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the shanghai and shenzhen stock exchanges will test the entire network tomorrow.

following the release of a series of major policies, the a-share market rebounded strongly. from september 24th to 27th, volume surged across the board for four consecutive days. september 30 was the last trading day before the holiday. a-shares continued to surge in volume, with the full-day trading volume of a-shares exceeding 2.6 trillion yuan.

the popularity of the stock market has also put forward higher requirements for the trading system. previously, the shanghai stock exchange's trading system experienced "downtime" due to the "explosion" market in early trading on september 27. following the test on september 29, the shanghai stock exchange will conduct another network-wide test on october 7.

according to cctv finance, the shanghai stock exchange will organize a system startup connectivity test on october 7 to provide a connectivity test environment for relevant institutions to verify startup. at the same time, the shenzhen stock exchange will also carry out relevant tests on the same day. the reporter learned from the shanghai stock exchange that this test is a routine test after holidays, but it is particularly important now that the daily transaction volume exceeds 2.5 trillion yuan.

it is understood that the participating units include shanghai stock exchange technology company, shanghai stock exchange information company, relevant core institutions, securities firms and other financial institutions. the securities accounts, trading units, designated transactions, etc. used in the test are all based on the production environment data after the market closed on september 30, and will simulate transactions on one trading day. at the same time, there is also news that as the market transaction volume continues to increase, the shanghai stock exchange is also studying equipment expansion, and specific plans are also under discussion.

on september 30, due to the hot a-share market and the surge in trading volume, some brokerage apps experienced partial login and slow transactions in the morning. in response, many brokerages reported that they have activated backup sites for trading to ensure that the resources and performance of the backup sites can meet current needs. the reporter called the manual customer service of the relevant brokerage several times, but all of them were busy.

hong kong stocks surge during holidays

from october 2 to october 4, the hong kong stock market continued to rise sharply, with the hang seng index rising by 7.59% and the hang seng technology index rising by 10%.

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 u.s. stocks, japanese stocks, etc.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.

chinese concept stocks listed on the u.s. stock market also continued to be strong. the nasdaq china golden dragon index closed up 3.05% on friday. if we count from september 24, the day when a-shares led the explosion of chinese assets, the index has surged 39% in the past two weeks. , up 2256 points.

institutions: nearly 300 billion yuan may flow into chinese stocks in the future

on october 5, cicc released a research report stating that hong kong stocks and chinese concept stocks continued to surge during the holidays, and passive foreign capital inflows accelerated, but the proportion of existing capital was not large; there was a certain overdraft of trading funds, and active foreign capital turnover was there is inflow, but the scale is not yet significant. the follow-up trends of active foreign investment deserve attention, but its continued inflow needs to be driven by more policies and more optimistic expectations. specifically, active external capital turnover turns into inflow, but the scale is not yet significant. active foreign capital accounts for 80%, which is much larger than passive funds, so it is more important and more representative of long-term institutional investors. this week, overseas active funds turned to inflows of us$190 million into a shares, and us$120 million into hong kong stocks and adrs. although the scale is not big, but it is the first time since the end of june 2023 that it has turned into a net inflow after 65 consecutive weeks of outflows. regionally, funds mainly invest in china and asia, while funds investing in emerging markets and the world have not yet flowed in. this is related to our speculation that some active funds are forced to reduce their underweight allocations to prevent underperforming too much as the market continues to rise. the follow-up trend of active foreign investment deserves attention, but its continued inflow needs to be driven by more policies and more optimistic expectations.

as of the end of august, global active funds had allocated 5% to chinese stocks (the high at the beginning of 2021 was 14.6%), which was an underweight of 1 percentage point. we estimate that switching from low allocation to standard allocation will correspond to an inflow of nearly us$40 billion (approximately 280 billion yuan), equivalent to the total outflow since march 2023.

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.