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[introduction] shanghai and shenzhen trading will be tested on the entire network on october 7, and china clearing "starts" to support online account opening and review

china fund news reporter chen xi

the holiday balance continues to decrease, but what is exciting is that the a-share market opening time is coming soon!

according to the previous national day holiday arrangements for 2024 issued by the shanghai stock exchange, shenzhen stock exchange and beijing stock exchange, the market will be closed from october 1 (tuesday) to october 7 (monday), and the market will open as usual from october 8 (tuesday). during the national day holiday, hong kong stocks rose favorably, and the market also placed more expectations on a-shares.

it is reported that 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; the shenzhen stock exchange will also conduct relevant tests on the same day. in addition, reporters learned from the industry that china clearing will provide identity verification photo return functions on october 6 and 7 to support online account opening review.

during this national day holiday, various securities firms have adopted the slogan "no closing on national day" to provide investors with services such as account opening and various business authority activations. due to the homogeneity of brokerage business, both leading securities firms and small and medium-sized securities firms are using their unique resource endowments and preferential policies to attract customers, hoping to achieve "overtaking around the bend" in this epic market market. ".

the market sentiment continues to be hot, what will happen next? in this regard, many senior researchers from securities firms believe that based on historical experience, market sentiment often continues to rise in the short term after entering the excitement zone, but the adjustment does not mean the end of the bull market. the early stages of a typical bull market are usually characterized by valuation restoration, and later are further driven by the verification of fundamental restoration.

let’s see the details——

shanghai and shenzhen exchanges will test the entire network tomorrow

china settlement holiday "starts"

the exchange’s full network test is coming!

it is reported that 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.

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.

previously, on september 29 (a non-trading day), the shanghai stock exchange conducted platform-related business tests such as bidding and comprehensive industry. although individual investors cannot participate, it still attracts great attention from the market. it is reported that the bidding system received 270 million orders during this test, which was twice the historical peak and three times the number on september 27. judging from the results, the overall performance of the shanghai stock exchange test results system is normal and in line with expectations.

although this test is a routine test after the holidays, it is more important than before. on september 30, the trading volume of a-shares exceeded 2.6 trillion yuan, and the trading volume exceeded one trillion yuan in the first 35 minutes of the opening of the day; the gem, bse 50 and other indexes have recorded their largest single-day gains in history. on the occasion of "witnessing history", pressure has also been put on exchanges and brokerage trading systems.

in addition to the exchange's "preparation" in advance, china securities depository and clearing co., ltd. (hereinafter referred to as china securities depository and clearing co., ltd.) is also working overtime to provide services for new and old investors to open accounts.

the reporter learned from front-line people in the industry that on october 6 and 7, china clearing will provide an identity verification photo return function to support online account opening review.

previously, china clearing released relevant arrangements during the national day on september 27. at that time, it was announced that the unified account platform and identity information verification system would suspend external services throughout the day from october 1 to october 6, and would resume from october 7; the official website and online business system, china settlement app system, and fund e account the app system and ca certificate system will suspend external services from 8:00 on october 1 and resume at 8:00 on october 7.

in addition, before the national day, many media reported that due to the high pressure on securities firms to open accounts and review, china clearing will temporarily open on september 29 (sunday) to provide a production service environment. in this regard, relevant people from china settlement said that account opening applications are accepted normally on weekends, and staff have been working overtime on weekends to process account opening applications.

"no closing" during the national day holiday

brokerages are busy promoting account opening, financing, hong kong stock connect, etc.

during this national day holiday, the majority of investors and financial practitioners have a different experience than before. investors are busy mobilizing funds, opening accounts and various business permissions, while a large number of securities firm employees are busy working overtime, and business branches in various places have announced that they are "open to accept customers".

it is not difficult to find that during the holidays, various securities firms have adopted the slogan "no closing on national day" and launched comprehensive online and offline services to provide investors with services such as account opening and various business authority activations. due to the homogeneity of brokerage business, both leading securities firms and small and medium-sized securities firms are using their unique resource endowments and preferential policies to attract customers, hoping to achieve "overtaking around the bend" in this epic market market. ".

the person in charge of the brokerage business of a small and medium-sized securities company told reporters that the company's account opening video verification was previously conducted by 20 people, but it quickly changed to 40 people after the start of this round of market conditions, and there is still a need for expansion. "customers of small brokerages are all queuing up to enter, and the business volume of leading brokerages can be imagined." the person in charge said that his department has applied for special incentives for overtime workers, including night shift overtime pay, video account opening incentives, etc., to ensure the work of opening accounts during the holidays. goes smoothly.

according to relevant sources from gf securities, after the start of this round of market, the company's average daily number of account openings increased several times compared with before this round of market, and the number of online account openings exceeded that of offline accounts. the activity of gf securities yi tao gold app has increased significantly, 50% higher than during the previous downturn, and the activity of some first-level channels has even more than doubled.

in addition, gf securities has self-developed the "ai information poster generation" application based on large-scale model innovation, enabling operators to quickly capture the latest hot spots and generate personalized and exclusive account opening posters with one click. it is reported that in the past, each account opening poster of gf securities took 10 minutes to be manually produced. now it only takes half a minute to generate it through ai, and supports mass production. the application of this large ai model has achieved remarkable results in the production of account opening posters for this round of market conditions.

in addition to opening new accounts and welcoming old accounts, the opening of new business permissions is also the focus of securities companies working overtime to promote it. driven by the pre-holiday market conditions, the data of financial institutions and financial institutions have rebounded significantly, the transaction activity has increased significantly, and the number of customers who want to open the trading rights of financial institutions and financial institutions has also increased. a person from the brokerage business of a medium-sized securities firm told reporters that the company is currently making great efforts to promote the financing business and has "a lot of room for negotiation" in terms of financing rates in order to win more customers.

at the same time, southbound trading is also favored by many customers. many customers even choose to open accounts in hong kong before the national day holiday to avoid missing out on the hong kong stock market during the holiday. hong kong stocks continued to surge during the holidays. some front-line practitioners reported to reporters that the number of customers inquiring about hong kong stock transactions during the holidays increased significantly.

bank-securities transfers are booming

brokerages attract customers with “7×24-hour bank-securities transfer”

in this round of market conditions, due to the booming transactions and frequent transfers, many investors reported that the banking and securities systems experienced slowdowns and lags, and the number of people handling transfers on-site at bank counters increased sharply.

according to data disclosed by industrial and commercial bank of china, the bank’s net value of changes in investor bank-securities transfer funds on september 30 rose to 16.71. in the four trading days before september 27, the icbc bank-securities net transfer index was 0.66, 2.15, 1.4, and 4.4 respectively, with a weekly average of 3.13.

judging from the change ratio of bank-securities transfer funds, on september 30, the amount of icbc bank-to-certificate transfers accounted for 68.78%, and the amount of certificates to bank transfers accounted for 31.22%. on september 27, the proportions of the above two items were 62.48% and 37.52% respectively. it can be seen that investors are enthusiastic and mobilize funds into the stock market.

therefore, during this national day holiday, in addition to launching "7×24-hour account opening", some securities companies also launched the slogan "7×24-hour bank-securities transfer". during the market break, funds can also be flexibly transferred in and out to meet investors' round-the-clock funding needs.

it is reported that bank-securities transfers are generally from monday to friday (excluding public holidays), 9:00-16:00 every day. at present, the bank-securities transfer business in the a-share market has not yet achieved all-weather, all-round, full-process, and full automation. however, some securities firms can achieve 24-hour bank-securities transfer services in certain time periods or through certain channels by cooperating with specific banks. when the market is booming, the convenience of "7×24-hour bank-securities transfer" has also become a "client-attracting tool" for some securities firms.

what’s next for the market?

adjustment does not mean the end of the bull market

before the national day, a-shares surged and regained their early losses in a few days. as of the close on september 30, the shanghai composite index closed at 3336.50 points, up 8.06% that day; the gem index soared 15.36%, setting a new historical record. "being afraid of rising prices" is the sentiment of many new and old investors.

during the national day holiday, the hong kong stock market continued to rise. from october 2 to october 4, the hang seng index rose by 7.59%, and the hang seng technology index rose by 10%. the fiery atmosphere continues to set off, how will the market go in the future?

chen guo, chief strategy officer of citic securities, believes that with the introduction of the financial policy package, a-shares staged a "5-day miracle", and market sentiment quickly left the panic zone and entered the excitement zone in only 5 trading days. the current high investor sentiment means that the a-share market has entered a new stage, and investment decisions should be made with a bull market mindset.

does the booming investment enthusiasm mean that the market is overheating and risk adjustment? chen guo said that judging from the experience in 2015, 2019 and 2020, the market often continues to rise in the short term after emotions enter the excitement zone. there may be some adjustments in the market as sentiment falls later, but this adjustment does not mean the end of the bull market. judging from the current sentiment index position, the current market sentiment at the end of september is equivalent to march 5, 2019 or july 7, 2020 in history.

gf strategy liu chenming’s team stated that in the past five trading days, the main broad-based index and style index of a-shares have increased by around 25%, which is an overall increase in valuation, and its speed is rare. looking at the global market, it is rare to see an increase or decrease of more than 20% on the 5th. referring to the experience after the short-term surge, there will be a buffer period after the surge around t+20.

liu chenming’s team believes that the key to discussing whether the market can enter a bull market is to judge the fundamentals. the core behind expectations for fundamentals (roe) is future financial strength. based on past experience, the politburo meeting and the central economic work conference in early december each year can basically set the tone for the next year's economic work (especially the fiscal deficit). this is far more important than the amount of new fiscal revenue from october to november. therefore, the beginning of december may become the decisive moment for the a-share market - whether it is a wave or the starting point of a bull market.

yan xiang, chief economist of huafu securities, said in a research report that since late september 2024, a series of major policies on the economy and financial markets have been intensively introduced to stabilize economic growth, enhance market confidence, and promote the development of the capital market. stable development. overall, this policy combination has laid the foundation for high-quality economic development in the future. recently, a number of policies have been implemented one after another. the intensity and influence of this round of policy implementation have exceeded previous expectations. the domestic stock market has responded enthusiastically, and valuation levels have ushered in a rapid recovery.

after the domestic stock market has experienced a rapid rise, is there still room for upside in the future? yan xiang pointed out that from historical experience, in a typical bull market, the early stage is usually characterized by valuation restoration, and later the market is further driven after the fundamental restoration is verified. compared with previous "market bottom" valuation levels, the valuation levels of major indexes on september 18, 2024 have reached historically low levels. therefore, although the domestic stock market surged in late september, the current valuation levels of major indexes are far from overvalued. in particular, the valuations of small and medium-cap and growth-oriented indexes such as csi 500, csi 1000, china national securities 2000, and gem composite still have room for recovery before returning to the historical center level.