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stimulated by multiple favorable policies, the a-share market has continued to rise in recent days, stimulating investor enthusiasm and more incremental funds are on the way.

some "clues" in the data prove that funds are rushing into the market: the net value of icbc's bank-securities transfer funds (hereinafter referred to as the "bank-securities transfer index") has risen sharply, and the "transfer wave" of large-denomination certificates of deposit has become a hot search on weibo …the recent enthusiasm for funds entering the market has clearly exceeded expectations. industry insiders said that with the implementation of a package of policies that are effective, the capital market has an active foundation and room for rising valuations.

incremental capital running into the market

the icbc mobile app shows that the bank-securities transfer index rose to 7.04 on september 27 (the last trading day), which was significantly higher than the previous trading days. from september 23 to 26, the bank-securities transfer index was 0.66, 2.15, 1.4, and 4.4 respectively. on september 27, the bank-securities transfer index for individual investors was 5.2, and the bank-securities transfer index for institutional investors was 1.84. on september 23 the weekly bank-securities transfer index from the 27th to the 27th was 3.13, which was also a more obvious increase than in previous weeks.

image source: icbc mobile app

industry insiders said that the net change in funds transferred between banks and securities companies of icbc intuitively reflects the net amount of funds transferred into the securities market by all investors of icbc on the trading day, reflecting the activity of the capital market.

"with the rapid introduction of a series of favorable policies, and some of which clearly exceeded market expectations, the stock market began to rise significantly, attracting a large number of investors." postal savings bank of china researcher lou feipeng told reporters.

zhou maohua, a macro researcher at the financial markets department of china everbright bank, told reporters that the recent package of policies has exceeded expectations and the market's confidence in economic recovery has increased significantly. enthusiasm for funds entering the market clearly exceeded expectations.

"the stock market has responded positively to policies in the past few days, and there are indeed signs of incremental capital entering the market. the bank-securities transfer index has gone up, reflecting the incremental capital entry. with the implementation of a package of policies taking effect, we believe that capital the market has an active foundation and room for valuation increases," wang yifeng, chief financial analyst at everbright securities, told reporters.

large-denomination certificates of deposit set off a "transfer wave"

in addition to the surge in the bank-securities transfer index, there are also some investors who are eager to transfer large certificates of deposit.

on september 29, large-denomination certificates of deposit set off a "transfer wave" and became a trending topic on weibo. some investors said they wanted to "take deposits to venture into the stock market" and other topics sparked heated discussions. large-denomination certificates of deposit are being frequently listed for transfer. in order to sell quickly, some depositors even transfer part of the interest. the large-denomination certificates of deposit transfer area frequently converts large-denomination certificates of deposit with annual interest rates of 3% and above.

"interest rates in the transfer area are rising rapidly. in the past, it was very rare to get a large certificate of deposit with an annualized yield of 2.7%, but i just found out that one has one year left to mature, and the annualized yield is 3.1%. "large deposit certificates," jiangsu resident xiaomin told reporters.

industry insiders said that behind the boom in the transfer of large certificates of deposit is the increasing attractiveness of investment channels such as the stock market to investors.

lou feipeng told reporters that at present, residents’ savings deposits are relatively large and they have investable funds. as the favorable policies for the capital market gradually take effect, they may attract more investors, which will help the capital market develop better.