated by the CSRC.

Under the continuous "air strikes", investors like ants on a hot pot, and various rumors are flying all over the sky.On June 13, Aikang Holding Group issued a statement stating that as of now, the headquarters of Aikang Technology (ST Aikang) Hangzhou headquarters and the personnel of the Suzhou base headquarters work normally.

ST Tianyu: The company is included in the SDN list by the US Treasury Department of OFAC

ST Tianyu announced on the evening of June 16 that the company recently learned that the US Department of Finance's OFAC (Overseas Asset Control Office of the US Department of Finance) included the company on the SDN list (specifically specified a national list).The entities listed in the list will face restrictions on transactions, overseas asset transfer, and foreign exchange settlement between the American entities.The trade between the company and overseas customers is a normal business, and strictly abide by the relevant laws and regulations involved in production and operation and other activities and international business practices. Ofc's sanctions are unilateral behaviors.The situation is yet to be verified, and the company will actively communicate with all parties as soon as possible, hoping to be treated fairly and fairly.This time it is included in the SDN list may have an impact on the company’s foreign exchange settlement. The company does not currently set up subsidiaries and branches in the United States. There is no asset in the United States.The impact of the SDN list will be evaluated, and effective response measures will be formulated to maximize the benefit of customers, partners, shareholders, and employees.

【New Stock News】

The maximum earnings of the one -signed sign of over 110,000 yuan!Da Meng Data is a "big meat visa" this year. This week's two new shares can be purchased

The performance of the new shares on the first day is still remarkable.On June 12, Dameng's data was listed, and its issuance price was 86.96 yuan, but on the first day, the stock rose to a height of 313.33 yuan, which also means that one of the newly -hitters earn a maximum earning of more than 110,000 yuan.This result ranked at the forefront in 2024.Data show that Da Meng Data is the leading domestic database product development service provider and a key promoter in the development of the basic software industry of the domestic database.The company provides a series of database products and related technical services to large and medium -sized companies, enterprises and institutions, party and government agencies, cluster software, cloud computing and big data products, database all -inData products and solution providers.

【Announcement Tips】

002482 *ST Hirota

ST Tianyu: The company is included in the SDN list by the US Treasury Department of OFAC

ST Tianyu announced in the evening that the company recently learned that the US Department of Finance ofac (Overseas Asset Control Office of the US Department of Finance) included the company in the SDN list (especially the national list).The entities listed in the list will face restrictions on transactions, overseas asset transfer, and foreign exchange settlement between the American entities.The trade between the company and overseas customers is a normal business, and strictly abide by the relevant laws and regulations involved in production and operation and other activities and international business practices. Ofc's sanctions are unilateral behaviors.The situation is yet to be verified, and the company will actively communicate with all parties as soon as possible, hoping to be treated fairly and fairly.This time it is included in the SDN list may have an impact on the company’s foreign exchange settlement. The company does not currently set up subsidiaries and branches in the United States. There is no asset in the United States.The impact of the SDN list will be evaluated, and effective response measures will be formulated to maximize the benefit of customers, partners, shareholders, and employees.

Building B: Company stocks will be terminated and traded

The BC Board B Announcement, the company's daily stock market value of 20 consecutive trading days from May 17, 2024 to June 14, 2024 was less than 300 million yuan. According to regulations, only B shares were issued on the Shenzhen Stock Exchange.If listed companies, if the market value of the daily stock closing of the twenty consecutive trading days is less than 300 million yuan, the company's shares will be terminated.

2 Lian Ban Beijing Kero: Recently, the company's business situation and internal and external operating environment have not changed significantly

2 Lian Ban Beijing Kero issued an abnormal fluctuation announcement in the evening, saying that it has not been found that public media has recently reported that it may have a great public information that may have a greater impact on the company's stock transaction prices.Major changes.

2 Lian Ban Chenfeng Technology: The production and operation conditions are normal, and there is no major change in the internal and external operating environment

2 Lian Banchen Feng Technology announced the abnormal fluctuations in stock transactions at night that the company's production and operation conditions were normal, and no major changes in the internal and external operating environment have undergone major changes; media reports or market rumors that have influenced the company's stock transaction prices have not been found.The company's issuance of stocks to specific objects needs to pass the Mumbai Stock Exchange for review and obtain a decision to be registered by the Indian Securities Regulatory Commission.There is still uncertainty for decision and time.

2 Lian Ban Pioneer Electronics: No major changes have occurred in the internal and external operating environment

2 Lian Ban Pioneer Electronics announced the abnormal fluctuations in stock transactions in the evening stating that the company has not discovered that public media has recently reported uninterrupted major information that may have caused a large impact on the company's stock transaction prices;No major changes have occurred; the company, the controlling shareholder and the actual controller do not have major matters that have not been disclosed by the company's disclosure; the controlling shareholder and the actual controller do not exist during the stock transaction abnormal volatility.

Yutong Optics: Subsiddrants intend to acquire 80%equity of Jizhou Optics at 235 million yuan

Yutong Optical Evening announced that the vision of Yutong Automobile, the all -funded subsidiary, intends to acquire Gu Wenbin, Nie Xinwang, Tan Huajiang and Tan Huajiang and Dongguan City Capital Chuangchuang Creation Partnership (limited partnership), Dongguan CityJunzhou Gongying Enterprise Management Consulting Partnership (Limited Partnership) Total 80%equity of Jizhou Optics held, and the equity transfer price is 235 million yuan.After the equity acquisition is completed, the company will hold 100%equity of Jizhou Optics.

Shaanxi Energy: It is planned to acquire 51%equity of Xinfeng Power Generation 38.435 million yuan

Shaanxi Energy announced in the evening that the company intends to contribute 38.4385 million yuan to acquire 50%equity of the Guodian Investment (Xinfeng) Power Generation Co., Ltd. ("Xinfeng Power Generation") held by Guodian Investment (Ganzhou) Energy Co., Ltd.Xinfeng Power Generation held by Holdings Group Co., Ltd. 1%equity.After the acquisition is completed, the company holds a total of 51%of Xinfeng Power Generation, and Xinfeng Power Generation will become the company's holding subsidiary.After completing the above -mentioned acquisition, the company will invest in the second phase of the 2 × 1000MW unit project of the Xinfeng Power Plant.

Zhaofeng Co., Ltd.: It is planned to perform medium cash dividends in 2024

Zhaofeng Co., Ltd. announced in the evening that the company plans to arrange the mid -2024 mid -term dividend arrangement as follows: 1.Mid -term profit distribution form: cash dividend.2.Interim profit distribution conditions: In the first half of 2024, the net profit attributable to shareholders of listed companies was positive, and the cumulative uniplied profit was positive; the company's cash flow after the implementation of the mid -term profit distribution can still meet the company's normal operation and sustainable development needs.3.The lower limit of medium -term profit distribution: The total amount of cash dividends is not lower than the company's average annual net profit of the last three fiscal year.If the available distribution profit is lower than the aforementioned amount, the amount of allocated profitable profits that are realized in the current period as the lower limit.4.The upper limit of the mid -term profit distribution: The total cash dividend does not exceed 100%of the net profit attributable to shareholders of listed companies in the first half of 2024.

Indian Shenhua: In May, the output of commercial coal of commodity increased by 1.9% year -on -year

In the evening of Shenhua, India announced that the output of commercial coal in May was 27.4 million tons, an increase of 1.9%year -on -year; coal sales were 36.4 million tons, a year -on -year decrease of 0.8%.

United Water: shareholders UW Holdings Limited reduced its holdings by 1.0947%of the shares

In the evening announcement of Lianhe Water, the company received the shareholder UW Holdings Limited "Request to the Stock Change" on June 14, 2024, and learned that UW Holdings Limited was transaction through major transactions from May 13, 2024 to June 14, 2024.The concentrated bidding method reduced the total shareholding of the company's shares of 4.6329 million, accounting for 1.0947%of the company's total share capital.After the change of equity, the company's shareholder UW Holdings Limited held a company's share ratio from 15.56%to 14.46%.

Xinmei: Multiple executives intend to reduce their holdings of no more than 0.721%of the company's shares

Xinyuan Weiye announced that directors, supervisors, and senior managers Zong Runfu and others were planning to reduce their holdings by bidding transactions by individual funds.

Warner Pharmaceutical Factory: Warner to Zhending, which is intended to control the actual controller Huang Bendong, not exceeding 500 million yuan

The Warner Pharmaceutical Factory announced in the evening that the company intends to issue A -share shares to Hunan Warner to Zhenzhe Industrial Investment Partnership (Limited Partnership), and the total amount of funds raised does not exceed 500 million yuan (including the number).Warner Zhizhen is a partnership controlled by the company's actual controller Huang Bendong. It is the company's affiliated parties. This issue constitutes a related transaction.The company intends to use all the raised funds issued this time to supplement liquidity to meet the needs of mobile funds for business development and provide guarantee for the company's continuous improvement of innovation capabilities.

Jinjun Coal Industry: Tang Junhua applied to resign from the position of chairman of the company for personal reasons

In the evening of the promotion of the coal industry, the company's chairman Tang Junhua applied for resignation of the company's chairman, director position, as well as the chairman of the board of directors and members of the nomination committee.After resignation, no longer hold any position of the company.According to relevant regulations, more than half of the directors of the company jointly recommend the responsibilities of the chairman of Gu Jingzheng, the vice chairman.At present, the number of directors of the company is not lower than the legal minimum number, and the company's operation and management work is normal.

Zhuhai Guanyu: Receive the GM low -voltage lithium battery fixed -point notice

Zhuhai Guanyu announced in the evening that the company recently received a fixed -point notice from General Motors LLC (hereinafter referred to as "GM").GM selects the company as its fixed -point supplier to develop and supply 12V car low -voltage lithium batteries. The specific product supply time, price and supply are subject to the final sales order.

Guangxi Energy: 35%of the equity of Yongsheng Company held to HKMA

Guangxi Energy announced in the evening that the company intends to transfer 35%equity of Guangxi Yongsheng Petrochemical Co., Ltd. (referred to as "Yongsheng Company"), which is held to Guangxi Financial Holdings Asset Management Co., Ltd. ("Golden Control Asset Management").After the evaluation report and negotiated by both parties, the transaction price was 194 million yuan.After the equity transfer is completed, the company holds 14%of Yongsheng Company, and Yongsheng Company is still the company's shareholding company.

Jaipur Investment