Stock speculation to see Jin Kirin analyst research report, authoritative, professional, timely, comprehensive, to help you tap the potential of the theme opportunity!

The market atmosphere is getting better again!

This morning, under the background of the overall downturn in the external market, the A-share market came out of the independent market. Foreign capital also continued to pour into the bottom, with a net inflow of northbound funds exceeding 10 billion yuan in early trading. Since the beginning of this year, the net inflow of northward capital has reached 87.6 billion yuan, double that of last year.

By the close of noon, the Prev index was up nearly 1%, and the Shenzhen Composite Index was up 1%.Bestcryptoforgaming.63%, the gem index rose nearly 2%. More than 4500 stocks rose in the two markets, and lithium battery concept stocks set off a rising and stopping trend.

The two advantages are good and exciting.

Some analysts pointed out that there are two big news that have activated market sentiment.Bestcryptoforgaming:

One comes from the property market. Hangzhou announced this morning that it will completely abolish the housing purchase restrictions and will no longer examine and verify the eligibility for housing purchase. Some people in the real estate industry pointed out that although the new policy of Hangzhou property market is later than other strong second-tier cities, it is stronger than any first-and second-tier cities. The market expects that more big cities will follow, and industry confidence is expected to gradually recover.

This morning, the real estate sector rose 3%, Guangyu Group, Nandu property, Airport Group, etc., Vanke A rose nearly 4%, Poly Development rose more than 4%. The construction machinery sector, which is closely related to real estate, also ushered in a big rise, with an overall increase of nearly 4.5%, the industry leader Sany heavy Industry rose 4.5%, the share price reached a new high in more than eight months, Xugong Machinery rose more than 7%, and Zoomlion rose nearly 6%. The building materials sector related to real estate rose more than 2%, while the steel and home appliance sectors also rose more than 1.5%.

Another piece of news comes from the new energy industry. After yesterday's trading, the Ministry of Industry and Information Technology openly solicited opinions on the regulatory conditions and announcement management measures of the lithium battery industry (draft for soliciting opinions). Among them, it is proposed to guide enterprises to reduce manufacturing projects that simply expand production capacity, strengthen technological innovation, improve product quality and reduce production costs. Lithium battery enterprises spend no less than 3% of their main business income on R & D and process improvement each year. At the same time, the "specification conditions" improve the energy density, power density and other indicators of various types of batteries.

This morning, the overall lithium battery plate rose nearly 5%. Tianli LiNeng, Lanhai Huateng, Hedong Technology (rights protection), Keliyuan, Skyline shares (rights protection), Wanli shares, Fengyuan shares and other shares rose by the daily limit of nearly 20 shares. German Nano rose more than 9%, Diansi materials rose more than 7%, Yiwei LiNeng (rights protection) rose more than 6%, Enjie shares rose more than 5%, and Ningde era rose more than 3%.

Some analysts believe that driven by the supply-side reform, the current round of lithium battery industry inventory may be coming to an end. The researchers pointed out that under the current background of overcapacity in the lithium battery industry, the Ministry of Industry and Information Technology revises the norms and conditions of the industry, guides technological innovation, transformation and upgrading, and promotes the healthy development of high quality, which will speed up the clearance of backward production capacity and prevent disorderly competition at low prices, which is conducive to the improvement of capacity utilization and profit repair of leading enterprises with technological advantages and high-quality capacity. The revised draft pays attention to product quality and low-carbon environmental protection, which actively lays the groundwork for enterprises to go to sea, which is conducive to improving the international competitiveness of enterprises and benefiting the head enterprises as a whole.

Everbright Securities (Rights Protection) recently released a research report that the lithium electricity plate is in the peak season to replenish the stock, and the processing fees of each link have reached the bottom in stages, and the introduction of policies such as exchanging old cars for new ones is expected to stimulate the consumption of new energy vehicles. There is room for lithium electricity plate to exceed expectations. Guosheng Securities said that in the long run, with the continuous expansion of the application scene of new energy vehicles in the future, the performance requirements of power batteries will be higher and more comprehensive. Power lithium-ion battery technology will pay more attention to the comprehensive performance of fast charge, safety, cost and energy density in the future.

Foreign investors "sing more + buy"

The actions of foreign investors have also attracted a lot of attention. After two consecutive days of net sales, northbound funds went on a buying spree today. by the close of trading at noon, northbound funds had a net inflow of 10.266 billion yuan, of which Shanghai stocks had a net inflow of 5.579 billion yuan and deep stocks had a net inflow of 4.687 billion yuan.

What is noteworthy is that, together with the funds this morning, the net inflow of northward funds so far this year has reached 87.6 billion yuan, double that of last year.

At present, foreign institutions are long and long China's core assets. On May 7th, S & P upgraded the rating of long-term issuers in the Ningde era from "BBB+" to "A -", looking forward to "stability". S & P believes that overseas expansion in the Ningde era should mitigate the impact of slowing domestic growth. In addition, Morgan Stanley raised the target price of Luzhou laojiao from 194 yuan to 206 yuan and Wuliangye from 180 yuan to 182 yuan.

Recently, a number of foreign institutions, including Morgan Stanley, have issued reports pointing out that global funds are showing a trend of returning to the Chinese stock market. More than 90 per cent of emerging market funds are starting to increase their holdings in the Chinese stock market, according to HSBC.

Morgan Stanley analysis, as some funds on the Chinese market bearish sentiment has eased, the global long-term investors to withdraw from the Chinese stock market (A shares and Hong Kong stocks) has pressed the pause button. These shifts could herald a return to the share that the Chinese market has previously lost in the global portfolios of asset managers.

More than 90 per cent of emerging market funds are increasing their holdings in the Chinese stock market while reducing their investments in India, according to HSBC Holdings. Between February and March this year, global investors bought mainland Chinese stocks through Hong Kong stocks for two consecutive months, the last time this happened in June and July last year.

In March, China's stock and bond markets returned to net foreign capital inflows for the first time since June last year, with equity inflows of $1.7 billion and bonds inflows of $2.1 billion, according to the latest report from the Institute of International Finance (IIF). As of April this year, foreign investors had bought Chinese bonds for seven consecutive months.

The latest report released by China Merchants Securities points out that looking forward to May, with the landing of performance disclosure, the Politburo meeting set the tone to "take advantage of the situation", and special bonds and special treasury bonds are expected to accelerate the landing of projects. Last year, the trend of structural improvement in profits under the background of low base is still going on, and the quality of corporate profits has been further improved. On the liquidity side, domestic capital risk appetite is expected to improve, and the strengthening of the renminbi and the Hong Kong dollar shows that foreign investors continue to increase their holdings of Chinese assets. The annual report of 2023 and the quarterly report of 2024 confirm the downward growth rate of A-share capital expenditure, the improvement of FCF of free cash flow, the continuous increase of dividend ratio, and the improvement of real internal return brought by A-share to investors. The leading strategy of high ROE and high FCF is expected to become a new investment paradigm. In addition, the technology sector is expected to return after the end of the performance disclosure period, and the market will show the FCF leader represented by CSI A50, Shanghai and Shenzhen 300 quality and Kechuang 50 two-wheel drive to the next level.

Haitong Securities said that with the policy efforts to promote fundamental repair and the continuous return of foreign capital on the superimposed capital surface, the White Horse plate with undervalued and more flexible performance in the medium-term dimension may become the main line of the stock market. From the perspective of the white horse stock, the white horse stock can be further subdivided into two asset categories: the stability of the white horse and the growth of the white horse.

Haitong Securities said that the current domestic policy is gradually strengthening, but whether the economic recovery can be strengthened in the short term remains to be seen; overseas US inflation is still resilient, and the Fed may have to wait until the second half of the year. Therefore, under the background that the economic recovery needs to be consolidated, overseas interest rate cuts are postponed, and market risk appetite needs to be repaired, the white horse is stable or more stable in the short term. If we focus on a longer cycle, policy support and technological breakthroughs accelerate the self-control of electronic segments, the aging trend accelerates the release of pharmaceutical demand, and the fundamentals of industries such as electronics and pharmaceuticals are gradually reversing. the sustainability of the growth of white horses such as science and technology manufacturing and medicine may be better. In addition, there may be opportunities for a phased rebound in spirits and new energy in the Baima plate.

Editor in charge: Wang Lu (Jin Qilin analyst) Lu