Friends, today the central bank, the China Securities Regulatory Commission (CSRC), and the Banking Regulatory Commission have released significant positive news.

There is high anticipation for today's press conference by the State Council Information Office, and it has proven to be a day of substantial information.

Today, the three major A-share indices opened collectively higher.

The gap pressure of 2760-2765 points above the market yesterday was directly opened up today.

However, the high opening has left a gap of 2760-2770 points.

If this gap is not filled within three days, it will become a strong support gap for the upward trend in the future.

Next, let's summarize and analyze the key information released by multiple departments today and discuss its main impact on A-shares.

Here are my personal views: 1.

The central bank made a strong statement, mentioning reserve requirement ratio cuts, interest rate cuts, and reductions in existing mortgage loan interest rates: Today, the central bank released several important messages to the market, including the reserve requirement ratio cuts and reductions in existing mortgage loan interest rates that everyone cares about, as well as support actions for the stock market, mainly in the following aspects: - The central bank will cut the reserve requirement ratio by 0.5 percentage points in the near future, providing the market with long-term funds of about 1 trillion.

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The reserve requirement ratio cut is a short-term emotional good, and in the long term, it improves the market's liquidity, which is quite beneficial for the bottom rebound of the stock market.

Today, the central bank clearly stated that it will cut the reserve requirement ratio in the near future; according to past experience, it is basically within a week, so the probability of cutting the reserve requirement ratio before and after the National Day holiday is very high, and it is very likely to cut the reserve requirement ratio before the holiday to alleviate the market's liquidity pressure.

- The average reduction in existing mortgage loan interest rates is about 0.5 percentage points, and the minimum down payment ratio for the first and second homes is unified nationwide.

The reduction in existing mortgage loan interest rates has finally ushered in substantial progress and landing.

Before, there were small compositions on foreign websites saying that the existing mortgage loan interest rates would be reduced, and domestic institutions have also made financial calculations, but the final landing time was not determined.

Today, the central bank unified and clarified that on the one hand, it can reduce the leverage pressure of residents, which is beneficial for boosting consumption, and on the other hand, it is also an effective drive for the real estate industry.

However, for real estate stocks, it is necessary to look at it from another angle.

The policy is indeed a good news, but real estate stocks have obviously rebounded and risen continuously before.

After today's rise, it indicates that some speculative funds have left, but in the short term, it is more like a wash, and attention should be paid to the support after the adjustment.

- The central bank's reverse repo rate for 7 days was reduced by 20 basis points, and the interest rate cut has come again; yesterday, the central bank reduced the reverse repo rate for 14 days by 10 basis points, and today it reduced the reverse repo rate for 7 days by 20 basis points.

The frequent reduction of reverse repo rates in recent times shows that the central bank intends to reduce interest rates to alleviate market pressure; the expectation of a comprehensive interest rate cut in the market may also exist in the next step.

- It is possible to continue cutting the reserve requirement ratio in the future, which means that the central bank's loose policy will not change, boosting market confidence.

Today, the central bank made it clear that it may continue to cut the reserve requirement ratio according to the actual situation of the market in the future, bringing a signal greater than the actual action, indicating that there is a lot of room for the reserve requirement ratio to be cut, and the good news policy is released one after another, which is quite beneficial for the recovery of confidence.

- Regarding the stock market, new monetary policy tools will be created to support the stable development of the stock market.

The rebound and rise of the stock market require liquidity, and the central bank is the main source of liquidity.

In the future, the central bank will provide more special monetary policy tools for the stock market, including providing more liquidity to funds, securities, insurance, and banks, etc.

These financial institutions can significantly increase their holdings of listed companies and also support corporate loans for buybacks and increases in stock holdings.

On the one hand, it reflects the central bank's special support for the stock market, and on the other hand, the liquidity of financial institutions will be more sufficient in the future, and the confidence in investment in the stock market may be enhanced.

2.

Today, the latest news from the CSRC is mainly in the following aspects: - The CSRC is going to release policy opinions on medium and long-term funds entering the market.

In the past, it may have mainly advocated and encouraged medium and long-term funds to enter the market for long-term investment, but in the future, there will be some specific details of opinions to be released, which means that institutional long-term funds may enter the market in a rhythmic way, and everyone does not have to worry about the stock market falling without a bottom in the long term.

- Illegal and illegal acts such as financial fraud and market manipulation are facing severe crackdowns.

Although the compensation system that everyone is looking forward to has not been specifically implemented, there are two details: on the one hand, it highlights the protection of the legitimate rights and interests of small and medium investors, and it depends on the future policy supplement; on the other hand, it is to strive for more exemplary cases in litigation and advance compensation, just like the proxy compensation in auto insurance, hoping that there will be more cases in the stock market in the future.

- The merger and reorganization measures will be released.

Mergers and reorganizations should be the focus of the second half of this year, because many measures have not been announced yet, but the CSRC has mentioned it many times, and funds are ahead of the speculation of expectations.

This is like supporting the development of new quality production forces in the first half of the year, and funds are speculating first, and then there are expectations of restructuring of state-owned enterprises and state-owned enterprises.

The listed companies that are expected to be restructured are still the focus.

- Encouraging the integration of listed companies has begun, and the leaders will have more opportunities in the future; there are many IPO companies in line now, and there are also many withdrawals and rejections, and the delisting of listed companies is not carried out in large quantities, so industrial integration is very important.

On the one hand, the integration between listed companies is the merger and reorganization; on the other hand, it is the industry integration of listed companies, and those companies in the same industry that are waiting to go public are integrated by the large companies that have already gone public, which can alleviate the pressure of going public, and at the same time, it can also strengthen the industry and avoid excessive internal volume.

3.

Finally, what is the main impact on A-shares?

The market is still somewhat lacking confidence in good news, but the rhythm has not changed: you can see the content of our review yesterday: yesterday's review content.

After the market came out of the doldrums yesterday, many people did not have confidence in today, and I said yesterday that today's market index will go out of a five-day sun line, and it is very likely to be realized today.

In addition, the first focus today is the press conference, and there is indeed a lot of incremental information content, but the market as a whole opened high and there is a big difference, and the Shenzhen Composite Index has been adjusted quickly, indicating that some funds have cashed out and left, how to see it?

- First, there is a demand for funds to avoid risks and leave before the holiday, and today just has good news to pull up, giving some funds that want to leave the opportunity, so this is a normal phenomenon.

- Second, for funds that are optimistic about the market, the market has a normal adjustment demand next, which is just the right time to enter; the good news of A-shares is gradually being released, especially after the Fed's interest rate cut, everyone will find that the good news of A-shares is coming one after another, which is the change of market sentiment, and the market can also go out of the performance of the sun line.

However, the short-term market's money-making effect has not been so fast to recover, but this does not affect the market's gradual improvement later on.

- Finally, my two clear views remain unchanged: one is that the possibility of rising first and then falling this week is relatively large, which belongs to the normal rebound after the holiday; the second is that the stage bottom is established, and there is no need to consider that the market will create a new low, the most difficult time is passing, and the later stage is to complete the bottoming in the shock, and the rebound until the money-making effect is restored.