Today, Northbound capital net sold A shares by 3.335 billion yuan for the third consecutive day.

Among them, Kweichow Moutai, BYD Company Limited, Shenzhen Inovance Technology, Wuliangye Yibin, Midea Group Co., Ltd. were net sold for RMB 679 million Yuan, RMB 677 million Yuan, RMB 256 million Yuan, RMB 233 million Yuan, RMB 224 million Yuan respectively.

Luxshare Precision Industry, WuXi AppTec, Naura Technology Group, China Yangtze Power, Women's Federation of Industry and Commerce were net purchased for RMB 499 million Yuan, RMB 379 million Yuan, RMB 166 million Yuan, RMB 137 million Yuan, RMB 116 million Yuan respectively.

Southbound capital net bought HKD 6.872 billion in Hong Kong stocks.

Net purchases of Bank of China were RMB 412 million, China Construction Bank Corporation were RMB 344 million, CNOOC were RMB 341 million, Meituan were RMB 338 million, Semiconductor Manufacturing International Corporation were RMB 184 million, Tencent were RMB 163 million, WuXi Bio were RMB 125 million.

According to statistics, southbound capital has been net buying China Mobile for 9 consecutive days, with a total of 7.49803 billion HKD; net buying Semiconductor Manufacturing International Corporation for 5 consecutive days, with a total of 810.27 million HKD; and net buying CNOOC for 4 consecutive days, with a total of 1.58003 billion HKD.

Individual Stocks Concerned: China Mobile: On the news front, Goldman Sachs issued a research report stating that the company's management maintained its expectations for stable growth in revenue and profit in 2024. Due to increased R&D and marketing expenses for enterprise business (cloud, artificial intelligence, industrial internet, etc.), EBITDA profit margin continued to show a downward trend, but the slowdown in depreciation costs helped support the trend of stable net profit margin. The management believes that the dividend payout ratio can be increased from 71% to the target of 75% in 2026. Goldman Sachs believes that stable business growth and steady capital expenditures should help China Mobile gradually increase its dividends. Chinahongqiao:

Kweichow MoutaiIncreased by 0.17%, closing at 1,571.68 yuan. CITIC Securities stated that the recent FTM price has somewhat declined, which reflects the current weak demand for baijiu. Business banquets have resumed slowly and demand for weddings has declined to varying degrees. The stock prices of baijiu sector have been adjusted accordingly. Looking ahead to the second half of the year, with the strengthening of property stimulus policies, business scenarios of baijiu may boost expectations, while demand for entrance exams and Mid-Autumn Festival and National Day holidays will drive market growth.

BYD Company LimitedDecreased by 0.71%, closing at 242.9 yuan. The European Commission announced that if no solution can be reached with China, tariffs will be put in place around July 4. The European Commission stated that tariffs on BYD Company Limited, Geely Auto and SAIC Motor Corporation will be levied at 17.4%, 20% and 38.1% respectively, and a 21% tariff will be imposed on other manufacturers.

Luxshare Precision Industry.Increased by 5.16%. Last night, Apple surged more than 7% to reach a historic high, with a market cap of $3.18 trillion, leading to a frenzy of Apple-concept stocks. CICC research report shows that the high consumption of model training and reasoning for memory consumption, incompatible with related functions due to insufficient memory for old models, and therefore bullish on the prospect of Apple AI driving the replacement wave. The bank is optimistic that the future Apple replacement cycle will drive hardware average selling prices and shipments.

Bank of ChinaDecreased by 0.54%, closing at HKD 3.7. China Construction Bank Corporation fell by 0.9%, closing at HKD 5.49.

CITIC Securities believes that the State Council meeting will focus on the impact of the real estate sector on economic operations and financial stability, actively reserve new policies to destock and stabilize the market, and the existing income collection and storage and housing purchase policies also have a positive impact on the bank's asset quality. Continued real estate financing policies will change banks' expectations of real estate debt risk. With the repair of risk expectations, the bank's valuation will be more supported by fundamentals, and at the same time, the certainty of bank dividend income space will be established.