A-share evening hotspots | The heaviest penalty in the history of private equity is released! The CSRC strictly deals with illegal cases of Jiuying Asset and Tengchuang Investment.

Evening heavy news briefing 1. The heaviest fine in private equity history is out! CSRC punishes Jiuying Asset and Tengchuang Investment for illegal activities According to the CSRC, recently, the China Securities Regulatory Commission issued administrative penalties for the illegal activities of Shenzhen Qianhai Jiuying Asset Management Co., Ltd., Shenzhen Qianhai Tengchuang Investment Co., Ltd., and related responsible persons. It was found that Jiuying Asset, Tengchuang Investment, and related responsible persons used private equity funds to transfer benefits to Jiuying Asset and related entities, submitted false information, seriously harmed the legitimate rights and interests of investors, and seriously violated the laws and regulations of private equity funds. According to the Securities Times, the total penalties issued to Jiuying Asset, Tengchuang Investment, and individuals this time amounted to nearly 60 million yuan, exceeding the 35 million yuan penalty in the previous U-Concept case, and the 41 million yuan penalty in the Ruifengda case, once again setting a record for "the heaviest in history". At the same time, measures were also taken against the actual controllers, including a 5-year ban from the securities market and a 5-year ban from trading in the securities market, significantly enhancing the punitive effect and reflecting the CSRC's "zero tolerance" regulatory attitude towards serious violations of laws and regulations by private equity funds. 2. "National subsidy" continues! The third batch of 62.5 billion yuan in funding has been allocated According to CCTV news, it was reported that the third batch of 62.5 billion yuan in ultra-long-term special national bonds to support the consumption of old-for-new products has been allocated recently. It is reported that since the beginning of this year, the National Development and Reform Commission, together with the Ministry of Finance and other departments, has allocated ultra-long-term special national bonds to support the consumption of old-for-new products in batches by quarters, promoting a more stable rhythm in the work of replacing old products with new ones, ensuring balanced and orderly use of funds, and continuously demonstrating policy effects. As of June 20, the replacement of old products with new ones in 2026 has benefited 136 million people, driving sales of over 1 trillion yuan, with the subsidy funds leveraging ratio increasing from 1:7.8 in 2025 to 1:10.3, meaning that for every 1 yuan of subsidy funds invested, it drives 10.3 yuan of consumer spending. Under the policy of replacing old products with new ones, the potential of green and smart consumption is accelerating. In the next step, relevant departments will continue to guide localities to properly grasp the work rhythm, ensure balanced expenditure of subsidy funds, standardize and efficiently carry out audits and payments, strengthen the full chain closed-loop management, and improve the efficiency of central capital utilization. 3. Not a "rebalancing order"! The second batch of over a thousand funds adjusting benchmarks, what is the impact on the market? On the evening of June 26, nearly a hundred mutual funds collectively issued announcements, adjusting the performance benchmark and revising legal documents of many of their funds, involving a total of over a thousand fund products, marking the start of the second batch of adjustments to mutual fund benchmarks, indicating that mutual fund benchmark reforms have transitioned from "pilot exploration" to a new stage of "comprehensive implementation". It is worth noting that the benchmark adjustment for performance comparisons adjusts the "evaluation benchmark", not the "trading instructions", calibrating the "product coordinates", not requiring fund managers to buy or sell assets within a deadline. Analysts believe that this time, many equity funds have increased the equity benchmark weight, reflecting the actual high position operation level of the funds, and also showing a firm confidence in the capital market. In addition, some bond funds have added stock indexes and convertible bond indexes to the benchmark, which is more in line with the actual holdings of the products; the benchmark of some FOF funds has added gold contract returns to reflect the multi-asset allocation characteristics. 4. Russell Index undergoes a major reshuffle: NVIDIA tops, SpaceX enters, may trigger market volatility After the close of the U.S. stock market on Friday, the semi-annual Russell Index reconstitution will officially take effect. NVIDIA will replace Apple as the largest weight stock in the Russell 1000 Index, while SpaceX, CoreWeave, and other companies will also be included in the index system. As this reshuffle coincides with the end-of-quarter pension rebalancing window, tens of trillions of dollars of passive fund and pension fund capital will undergo concentrated adjustments, and the market is expected to see significant increases in trading volume and volatility before the close. According to LSEG data, last June's Russell Index reconstitution had a trading volume of $217.2 billion, making it one of the most active trading days of the year. This adjustment involves about $12 trillion in assets tracking the Russell Index, and it is widely expected that there will be another large-scale fund rebalancing at the close of the U.S. stock market this Friday. 5. Nearly a thousand stocks fall below the "924" starting point! Two major sectors become "breach" gathering places with billions of market cap in weight Recently, the A-share market has seen a "mixed situation", with AI core stocks reaching new highs, while a large number of traditional big white horses have continued to decline, quietly falling below the "924" market starting point. As of the close on June 26, excluding the situation of newly listed stocks, nearly 980 stocks have fallen below the closing price on September 23, 2024. In terms of the proportion of stocks falling below, the food and beverage and real estate sectors are the most prominent, with over 40% of stocks in these sectors falling below the "924" starting point. In terms of market cap, they are mainly mid-cap stocks. Among them, there are a total of 282 stocks with market caps over 100 billion yuan, accounting for nearly 29%; while there are as many as 487 small-cap stocks with market caps below 50 billion yuan, accounting for nearly 50%. It is worth noting that there are 34 stocks with market caps over 100 billion, including 2 trillion-weight stocks. 6. Global Times: China and Europe are holding intensive trade negotiations, lack of sincerity in the EU may lead to a sharp increase in economic and trade friction According to an article in the Global Times on June 26, China and Europe have had intensive negotiations this week on economic and trade issues, preparing for the first meeting of the China-EU trade and investment negotiation mechanism. However, it is understood that the EU lacks sincerity in the negotiations, and is even preparing to talk and fight at the same time, brewing more protectionist measures. The imminent risk of a China-EU trade war is worrisome. The EU lacks sincerity in resolving Chinese concerns. For example, there has been no progress in specific negotiations on the pricing of Chinese electric vehicle companies. In terms of export controls, the European side only requires China to address EU concerns regarding rare earths, but has made no progress in resolving individual cases of Chinese imports being blocked by the EU. 7. Two departments publicly solicit opinions! Matters concerning the import and export management of gold and gold products To further regulate the import and export of gold and gold products, promote trade facilitation, and optimize the business environment, the People's Bank of China, in conjunction with the General Administration of Customs, has revised the "Management Measures for the Import and Export of Gold and Gold Products" and formed the "Management Measures for the Import and Export of Gold and Gold Products (Draft for Soliciting Opinions)" for public comments. It is mentioned that the scope of management is clearly defined, and the administration is made more open, fair, and impartial. The provision regarding "management regulations on individuals carrying gold and its products in and out of the country, formulated by the People's Bank of China in conjunction with the General Administration of Customs" has been deleted. At the same time, to improve policy coordination and further optimize the relevant regulations on the management of individuals carrying gold and gold products, in cases where the General Administration of Customs implements supervision and exempts the application for a gold import and export permit from the People's Bank of China, the relevant regulations regarding "individuals carrying, mailing a reasonable amount for personal use in and out of the country" have been added. Opportunities to look ahead In reviewing the investment opportunities that the market is paying attention to, it was found that intelligent bodies and others are receiving attention. 1. Accelerating the standard-setting pace in cutting-edge technology fields such as intelligent agents to support the high-quality development of the industry According to CCTV News, the series of national standards "AI Intelligent Agent Interconnection" has been officially released, covering the overall architecture, identity code, identity management, intelligent agent description, intelligent agent discovery, intelligent agent interaction, intelligent agent tool invocation, and other core aspects, systematically building a "identity identificationcapability descriptionsupply and demand discoverycollaborative interactiontool invocation" comprehensive, closed-loop standard system, effectively filling the blank space in the standardization of this field. IDC predicts that 2026 and 2027 will be the two years with the fastest growth in the number of active intelligent agents in Chinese enterprise scenarios, with a year-on-year growth rate exceeding 200%, and will reach 350 million active intelligent agents by 2031. According to a report by the Forward-looking Industry Research Institute, the Chinese AIAgent market size is expected to grow to 852 billion yuan by 2028, with an average annual compound growth rate of 72.7%. This growth trend demonstrates the enormous market potential and development prospects of the AIAgent industry. In addition, the following sectors are worth paying attention to: 2. Cross-border payments: Another positive signal for the internationalization of the RMB, as the Bank of China's Jakarta branch is authorized to serve as the RMB clearing bank in Indonesia. 3. Brain-machine Interface: Yangcheng Vice-President of the State Administration for Market Regulation Lei Ping conducted research on the innovative development of brain-machine interface medical devices in Shanghai. 4. Sports: Yangcheng State Councilor Chen Yiqin emphasized during her research in Jiangxi the need to resolutely implement the employment priority strategy and promote the high-quality development of the sports industry. 5. Artificial Intelligence: Zhejiang Province is deepening the mutual empowerment of artificial intelligence and basic research, guiding enterprises and social forces to increase investment. Listed companies' positive and negative announcements In terms of positive announcements, it is advised to pay attention to the chip giant Forehope Electronic's investment of 10.3 billion yuan in expansion, while for negative announcements, be aware of Jinhong Holding Group's case of being investigated by the CSRC for suspected violations of information disclosure. Positive announcements 1. Forehope Electronic: Plans to invest 10.3 billion yuan to build a high-end integrated circuit IC packaging and testing project for microelectronics 2. Fine Made Microelectronics Group: Expects a net profit of 90-110 million yuan for the half-year, with a Q2 net profit forecast to increase by 238%-336% q-o-q 3. China Petroleum Engineering: New contract value accumulated from January to May 2026 was 80.247 billion yuan, an increase of 57.07% year-on-year 4. WuXi AppTec: Completes a 1 billion yuan share repurchase, with an average repurchase price of 103.08 yuan per share 5. China Eastern Airlines Corporation: Plans to buy 25 A330NEO series aircraft for $9.35 billion Negative announcements 1. Jinhong Holding Group: Investigated by the CSRC for suspected violations of information disclosure 2. Cedar Development: Zhang Jin, the controlling shareholder, has been sentenced to life imprisonment in the final trial for fundraising fraud 3. Shanghai Material Trading: Received an administrative supervisory measure decision from the Shanghai Securities Regulatory Bureau 4. Winall Hi-tech Seed: Implemented other risk warnings due to false recording in the annual report, and changed its abbreviation to ST Quanyin 5. Darbond Technology: State-owned large fund reduces its holdings by 1.4935 million shares, reducing its shareholding ratio to 10.85% This article is reproduced from "Tencent self-selected stocks", GMTEight editor: Xu Wenqiang.