The national team bailout is also ineffective? Nearly 5,000 A-shares fell, and after hours, Hong Kong stocks exploded

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2024-06-24 16:37Posted on the official account of Guangdong Kancai

As the Shanghai Composite Index fell below 3,000 points, the fear of being dominated by the liquidity crisis in January once again enveloped the market, and the plunge of small and micro cap stocks repeated, with the number of decliners once exceeding 5,000, which forced the national team to expand the target of the rescue from the SSE 50 ETF and CSI 300 ETF to the CSI 500 ETF.

It can be seen that the CSI 500 ETF has increased its volume twice in intraday and late trading. This wave of intraday buying once gave the market hope, because the national team began to save small and mid-cap stocks again. But the national team's funds may be almost consumed in January, last Friday and today's buying is far less strong than in January, coupled with the pressure of just breaking 3000 points, the index fell again shortly after the midday open, and the tail was even more panic market, and the three major indexes basically closed at the lowest point of the day. It can be seen that the national team has been buying at the end of the market, but the selling is too fierce, and the index can't pull up at all.

This round of A-share correction is mainly driven by the high dividend adjustment and the accelerated decline of the big white horse, especially the diving of Moutai's batch price, which makes the market worry about high-end consumption and more pessimistic about the domestic economy, and the core assets that have been widely respected by the market for 20 years have collapsed. Kweichow Moutai is still quite strong, you can take a look at the trends of white horse stocks such as LONGi Green Energy, China Duty Free, Aier Ophthalmology, etc., all of which are cut in half and cut in half.

High dividends and big white horses are heavyweight stocks themselves, and when the stock market fell before, the Shanghai Composite Index was relatively strong because of the high dividend against the market. But this round is a round of high dividends and the Mao Index and the Ning Index fell together, and the index also killed more powerfully. But we also mentioned before that this round is the strength of technology stocks, and there are reasons for institutional repositioning.

However, technology stocks have also made up for losses today, which may be a signal that the correction is nearing its end. In addition, when the plunge in January this year, it was the bottom of the national team and foreign capital, so most of the chips below 3,000 points were in the hands of institutions, national teams and foreign capital.

Northbound funds have stopped selling last Friday after 9 consecutive trading days of net selling, and the depreciation of the RMB may have reached a critical point, the central bank should take action after the offshore RMB approached 7.3 last Friday, and the momentum for foreign capital to continue to sell sharply may not be large.

Let's take a look at today's blockbuster news:

At the request, Minister of Commerce Wang Wentao held a video meeting with the Executive Vice President of the European Commission and Trade Commissioner Dombrovskis. The two sides agreed to launch consultations on the EU's countervailing investigation of electric vehicles against China.

After the first single share acquisition after the "Branch Eight Articles", Xinlian Integration plans to increase the silicon carbide business. NOVOSENSE: It intends to acquire 68.28% of the shares of McGoon in cash.

According to the Financial Associated Press, Nvidia GB200 and B series artificial intelligence chips have been imported by customers in large quantities. According to sources, Jingyuan Electric has a full order from Nvidia, and more production capacity needs to be moved to meet Nvidia's demand.

On the evening of June 21, Greenpass Technology announced that the U.S. Personal Transportation Manufacturers Alliance, composed of U.S. companies Club Car, LLC and Textron Specialized Vehicles, Inc., filed an application with the U.S. Department of Commerce and the U.S. International Trade Commission on June 20, 2024, U.S. time, requesting an anti-dumping and countervailing duty investigation on the import of certain low-speed passenger vehicles (CLSPTV) from China. Affected by the bearishness, Taotao Automobile Industry fell intraday, and Lutong Technology fell more than 6%.

GF Communications slightly revised its 800G shipment forecast to 18 million in 2025. That's nearly double the expectation of just under 10 million this year. Microsoft plans to build a number of "hundreds of thousands of cards" super-large-scale clusters next year, using Ethernet architecture + 800G single-mode modules.

The National Development and Reform Commission and other departments issued the "Measures on Creating New Consumption Scenarios and Cultivating New Growth Points for Consumption". Focusing on traditional consumption and service consumption such as food, clothing, housing, and transportation, cultivate a number of new consumption scenarios with wide driving force and high visibility, promote a number of typical cases with distinctive characteristics and prominent market leadership, support a number of leading consumer enterprises with strong innovation ability and good growth to accelerate their development, promote the continuous emergence of new consumption formats, new models and new products, and continuously stimulate the vitality of the consumer market and the potential of enterprises.

Finally, a brief look at the market, as of the close, the Shanghai Composite Index fell 1.17%, and the ChiNext Index fell 1.39%. Hong Kong stocks rose sharply after the close of A-shares, with the Hang Seng Index turning red and the Hang Seng Tech Index falling 0.65%.

As for the reason for the rise in Hong Kong stocks at the end of the session, we saw the US dollar index fall, and the National Development and Reform Commission issued the "Measures on Creating New Consumption Scenarios and Cultivating New Growth Points of Consumption" after hours.

Risk Warning:

The stock market is risky, investment needs to be cautious, this article does not constitute investment advice, readers need to think independently

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