May 15, Thursday

High-Level Voices: 
According to the latest financial statistics released by the central bank for April 2025, the narrow money supply (M1) grew by 1.5% year-on-year at the end of April, slightly down from 1.6% in March. The broad money supply (M2) grew by 8% year-on-year, accelerating from the previous month.

Overall Sentiment: 
Yesterday's market rally was driven by the impact of new fund manager compensation rules, prompting large-scale fund managers to quickly reallocate to underweighted sectors, leading to a buying frenzy in the financial sector.
Originally, regulators intended to encourage institutional investors to increase holdings in tech stocks by penalizing fund managers who underperformed their benchmarks. However, this "stick without carrot" policy led public funds to cut positions in uncertain tech stocks and instead pile into more clustered sectors like banking, insurance, and liquor.
Ultimately, the relations of production determine productivity.