set multiple records! a-share turnover was rmb 2.6 trillion
2024-09-30
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september 30th is destined to be a day recorded in history. we have witnessed multiple records:
the shanghai stock exchange index surged 8.06% and exceeded 3,300 points, setting a new high for the year;
the chinext index rose 15.36%, the largest single-day increase in history;
the bse 50 index rose by more than 22%, the largest single-day increase in history;
the market’s full-day turnover exceeded 2.6 trillion yuan, setting a historical record;
the trading volume exceeded one trillion yuan in the first 35 minutes of trading, setting a record of the fastest one trillion yuan in history.
stock investors are busy trading, and netizens are busy commenting. related hot searches came one after another, with "a-shares", "a-share mad cow" and "a stock investor made 520,000 early in the morning" alternately becoming the top hot searches.
this is not a one-day extravaganza. since september 24, the a-share market has led the world in gains and staged a super counterattack. as of the close of trading on september 30, during the period, the shanghai stock exchange index had a cumulative increase of 21%, the shenzhen component index had a cumulative increase of 30%, and the chinext index had a cumulative increase of 42%.
as the stock market continues to soar, there are many "dark horses" that continue to rise at the daily limit. if you spent one million to buy a certain stock on the 23rd, it would now have become more than two million.
faced with the hot market conditions, yang delong, chief economist of qianhai kaiyuan fund, told sanlihe that the top management released a series of favorable policies, which greatly reversed investor expectations. "considering that the market is seriously oversold, once the enthusiasm for long is aroused, it is self-evident that investors will be excited."
since the state council information office held a press conference on september 24, monetary policy, real estate policy, and capital market policy have all been launched in recent days, and cuts in reserve requirements and interest rates have officially been implemented.
on the evening of september 29, the central bank, together with the state administration of financial supervision, presented a "big gift package" to stabilize real estate, including guiding banks to lower existing mortgage interest rates and unifying the minimum down payment ratio for mortgage loans to 15%. three first-tier cities, shanghai, shenzhen and guangzhou, officially announced adjustments to housing purchase restrictions late at night.
these policies will effectively alleviate capital market liquidity pressure and short-term funding pressure, and boost market risk appetite. it also means that in addition to guiding the stabilization of the real estate market, the policy has broadened another channel for asset appreciation and wealth effects - the stock market.
nowadays, the stock market is rising rapidly and the wealth effect is released, which will increase investors' willingness to consume, thereby boosting domestic demand and adding "fire" to the cultural tourism market during the national day.
some netizens posted a screenshot of the upgrade and said: "a-shares are so impressive these days, i upgraded my ticket for the day after tomorrow at my own expense..."
confidence is more important than gold. once the vitality of the stock market increases, it will not only drive consumption, but also promote the release of the positive feedback effect of "financial activity, economic activity".
since the beginning of this year, the effective demand for china’s economy has still been insufficient, and its recovery is facing certain difficulties and challenges. investors' sentiment is sluggish based on future expectations.
recently, many banks have set off a "transfer wave" of large-denomination certificates of deposit, the bank-securities transfer index has jumped sharply month-on-month, and the brokerage business departments have renewed their account opening boom. the stock market has really become hot again.
the increase in the size of the stock market will better match financing needs, thereby promoting the innovative development of enterprises, especially technology companies.
on the one hand, it stimulates domestic demand, and on the other hand, it promotes industrial development. when the market forms a virtuous cycle, the real economy becomes "alive".
the effect of monetary policy on stimulating economic growth remains to be seen, while the effect of fiscal policy on stimulating investment and consumer demand is often immediate.
after the introduction of monetary policy, the market expects that october will be an important observation period for incremental fiscal policies.
if more favorable policies are implemented, the market situation is expected to receive further support and economic vitality will further burst out.
the federal reserve has started its interest rate cut cycle, and global capital is seeking investment opportunities. a-shares, as a valuation depression in major global capital markets, have gained favor. the chief investment office of dbs bank told sanlihe that in the fourth quarter of 2024, dbs will consider increasing its holdings in asian stock markets.
the agency believes that these incremental funds from internal and external sources will also bring more possibilities to the development of the a-share market and even the economy in the fourth quarter.
("sanlihe" studio)
