freespinny| Set up the audience! Just now, big news came from the stock market!

Overnight, the mood changed dramatically.Freespinny!

Yesterday, the mood in the A-share market was not very good. But after overnight adjustment, there are obviously some changes in the market today. The motivation for this change mainly comes from three aspects.Freespinny:

The first is the persistence of Hong Kong stocks. Yesterday, we were in "Hong Kong stocks, heavy positive!" It is mentioned in the article that Hong Kong stocks have ushered in three major advantages. Today, Hong Kong stocks continue to rise. ETF, which is related to Hong Kong stocks, has risen about 10 per cent in the last three trading days. Moreover, the sharp rise in iconic stocks such as Tencent Holdings and Shangtang Technology detonated the A-share technology sector.

Second, last night, the relevant authorities of the central bank said that the underlying logic of the current continuous decline in long-term treasury bond yields is the lack of "safe assets" in the market. With the future issuance of ultra-long-term special treasury bonds, the situation of "asset shortage" will be alleviated. Long-term treasury bond yields will also pick up. Today, 30-year treasury bond futures fell sharply, and the entire treasury bond market weakened. To a certain extent, this alleviates the liquidity tension in the equity market.

Third, yesterday, the news of US sanctions on Chinese bank stocks dealt a blow to market sentiment. But today, according to media reports, the United States has not yet made a plan to implement such measures.

Hong Kong stocks detonate

Today, Tencent Holdings rose nearly 4% again, rising more than 10% in the last three trading days. At the same time, Shangtang Technology soared 31% and suspended trading. Yesterday, the company released Daily New 5.FreespinnyAccording to the official website, the ability of the .0 model can reach or exceed GPT-4 Turbo. Driven by these stocks, the Hong Kong stock market soared across the board today, with the Hang Seng Index and the State-owned Enterprises Index up more than 2%, and the Hang Seng Technology Index up more than 3%.

Driven by this, the structure of today's A-share market is also biased towards technology stocks that have been adjusted for a long time. In the afternoon, the concept of co-encapsulated optics (CPO) continued to rise, Mingpu Optics (002902) rose by the afternoon limit, Xinyi Sheng (300502) and Robert Tech (300757) rose by more than 10%, and Jiulian Technology, Intermediate Ash Chuang (300308), Optics Technology (002281) and Bochuang Technology (300548) rose by more than 6%. AI hardware strengthened after the Dragon Boat Festival, Xinyisheng rose more than 15%, Cambrian rose more than 10%, Intermediate Xuchuang, Industrial Union (601138), Tide Information (000977), Zhongke Dawn (603019) and so on quickly followed. Hongmeng concept stocks fluctuated higher, Rongke Technology (300290) rose more than 15%, Digital Securities rose more than 10%. The concept of computing power leasing was shaken up, Ofei data (300738) rose more than 15%, Hongbo shares (002229), Yunsai Zhaopin (600602), industrial USI, special message (000070), brocade shares rose more than 5%.

The upside of Hong Kong stocks comes from the increase in liquidity. On Friday, the CSRC announced five measures for co-operation with Hong Kong, including broadening the scope of ETF products, incorporating REITs, supporting RMB trading counters, optimizing mutual recognition of funds and unblocking financing channels for listing. The new rules will help smooth the interconnection mechanism, introduce capital flow into Hong Kong's capital market and enhance liquidity. In terms of sustainability, if the follow-up external market continues to do well, Hong Kong stocks may also have a better performance, which will also lead to a structural upward trend in the mainland market.

Liquidity from treasury bonds

Today, there is actually another hidden advantage in the stock market, that is, the fall of treasury bonds. The decline of treasury bond futures widened in the afternoon, and the 30-year main contract fell 1.Freespinny.00%, it is now quoted at 107.29 yuan; the 10-year main contract is down 0.30%, now at 104.55 yuan; the 5-year main contract is down 0.15%. The two-year main contract is down 0.05%. Why is it a hidden benefit to kill the decline in the national debt? Because, the crowding-out effect of treasury bonds on liquidity began to weaken.

Last night, the head of the relevant department of the central bank said that the yield on long-term treasury bonds mainly reflects the expectations of long-term economic growth and inflation, but it will also be disturbed by other factors such as supply and demand. The interest rate of long-term treasury bonds is an important part of the yield curve of treasury bonds as the benchmark of financial market pricing. At present, the fundamentals of the long-term improvement of China's economy have not changed. China has a good economic foundation, strong resilience, excellent kinetic energy, great potential and full vitality, and the central bank is optimistic about the prospects of economic growth for a long time. However, factors such as supply and demand will also bring short-term disturbance to the yield of long-term treasury bonds. In some developed economies, when the expectation of economic growth is better, the yield of treasury bonds deviates from the expectation of long-term economic growth because of the phased imbalance between market supply and demand.

Long-term restricted bonds with fixed interest rates have a long duration and are sensitive to interest rate fluctuations, so investors need to attach great importance to interest rate risk. For banks, insurance and other configuration investors, if a large number of funds are locked in long-term bond assets with too low yield, if they encounter a significant increase in debt-side costs, they will face the passive situation of income and expenditure.

At present, the underlying logic of the continuous decline in the yield of long-term treasury bonds is the lack of "safe assets" in the market. With the issuance of ultra-long-term special treasury bonds in the future, the situation of "asset shortage" will be alleviated, and the yield of long-term treasury bonds will also rise.

A rumor.

There was another rumor that hit the market yesterday. Yesterday, according to media reports, the United States was drafting draft sanctions threatening to remove some Chinese banks from the global financial system. The rumor once affected the trend of A-shares and the renminbi.

In this regard, Foreign Ministry spokesman Wang Wenbin said: we firmly oppose the hypocritical practice of the US side pouring oil on the fire and blaming the Chinese side. China's right to conduct normal economic and trade exchanges with other countries, including Russia, is inviolable, and we will firmly defend our legitimate rights and interests.

Interestingly, today, Reuters quoted an unnamed US official as saying that the United States has initially discussed imposing sanctions on some Chinese banks, but has not yet drawn up a plan to implement such measures. Reuters pointed out that Washington has so far been reluctant to use bank sanctions against China because it could have a huge knock-on effect on the global economy and Sino-US relations.

In addition to the above three variables, the decline of the dollar index remains the main reason for the strength of global markets. It is important to note, however, that many major international banks do not believe that last night's US economic data is the beginning of a soft landing. Similarly, judging from the trend of commodities, gold and oil are still strong. Today, domestic black futures rose strongly, with manganese silicon up more than 6% and iron ore up more than 2%. It can be said that although there has been a slight adjustment in commodity prices recently, the pattern of inflation has not changed much.

This article was first posted on the official account of Wechat: brokerage China. The content of the article belongs to the author's personal point of view and does not represent the position of Hexun. Investors operate accordingly, at their own risk.