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the financial policy "combination punch" was released, and the politburo meeting released further policy increase signals... with the release of a package of policies, a-shares have already surged. on the last trading day before the holiday, the shanghai and shenzhen stock exchanges’ transactions exceeded 2.59 trillion yuan, setting a record for the highest transaction amount in history.

it is worth noting that the science and technology innovation 50 index rose by 17.88% as of the close that day.the largest single-day increase since launch. looking back, we can see that on the penultimate trading day before the holiday (september 27), the science and technology innovation 50 index closed up 6.76%, ranking seventh in history. the rest of the top ten science and technology innovation 50 index increases occurred in 2020. this market performance can be said to be unprecedented in four years.

data source: yingwei finance

it makes sense that this wave of market movement has achieved linkage across the pacific and overseas markets. on the 26th local time, the nasdaq china golden dragon index closed up 10.85%, setting the largest single-day increase since 2022.

in this regard, hedge fund legend david tepper said, “i thought the fed’s decision to cut interest rates last week would lead to china relaxing its policies, but i didn’t expect them to make such a big move. this is a complete when tepper was asked what chinese assets he bought, he replied, "i buy everything, i will buy etfs, i will buy futures, i will buy everything."

"science and technology innovation board daily" counts the companies listed on the science and technology innovation board that have received qfii (qualified foreign institutional investor) participation in investor surveys from september 1 to 30. according to statistics, within the set period, a total of 43 companies on the science and technology innovation board were investigated by qfii. among them, the companies with the highest number of qfii companies are as follows:

judging from the number of qfiis participating in the survey, united imaging medical is significantly higher than subsequent companies, reaching 19. public information shows that united imaging healthcare’s main business is the provision of high-performance medical imaging equipment, radiotherapy products, life science instruments and medical digital and intelligent solutions.

it is worth noting that more than half of the nine companies mentioned above are in the semiconductor industry, and judging from their september survey minutes, these five semiconductor companies have all released optimistic signals about the future:

montage technology’s survey minutes on september 11 show that the company’s three new ai high-performance “capacity” products have begun large-scale shipments in the first half of this year and are showing rapid growth.

yutaiwei's survey minutes on september 25 show that vehicle-mounted 100m and gigabit ethernet physical layer chips have been mass-produced and shipped, and it is expected that the overall automotive chip revenue will increase significantly in 2024 compared with 2023.

zhongke feichai said in an institutional survey on september 1 that the company has already obtained a certain scale of orders related to the hbm field. as a supplier of multiple series of mass testing equipment that has passed the hbm production line verification, it is expected to be in the hbm-related industry chain. benefited significantly from its rapid development.

china galaxy’s research report on september 26 pointed out that from the perspective of development trends, my country’s semiconductor industry has maintained stable and sustained growth and remains one of the world’s major semiconductor markets. judging from the level of increase and decrease, the semiconductor industry index underperformed the shanghai and shenzhen 300 index by 4.44 percentage points and underperformed the electronics index by 1.66 percentage points. the semiconductor industry sector has experienced continuous adjustments, and various signs indicate that the semiconductor industry cycle is on the rise.

of course, it is not just the semiconductor industry that is generally optimistic. in the first half of this year, some stocks on the science and technology innovation board have obtained qfii shareholdings. among them, these companies have the highest proportion of outstanding shares held by qfiis:

judging from the changes in the number of outstanding shares held by qfiis, baichu electronics received an increase of 4.8096 million shares from qfiis in the second quarter, the largest change, followed closely by rice information, which received an increase of 3.2105 million shares from qfiis. jingpin special equipment co., ltd. suffered a qfii reduction of 877,700 shares in the second quarter. except for the number of qfii shares held by shengyi electronics which remained unchanged, the other stocks were increased by qfii in the second quarter.

according to soochow securities’ research report on september 27, the world is still in a technological cycle, and some directions are entering the replenishment stage. in addition, the state council information office held a press conference on september 24 and pointed out that it is necessary to vigorously support the transformation and upgrading of listed companies in the direction of new productivity and actively encourage listed companies to strengthen industrial integration, which will further benefit technology-based companies.

yongxing securities’ research report on september 30 analyzed that under the guidance of policies to vigorously develop new productive forces, along with the recovery of market risk appetite, coupled with the continuous reflection effect of overseas technology stocks, attention in the field of technological manufacturing innovation is expected to continue improve, thus attracting more medium and long-term funds to enter the market.