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today, the market regained 3,000 points again.

on september 26, a-shares continued to surge, with a brief decline in the morning followed by a rapid rebound. the shanghai and shenzhen stock indices rose by more than 1% before falling back.

influenced by the news of the key meeting in the afternoon session, the three major stock indexes rose again. by the close, the shanghai composite index rose 3.61% to 3000.95 points; the science and technology innovation 50 index rose 3.87% to 693.15 points; the shenzhen component index rose 4.44% to 8916.65 points; and the chinext index rose 4.42% to 1714.14 points.

wind statistics show that a total of 5,140 stocks rose in the two cities and the beijing stock exchange, 174 stocks fell, and 34 stocks were flat. the total transaction volume of the shanghai and shenzhen stock markets was 1,162.5 billion yuan, an increase of 5.1 billion yuan from the previous trading day's 1,157.4 billion yuan.

the three major hong kong stock indices also strengthened unilaterally throughout the day, with the market turnover exceeding hk$300 billion, a new high since march 17, 2022. the hang seng index closed up 4.16% at 19,924.58 points, a high since august last year; the hang seng technology index rose 7.27% to 4,209.71 points, and the hang seng china enterprises index rose 4.75% to 7,086.7 points.

key meeting to set the tone

on september 24 (tuesday), the state council information office held a press conference and released a series of important information, involving more than ten policies such as lowering the reserve requirement ratio and interest rates; reducing existing mortgage loans and down payment ratios; and creating new tools to support a-shares.

boosted by this, the three major a-share indexes rose collectively, with the turnover of the shanghai and shenzhen stock markets reaching 971.3 billion yuan, an increase of 420.3 billion yuan from the previous trading day, and more than 5,100 stocks in the two markets rose. on that day, call options soared across the board, creating a historic market.

goldman sachs group said in its latest report on its institutional brokerage division that china's stock market saw its largest single-day net buying since march 2021 on tuesday, the second highest level in the past decade. the buying frenzy was almost entirely driven by investors who increased their long positions, showing the market's optimistic expectations for china's economic prospects and stock market performance. goldman sachs concluded that the upward momentum can continue.

on september 26, the political bureau of the cpc central committee held a meeting to analyze and study the current economic situation and deploy the next steps in economic work.

the meeting stressed that efforts should be made to boost the capital market, vigorously guide medium- and long-term funds into the market, and clear the bottlenecks for social security, insurance, and financial management funds to enter the market. it is necessary to support mergers and acquisitions of listed companies, steadily advance the reform of public funds, and study and introduce policy measures to protect small and medium-sized investors.

the meeting also mentioned that we should increase the countercyclical adjustment of fiscal and monetary policies, ensure necessary fiscal expenditures, and do a good job in the "three guarantees" at the grassroots level. we should issue and use long-term special treasury bonds and local government special bonds to better play the leading role of government investment. we should lower the deposit reserve ratio and implement a strong interest rate cut. we should promote the real estate market to stop falling and stabilize. we should strictly control the increase, optimize the stock, and improve the quality of commercial housing construction. we should increase the loan issuance of "white list" projects and support the revitalization of idle land. we should respond to the concerns of the people, adjust the housing purchase restriction policy, reduce the interest rate of existing mortgage loans, and speed up the improvement of land, fiscal and taxation, and financial policies to promote the construction of a new model of real estate development.

a number of guiding contents on economic work have sent positive signals to the market. the three major stock indexes responded enthusiastically, all rising by more than 3%. big consumption, real estate, and big finance led the gains, and real estate stocks rose sharply.

former chief economist of a securities firm: the sixth historical bottom has arrived, and the market has just begun

on september 18, the u.s. federal reserve announced a 50 basis point cut in the target range for the federal funds rate to a level between 4.75% and 5.00%.

after entering the interest rate cut cycle, the flexibility of domestic monetary policy has increased. the market generally remains optimistic about the bottoming out process of a-shares and hong kong stocks, and expects the policy side to provide incremental policy increases in a timely manner.

after the politburo meeting on the 26th further released the signal of policy increase, the turning point signal of a-shares has become clearer. li daxiao, former chief economist of a securities firm, told phoenix finance, "'one bank, one bureau, one association' has released many major positives. the most pessimistic time for the chinese stock market has passed. the shanghai composite index is expected to form a double bottom in the low point of 2689 points on september 18, 2024 and the low point on february 5, 2024, which is expected to form the sixth historical bottom of the chinese stock market. the hope of the best assets in the chinese stock market has emerged. the long-term healthy and stable development of the chinese stock market can be expected."

he believes that the current hot sentiment of a-shares is a recovery driven by major favorable policies, which is just a normal recovery. the process of china's high-quality assets being scrambled for by domestic investors and then by global investors has just begun. in the long run, 3,000 points "may just be the horizon of the future", and the recovery to 3,000 points is not the end of the market.

regarding the current stock market, chen guo, chief strategy analyst of cicc, said that today's meeting sent a very strong signal of full efforts to revitalize the economy, and also specifically mentioned efforts to boost the capital market, which is inspiring and will have a double benefit on earnings and valuations for the stock market. the trends of a-shares and hong kong stocks are expected to reach a higher level, and the judgment that the main indexes of the a-share market are expected to challenge the annual highs in may is maintained.

cicc pointed out that the politburo meeting further released a signal of policy tightening, and the a-share market is expected to continue its upward trend. on the one hand, the timing of the politburo meeting has attracted market attention. on the other hand, combined with the previous state council information office, it has made clear statements on policy responses that investors are more concerned about, especially fiscal policies, and has paid high attention to the capital market. we believe that this meeting has a positive impact on the market and is expected to further promote the stabilization of investor confidence. in the current environment, the a-share market is expected to continue its upward trend.

qu yiping, a strategic analyst at eastmoney securities, said that the market returned to 3,000 points, the trading volume of the two markets continued to exceed one trillion yuan, and the bullish sentiment was restored, proving that the current macro policy adjustment is accurate and effective. after the first 50bp interest rate cut by the federal reserve, us bonds are expected to continue to decline quarter by quarter, and the domestic interest rate cut toolbox has long-term room for opening. at the latest politburo work meeting, detailed arrangements were made for finance, currency, enterprises, and people's livelihood. at the meeting, it was mentioned that efforts should be made to boost the capital market and vigorously guide medium- and long-term funds into the market. this is the core tone for the continued strength of a-shares, which reassures long-term capital.

foreign investors continue to be positive and the scale of purchases continues to increase

on september 24, after “one bank, one bureau, and one commission” made a major statement and announced a series of incremental policies, foreign institutions expressed bullish views one after another.

wang ying, chief equity strategist at morgan stanley china, said in a recent commentary that the central bank's unexpected policy support measures should help improve investor sentiment and liquidity, and promote positive responses in onshore and offshore markets in the short term;

morgan asset management believes that the current overall valuation level of a-shares is at a relatively low level in the past decade. against the backdrop of the continued recovery of the domestic economy, the fed's interest rate cut has opened up space for domestic monetary policy. combined with the fiscal policy, which may be strengthened in the second half of the year, 300 billion ultra-long-term special government bonds have been issued, and the "two new" policies have been fully launched, the market is expected to stabilize and rebound.

bank of america's research report pointed out that the a-share market will obtain new liquidity from banks and non-bank financial institutions, and believed that if the market performs well and lasts long enough, the return of retail investors and overseas investors may further help stabilize the market.

it is worth noting that international investors’ optimistic expectations for “investing in the chinese market” are not “chasing hot spots”. phoenix finance found that since the third quarter, many international investment institutions have been optimistic about the future performance of a-shares.

previously, schroder investments had stated that if viewed from a 2-3 year perspective, the chinese stock market has greater room for growth than other stock markets, and maintained long-term confidence in the continued development of the chinese capital market;

invesco asia pacific global market strategist said that judging from the earnings growth expectations for next year, the current valuation of chinese stocks is relatively low. as earnings growth accelerates again, foreign investors are expected to have more confidence in the earnings prospects of chinese companies in the future;

ubs said that foreign capital is waiting for the opportunity to enter the a-share market and expects net inflows of foreign capital to reach 200 billion yuan this year.

in addition, since the beginning of this year, 43 foreign institutions have been approved as qualified foreign investors, including well-known institutions such as canada's divi trading company, singapore's aravali asset management, and oman investment authority.

british asset management giant m&g investments and us kraneshares investment management have successively announced the launch of chinese stock-related products, clearly expressing their optimism that china is "one of the most attractive long-term stock investment markets in the world."

since the third quarter, foreign institutions have also begun to conduct continuous research on a-share companies. choice data shows that since the third quarter, as of september 19, foreign institutions have conducted 1,533 research on a-share listed companies, involving 490 listed companies. the three industries with the most research times are medical devices, semiconductors, and automation equipment.

"if the stock market keeps going up like this every day, i'd rather not take a holiday."

retail investors are also very excited about the current stock market.

"if the stock market keeps rising like this every day, i would rather not take a holiday." said one netizen while looking at the current hot market.

li ming, who usually loves short-term speculation, also told phoenix finance that the market in the past few days can be called historic. you can buy stocks with your eyes closed and they will all go up. "today, i traded two stocks, one real estate stock and one photovoltaic concept stock. one of them hit the daily limit and the other rose by 5% today."

"i entered the stock market relatively late, only about five years ago. i usually like to buy stocks that have adjusted after reaching the daily limit. sometimes i can make a profit from the daily limit, and sometimes i can get a direct limit down. overall, i still have losses, but not too much." li ming said, "to be honest, on tuesday, i saw that the stock market rose so sharply and thought it should be a 'one-day trip' market. however, the trend this morning was somewhat unexpected, especially many strong stocks, which almost did not adjust and went straight to the daily limit."

regarding the current market conditions, li ming believes that it will at least rise above 3,300 points.

another person who had been lying flat due to long-term losses, zhang hui, has also become active recently. zhang hui has been working in a large internet company. due to work, he often does not have time to check his stock account for several days. "the last time i checked my stock account was in early september. at that time, i lost tens of thousands of yuan on several stocks. in recent days, i saw friends in the circle saying that the stock price has risen. i also checked my stock account and found that i had recovered my investment immediately."

zhang hui is more optimistic about the future of the stock market. "i can hold on to it even if i lose tens of thousands. now that i'm about to make my money back, i have to hold on to it. i'll talk about it when i make money." however, zhang hui revealed that he has checked his stock account more often in recent days.

in addition, according to the report of metropolis express orange interactive, recently affected by the new policy, investors' attitude towards the stock market has become much more optimistic. the head of a medium-sized brokerage in hangzhou said that 800 accounts were opened in one day, which is the best data in the past two years. another stock investor said in an interview that when he went to the vegetable market to buy vegetables in the afternoon, the owner of the pork shop next to him was also chatting about stocks with several people who were buying vegetables. under the current market conditions, the attention paid to the stock market is obvious.

in addition, there are also some investors who are beating their chests and stamping their feet because they missed the market by waiting and watching.

yang lin said that he had been watching for half a year, waiting for an opportunity to buy at the bottom. three positive lines directly returned to 3,000 points, leaving no chance to enter the market.