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U.S. retail investors rushed to buy Chinese concept stocks, and the purchase volume hit a 5-year high. The agency said that September was the best window for the layout of the A-share market in the fourth quarter.
Securities Daily Network The Voice of Securities Daily
1. On August 28, at the 30th Anniversary Symposium of the China Securities Industry Association, Vice Chairman Li Chao pointed out the direction for the development of the securities industry. Li Chao put forward the “five persistences”, insisting on returning to the roots and improving the ability to serve the real economy; insisting on strictly observing the bottom line, strengthening the awareness and implementation of compliance and risk control; insisting on steady and long-term development, strengthening the construction of industry culture and reputation; insisting on strengthening the foundation and strengthening the foundation , Strive to improve professional service capabilities; persist in assuming the mission, and play a good role in self-discipline service transmission.
2. The Ministry of Finance announced the “Report on the Implementation of China’s Fiscal Policy in the First Half of 2021” on August 27, through which the fiscal policy trend in the second half of the year can be glimpsed. The report pointed out that the next step will be to enhance the effectiveness of proactive fiscal policies, speed up the budgetary expenditures and local government bond issuance in the second half of the year, maintain the continuity, stability, and sustainability of macroeconomic policies, and make overall plans for fiscal policy convergence in the next two years to deal with possible possibilities. The cyclical risks that have occurred will consolidate the steady and positive trend of the economy, and strive to complete the main objectives and tasks of economic and social development throughout the year. The market predicts that the economic downturn will increase, and the issuance of special bonds will be accelerated in the second half of the year to stabilize investment and growth.
3. On August 25, the State-owned Assets Supervision and Administration Commission held a media briefing on the restructuring and reorganization of central enterprises.China ShipQian Jianping, deputy general manager of the group, revealed at the meeting that the domestic and foreign anti-monopoly review of the “two ships” restructuring has been fully completed, and the work of the “two ships” restructuring has entered a substantive stage of operation. In addition, on August 24, the Shanghai Municipal People’s Government and China Shipbuilding Corporation signed a cooperation agreement. According to the agreement, the headquarters of China Shipbuilding Corporation will be relocated to Shanghai, and will increase its development in Shanghai, accelerate the adjustment of its industrial layout in Shanghai, vigorously promote the agglomeration and development of marine innovative resources in Shanghai, and strive to improve the development level and industry of the marine equipment industry. The level of modernization of the chain and supply chain will make greater contributions to serving the national strategy and helping Shanghai’s urban development.
4. On August 27, China Internet Network Information Center (CNNIC) released the 48th “Statistical Report on China’s Internet Development Status” (hereinafter referred to as the “Report”) in Beijing. The “Report” shows that as of June 2021, the number of Internet users in my country has reached 1.011 billion, an increase of 21.75 million from December 2020, and the Internet penetration rate has reached 71.6%. One billion users access the Internet, forming the world’s largest and most vibrant digital society.
Market review this week
1. The stock market
A-share market: This week (August 23-August 27, the same below), the three major A-share indexes rebounded across the board and collectively went red. The Shanghai Composite Index has a cumulative weekly increase of 2.77% to 3,52.16 points, the Shenzhen Component Index has a weekly increase of 1.29% to 1,4436.9 points, and the ChiNext Index has a weekly increase of 2.01% to 3,257.07 points.
From the perspective of 28 industries at Shenwan Level 1, 22 industries achieved growth this week, including mining (12.19%), non-ferrous metals (11.36%), electrical equipment (7.1%), steel (7.06%), chemical industry ( 5.44%) and other industry index weekly gains exceeded 5%. In addition, the three industry indexes of household appliances, communications and real estate all fell more than 2% weekly.
Table: Market performance of 28 industries at Shenwan Level 1 this week
Watchmaking: Zhang Ying
Hong Kong stock market: This week, Hong Kong stocks rebounded. The Hang Seng Index rose 2.25% to 25,407.89 points; the Hang Seng Technology Index rose 7.25% and the Hang Seng State-owned Enterprises Index rose 2.45%.Industrial SecuritiesAnalysis believes that Hong Kong stocks have entered the bottom area, and adversity has nurtured opportunities. It is recommended to grasp the bottom area of Hong Kong stocks and be patient with the dips. As the regulators strengthen communication with the market and follow-up policy optimization, foreign investors are expected to increase their holdings of high-quality Chinese assets at dips.
Overseas markets: The three major U.S. stock indexes rose across the board, and the S&P 500 and Nasdaq continued to hit record highs. The Dow rose 0.69% to 3,5455.8 points, the S&P 500 rose 0.88% to 4,509.37 points, and the Nasdaq rose 1.23% to 1,5129.5 points. This week, the Dow rose 0.96%, the S&P 500 rose 1.52%, and the Nasdaq rose 2.82%. It is worth noting that China’s concept stocks, which have been decadent for nearly half a year, have rebounded sharply recently. Data shows that US retail investors’ weekly purchases of China’s concept stocks hit the highest level in five years, with the largest inflow to Alibaba.
European stocks closed generally higher. The German DAX index rose 0.37% to 15,851.75 points, the French CAC40 index rose 0.24% to 6681.92 points, and the UK FTSE 100 index rose 0.32% to 7148.01 points. This week, the German DAX index rose 0.28%, the French CAC40 index rose 0.84%, and the UK FTSE 100 index rose 0.85%.
Most major Asia-Pacific stock indexes closed down. The Nikkei 225 index rose 2.32% this week; the Korean Composite Index rose 2.4% this week; the Australian S&P 200 index rose 0.37% this week; the New Zealand NZX50 index rose 0.92% this week.
2. The bond market
In the fourth week of August (August 23-27), approaching the end of the month, the central bank increased reverse repurchase. With the help of reverse repurchase and treasury cash, the funds were stable and loose, and the month-long period was stable. However, due to the impact of the new financial valuation regulations on Wednesday, the bond market has fluctuated. The yields of government bonds and CDB bonds went up overall, of which the 1-year Treasury bond yields rose by a larger margin, at 5.53bp; the 10-year CDB bond yields rose by a larger margin, at 2.73bp. In addition, the China Securities Convertible Bond Index rose 1.82% to 406.75 points, setting a new six-year high.
3. The foreign exchange market
This Friday, the US dollar index fell 0.38% to 92.70. Non-US currencies generally rose. The euro rose 0.38% to 1.1796 against the US dollar, the British pound rose 0.45% to 1.3762 against the US dollar, the Australian dollar rose 1.08% to 0.7314 against the US dollar, and the US dollar fell against the yen. 0.22% to 109.85, the US dollar fell 0.66% to 1.2616 against the Canadian dollar, the US dollar fell 0.71% to the Swiss franc to 0.9112, and the offshore yuan rose 213 basis points to 6.4627 against the US dollar.
U.S. Treasury yields generally fell. The 3-month U.S. Treasury yield was flat at 0.066%, the 2-year U.S. Treasury yield fell 2.7 basis points to 0.225%, and the 3-year U.S. Treasury yield fell 4 basis points to 0.427%, 5 The yield on the 10-year U.S. Treasury fell 4.8 basis points to 0.807%, the yield on the 10-year U.S. Treasury fell 4.1 basis points to 1.313%, and the yield on the 30-year U.S. Treasury fell 2.7 basis points to 1.922%.
4. Bulk commodities
COMEX gold futures rose 1.41% to US$1820.5 per ounce, and COMEX silver futures rose 2.04% to US$24.03 per ounce. This week, COMEX gold futures rose 2.05%, and COMEX silver futures rose 3.97%. Fed Chairman Powell’s speech was dovish, and the US dollar index was under pressure, boosting gold to hit a four-week high and the biggest gain in two weeks.
International oil prices rose across the board, with U.S. oil’s October contract rising 1.85% to US$68.67 per barrel. The November contract of Burundi Oil rose 2.19% to US$71.72 per barrel. This week, the U.S. oil contract rose 10.51%, and the November contract rose 10.06%. Oil production in the U.S. Gulf of Mexico was affected by the hurricane. Major producers that have closed or are shutting down production include BP, Shell, and Chevron.
Most London base metals rose. This week, LME copper rose 4.24%, LME zinc rose 2.01%, LME nickel rose 2.94%, LME aluminum rose 4.22%, LME tin rose 4.49%, and LME lead rose 1.58%.
Institutional investment perspective
Industrial Securities: A-shares are mainly structured, and three risks should be guarded against. For the A-share market for the rest of the year, the overall market will be structured. First, the entry of incremental funds has slowed down. Secondly, the current valuations in the high-prosperity direction of the market have generally reached historical highs, and the degree of transaction congestion is relatively high. Third, there are not many disturbance items that may increase market volatility during the rest of the year.
The recent sharp correction in A-shares, on the one hand, is the market’s negative expectations for the areas covered by the policy, which has produced a certain degree of catalysis. The increase in uncertainty has also accelerated the outflow of foreign capital. On the other hand, after the valuation of the relevant subject matter increased, some funds were made profitable in advance. In the second half of the year, investments should be specially guarded against risks from three aspects: one is the upside risk of U.S. bond yields, the second is the risk of the game of big powers, and the third is the risk of credit bonds. Related disturbances will bring considerable adjustment pressure to the corresponding sectors.
Guotai Junan: The market will return to the upward channel, with the focus on mid-market blue chips. Macro fluctuations amplify signals and noise, and continue to look at the market along the downward trend of risk-free interest rates. Since late July, the market has undergone a certain degree of adjustment, but it has returned to more than 3,500 points again. Behind the shock is the confusion between the macro signal and the noise. Looking back at the market, we have seen double reductions and real estate policies superimposed on anti-monopoly policies that have caused concerns about future policy risk proliferation. At the same time, we have also seen the implementation of a series of policies such as cultivating domestic demand, strengthening basic research, and balancing fairness and efficiency. We have seen the net outflow of funds from Beishang over 10 billion in a single day in some periods, but we have also seen the game-type “sell” and the allocation-type “buy”, and the fact that the net outflow accounts for less than 0.5% of the stock market value. We believe that in the process of adjustment and rebound, positive signals are gradually forming: Although economic momentum is weakening and molecular profit is under pressure, as risk appetite stabilizes and risk-free interest rates are superimposed on the decline, the market is returning. Uplink channel.
CITIC Securities: September is the best window for the layout of the fourth quarter market. It is expected that the domestic economy will be repaired month by month after bottoming out in August. Policy correction and public opinion norms will help improve risk appetite and credit risk will be released in an orderly manner. A-shares will usher in the best window for the layout of the fourth quarter market in September. It is recommended to adhere to the balanced allocation of growth value and strengthen the left-hand layout of the value sector.
Sina statement: This news is reprinted from Sina’s cooperative media. Sina.com publishes this article for the purpose of conveying more information, and does not mean that it agrees with its views or confirms its description. Article content is for reference only and does not constitute investment advice. Investors operate accordingly at their own risk.
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