2024-09-26
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this afternoon, the a-share market surged, and by the close of trading, the shanghai composite index had broken through 3,000 points, and had risen by nearly 10% this week. the liquor sector almost all hit the daily limit, and real estate stocks also hit the daily limit in large areas.
in terms of news, important policies have been issued frequently in recent days. following the package of financial policies, the politburo meeting held today has attracted much attention. after the close of today's market, major securities research institutes have interpreted the policy signals released by the meeting through the release of research reports and telephone conferences.
according to the daily economic news reporter's observation, the sudden improvement in the market has also obviously mobilized the enthusiasm of front-line securities practitioners. many investment consultants in sales departments have proactively pushed information on market analysis to their clients today. in addition, some securities firms have also taken the opportunity to advertise for account opening.
in the afternoon today, stimulated by the positive news, the a-share market surged. as of the close, the shanghai composite index broke through 3,000 points, and has risen by nearly 10% this week. the trading volume of the shanghai and shenzhen markets continued to exceed one trillion yuan today.
it is worth noting that while the market is increasing, many broad-based etfs such as huatai-pinebridge csi 300 etf, southern csi 500 etf, and southern csi 1000 etf also increased in volume and surged, with transaction amounts hitting a three-month high. among them, huatai-pinebridge csi 300 etf's transaction volume today was 15.8 billion yuan, a new high for the year.
as the market suddenly improved in recent days, the market's optimism began to spread. today, a brokerage strategy chief pointed out that the main indexes of the a-share market are expected to challenge the high point of the year in may. the high point of the shanghai composite index in may this year was 3174 points, and there is still about 6% room for growth from today's closing.
judging from the performance of today's sub-sectors, liquor and real estate led the gains. among them, the liquor sector almost all hit the daily limit, and kweichow moutai rose by 9.29%. today's trend swept away the previous downturn in the food and beverage sector. a chief analyst in the industry lamented, "today is a day for food and beverage to be proud."
in terms of news, there have been many major positive news in recent days. following the introduction of a package of financial policy combinations, the politburo meeting held today has attracted much attention.
it is worth noting that regarding the capital market, today's politburo meeting pointed out that "we must work hard to boost the capital market, vigorously guide medium- and long-term funds into the market, and clear the bottlenecks for social security, insurance, and wealth management funds to enter the market. we must support mergers and acquisitions of listed companies, steadily advance the reform of public funds, and study and introduce policies and measures to protect small and medium-sized investors."
compared with the two politburo meetings in april and july this year, today's meeting has more content related to the capital market. the july meeting described the capital market as "we must coordinate risk prevention, strengthen supervision, promote development, boost investor confidence, and enhance the inherent stability of the capital market"; the april meeting described the capital market as "we must continue to promote the reform and risk reduction of small and medium-sized financial institutions, and take multiple measures to promote the healthy development of the capital market. we must actively develop venture capital and strengthen patient capital."
the strong policy signals released by today's politburo meeting also prompted active responses from various securities firms - from today's close to the evening, there was an endless stream of telephone conferences on related interpretations held by various securities firm research institutes.
regarding the significance of the signals released by today's high-level meeting, yan xiang, chief economist of huafu securities, pointed out to reporters that this meeting released a major positive signal, and the overall policy measures exceeded expectations, with a clear direction and stronger strength: first, in terms of timing, the previous politburo meetings held in september rarely involved economic issues. this meeting set the tone for subsequent economic work to "effectively implement existing policies and increase efforts to introduce incremental policies", sending a very positive signal. second, the support of macroeconomic policies has been significantly increased. in addition to increasing the intensity of countercyclical adjustments in fiscal and monetary policies, this meeting set the tone for the first time to promote the "stop falling and stabilize" of real estate, reflecting the firm determination of the top leaders to promote the stable and healthy development of the real estate market. third, it clearly proposed to work hard to boost the capital market and vigorously guide medium and long-term funds into the market, reflecting the high attention of the top leaders. this policy measure will also better play the important role of the capital market.
qin tai, assistant director and chief macro analyst of huajin securities research institute, told reporters that the meeting rarely and clearly put forward the requirement of "striving to boost the capital market", which shows that the capital market, as a comprehensive reflection of the confidence of economic entities and the main financing channel for new quality productivity, has further enhanced its policy importance. in the future, new policies will focus on three major directions. first, it will guide medium- and long-term funds into the market. it is expected that the long-term funds of non-fund multi-level asset management institutions such as social security, insurance, and wealth management will enter the capital market to a greater extent. in addition, the central bank recently announced the creation of tools for non-bank financial institutions to conduct asset swaps and increase stock market funds. in fact, it jointly demonstrates that in the current stage of deep adjustment of the real estate market, by enhancing the vitality of the capital market and financial asset investment, and guiding the asset allocation of the resident sector from focusing on real estate to a healthier structure focusing on long-term financial investment. supporting mergers and acquisitions of listed companies aims to control the pace of stock market financing while stimulating the industry vitality of listed companies to support the development of new quality productivity. promoting the reform of public funds aims to protect the legitimate interests of small and medium-sized investors, standardize and enrich the professional level of the multi-level asset management industry, and cultivate long-term patient capital.
according to the reporter's observation, the sudden strong market in recent days has caused many securities practitioners to have mixed feelings. some front-line securities practitioners have significantly improved their attitude towards the a-share market, but they still have doubts. regarding the strong performance of the market in recent days, a leading securities investment consultant told reporters that "it looks like the market is going to reverse." but he also believes that there may be fluctuations around 3,000 points. in the communication last week, his attitude towards the market was still relatively pessimistic.
in addition, the change in investor sentiment in recent days has also touched some people in the branches of securities companies. the general manager of a listed securities company's business department told reporters today that many investors are afraid of being trapped again, and some investors may choose to sell at highs when the market rises sharply. the rapid changes in the market in recent days are indeed a test of the adaptability of retail investors.
the general manager of a leading brokerage business department told reporters, "it seems that customers have not yet reacted. they only launched a counterattack this afternoon, which surprised us."
however, seeing the recent unstoppable market growth, the general manager of the sales department is pleased with her previous efforts to accompany clients. "some time ago, clients kept coming to me, saying that they couldn't stand the decline. in fact, sometimes i myself was also a little negative when asked about it." she said, "there were even a few who were particularly anxious. i told them that to change the current situation of the decline, external policy stimulus was needed. now i admire myself."
it is worth mentioning that the reporter noticed that some brokerages took advantage of the market's strong performance above 3,000 points to promote account opening today. however, the relevant person in charge of a branch of a leading brokerage in east china told the reporter that the number of customers consulting the market has indeed increased in recent days, but there has been no obvious change in account opening.
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