This week, A-shares rose and fell. First, driven by the favorable impact of easing Sino-US economic and trade relations, various stock indexes hit phased highs, and then adjusted step by step under the pressure of short-term profit-taking. The transactions throughout the week showed a gradual shrinking trend, with the average daily transactions falling compared with last week, indicating that the market lacks willingness to chase highs.

The financing balance and margin trading balance rose simultaneously, with net purchases of about 4.3 billion yuan throughout the week, net purchases for the second consecutive week. The balance of margin trading reached nearly 11.8 billion yuan, a record high in two months. The three industries of national defense and military industry, machinery and equipment, and communications all received net purchases of more than 1 billion yuan this week, and pharmaceutical, biology, electronics, transportation, etc. also received net purchases of more than 1 billion yuan. Automobile, computer, food and beverage, etc. were sold by financing customers for more than 100 million yuan.

According to Wind data statistics, five industries including basic chemicals, machinery and equipment, non-bank finance received net inflows of more than 10 billion yuan this week, while pharmaceuticals and biology, non-ferrous metals, national defense and military industry, power equipment, etc. also received net inflows of more than 5 billion yuan, and textiles and clothing received net inflows of 14 consecutive days. Only the three industries of electronics, real estate and steel showed net outflow of main funds this week.

Galaxy Securities pointed out that the market may show a volatile upward trend from mid-May to mid-June, but the pace will be repeated. In the early stage, the market has risen under the care of the "combination punch" of policies and the expectation of improvement of the external environment. After mid-May, although the policy will continue to be strong, it still faces some disturbances, such as capital fluctuations and uncertainty in the external environment. Therefore, the overall situation is mainly based on the fluctuation and upward trend to digest the previous increase and waiting for new catalytic factors.

Huatai Securities said that in the medium term, the index-level trend still depends on fundamental improvements, and the downgrade of tariffs helps the oscillation center move upward, and the trend market needs more powerful domestic demand policies to further support economic fundamentals. In terms of allocation, short-term technology and export chains may benefit from improved risk appetite, and continue to grasp internal certainty clues in the medium term.

In terms of market hotspots, the main contract of European integrated futures hit the daily limit with the adjustment of tariff policies between China and the United States and the arrival of the traditional transportation peak season, with the largest increase of up to 52% throughout the week.

The soaring prices of shipping futures contracts have also driven the shipping port concept stocks to rise across the board. The sector index has been opening high and closing high continuously, hitting a new high in more than half a year, and the trading volume has increased rapidly by more than 200% compared with last week. Air China Oceanwide's highest weekly increase of more than 100% at one time. Even if there is a subsequent decline, the weekly increase is still as high as more than 89%. Ningbo Shipping, Ningbo Ocean, Nanjing Port, Lianyungang and others have all hit the daily limit for four consecutive days.

Cinda Securities said that the tariff reductions far exceed market expectations. In addition, the peak season for traditional transportation in Europe and the United States is approaching, cargo owners may launch "rush shipping" operations in a concentrated manner in order to reduce tariff costs and rush to deliver goods. In the short term, cargo volumes on Asia-Europe and trans-Pacific routes may increase pulse-likely.

Big financial stocks rose sharply this week, first of all, bank stocks rose steadily, sector index hit record highs for four consecutive days, Agricultural Bank of China, Shanghai Bank, Jiangsu Bank, Chengdu Bank, etc. set new historical records in batches (re-rights, the same below), and Qing Rural Commercial Bank, Hangzhou Bank, Qingdao Bank, etc. also hit record highs for many years.

On Wednesday, securities companies, insurance, diversified finance, and Internet finance also rose sharply, driving the market index to a new high. Hongta Securities, Jinlong Co., Ltd., China Insurance, Ruida Futures, etc. all achieved daily limit increases.

Everbright Securities believes that the policy side has become a key factor driving the big financial market. The regulators have launched a combination of policies, including lowering interest rates, lowering reserve requirement ratios, lowering provident fund loan interest rates, and promoting medium- and long-term funds to enter the market, which has had a far-reaching impact on the financial market. Under the influence of a series of policies, the financial industry has ushered in an important opportunity for high-quality development, especially the continued rise of the banking sector, which is also conducive to the recovery of insurance, securities and other sectors.

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[Editor in charge: Song Jingcheng PF214]