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On July 23, the market opened lower and fell throughout the day, with the ChiNext Index leading the decline and the Science and Technology Innovation 50 Index falling by more than 4%. As of the close, the Shanghai Composite Index fell by 1.65%, the Shenzhen Component Index fell by 2.97%, and the ChiNext Index fell by 3.04%.

In terms of sectors, medical information technology, online ride-hailing, banking, and automobile sectors led the gains, while semiconductors, minor metals, liquor, and biological products sectors led the losses.

Overall, more stocks fell than rose, with more than 4,600 stocks falling in the market. The turnover of the Shanghai and Shenzhen stock markets was 662.2 billion, an increase of 5.7 billion from the previous trading day.

After 2 pm today, the main A-share index, which had opened low and continued to fall, actually fell further.

Many investors must be confused.But the reasons for today's decline are not complicated and not difficult to find.。

The picture below can explain it↓

The biggest variable is that the mysterious funds believed to be the "national team" have significantly weakened their market support today.

Taking the largest CSI 300 ETF (510300) as an example, when it surged last Friday, the full-day trading volume reached 11.368 billion yuan; however, on Monday and Tuesday this week,This figure has almost halved, which were 6.132 billion yuan and 3.245 billion yuan respectively.

Judging from the time-sharing chart, this Monday, there were no large buy orders for this product throughout the morning; there was a slight increase in buying starting at 2 pm, and large-scale buying only began after 2:30 pm.

To a certain extent, the V-shaped trend of some individual stocks and indexes yesterday was also due to this.

At the end of today's trading, the volume column released by this product was significantly lower than yesterday. The situation of other broad-based ETFs is similar.

Some people believe that this A-share market, which has the largest and most stable incremental funds in recent times, may have returned to the rhythm of "only supporting but not pulling". Affected by this, the original rhythm of "dividend hedging + theme rotation" of A-shares today is inevitably turning into a general decline.

Why did bank stocks fall sharply yesterday?
Another big rise today?

Today, the entire banking sector surged, recovering yesterday's losses, and also led to a strengthening of dividend assets with the largest market capitalization. Industrial and Commercial Bank of China, Bank of China, Yangtze Power, etc.The market's heavyweight stocks collectively hit record highs during the session。

Take ICBC, which currently ranks first in total market value:

As ofThe closing price rose by 2.91%, which may not seem like much, but it is actually the largest single-day increase this year.The stock price rose to a high of 6.06 yuan and has now risen for six consecutive weeks, with a year-to-date increase of more than 32%.

There is a detail that must be mentioned:

According to Tonghuashun data, as the best performing industry index this year, the 42 constituent stocksThe banking (881155) sector peaked in late May., there is still some room to go from the previous high↓

However, in an unnoticed corner, the six major“Large State-Owned Banks” Sector, today it set a new historical high overall.

this means,Even though they are both bank stocks, the recent rise of state-owned banks is obviously stronger.。

According to China Securities Journal, some analysts believe that yesterday's sharp drop in bank stocks was due to the central bank's interest rate cut, and everyone expected that the bank's interest rate spread would narrow. After yesterday's market close, news about a reduction in deposit rates came out again, which changed market expectations and bank interest rate spreads may remain stable, thus triggering the upward movement of bank stocks today. As a high-interest asset, the current dividend yield of bank stocks is still quite attractive.

Huafu Securities believes that overall, the interest rate cut is good for the banking sector. Although the interest rate cut has a negative impact on bank interest margins from a static point of view, the magnitude is relatively controllable and within market expectations. In the medium and long term, the interest rate cut will help boost credit demand and improve economic expectations, thus benefiting the fundamentals of banks.

Ping An Securities said that it would prioritize dividends in the asset shortage, and pay attention to the catalysis of policy effects on high-quality small and medium-sized banks. It continues to be optimistic about the performance of the banking sector throughout the year. In the context of asset shortage, the allocation value of banks as fixed-income assets still exists. The current static valuation of the banking sector is 0.61 times. According to the latest trading day, the average dividend rate of listed banks is 4.94%, which is still high compared with the risk-free interest rate premium level.

Semiconductor pullback
Autonomous driving takes over

On the other hand, semiconductor-related concepts have been on the decline list today, giving up most of the gains on Friday. In the semiconductor sector, Xinyuan fell slightly by more than 11%, Lanqi Technology and Juchen Technology fell by 8.32% and 7.16% respectively.

Some netizens noticed that just the night before (July 22), the three companies all issued announcements regarding shareholder inquiry transfer plans, and all entrusted CITIC Securities to organize and implement the inquiry transfer.

Therefore, there is also a view that the fluctuations of the above-mentioned individual stocks and even sectors are affected to a certain extent by the announcement of share reduction.

Since the sentiment in the semiconductor sector is not good, some funds in the market that are keen on gambling and unwilling to join dividend stocks can only choose another hot topic recently -unmanned。

As of the closing, the two leading driverless stocks, Volkswagen Transportation and King Long Motors, both hit their daily limit.

Data shows that the former has risen by more than 142% in the past 12 trading days, representing the direction of driverless operators; the latter has risen by more than 75% in the past 11 trading days, representing the direction of driverless vehicle manufacturers.

In addition, in the past two days, the new branch of unmanned driving - unmanned distribution, the leading stock Feilida also ushered in two consecutive boards.

It can be seen that the above-mentioned leading stocks continue to remain strong and are not greatly affected by the weakening of the broader market.

Minsheng Securities said that the curtain has been raised on the industrialization of Robotaxi (driverless taxis), and the driverless future has arrived. The current Robotaxi industry has reached three turning points:

On the technical side, high-end intelligent driving technology continues to make breakthroughs, providing the necessary conditions for the implementation of Robotaxi. Currently, intelligent networking is accelerating its popularization, and the penetration rate of L2 intelligent driving continues to increase;

On the demand side, Robotaxi can have the dual advantages of price and safety, with a clear cost reduction path, opening up long-term market space;

In terms of progress, China and the United States are in the first echelon of the global Robotaxi industry, and are currently in the stage of unmanned testing and small-scale commercial applications.

Investment is risky, independent judgment is important

This article is for reference only and does not constitute a basis for buying or selling. You should bear the risks of entering the market at your own risk.

Cover image source: Screenshot of market software

Reporter Zhao Yun, Editor Xiao Ruidong

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