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On August 16, the market fluctuated within a narrow range throughout the day, with the three major indexes rising and falling. As of the close, the Shanghai Composite Index rose 0.07%, the Shenzhen Component Index fell 0.24%, and the ChiNext Index fell 0.08%.

In terms of sectors, Huawei HiSilicon, monkeypox, AI glasses, copper cable high-speed connection and other sectors led the gains, while pork, film and television, construction decoration, precious metals and other sectors led the losses.

Overall, more stocks fell than rose, with more than 3,500 stocks falling in the market. The turnover of the Shanghai and Shenzhen stock markets today was 591.1 billion, down 400 million from the previous trading day.

It rose and fell in the morning, fluctuated and turned green in the afternoon, and the market-protecting funds were repeatedly active during the trading session.

——After yesterday's bottoming out and rebounding, today's A-share trendOn the surface, it is similar to Monday, but in reality it shows more vitality。

on the one hand,The "land volume" below 500 billion has temporarily disappeared, today's market turnover is the same as yesterday;

On the other hand, funds have gradually found new directions to gather together, which has restored the money-making effect. For example:

1) As of the close, a rare scene appeared on the list of gainers:There are as many as 16 stocks with a daily limit of 20cm；

2) Whole marketTop turnoverof stocks, andThe total market value ranks firstAll stocks appearLarge area of ​​red。

Judging from the daily K-line chart of the Wind All A Index, although the market closed down today, it did not give up too many gains, so it does not indicate a change in trend.

Logically, after the general rise, those sectors and individual stocks that "passively" rose with the market trend also have a strong demand for cashing out; market funds are also flowing towards more promising directions amid differences. For example, many popular stocks at high levels fell sharply today, and King Long Automobile hit the limit down.

Big funds’ “change of tactics”

For investors who value the index, there is one important detail in the past two days, that is, the "national team" is generally regarded asBig funds, the style of supporting the market has changed。

In the past two months, when the market fell, we have repeatedly encountered situations where broad-based ETFs representing core A-share assets (such as the SSE 50 and CSI 300 ETFs) increased their intraday trading volume, thereby supporting or pushing up the index.

Obviously, supporting the market through heavyweight stocks does not help much for the liquidity of individual stocks that are not component stocks.

From last Friday to this Wednesday, when the market was continuously at "low volume", the above-mentioned broad-based ETFs also shrunk in volume, but this does not mean that big funds turned a blind eye to the market.

Looking back, the style of big funds has changed since yesterday (August 15). In addition to the significant increase in trading volume, it is also reflected in two aspects:

1）The time of exerting force is advanced.On Thursday, many broad-based ETFs saw significant volume growth during the opening hours, and as the market fell in the late trading, they saw another wave of volume. Below is the five-day chart of 510,300.

2）The force area is expanded.In addition to the most common CSI 300 ETF, in fact, in the past two days, the CSI 500 ETF has also clearly gained liquidity support (the CSI 1000 ETF also increased its volume on Thursday). Below is the five-day chart of 510500.

The direct impact of this on the market is that the number of rising stocks has increased significantly, which in turn has led to a rebound in sentiment.

By observing the intraday trends of the largest CSI 300 ETF and CSI 500 ETF, we can find that after they rose in large volume today, there are often longer single negative columns following them - regardless of whether these sell orders are "intraday T" or "profit taking",In short, the selling pressure on the market has become heavier.。

The overall volume remains the same, but the sell orders increase, so it is reasonable that the index is in the red.

Consumer electronics and monkeypox concepts led the gains
Large state-owned banks hit new highs

In our Wednesday update, we mentioned that the consumer electronics sector is still showing continuity in the "bottom volume" market and has the potential to become a new main line. Now that the volume has recovered, the sector has further gained favor from funds.

As of Friday's close, the consumer electronics sector has seen four consecutive positive days, with trading volume also increasing day by day.

In terms of details, in addition to the continuously active AI glasses concept, the Huawei HiSilicon concept has also become a new focus today. According to the news, Huawei Connect 2024 will be held from September 19 to 21, 2024.

Huafu Securities said that in the short term, the demand for consumer electronic terminals has picked up. In the medium and long term, AI-enabled smart terminals will accelerate the replacement of mobile phones and PCs. At the same time, AI loads require changes in the underlying chip architecture, memory, and overall machine design, which will drive the increase in stand-alone ASP and accelerate the exploration of new hardware forms. The accelerated pace of innovation in consumer electronics is expected to bring the industry into a boom cycle, and subsequent heavy news such as Apple's autumn conference and Windows system updates will catalyze intensively.

On the other hand, this morning, the website of the General Administration of Customs released an announcement to prevent the monkeypox epidemic from spreading into my country, which led to the continued strength of monkeypox concept stocks under the pharmaceutical sector.

Among the 16 stocks with a daily limit of 20cm today, 4 are from this concept.

Specifically, according to CCTV News, on the 15th local time, the acting director of the Swedish Public Health Agency announced that Sweden reported the first confirmed case of monkeypox. It is reported that this is the first confirmed case outside the African continent since the outbreak of this round of monkeypox.

The World Health Organization announced on August 14 that the monkeypox outbreak constitutes a "public health emergency of international concern." According to data from the Africa Centers for Disease Control and Prevention on August 9, 17,541 cases of monkeypox and 517 deaths have been reported in 13 African countries so far this year, with 16,789 cases and 511 deaths reported in the Democratic Republic of the Congo alone.

Finally, it is worth noting that the banking sector, which represents the heavyweight stocks, also saw its second consecutive rise today.

Although the plate as a whole is still a long way from its previous high,The large state-owned banks segment hit a new high.This is thanks to Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications and Bank of China, all of which hit new highs in share prices today.

Wanlian Securities believes that the downward trend of long-term interest rates is an important factor driving the price performance of high-dividend assets. The higher dividend yields and extremely low valuations of bank stocks have become the preferred choice of funds, and the rising market defense demand has boosted the market performance of the entire banking sector. Looking forward, in the high dividend strategy, the supporting factors on the denominator may have been reflected more, and the stability of the numerator has become the key logic of high dividend stock selection. In addition, from the perspective of dividends, the increase in dividend rate is conducive to the improvement of bank stock valuations.

Investment is risky, independent judgment is important

This article is for reference only and does not constitute a basis for buying or selling. You should bear the risks of entering the market at your own risk.

Cover image source: Screenshot of market software

Reporter Zhao Yun, Editor Peng Shuiping

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