Home » Shanghai stock index at 3,600 points, brokerage said that A shares will enter a resonant upward period-Xinhua English.news.cn

Shanghai stock index at 3,600 points, brokerage said that A shares will enter a resonant upward period-Xinhua English.news.cn

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Xinhua News Agency, Beijing, June 26 (China Securities News reporter Wu Yuhua) On June 25, the three major A-share indexes rose across the board. Among them, the Shanghai Composite Index rose 1.15%, reaching 3,600 points; the Shenzhen Component Index rose 1.48%; the ChiNext Index rose 2.09%. The turnover of the two cities exceeded RMB 1 trillion for 6 consecutive trading days. The turnover on the Shanghai Stock Exchange was RMB 483.899 billion, and the turnover on the Shenzhen Stock Exchange was RMB 570.706 billion, both higher than the previous trading day.

Qin Peijing, chief strategy analyst at CITIC Securities, said that A shares will enter a resonant upward period in the second half of the year, and there will be more room for the fourth quarter.

Shanghai Index stands at 3,600 points

On June 25, the two cities rebounded in shock, and the Shanghai Composite Index closed at 3607.56 points. Individual stocks were active, with 2201 stocks rising in the two cities, and 93 stocks trading at a daily limit. In terms of industry conditions, the non-bank financial, steel, and chemical industries led the way, up 2.47%, 2.26%, and 2.25% respectively. Wind data shows that as of June 25, the total market capitalization of A shares was 91.07 trillion yuan, an increase of 1.07 trillion yuan in a single day.

Xia Fengguang, manager of the private equity ranking net fund, believes that the current valuation of A-shares is not high, the macroeconomic recovery momentum continues, and the reform dividend is still being released. The strength of the brokerage sector this week is driven by the increase in market activity on the one hand; on the other hand, the expectation for the in-depth reform and opening up of the financial and capital markets. The market may enter a recovery period, and the market is worth looking forward to.

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Financing balance hits a record high in nearly six years

In terms of capital, there was a substantial net inflow of northbound funds on the 25th. Wind data showed that on the 25th, the net inflow of northbound funds was 14.103 billion yuan, of which the net inflow of Shanghai Stock Connect funds was 7.55 billion yuan, and the net inflow of Shenzhen Stock Connect funds was 6.548 billion yuan. As of the 25th, the net inflow of northbound funds since June was 22.580 billion yuan, of which 8.606 billion yuan was in Shanghai Stock Connect and 13.973 billion yuan was in Shenzhen Stock Connect.

In addition to northbound funds, the more important incremental funds in the market in June came from the continuous increase of leveraged funds. As of the 24th, the balance of financing between the two cities was reported at 1,612.912 billion yuan, a record high in the past six years. Since June, the cumulative net inflow of 43.324 billion yuan, the net inflow amount is much higher than the net inflow of northward capital in the same period.

From the perspective of industry conditions, Wind data shows that as of the 24th, among 28 industries at the level of Shenwan, the financing balance of the pharmaceutical and biological, non-bank financial, and electronic industries exceeded 100 billion yuan, which were 153.802 billion yuan, 149.337 billion yuan, and 1423.06 respectively. 100 million yuan. Since June, 21 of the 28 industry sectors of Shenwan Tier 1 have received financing from customers. Among them, the electronic, computer, and electrical equipment industries have the largest amount of financing net purchases, with net purchases of 11.386 billion yuan and 7.178 billion yuan respectively. , 5.907 billion yuan. Among the industries with reduced financing balances, agriculture, forestry, animal husbandry and fishery, non-banking finance, and public utility industries have the largest net sales of financing, with net sales of 2.741 billion yuan, 2.693 billion yuan and 849 million yuan respectively.

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Focus on growth style in the second half of the year

The first half of the transaction is about to end. Since the beginning of this year, the A-share market has fluctuated and risen. The Shanghai Stock Exchange, Shenzhen Component Index, and ChiNext Index have risen by 3.87%, 3.68%, and 12.86% respectively. Structural opportunities in the market emerge in endlessly, with the steel and mining industries rising by more than 20%.

Qin Peijing predicts that the net inflow of A-shares in the second half of the year will reach 220 billion yuan. It is recommended to downplay cyclical thinking, pay attention to long-term space and valuation flexibility, focus on high-growth products in the third quarter, and increase the allocation of large consumer sectors in the fourth quarter.

Zhang Yulong, chief strategy analyst at China Securities, believes that in the second half of the year, track selection and expected return judgment will become the core. The short-term prosperity and the long-term growth of the industry will become the source of excess income.

Wang Hanfeng, chief strategist of CICC, said that in the second half of the year, the market style is expected to gradually return to the “growth” style. Taking into account factors such as growth, valuation, policies and overseas markets, the overall performance of the Chinese market in the second half of the year may be neutral, but the structure is relatively optimistic, and the style rotation of value outperforming growth may be coming to an end. It is recommended to “light index, focus on structure, and lean toward growth”, and re-emphasize the “new economy” general trend of my country’s industrial upgrading and consumption upgrading after the market consolidation in the first half of the year.

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