On February 7, the three major A-share stock indexes continued to rise. As of the close of the day, the Shanghai Composite Index rose 1.44% to 2829.70 points; the Shenzhen Composite Index rose 2.93% to 8708.24 points; the GEM Index rose 2.37% to 1707.02 points. Enthusiasm for market transactions was high, and the transaction volume on that day exceeded one trillion yuan, the first time since 2024. The total transaction volume of the Shanghai and Shenzhen stock markets reached 1,021.9 billion yuan. Northbound funds made a small net purchase of 1.684 billion yuan that day, achieving net purchases for the seventh consecutive trading day.
Several CSI 300 ETF funds have become popular trading targets. On that day, Huatai-PineBridge, Harvest Fund, E Fund, and China Asset Management’s Shanghai and Shenzhen 300 ETF products ranked first in terms of transaction volume. The total transaction volume of the four ETF funds exceeded 38 billion yuan.
In terms of industry concepts, the defense industry, nonferrous metals, steel, and biomedicine industries were among the top gainers. Industries such as electronics, power equipment, automobiles, and basic chemicals with the largest turnovers all posted strong gains. In terms of individual stocks, among the stocks with the largest trading volume, Kweichow Moutai closed up 2.09% that day, WuXi AppTec closed up 5.74%, CATL closed up 0.80%, Cyrus closed up 10.00%, and ICBC closed down 1.69%.
China Merchants Securities analyzed that during the early market adjustment, the value of the dividend index showed a significant acceleration in style. After a sharp correction in the valuations of the growth sector, some companies with relatively stable forward growth rates, steadily increasing dividend rates, and high free cash flow may be better dividend choices. At the industry selection level, considering the perspective of the next one or two months, comprehensively considering the previous performance, valuation, transaction activity, economic changes, policy and event catalysis, it is recommended to pay attention to the direction of new productivity such as electronics, computers, machinery, medicine and light building materials. Industry and other industries benefited from the three major projects and the direction of real estate stabilizing growth policies.
Chen Li, a securities analyst at Soochow Securities, and others believe that as U.S. dollar interest rates fall from high levels, A-share style switching is expected to occur, and growth styles may welcome valuation restoration. It stated in the research report that the trend of A-shares is based on internal policies and fundamental expectations as well as changes in external U.S. bond yields, and the current decline in core assets has exceeded the decline based on fundamental understanding. The decline of typical growth sectors exceeds the market’s understanding of fundamental expectations, which means that once the valuation recovery market for growth stocks starts, the trading odds will be obviously attractive.
Zhao Wei, chief economist at Sinolink Securities, analyzed that the current private equity fund positions, public equity fund issuance, and market valuation levels are all at historically low levels. As related risks are gradually released, market sentiment is expected to improve marginally. “Currently, the average stock position of Sunshine Private Equity is only 55.9%, the scale of newly issued equity public funds in January is only 6.24 billion yuan, and the Shanghai Stock Exchange’s price-to-book ratio is a record low. Recently, risks such as ‘snowball’ knock-in have been released to a greater extent. , the subsequent market impact may be relatively weakened.” Zhao Wei said. □Reporter Pang Xinyi reported from Beijing
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2024-02-07 23:09:00
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