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On September 27, the A-share market opened higher and moved higher, staged a strong rebound. The Shanghai Composite Index, the Shenzhen Component Index, and the ChiNext Index rose by 1.40%, 1.94%, and 2.23%, respectively. The turnover of A-shares has not been significantly enlarged, not exceeding 670 billion yuan, of which the Shanghai market turnover is 290.066 billion yuan, and the Shenzhen market turnover is 376.139 billion yuan. The data shows that the net inflow of northbound funds was 3.272 billion yuan on the 27th, and the net inflow of main funds in Shanghai and Shenzhen was 1.464 billion yuan. Among them, northbound funds significantly increased their positions in consumer stocks and significantly reduced their positions in track stocks.
Analysts said that the adjustment from the beginning of July to the present has released the pessimistic expectations of the market to a large extent. The current dynamic price-earnings ratio of the CSI 300 has been equal to the level in February 2016, December 2018 and March 2020, and the long-term allocation value is highlighted. .
Pharmaceutical consumption sector led gains
On the 27th, the A-share market opened higher and moved higher, showing the strongest rebound in nearly a month and a half, and the ChiNext Index rose by more than 2%. On the 27th, a total of 4,371 stocks in the A-share market rose, 80 stocks rose by the limit, only 500 stocks fell, and 7 stocks fell by the limit. Data show that as of the close on the 27th, the total market value of A shares was 83.94 trillion yuan, an increase of 1.36 trillion yuan from the previous trading day.
From the perspective of the industry, most of the first-tier industries in Shenwan rose, with social services, medicine and biology, and commerce and retail industries leading the way, up 5.33%, 4.82%, and 3.31% respectively; only the coal, petroleum and petrochemical industries fell, with a decline of both 0.37%.
In the social service industry,ST Sansheng(rights protection) rose more than 12%,Huatian Hotel、Xi’an food、Lijiang Co., Ltd.、Lisheng Sportsdaily limit. In the pharmaceutical and biological industry,Huakang Medicaldaily limit (up to 20%),Tofflonrose more than 15%,my martial artsrose nearly 12%,Zixin Pharmaceutical、Shuangcheng Pharmaceutical、Dabo Medical、Tongce Medical、Xinhua MedicalWait for multiple stocks to go up and down.
In addition, the food and beverage industry in the large consumption sector also performed well, with an increase of 3.09%.Sunshine Dairy、Jiahe Food、Lanzhou Yellow River、Kuaiji Mountain、BESTOREWait for multiple stocks to go up and down.
Two-way funds increase A-share positions
From the perspective of funds, both northbound funds and main funds increased positions on the 27th.
Data show that on the 27th, the net inflow of main funds in the Shanghai and Shenzhen stock markets was 1.464 billion yuan, a new high since September 6. 2073 stocks received the main net inflow of capital, and 2744 stocks suffered the main net outflow of capital. Among the first-level industries of Shenwan, the main net inflows of the main funds in the food and beverage, pharmaceutical biology, and power equipment industries are the highest, with 2.913 billion yuan, 1.536 billion yuan, and 994 million yuan respectively. The non-ferrous metals, basic chemicals, and national defense and military industries have the largest net outflows of major funds, which are 1.502 billion yuan, 509 million yuan, and 490 million yuan respectively.
For individual stocks,WuliangyeC proud,Aier Ophthalmology、TCL Central、Kweichow MoutaiThe net inflows of main funds were at the top, respectively 1.273 billion yuan, 716 million yuan, 497 million yuan, 408 million yuan, and 233 million yuan.Tianqi Lithium Industry、Ningde era、Chinese ship、Fosun Pharma、China Mining ResourcesThe net outflows of main funds were at the top, respectively 350 million yuan, 271 million yuan, 250 million yuan, 192 million yuan, and 181 million yuan.
On the 27th, the net inflow of northbound funds was 3.272 billion yuan, of which the net inflow of Shanghai Stock Connect funds was 2.530 billion yuan, and the net inflow of Shenzhen Stock Connect funds was 742 million yuan.
On the 27th, northbound funds significantly increased their positions in consumer stocks and lightened their positions in track stocks. From the data of the top ten active stocks in Shanghai and Shenzhen Stock Connect on the 27th, Wuliangye, Kweichow Moutai,Eastern FortuneThe amount of positions increased by northbound funds was the highest, at 637 million yuan, 554 million yuan, and 191 million yuan respectively. Ningde era,BYD, TCL Central was topped by the amount of northbound funds to lighten its positions, which were 466 million yuan, 438 million yuan, and 435 million yuan respectively.In addition, northbound funds lighten up their positionsSungrowOver 400 million yuan.
Long-term allocation value highlights
CITIC SecuritiesQin Peijing, chief strategist, pointed out that the current dynamic price-earnings ratio of the CSI 300 has been comparable to the level in February 2016, December 2018 and March 2020. The long-term allocation value is prominent, and the signal on the left side of the market has initially appeared. It is currently recommended to maintain positions. , wait patiently for the right moment.
“The current weak market volatility may continue for a period of time, but it is not advisable to be pessimistic about the medium-term prospects. Pay attention to maintaining flexibility, grasping the market rhythm, and focusing on structure. The follow-up of the growth style target may still fluctuate, and the style is an opportunity to switch to growth. We need to pay attention to the progress of overseas inflation and steady growth in China.”CICCChief Strategist Wang Hanfeng believes that.
Lang Chengcheng, general manager of the research department of Furong Fund, said that in the medium term, hope is “growing”. The adjustment since the beginning of July has released the pessimistic expectations of the market to a large extent. In terms of the adjustment range in the middle of history, the adjustment range of each strong track in this round is relatively large, and they are all in the middle and back stages of the mid-term adjustment. The National Day holiday is approaching, and it is expected that the market transaction volume will remain relatively deserted. The industry configuration is gradually shifting towards growth, focusing on the military, semiconductor, photovoltaic, auto parts, medicine, consumption and other sectors.
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Responsible editor: Wang Han