Premier Li Qiang of the State Council emphasized the need to adhere to innovation-driven development and focus on expanding effective demand. In addition, Guangxi has suspended the old-for-new subsidy for consumer goods after June 20.

The People's Bank of China today (19th) conducted a 7-day reverse repurchase operation of 203.5 billion yuan, with the operation rate remaining at 1.4%. Additionally, 119.3 billion yuan of reverse repos are set to mature, resulting in a net injection of 84.2 billion yuan for the day. The central parity rate of the yuan against the US dollar was adjusted up by 32 points to 7.1729 per US dollar.

The three major A-share indices opened down 0.1% to 0.3% and then fluctuated downward, with each down 0.9% to 1.1% at midday. The Shanghai Composite Index closed at 3,359 points, down 29 points or 0.9%, with a turnover of 291.3 billion yuan; the Shenzhen Component Index fell 103 points or 1.01% to 10,072 points, with a turnover of 496.5 billion yuan; the ChiNext Index dropped 22 points or 1.1% to 2,032 points, with a turnover of 248.5 billion yuan.

Domestic bank stocks were mixed, with Industrial and Commercial Bank of China (601398.SH) up 0.1% and China Construction Bank (601939.SH) down 0.1%. Additionally, BYD (002594.SZ) fell 1.4%. Contemporary Amperex Technology Co., Limited (300750.SZ) dropped 1.1%.

Domestic property stocks were weak, with Greenland Holdings (600606.SH) down 1.8%, China Vanke (000002.SZ) down over 2%, and Poly Developments (600048.SH) down 1.9%.

The three major oil companies faced pressure, with Sinopec (600028.SH) down 0.4%, PetroChina (601857.SH) down 1.1%, and CNOOC (600938.SH) down 0.8%.

Weight loss drug concept stocks adjusted, with CSBIO (300255.SZ) hitting the daily limit down, and HYBIO (300199.SZ) down 9.9%