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a-shares have strong bullish sentiment.

on september 24, the “one bank, one bureau, one meeting” released a series of positive measures at a press conference of the state council information office, boosting market confidence and improving investor expectations; on september 26, the politburo meeting rarely analyzed the economy situation, conveying the signal of heavy fiscal and monetary support, which mentioned that "efforts should be made to boost the capital market and vigorously guide medium and long-term funds to enter the market."this series of measures has completely stimulated the positive sentiments of investors at home and abroad, prompting chinese assets to achieve a landmark reversal.

policy "combination boxing"

comprehensively stimulate long sentiment in a shares

stimulated by the above-mentioned measures, from september 18 to september 27, the shanghai composite index surged from 2717.28 points to 3087.53 points.in just 8 trading days, the rising index rose as high as 13.63%, becoming a rare scene in the history of a-shares.the shenzhen component index led the rise of major global indexes, with an increase of 17.71% during the same period.

as of september 27, the turnover of shanghai, shenzhen and beijing has exceeded one trillion yuan for three consecutive trading days., of which the transaction volume on the 27th was as high as 1.46 trillion yuan, a new high since september 17, 2021, more than double the "land volume" of 479.877 billion yuan on august 13, 2024.

according to industry insiders, the core reason for the continued downturn in a-shares in the early stage is the lack of confidence caused by the lack of liquidity. however, the financial "combination boxing" incentives far exceed expectations, and the superimposed valuation and cost-effectiveness have changed from "land quantity" to "sky". "quantity", the a-share market has undergone earth-shaking changes, and the entire market has shown a sharp reversal.

according to statistics from securities times·dabao, since september 24, 31 shenwan first-level industries have all increased.the four major industries of food and beverage, beauty care, non-bank finance, and real estate all increased by more than 20%.among the secondary industries, the liquor, securities, and diversified financial sectors rose by more than 25%.

six major positive signals emerged

from the perspective of the entire market, a-shares are currently showing positive signals. mainly reflected in the following six aspects:

first, the "flagbearer" of the bull market took the lead in making changes, and the real estate sector rebounded from oversold conditions ahead of schedule.looking at the brokerage index and the wind all-a index, from september 2 to 23, the two indexes increased or decreased by 0.28% and -3.03% respectively; from september 24 to 27, the two indexes increased by 23.6% respectively. %, 14.88%.

second, market transaction activity has increased significantly.the average daily turnover rate of the wind quan a index from september 2 to 23 was only 1.94%. since the 24th, the average daily turnover rate has been as high as 3.93%, which is more than twice that of the previous period.

third, the number of stocks with daily limit has increased significantly, while the number of stocks with daily limit has decreased significantly.. from september 2 to september 23, the median number of stocks with daily limit was 52, and since the 24th, the median number has been 122.5.

fourth, comparing the latest trading day with the end of last month, institutions have intensively raised the target prices of white horse stocks in the banking, new energy and other sectors.the valuation attractiveness of these companies is highlighted, including the four major state-owned banks (industrial, agricultural, construction, communications), byd, catl, wuliangye and other companies. compared with companies that lower their target prices, companies that raise their target prices have lower valuations.

fifth, funds from all walks of life have entered the market.the transaction volume of northbound funds has increased significantly, and domestic and overseas funds such as financing customers and etf borrowing have accelerated their "buy, buy, buy" activities, competing to mine a-shares.

sixth, public information shows that compared with the previous wait-and-see attitude, the number of account openings has increased significantly recently.a person in charge of an east china brokerage branch said that the number of active online account openings has increased significantly, and the coordination work is already overwhelming. in addition, in addition to the strong entry of general investors into the market, institutional investors have shown stronger willingness.

northbound capital transaction activity has increased significantly

from the perspective of foreign capital, since september 24, the transaction amount of northbound funds has increased significantly compared with before.

according to statistics from databao, from september 24th to 27th, the average daily transaction volume of northbound funds was as high as 181.583 billion yuan.among them, the transaction volume on the 26th exceeded 190 billion yuan, the highest single-day level in more than four years.; however, from september 1 to september 23, the average daily transaction amount of northbound funds was 93.451 billion yuan.

from the perspective of active stocks, since september 24, the number of active stocks that have risen in a single day has exceeded 18 on average (20 in total). from september 2 to 23, only about 10 active stocks have risen on average; in july, there were about 10 active stocks rising in august.

industry insiders believe that foreign capital may begin to buy chinese assets in the near future. hong kong investors have recently received opinions from foreign institutions that "global long-term funds have begun to buy chinese assets."

financing balance hits highest level in nearly 3 weeks

leveraged funds also start the "buy, buy, buy" mode. as of september 26, the a-share financing balance was 1.37 trillion yuan, the highest level in the past three weeks (calculated on the last trading day of the week). since september 24, the financing balance has increased for three consecutive days.

as "smart money", the increase in financing balance means that leveraged funds with high risk appetite are entering the market, and investors' bullish sentiment is high.

from an industry perspective, since september 24, 17 shenwan first-level industries have received net financing purchases, with the computer, non-bank finance, and electronics industries ranking the top three, with net financing purchases exceeding 1.5 billion yuan each. among them, the computer industry was close to 2.6 billion yuan; the communications, real estate, and automobile industries received financing and net purchases exceeded 500 million yuan.

since september 24, beijing stock exchange has been among the top investors in increasing positions with financing; shenzhen stock exchangeyinzhijie, huayang intelligentand shanghai stock marketvertex software, zhongxin sharesfor other companies, financing customers increased their positions by more than 70%.

enter the market through etfs

a-share etf net inflows exceeded 100 billion yuan for three consecutive months

in addition to the above two sources of funds, incremental funds have entered the market through a-share etfs. the "etf investment and transaction white paper (first half of 2024)" pointed out that the number of investors in the etf market continues to grow.

the data shows,on september 26, the total size of etfs in the market exceeded the 3 trillion yuan mark for the first time.. since september 18, the total size of etfs has continued to increase. as of september 27, the total size of etfs reached 3.12 trillion yuan, of which stock etfs were the type with the highest trading volume, accounting for more than 70% of the total size of etfs.

broad-based etfs represented by the csi 300 are very popular. huatai-berry csi 300 etf, which ranks first in terms of circulation, has a latest net asset value of 357.653 billion yuan, an increase of 1.73 times from the end of last year; the second-largest e fund csi 300 etf has a net asset value of 238.742 billion yuan. yuan, an increase of more than 4 times compared with the end of last year. the net asset values ​​of chinaamc sse 50 etf and harvest csi 300 etf increased by 0.86 times and 2.42 times respectively compared with the end of last year.

from the perspective of capital flow, as of september 27, the net inflow of a-share etfs during the year exceeded 800 billion yuan, and the net inflows of funds tracking the csi 300 index were significantly ahead. huatai-berry csi 300 etf and e fund csi 300 etf had net inflows. both exceeded 160 billion yuan.

since july, the net inflow of a-share etfs has exceeded 100 billion yuan for three consecutive months. since september, the net inflow of 13 etfs has exceeded 1 billion yuan. the e fund gem etf, which has a net inflow of more than 3 billion yuan, ranks first among the 13 companies, close to 20%; followed by the southern china securities 500 etf, which has an increase of more than 16%.

sing more collectively

american trillionaires say buy

with the continuous positive blessings, the attitude of foreign giants towards chinese assets has changed significantly, and domestic and foreign investors are optimistic about the chinese stock market.

morgan stanley's latest research report on china said, "for the first time in china's history, china held a politburo meeting in september to analyze and study the current economic situation. this is a positive surprise for us and the market." another report. the research report stated that from a technical perspective, the csi 300 index may still have about 10% room for growth in the short term.

david tepper, an american billionaire and well-known hedge fund manager, said on the 26th local time that now is the time to buy “all chinese assets.”

china asset management believes that the market downward cycle has lasted for a sufficient period of time. the early oversold trend and historically very low valuation levels have provided prerequisites for the continuation of the subsequent rebound to a certain extent. an inflection point has now appeared. although sentiment fell back after overheating, the index has shifted from the previous downward trend to a rebound and shock range. the strength of the index may depend on changes in incremental policies and economic momentum, and the bottom range is clear.

boshi fund said that since the mid-autumn festival, a-shares have improved amid fluctuations. with the implementation of the federal reserve's interest rate cuts and the positive domestic policies, the trend of strengthening market volatility may continue. investors are advised to continue to allocate assets and remain patient.