A-share Opening Express | A-shares collectively decline, major financial stocks continue to be active, and stablecoin concept rises against the trend.

On July 7th, the three major indexes of A-shares collectively fell. As of 9:40, the Shanghai Composite Index fell by 0.15%, the Shenzhen Component Index fell by 0.18%, and the ChiNext Index fell by 0.23%. EB Securities believes that last week, the Shanghai Composite Index failed to break through 3500 points, and the index may continue to oscillate upward in the future, with a high probability of continued rotation of hot spots. On the market, the power sector continued its upward trend, with DaTang HuaYin Electric Power closing limit up for 5 days; major financial stocks remained active, with Soho Holly Futures attempting to hit the limit up; cross-border payment concepts rose in the short term, with HyUnion Holding rising by more than 8%; stablecoin stocks continued to be active, with HyUnion Holding hitting the limit up; the beverage manufacturing sector was partially active, with Jiahe Foods Industry hitting the limit up; on the downside, the precious metals sector weakened, with Western Region Gold falling by more than 2%; and the photovoltaic equipment sector adjusted, with EGing Photovoltaic Technology falling by over 5%. Looking ahead, CITIC SEC stated that the current market environment and atmosphere have some resemblance to the end of 2014, and the only thing missing from the market now is a catalyzing spark. Hot sectors Power sector continues its upward trend The power sector continued its upward trend, with DaTang HuaYin Electric Power closing limit up for 5 days, and Guangdong Shaoneng Group up for two consecutive days. Comment: In terms of news, the National Energy Administration issued a document stating that in the eastern region, the power grids of six provinces including Jiangsu, Anhui, Shandong, Henan, and Hubei have set a new historical high. The surge in electricity load may further stimulate market speculation in this direction. Multiple stocks in cross-border payments rise Multiple stocks in cross-border payments rose, with HyUnion Holding rising by over 8%, and stocks such as Sunyard Technology, Huafon Microfibre, Northking Information Technology Co., Ltd, and Tansun Technology following suit. Comment: In terms of news, the People's Bank of China issued a notice soliciting public opinions on the "Business Rules for RMB Cross-Border Payment System (Draft for Solicitation of Opinions)". Guotai Haitong pointed out that whether it is to promote the enhancement and expansion of CIPS functions or to promote high-level opening to the outside world through free trade zone pilot projects, the coordinated development of the cross-border clearing industry is needed, and multi-dimensional policy goals are beneficial to jointly open up the demand space for cross-border clearing enterprises. Institutional views 1. CITIC SEC: Feels like the end of 2014 CITIC SEC stated that the current market environment and atmosphere have some resemblance to the end of 2014, including: investors have accumulated certain money-making effects in Hong Kong stocks, small and micro trading venues, and industrial tracks, new product launches are starting to gradually recover; profit expectations in non-financial sectors are approaching the bottom, investor patience has slightly improved, and confidence still needs to be restored; countering involution and boosting domestic demand have become explicit policy objectives. The only thing missing from the market now is a catalyzing spark, which could be a policy surprise in Sino-US relations or new changes in the technology industry. 2. Huatai: A-shares enter a window of internal and external variables Huatai believes that recent trading funds' risk appetite continues to recover, and the A-share market is showing a "technical breakthrough." In the short term, it follows the sentiment, but with the "big and beautiful" act, tariff policies, and the impact of supply-side factors on the funding side, future volatility may increase, and disturbances in the trend-driven uptrend of the stock index are still significant. The effective uptrend may have to wait until the fourth quarter. 3. China Galaxy: Market is expected to have a trend-upward shock China Galaxy believes that in the long run, the fund situation of A-shares is expected to continue to improve. Compared with mature overseas markets, valuations are still relatively low, and the market's investment cost-effectiveness is relatively high. Subsequent market trends are expected to show characteristics of a shock-upward trend. In terms of allocation, they are optimistic about four main themes: assets with high safety margins; technology will remain a main theme in the medium to long term, and the marine economy concept can be focused on policy implementation and industry trend catalysis; the consumer sector boosted by policies; and the merger and reorganization theme. This article is reprinted from Tencent's self-selected stocks. Editor: Jiang Yuanhua.