Evening hot topics of A-shares | Documents issued by the Central Committee and the State Council! It concerns price governance.

1. General Office of the Central Committee of the Communist Party of China, and the General Office of the State Council: Let the market determine the prices for anything that can be determined by the market. Importance: The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council recently issued the "Opinions on Improving the Price Governance Mechanism", which was announced to the public on April 2, providing guidance for further deepening price reforms and improving the price governance mechanism. The key points are as follows: 1. Adhere to the direction of socialist market economy reform and let the market determine prices for anything that can be determined by the market; 2. Promote the construction of important commodity spot and futures markets to solidify the foundation for market-determined prices; 3. Abolish price policies that hinder the construction of a unified national market and fair competition to prevent improper government intervention in price formation; 4. Improve agricultural price policies to promote stable and secure supply of food and important agricultural products; 5. Strengthen energy price policies to promote green and low-carbon transformation; 6. Improve pricing policies for new energy transactions and optimize incremental distributed grid pricing mechanisms; 7. Effectively regulate the operations of natural monopoly enterprises to prevent the misuse of monopoly advantages in competitive upstream and downstream sectors. 2. In March, the number of new A-share accounts reached 3.07 million, an increase of 96% compared to January. Importance: In March 2025, the number of new A-share accounts continued to grow rapidly, with a significant increase compared to previous data. In monthly comparison, the total number of new A-share accounts in January 2025 was only 1.57 million, which nearly doubled to 2.84 million in February, and surpassed 3 million new accounts in March, an increase of 96% compared to January. Compared with the addition of 2.42 million new accounts in March 2024, the number of new accounts in March 2025 increased by 26.78% year-on-year and 8.09% month-on-month. 3. Kweichow Moutai: Net profit in 2024 increased by 15.38% year-on-year, proposing a dividend of 276.24 yuan for every 10 shares. Importance: Kweichow Moutai announced in its 2024 annual report that it achieved operating income of 170.899 billion yuan in 2024, an increase of 15.71% year-on-year; net profit attributable to shareholders of the listed company was 86.228 billion yuan, an increase of 15.38% year-on-year. It is proposed to distribute a cash dividend of 276.24 yuan (tax included) for every 10 shares. As for this year's goals, Kweichow Moutai stated in the annual report that the main goal for 2025 is to achieve an increase in operating income of about 9% compared to the previous year and complete fixed asset investments of 4.711 billion yuan. 4. The 16th China-EU Economic and Financial Dialogue held to discuss in-depth the macroeconomic situation and policies between China and the EU. Importance: On March 31, Vice Minister of Finance Liao Min and Director-General for Economic and Financial Affairs of the European Commission Wolfgang, and Deputy Director-General of the Financial Stability, Financial Services and Capital Markets Union Schroders Global co-chaired the 16th China-EU Economic and Financial Dialogue in Brussels, Belgium. Liao Min stated that China is willing to work together with the EU to actively implement the important consensus reached by the leaders of both sides, uphold multilateralism and the multilateral trading system, oppose unilateralism and protectionism, and provide more certainty to the uncertain world economy. China attaches importance to financial and economic cooperation with the EU, willing to strengthen cooperation with the EU in frameworks such as the G20, multilateral development banks, etc., promote practical cooperation in auditing supervision, government procurement, and other financial fields, and support China and the EU in achieving their respective development goals. 5. Gold prices continue to soar, many banks once again raise the minimum purchase amount for gold accumulation. Importance: Recently, several banks have raised the minimum purchase amount for gold accumulation business. Bank of China announced on April 1 that it would adjust the starting purchase amount for gold accumulation products, marking the second increase this year. China Merchants Bank, China Construction Bank Corporation, Bank of Ningbo, and others also made adjustments in March. Industry insiders believe that given the backdrop of soaring gold prices, the banks' decision to raise the minimum purchase amount for gold accumulation business is a risk management measure. Each bank may have different market risk assessments, resulting in some differences in the adjustment magnitude. 6. After 50 trading days! A-shares once again fell below 1 trillion yuan in turnover. Is a turning point imminent? Importance: On April 2, the total turnover of the Shanghai and Shenzhen stock markets for the whole day was 974.5 billion yuan, a decrease of 157.8 billion yuan compared to the previous trading day, marking the second lowest level this year. Why did the trading volume suddenly decrease? Some analysts believe it is mainly related to two things: - The Qingming Festival is approaching, and today is the "outflow day" before the holiday; - U.S. President Trump will announce tariff retaliation at 3 p.m. Eastern Time on April 2 (Wednesday), which is 3 a.m. on April 3 (Thursday) Beijing time. With the market continuing to shrink in volume, the sustainability of various hotspots remains relatively weak, and most sectors are showing a trend of rising and then falling back. It is expected that the market will face a turning point in the future, waiting for emerging core leaders that resonate with the index. 7. Finished oil prices end a three consecutive decline trend, how will prices move in the next round? Importance: The National Development and Reform Commission website announced on April 2 that from the current 24th hour, domestic gasoline and diesel prices will be raised by 230 yuan and 220 yuan per ton respectively. This round of price adjustment is the third increase this year, ending the previous trend of three consecutive declines. So far, domestic finished oil prices have undergone seven adjustments, presenting a pattern of "three increases, three decreases, and one pause." After the gains and losses offset each other, the overall prices of gasoline and diesel have increased by 55 yuan per ton compared to the end of 2024. In addition, the following news is also noteworthy: 8. Lei Jun releases "A Letter to Users"? Xiaomi denies: fake. 1. Trump announces tariffs on the eve of U.S. stock market weakening, Tesla falls by more than 5%. The market sentiment was tense ahead of Trump's tariff announcement, with all three major U.S. stock indices opening lower. As of 22:00 at the time of this writing, the Dow fell by 0.45%, the Nasdaq by 0.34%, and the S&P 500 index by 0.45%. Tesla fell by over 5%, with first-quarter deliveries totaling 336,681 vehicles, falling short of market expectations. Trump Media & Technology Group fell over 9% due toThe company submitted an application for the issuance of common stock.2. Tesla's stock price may face a "second collapse"? Fuguo Bank lists five reasons A report released by Fuguo Bank on Tuesday (April 1) shows that analysts at the bank believe that the pain of Tesla investors may not be over yet. Fuguo Bank believes that Tesla will face five major challenges in the future: disappointing car delivery volume; profit decline imminent; doubts about low-priced models; uncertain future of Cybercab; unattractive valuation. 3. Under the test of stagflation, the US and Japanese central banks find it difficult to "turn dovish" Under stagflation pressure, even if the economy and stock market weaken, the US and Japanese central banks may find it difficult to loosen monetary policy. On April 1st, a report by the Nomura analyst team led by Tomoaki Shishido stated that given the stagflation risks faced by Japan and the United States, it is expected that the Federal Reserve will continue to be reluctant to cut interest rates, while the Bank of Japan will persist with its plan to continue raising rates. Regarding Japan, despite weak economic performance and poor stock market performance, Nomura believes that the Bank of Japan may still maintain its stance of raising rates. The probability of a rate hike in May is low, and the June meeting may be "truly active." Other sectors worth watching include: 2. Battery swapping stations | "Oil" "Electricity" join hands? China Petroleum & Chemical Corporation and Contemporary Amperex Technology are expected to collaborate on building no fewer than 500 battery swapping stations this year. 3. Intelligent connected vehicles | Hubei: Focus on supporting the cultivation of billion-dollar clusters in smart connected vehicles in Wuhan, recycling resources in Xiangyang, and equipment manufacturing in Yichang. 4. Semiconductor chips | Ministry of Industry and Information Technology: In the first two months, cloud computing and big data services grew by 8.8% year-on-year, while integrated circuit design grew by 13.5% year-on-year. 5. Low-altitude economy | Fujian Xiapu explores "low-altitude +" economy, with four aerial sightseeing routes already opened. In terms of positive announcements, select companies are recommended for investment opportunities, while in negative announcements, caution is advised with certain companies.