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bulls are back! today's market was really great. as of the close, the shanghai composite index rose 3.61%, regaining 3,000 points, the shenzhen composite index rose 4.44%, and the chinext index rose 4.42%.

more than 5,000 stocks in the two markets soared, with a turnover of over 1.1 trillion yuan. the liquor sector is almost reaching its daily limit. can you believe it? wuliangte, shanxi fenjiu, and luzhou laojiao all reached their daily limits.

in addition, securities, steel, airport and shipping sectors led the gains.

goldman sachs previously said that hedge fund net buying of chinese stocks on tuesday was "the second highest in the past decade." the buying was almost entirely driven by investors who increased their long positions, and hedge funds bought all types of chinese stocks, mainly a shares and secondly h shares.

many investors exclaimed: "dizzy, love in late autumn!"

01

crazy rise! liquor sector close to daily limit

wuliangye, luzhou laojiao and shanxi fenjiu hit their daily limit

the liquor sector is going crazy! the sector has risen by as much as 9.5%, with wuliangye, laobaigan, shede wine, shanxi fenjiu, luzhou laojiao, jinshiyuan, gujing gongjiu and others all hitting their daily limit.

snowball app users@VRGA: i feel dizzy and dizzy after drinking the liquor.

snowball app users@quantitative master：the liquor market has been so excited recently. the csi liquor index rose by 3% in half an hour after opening today. if we look at the last six trading days, it has been a continuous surge, with a cumulative increase of 10%. judging from the performance of the industry leader kweichow moutai, it rose by 7% today. it can be said that the rebound of brand liquor has been stronger than expected in recent days.

yesterday, it was reported that hong kong plans to lower the tax on spirits in an effort to restore hong kong's advantages as a preferred destination for nightlife, dining and shopping. people familiar with the matter said that this is expected to be a highlight when li jiachao delivers the policy address in mid-october.

it is understood that hong kong currently imposes a heavy tax of up to 100% on imported spirits with an alcohol content higher than 30%vol, which is among the highest in the world.

according to people familiar with the matter, one approach the hong kong government is considering is a tiered tax system, which would impose lower taxes on higher-priced spirits. this is seen as a way to promote high-end alcohol consumption among high-spending groups while discouraging consumers from hoarding cheap alcohol to reduce health risks. the people familiar with the matter added that discussions on the spirits tax have not yet been finalized and may still change.

everbright securities believes that the current valuation of the liquor sector is at a historical low and the allocation value has increased. the subsequent improvement in sales is expected to raise the valuation. the logic of market share concentration under stock competition is expected to be strengthened, and the company's strategic direction/overall planning/implementation will become more important.

02

net-loss stocks surge

real estate and steel boom

in the past, there was a saying in the market that the early stage of a big market trend is to eliminate low-priced stocks.

the china securities regulatory commission recently solicited public opinions on "guidelines for the supervision of listed companies no. 10 - market value management (draft for comments)", which requires that companies with long-term negative net assets should disclose valuation enhancement plans, including goals, deadlines and specific measures, and make special explanations on the implementation of valuation enhancement plans in annual performance briefings.

among them, the steel and real estate sectors performed the best. zhongnan shares, benxi steel plate, shenzhen shenfang a, airport shares, financial street and many other stocks hit the daily limit. zhongnan shares ushered in four consecutive daily limits, with the latest closing price of 2.61 yuan.

citic securities' latest viewpoint indicates that the csrc has successively issued documents such as market value management guidelines and opinions on mergers and acquisitions of listed companies, continuing the previous "1+n" policy of capital market reform. on the one hand, the documents focus on major index component companies and companies with long-term negative net assets. considering that the market value of companies with long-term negative net assets accounts for more than 20%, it is expected that the market value management actions of related companies may continue to accelerate;

on the other hand, the document focuses on supporting new quality productivity and industrial integration, and emphasizes supporting policies such as optimizing payment and pricing inclusiveness. combined with the requirements of the sasac to optimize the layout of state-owned capital, it is recommended to focus on the m&a opportunities of central state-owned enterprises in new industries.

03

hong kong stocks exploded

hang seng technology surged 6%

hong kong stocks were even crazier today. as of press time, the hang seng index rose by more than 3%, and the hang seng tech index soared by 6%.

vanke, sunac china, jiu mao jiu, and haidilao rose by more than 15%, while china duty free group, li ning, anta sports, nongfu spring, and miniso rose by more than 10%. jd.com and alibaba rose by more than 7%, and tencent holdings rose by more than 5%.

snowball app users@Trader3084624894：the current market really feels like a bull market! is the bull market coming?

snowball app users@investment fund alliance it is believed that: first, hong kong stocks are more sensitive to the fed's interest rate cut. hong kong stocks belong to the global allocation market, and the hong kong dollar implements a linked exchange rate system, which is more sensitive to the adjustment of the us policy interest rate. the hang seng index and the us dollar index are basically negatively correlated, with a correlation coefficient of -0.28. in other words, if the us dollar rises, then hong kong stocks will fall; if the us dollar falls, then hong kong stocks will rise.

secondly, a large amount of funds flowed into hong kong stocks. from the beginning of the year to now, the repurchase amount of hong kong-listed companies has exceeded 205.5 billion yuan, which is a very large amount, far exceeding the repurchase amount of last year, and also set a new historical record. in addition, southbound funds are also flowing into hong kong stocks in large quantities, with an inflow of nearly 450 billion yuan this year, almost twice that of last year, and the inflow amount is second only to 2015.

secondly, the valuation of hong kong stocks is more underestimated. from the perspective of valuation indicators, hong kong stocks are valued lower than a-shares. for example, the current ah premium index is 153, which means that the price of a-shares is 53% higher than that of hong kong stocks. relatively speaking, i am more optimistic about the internet sector of hong kong stocks, because if there is a market for hong kong stocks, they are much more flexible than other sectors and can get higher returns.