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brothers and sisters, today's market staged a big reversal! banks "fell", and small bills "ate well"!

let’s take a look at what happened.

on august 29, the a-share indexes diverged, with the shanghai composite index fluctuating weakly and hitting a new low, while the shenzhen component index and the chinext index opened low and ended high, both rising by more than 1% at one point. by the close, the shanghai composite index fell 0.5%, the shenzhen component index rose 0.94%, and the chinext index rose 0.65%.

more stocks rose than fell, with a total of 4,177 stocks rising, 65 stocks hitting the daily limit, and 966 stocks falling.

the concept of foldable screens has exploded collectively.

the photovoltaic sector rebounded sharply.

apple's industrial chain has become stronger again.

the biggest highlight of the market today isstyle switch, bank stocks, which had previously set new highs, ushered in a major adjustment, with the share prices of state-owned banks falling by about 4%. in addition, high dividend stocks also fell collectively.

market analysis shows that there are two main reasons behind this.

first, there is a voice in the market that institutional investors are currently grouping together on large-cap blue chip stocks such as the big four banks and sinopec. this behavior is not only a strategic problem, but also speculation in the name of grouping together. market analysis shows that this passage has played a catalyst role in the style switch of a-shares, leading to the collapse of the bank group.

secondly, the performance of some bank stocks is not ideal.

on the evening of august 28, bank of communications, one of the state-owned banks, was the first to release its semi-annual report, with both revenue and net profit falling in the first half of the year! in the first half of 2024, the bank achieved operating income of 132.347 billion yuan, a year-on-year decrease of 3.51%; net profit attributable to shareholders of the parent company was 45.287 billion yuan, a year-on-year decrease of 1.63%. during the reporting period, bank of communications achieved net interest income of 84.234 billion yuan, a year-on-year increase of 2.24%; net fee and commission income of 21 billion yuan, a year-on-year decrease of 14.56%.

xiamen bank disclosed its 2024 semi-annual report. the semi-annual report shows that in the first half of 2024, xiamen bank achieved operating income of 2.892 billion yuan, a year-on-year decrease of 2.21%; and achieved net profit attributable to shareholders of 1.214 billion yuan, a year-on-year decrease of 15.03%.

in addition, bank stocks fell sharply, and funds flowing out of the banking sector flowed back to other sectors and individual stocks, providing an opportunity for a rebound in small and medium-sized market capitalization stocks!

that’s all for today’s market analysis!