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this week, the hong kong stock market continued to rise sharply. as of the close on october 4, the hang seng index had a weekly increase of 10.20%, and the hang seng technology index had a weekly increase of 17.38%.

since september 11, the hang seng index has rebounded by more than 28%, with an increase of 33.37% during the year.it is worth noting that after the recent continuous surge, the performance of the hong kong stock market during the year ranked first in the world's major indexes, ahead of the u.s. and japanese stock markets.many industry insiders said that the hong kong stock market continued to surge during the national day holiday, which may boost the trend of the a-share market after the holiday. in addition, those active equity funds and hong kong stock theme funds that allocate more hong kong stocks will benefit from the strong performance of the hong kong stock market during the national day golden week. the net value of the fund may rebound significantly and may occupy a leading position in performance rankings.

dai kang, chief asset research officer of gf securities development research center, believes that hong kong stocks are in the second stage of the bull market, which is the stage of revaluation; the third stage will wait for the continued improvement of fundamentals and needs to be observed, including the realization of profits. the situation is not yet clear. a-shares experienced their strongest rebound since the bear market. on the one hand, domestic policy has very cleverly taken advantage of the window of the fed's interest rate cut cycle in the next two years or so. on the other hand, the shift in policy intensity has exceeded the market's original expectations. dai kang believes that this round of prescriptions is in the right direction. it is similar to a person who has a cold. he used to take medicine but now he is on an intravenous drip.

dai kang said that in the current bull market atmosphere, it is recommended to divide funds into two parts: stable and highly elastic assets for allocation. in terms of highly resilient assets, chinese assets and pan-southeast asian assets are favorable in terms of debt cycle and demographic structure and deserve attention. in the hong kong stock market, a buy low and sell high strategy is adopted, while the a-share market may be more emotionally buoyant, so you need to pay attention to the evolution of trading volume and market sentiment. in addition, the ai ​​industry chain and technology innovation fields are also highly flexible asset choices. at the beginning of the bull market, the first elastic assets to explode were the brokerage sector; but this may later turn into more imaginative sectors such as technology and innovation. in asset allocation, it is necessary to pay close attention to market trends and evolution to obtain better investment opportunities.

in terms of industries, consumer services, home appliances, non-bank finance, electronics, petroleum and petrochemicals, military industry, building materials, and real estate saw the largest increases, mainly in optional consumption, hard technology, real estate chain and other fields.

the strategy team of minsheng securities issued a report stating that both individual and institutional investment sentiments have significantly increased. this combination of investor sentiment means that the market may continue to rise. it is worth noting that institutional investment sentiment is close to the highest point since 2018, second only to october 2018. overall, the downward spiral in risk appetite among a-share investors has been reversed. institutional investors and individual investors are currently in the stage of joining forces. institutional sentiment may constitute a variable in the future market due to limited room for growth in the future. industry investment sentiment indicators show that there are clear upward signals in most sector stages. specifically, sectors such as petroleum and petrochemicals, non-ferrous metals, food and beverages, non-banking, real estate, and communications may enter a divergent stage in the upward trend, while the remaining sectors are still on an upward trend. the weighted shareholder account indicator shows that investors have recently poured into sectors such as consumer services, food and beverages, non-banking, real estate, and media.

editor: ye shuyun

proofreading: wang wei

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