Changsheng Securities believes that although the index opened sharply higher this week under the heavyweight favorable policies, the intraday drop of more than 100 points made the market sentiment sluggish. However, under the combined policy, not only the policy bottom is further consolidated, but the release signal is also relatively clear. Under the expectations of many parties, the index has also rebounded for three consecutive days, individual stocks have gradually begun to make money, and the market sentiment has further improved. We can be relatively optimistic about the short-term trend of the market.
From a financial perspective, northbound funds have experienced net outflows for many consecutive days in August, with outflows exceeding 80 billion yuan so far. However, in terms of exchange rate, the offshore RMB exchange rate has recently stabilized around 7.3, and the space for value reduction is relatively limited. Northbound funds are expected to return further in September. . From a policy perspective, the management released many major benefits such as the halving of stamp duty and tightening of shareholding reductions, which significantly boosted market confidence. The short-term money-making effect was quickly restored, and the medium- and long-term perspective has a continuous promotion effect on activating the capital market. . With the end of the interim results release period, the market has entered a performance vacuum period of nearly two months, and the short-term trading window has reopened. We can focus on consumer electronics, satellite navigation, and digital currencies where events are catalyzed.
On Wednesday, the A-share market encountered resistance and slightly fluctuated. The stock index opened higher in early trading and gradually fluctuated higher. The Shanghai Composite Index encountered resistance near 3154 points during the session. In the afternoon, the stock index fluctuated and fell back gradually. During the session, semiconductors, home appliances, games, and optical optoelectronics, etc. Industries took turns to lead the gains, with industries such as securities, banking, railways and highways, and environmental protection falling back in shock. The Shanghai Stock Index basically showed slight fluctuations throughout the day. The current average price-to-earnings ratios of the Shanghai Composite Index and the ChiNext Index are 12.54 times and 34.76 times respectively, which are below the median level in the past three years. Shopping mall valuations are still in a low area, which is suitable for mid- to long-term layout. The trading volume of the two cities on Wednesday was 984.3 billion yuan, which was in the mid-range of the average daily trading volume in the past three years. In the future, the overall stock index is expected to maintain a volatile pattern. At the same time, it is still necessary to pay close attention to changes in policies, funds, and external factors. It is recommended that investors pay attention to investment opportunities in industries such as semiconductors, communication equipment, automobiles, and consumer electronics in the short term.