Today, A-shares fluctuated slightly. The Shanghai Composite 50 is slightly strong, slightly red, the Beijing Composite 50 falls below the 1300-point integer mark, and the Science and Technology Innovation 50 is almost at the 1000-point mark. More than 4,100 stocks fell, and market transactions shrank slightly to 1.08 trillion yuan.

On the market, the concept of high dividends strengthened across the board, with sectors such as banking, electricity, oil, and steel leading the gains, while sectors such as real estate, Hainan Free Trade, snack food, hotel and catering leading the declines.

Wind real-time monitoring data shows that banks have received more than 2.8 billion yuan in net inflows of main funds, computers, media, and utilities have also received more than 1 billion yuan in net inflows, and light industrial manufacturing has received net inflows for six consecutive days. The net outflow of the main funds in real estate and automobiles exceeded 2.6 billion yuan, while the net outflow of trade and retail, non-bank finance, and food and beverages also exceeded 1 billion yuan.

Looking ahead to the future market, China Securities pointed out that after the tone of the total policy is further clarified, the focus of market game will gradually shift from internal policy expectations to the progress of Sino-US negotiations, especially the macro variable interpretation around tariff adjustments. In the future, the tariff game between China and the United States will become an important catalytic factor in the dominant market style switching. The second quarter is still in the period of bargaining chip digestion. Although the index may remain resilient with the support of capital market policies, the valuation of high-valuation and high-leverage small and medium-sized stocks still needs time to digest.

Shenyin Wanguo believes that the subsequent Trump policy adjustment process, whether the so-called "reciprocal tariffs" will actually slow down, constitutes a key factor affecting global risky assets. The second quarter is a period of adjustment for the "structural bull" and maintains the judgment of the volatile market in the second quarter.

In terms of market focus, high-dividend stocks strengthened across the board today, with banks leading the rise, and sector indexes opened high and closed higher, setting a new record high. Construction Bank, Industrial and Commercial Bank of China, Jiangsu Bank, Chengdu Bank, etc. hit record highs (re-rights, the same below), and Chongqing Bank, Qingdao Bank, Shanghai Rural Commercial Bank, etc. have also hit record highs for many years.

Hong Kong bank stocks also strengthened, with the Hang Seng Mainland Bank Index and Hong Kong Listed Bank Index leading the market, Chongqing Bank and Chongqing Rural Commercial Bank hitting record highs, Qingdao Bank and China Everbright Bank also hitting record highs.

On the news, this morning, the State Information Office held a press conference to introduce the relevant policies and measures to stabilize employment, stabilize the economy and promote high-quality development. Zou Lan, deputy governor of the People's Bank of China, said that in the next step, the central bank will in accordance with the spirit of the meeting of the Political Bureau of the Central Committee, step up the implementation of more active and effective macro policies, make good use of moderately loose monetary policies, and timely reduce reserve requirement ratios and interest rates according to the domestic and international economic situation and the operation of the financial market, maintain a sufficient amount of liquidity, give full play to the dual functions of the total amount of monetary policy tools and create new structural monetary policy tools, focus on key areas to stabilize employment and growth, and provide financial support.

CITIC Securities said that in the short term, trade frictions still have an impact on market expectations, and under this background, the low-wave sector has allocation value; in the medium term, under the two assumptions of macro "prudential" and "weakening", the banking sector has relatively stable characteristics compared to most industries, and has significant relative value. It is recommended to actively increase allocation.

In addition, as the 2024 annual report disclosure enters the countdown, the collective decline of poor performance stocks, expected losses, and problem stocks today has also attracted the attention of the market.

Yunchuang Data hit the limit at 30%. Previously, Yunchuang Data announced that the company's net profit from January to December 2024 is expected to be a loss of 80 million yuan to 120 million yuan. According to the arrangement, Yunchuang Data will release its 2024 annual report tonight.

Many stocks such as Hezong Technology, Oriental, Cos Technology, and Yitong Technology fell to the limit by 20%, while more than 70 stocks such as Quanwei Technology, Shiji Information, Weiming Pharmaceuticals, and World Alliance also fell to the limit by more than 10%.