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a-share investors can no longer contain their excitement.

today, hong kong stocks closed higher, with hong kong's hang seng index rising 1.6% and standing firm at 23,000 points, a new high since february 2022.

the hang seng technology index rose 3.05%. smic rose nearly 22%, with heavy volume trading exceeding hk$11.5 billion.

huahong semiconductor rose by more than 16%, and xiaomi group and byd electronics rose by more than 5%.

chinese brokerage stocks continued to strengthen, with shenwan hongyuan rising by more than 40%, china merchants securities rising by nearly 29%, and cicc and citic securities rising by more than 20%.

the chinese subtitles fluctuated and strengthened in the afternoon. citic rose nearly 13%, china unicom rose more than 8%, and ping an of china, china mobile, etc. followed suit.

ftse china a50 index futures' gains expanded to 2.64%.

according to guoxin.com, the state council information office will hold a press conference at 10 a.m. on october 8 (tuesday), inviting director zheng shanjie and deputy directors liu sushe, zhao chenxin, li chunlin, and zheng bei of the national development and reform commission to introduce the "system implementation" a package of incremental policies will solidly promote the upward structural improvement of the economy and the development trend will continue to improve." he also answered reporters' questions.

don’t be afraid of external negative news! hong kong automobile stocks continue their upward trend

most hong kong auto stocks continued their gains today. as of the close, gac group, geely automobile, leap motors, xpeng motors-w, and li auto-w rose 19.06%, 6.92%, 3.53%, 3.28%, and 1.26% respectively.

according to the news, at the eu meeting on october 4, member states voted on the implementation of a five-year countervailing duty on chinese electric vehicles. according to an announcement from the european commission, the proposal has received sufficient support. however, china's ministry of commerce expressed strong opposition to this, noting that despite this, the eu has also expressed its willingness to resolve the dispute through negotiations. the technical teams of both parties plan to continue the dialogue on october 7.

citic securities: a big reversal in expectations, a big turning point in the market

citic securities research report pointed out that there have been major changes in policy signals and market expectations have experienced a major reversal. in the future, domestic demand policies will continue to increase or push price signals to arrive earlier, and the market will usher in a major turning point; after the expected major reversal, the increase in retail investors will mainly characterized by the concentrated entry of funds, the pulse-like rise will continue in the short term; it is currently in the transition stage from an expected major reversal to a major inflection point in the market, with low p/b and domestic demand restoration as the core. once the price signal is confirmed, a market boom will begin. after the turning point, an annual bull market with the credit cycle rising again as its core feature will begin, and institutional investors will have better entry opportunities.

first of all, from the perspective of policy and price signals, the innovation of monetary tools and the politburo meeting’s stance on real estate at the end of september greatly exceeded market expectations. the scale of incremental fiscal policy during the year may be relatively mild, but the direction of use may be significantly expanded. under the influence of quantitative policies, the turning point of price signals is expected to arrive early.

secondly, from the perspective of market characteristics, institutional investors have significantly increased their positions in a-shares recently, but retail investors have entered the market more rapidly. this round of market has superimposed two characteristics: a sharp reversal of expectations and the concentrated entry of incremental funds from retail investors. the pulse-like rise is still mainly driven by expectations and funds, supplemented by verification of fundamentals.

finally, from the perspective of allocation ideas, there are two main lines in the market transition stage. one is low p/b style revaluation, and the other is the valuation restoration of the domestic demand sector. it is recommended to downplay dividends and go overseas; when the price signal is confirmed, the market will usher in a major turning point. after that, the market led by institutions is expected to gradually return, and by then the two major sectors of high-quality growth and domestic demand are expected to continue to dominate.