Main recommendations

Shanghai stock exchange: deepen the reform of key systems such as registration system, delisting and long-term investors.

From June to 10 in 5438, the total output of power batteries in China was 9.86GWh, up 47.9% year-on-year.

Market review

Market comments: shock the market, do not chase up and down in operation, it is appropriate to control the rhythm and strengthen band participation.

Macroscopically, the financial data of June 5438+ 10 was released, and the growth rate of M2 decreased by 0.4 percentage points compared with the end of last month.

Chemical industry: the economy rebounded moderately, and the moat goal was adhered to.

Futures information

Metal energy: gold 397.44, down 0.08%; Copper 5 1870, up 0.14%; Rebar 3760, down 0.29%; Rubber 14520, up 3.31%; The PVC index was 6985, up by 0.07%; Zheng Chun 2 187 rose by 0.74%; Shanghai Aluminum 15 170, up1.85%; Shanghai Nickel 1 18940, up by 0.47%; Iron ore 8 14.5, up 0.18%; Coke 2360.0, down1.28%; Coking coal 136 1.5, up by 2.79%; Brent oil,%;

Agricultural products: soybean oil 7390, down 0.14%; Corn 2573, up 0.82%; Palm oil 6520, up 0.62%; Zheng Mian 14295, down 0.14%; Zheng Mai 2693, down 0.11%; Sugar 5 142, up 0.29%; Apple 7323, up1.38%; Jujube 9950, down 0.15%;

Exchange rate: Euro/USD 1. 18, up by 0.23%; USD/RMB 6.6 1, down 0.29%; USD/HK$ 7.75, down 0.0 1%.

Second, the key recommendation

1, Shanghai Stock Exchange: deepen the reform of key systems such as registration system, delisting and long-term investors.

Event: The Shanghai Stock Exchange said that it will strengthen the integration of reform systems and earnestly implement the tasks of comprehensively deepening capital market reform. Focusing on the outline of the "14th Five-Year Plan" and the proposal of the long-term goal in 2035, we will further clarify the road map for building a world-leading exchange, unswervingly promote the construction of the basic system of the capital market, deepen the reform of key systems such as registration system, delisting and long-term investors, actively implement the "Three-year Action Plan for Improving the Quality of Listed Companies in Shanghai", enhance the concentration of high-end factors, and actively build a standardized, transparent, open, dynamic and resilient capital market.

Comments: With the promotion of the registration system and the continuous improvement of the delisting system, the capital market will further form a normal state of "going in and going out", and the structural differentiation of the market will be further intensified in the future, and it will become more and more important to pay attention to fundamental investment.

(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)

2.5438 From June to 10, the total output of power batteries in China was 9.86GWh, up 47.9% year-on-year.

Event: The latest data released by China Automotive Power Battery Industry Innovation Alliance on the production, sales and loading of new energy vehicle batteries in June 2020 shows that the total output of power batteries in China in June 2020 was 9.86GWh, up 47.9% year-on-year and 14.5% quarter-on-quarter. Among them, the output of ternary batteries was 5.5GWh, accounting for 56% of the total output, up 39.6% year-on-year and16.1%quarter-on-quarter; The output of lithium iron phosphate battery was 4.3GWh, accounting for 43.8% of the total output, up 63% year-on-year and 12.6% quarter-on-quarter.

Comments: With the domestic production and sales of new energy vehicles picking up sharply, the output of power batteries also showed a year-on-year high growth. In the medium and long term, the state will vigorously promote the improvement of new energy vehicle infrastructure, and at the same time introduce relevant support policies. The production and sales volume of new energy vehicles continued to increase, driving the power battery industry to maintain high-speed growth in the medium and long term, and the leader continued to benefit.

(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)

Third, the market review

Market comments: shock the market, do not chase up and down in operation, it is appropriate to control the rhythm and strengthen band participation.

On Thursday, major stock indexes were mixed. The Shanghai Composite Index opened higher and went lower, and remained mainly in shock consolidation throughout the day. On the surface, beverage manufacturing, aquaculture, scenic tourism and port shipping were among the top gainers, while park development, banking and planting were among the top losers. At the close, the Shanghai Composite Index closed at 3,338.68 points, down 3.52 points or 0. 1 1%. The turnover was 286.9 billion. Shenzhen Component Index closed at 13792.07, up 7 1.90 points, or 0.52%, with a turnover of 421200 million. The total turnover of the two cities is 708 1 100 million. The GEM index closed at 2700.5 1 point, up 18.99 points, or 0.7 1%, with a turnover of184.4 billion. On that day, the northbound capital inflow totaled 654.38+393 million yuan. The plate continues to show differentiation, and the market has a strong wait-and-see mood. It is expected that the short-term market will still fluctuate and digest, and it is appropriate to control the rhythm to participate in the operation. The idea of stock selection mainly focuses on the following three aspects: first, standard low-valued cyclical stocks; The second is to track industries with good prosperity, such as new energy and new energy automobile industry chain; The third is related varieties in domestic consumption, such as home appliances and automobiles. The stock market is risky, so you need to be cautious in investing.

(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)

Macro-angle: The financial data of June 5438+ 10 was released, and the growth rate of M2 decreased by 0.4 percentage points compared with the end of last month.

Event: According to the data, at the end of 10, the balance of broad money (M2) was 2 14.97 trillion yuan, up by 10.5% year-on-year, and the growth rate was 0.4 percentage point lower than the end of last month and 2. 1 percentage point higher than the same period last year. The balance of narrow money (M 1) was 60.92 trillion yuan, up 9. 1% year-on-year, and the growth rate was 1 and 5.8 percentage points higher than that at the end of last month and the same period of last year respectively.

Comments: The data shows that at the end of 10, the balance of broad money (M2) was 2 14.97 trillion yuan, up by 10.5% year-on-year, and the growth rate was 0.4 percentage points lower than that at the end of last month. On the whole, new credit declined seasonally in June 5438+ 10, but continued to expand year-on-year. According to the analysis, at present, monetary policy has returned to normalization and is expected to remain stable during the year. In terms of liquidity policy, it is expected that liquidity will continue to be reasonable and abundant, and the judgment from the news analysis is slightly neutral.

(Investment Consultant Gu registered investment consultant certificate number: S026066 1 1020066)

Chemical industry: the economy rebounded moderately, and the moat goal was adhered to.

The severe test of the epidemic on the chemical industry will slow down the development of small enterprises and foreign-funded enterprises, and accelerate the promotion of the market share of leading enterprises in China. The impact of the epidemic will have a medium-and long-term impact on the competitive pattern of the industry. In the case that the overall valuation is not expensive, companies that persist in creating value for shareholders and have deep moats prefer leading enterprises with clear growth paths and low dynamic valuation in the next three years.

(Investment Consultant Gu registered investment consultant certificate number: S026066 1 1020066)