texaspokerhands| Boshi Fund Market Review May 15: A-shares continue to pull back, and the real estate industry leads the gains against the market

📝 Daily View

🎈 today, the Shanghai and Shenzhen stock markets continue to shake down, the wait-and-see mood of funds is more obvious, the trading volume is insufficient, today's trading volume continues to shrink, less than 800 billion yuan, the lowest since March. This week, the Ministry of Finance issued ultra-long-term special treasury bondsTexaspokerhandsThe issuance arrangements are scattered from May to November and are issued several times, alleviating the concentrated impact on liquidity. The central bank exceeded expectations in February to "cut reserve requirements and interest rates", which is still in the policy effect observation period. Under the overall reasonable and abundant liquidity, the urgency of lowering the May MLF interest rate is not high, so the May MLF interest rate released today remains unchanged. In the context of the mild repair of the domestic economy, the current policies continue to maintain the tone of steady growth of services. In the follow-up, the monetary policy of the Federal Reserve will gradually become loose, the depreciation pressure on the RMB exchange rate will also gradually ease, and there is still room for further easing in domestic monetary policy, and the possibility of "cutting interest rates and reserve requirements" will not be ruled out. Short-term A-shares lack of positive upward catalysis, or will continue to shock, hot spot rotation is still fast, or can be properly balanced allocation.

🎊 message surface

The central bank announced today that in order to maintain reasonable and abundant liquidity in the banking system, 2 billion yuan of open market reverse repurchase operations and 125 billion yuan of medium-term lending facilities (MLF) operations have been carried out, and the winning interest rate will remain unchanged. Due to the maturity of 125 billion yuan MLF this month, the MLF operation has been continued at the same price.

Summary: in order to tie in with the upcoming issuance of ultra-long-term special treasury bonds, MLF ended a two-month shrinking sequel this month. This special treasury bond will be distributed between May and November and will be issued several times, weakening the concentrated impact on liquidity. At present, it is still in the observation period of policy effect, under the condition that the overall liquidity is reasonable and abundant, it is not urgent to cut the MLF interest rate in May, so the MLF interest rate has remained unchanged for nine consecutive months.

🎈 2. On Tuesday, local time, the U.S. Department of Labor released data showing that PPI rose 2% in April compared with the same period last year.Texaspokerhands0.2%, core PPI rose 3.1% from a year earlier, the highest since April last year. PPI rose 0.5 per cent in April from a month earlier. The Fed chairman said on the same day that the Fed is "more likely to keep the federal funds rate unchanged than raise interest rates" at its next meeting, adding that inflation will fall this year, but it has not happened yet.

Brief comment: the rise in service prices is the main factor driving the rise of PPI in the United States in April. With inflation data still higher than expected, investors continue to lower their expectations for the speed and frequency of interest rate cuts this year. The US stock market is relatively more concerned about the April CPI data to be released later, and the reaction to PPI is relatively muted, with the three major US stock indexes rising collectively on that day.

Since the end of April, 🎈 has issued intensive property market optimization policies in Beijing, Shanghai, Tianjin, Shenzhen, Hangzhou, Xi'an, Chengdu, Nanjing and other places. Recently, the second house in stock that meets the "first set standard" in Hangzhou, the mortgage interest rate can be converted into the first suite rate. Two sets of interest rates to the first set, is based on Hangzhou real estate "5.9 New deal" after the relaxation of the first suite of the practical application.

Brief comments: in the case of the overall downturn of real estate, the recent property market has been released frequently, the policies and measures to digest the stock of real estate and optimize incremental housing have become the main line of the new round of real estate policy adjustment. Boosted by positive policies, the real estate industry has started a volatile upward trend since late April, leading the two cities higher again today.

Review of 👉 Market

🎈 May 15, A-share three major indexes continue to fluctuate. As of the close, the Shanghai Composite Index was down 0.82% at 3119.90 points, the Shenzhen Composite Index was at 9583.54 points, down 0.88%, the gem Index was at 1838.89 points, down 0.90%, and Kechuang was down 1.39% at 856.90 points. In the emergency industry, with the exception of real estate, construction materials, coal, and light industry manufacturing, the rest fell. Among them, non-bank finance, public utilities, and pharmaceutical and biological industries were among the top declines, falling 2.16%, 1.83% and 1.54% respectively. 1325 stocks rose and 3881 fell.

💰 funds tracking

The market turnover of 🎈 was 764.021 billion yuan, which continued to shrink from the previous trading day. The balance of the two financial institutions closed at 1.537643 trillion yuan yesterday, up from the previous trading day.