On the policy front, changes to standards for optimizing the solvency of insurance companies were announced in the evening. If insurance funds invest in CSI 300 Index constituent stocks, the risk factor will be adjusted from 0.35 to 0.3; if they invest in common stocks listed on the Science and Technology Innovation Board, the risk factor will be adjusted from 0.45 to 0.4. For investments in publicly offered infrastructure securities investment funds (REITS) that are not penetrated, the risk factor is adjusted from 0.6 to 0.5. The proportion of insurance company’s future surplus of policies with a remaining term of more than 10 years that is included in core capital will be increased from the current no more than 35% to no more than 40%. For the secondary market, it is particularly important to promote the entry of long-term funds into the market. Although the current quota of insurance funds has not been fully filled, with the change of weights, the willingness to invest will increase.

In terms of financing, securities companies have released an increase of 20%. Judging from the scale of financing currently used on the market, 400 to 500 billion will be released. In terms of securities lending, there are rumors that securities companies require securities lenders to return securities before National Day, and some securities companies confirmed that only some restricted stocks are involved. It would be nice to be able to recover the restricted shares. The reverse interpretation is that subsequent restricted stocks cannot participate in circulation through securities lending, and the Science and Technology Innovation Board, which has been suppressed by the long-term restriction of restricted stocks, will reduce subsequent securities lending and selling pressure.
The H series is still hot on weekends. In fact, it is not the H series that is traded in the market, but the technological autonomy and self-confidence that have been suppressed for a long time.
As mentioned before, the diffusion chain may range from lithography machines to equipment, and from consumer electronics to storage, both of which are institutional lines. At present, institutional trading sentiment is still relatively low, and we still need to wait.
Active funds prefer new themes. For example, from mobile phones to satellite communications. It has spread from mobile phones to car machines, and the innovative applications of car machines have also become popular. These include star flashes, AR-HUD, light field screens, etc. that we are familiar with.
Judging from the tracking of cars, the innovation strength of the M7 will not be as good as the M9. The M9 and E12 are the focus of this year's H series cars. Many people who have little research on cars will complain that the base of cars was high in the past few months, and it will be difficult to make cars this year. In fact, what they don't understand is that this year's automobile growth is not based on growth, but on the application of new technologies. That is to say, the new technologies that have been developed from 2018 to 2021 will basically be implemented this year. For example, StarLight will not see anything when it is released in 2021, but this year we will see the near-field collaboration between H mobile phones and car machines, the super noise processing capabilities of the StarLight chip, and so on. The highlight of the car this year is the actual implementation of L3 functions. These have been discussed a few days ago, so I won’t go into details.
As policies are put in place and market confidence gradually recovers, medium and long-term funds will begin to deploy varieties in the direction of weak recovery. The futures market is actually testing this point over and over again. Soda ash was traded some time ago, and recently some chemicals have also begun to respond. In the secondary market, funds were involved in coal some time ago, and thermal power has begun to move in recent days. These can be understood as a reflection of the policy, or as a period of tentative position building by big funds. The meeting also called for large funds to build counter-cyclical positions. In fact, the direction is quite strong. Now all cycles are at the bottom. As long as you have a little confidence in the economic recovery, looking at the long-term cycle, you can lock in stocks after 3-4 quarters. Profitable.
In terms of trading, the main issue is quantity and energy. It did not go north on Friday, and the volume shrunk to less than 700 billion. Fortunately, the quantification did not increase the volatility, so the overall market making effect is okay. As the village implements the strategy of quantitative and classified management, quantification will still return, and the trading volume will also increase in the interim.
There is a ten-day market break at the end of this month, so it is highly likely that funds will downplay trading and focus on position adjustments three to five trading days in advance. Counting the time stuck, there is still a two-week window. Earn more when you can.
I’ve coded so much first, so I won’t correct any typos.
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