The A-share market in the first half of the year has come to an end, with the Shanghai Composite Index, the Shenzhen Component Index and the ChiNext Index falling by 0.25%, 7.10% and 10.99% respectively in the first half of the year. The industry with the biggest increase in the first half of the year was the banking industry, which rose 17.02%, and the most bullish stock was Zhengdan shares, which rose by more than 370%. Wanfeng Aowei, a low-altitude economic concept stock that rose more than 170% in the first half of the year, ranked second.
In terms of capital, Wind data shows that as of June 27, the cumulative net inflow of northbound funds in the first half of the year was 33.629 billion yuan, of which the net inflow of Shanghai-Hong Kong Stock Connect was 69.296 billion yuan, and the net outflow of Shenzhen-Hong Kong Stock Connect was 35.667 billion yuan. More than 396 billion yuan of funds flowed into the market through ETFs. In addition, the repurchase amount of listed companies exceeded 98 billion yuan, a record high for the same period in history.
Looking back on the A-share market in the first half of the year, it can be divided into three stages. The first stage is the continuous downward phase from the beginning of the year to the beginning of February, with the Shanghai Composite Index at a minimum of 2,635.09 points, the Shenzhen Component Index at a minimum of 7,683.63 points, and the ChiNext Index at a minimum of 1,482.99 points. From early February to mid-May, the A-share market continued to rebound, with the Shanghai Composite Index reaching a maximum of 3,200 points, the Shenzhen Component Index reaching a maximum of 9,800 points, and the ChiNext Index reaching a maximum of 1,900 points. The third stage is the continuous correction stage since mid-May, when the three major indexes all showed a certain pullback, and finally the three major indexes fell in the first half of the year. Throughout the first half of the year, the dividend sector performed eye-catchingly, and growth sectors such as CPO, low-altitude economy, semiconductors, and consumer electronics have risen in stages.
Wind data shows that in the first half of the year, among the 31 industries at the first level of Shenwan, the banking, coal, and public utilities industries were among the top gainers, up 17.02%, 11.96%, and 11.76% respectively, while the household appliances industry rose by more than 8%, and the petroleum and petrochemical industry rose by more than 7%; The comprehensive, computer, and commercial and retail industries were among the top decliners, falling by 33.34%, 24.88%, and 24.59% respectively, while the social services, media, medicine and biology, and real estate industries all fell by more than 20%.
来源：Wind
Throughout the first half of the year, Wind data showed that a total of 793 stocks in the A-share market rose positively, 278 stocks rose by more than 20%, and 59 stocks rose by more than 50%. Excluding the new stocks listed in the first half of the year, the top ten bull stocks in the first half of the year were Zhengdan shares, Wanfeng Aowei, Xin Yisheng, Jiayi shares, Yutong bus, Jindun shares, Shantui shares, Wall nuclear materials, Xinji energy, CITIC Haizhi, of which 5 stocks rose by more than 100%.
Top 10 bull stocks in the first half of the year
来源：Wind
Specifically, among the top ten bull stocks in the first half of the year, they were distributed in the basic chemical industry, automobile, communications, light industry manufacturing, machinery and equipment, electronics, coal, and transportation industries. Among them, there are 2 in the automobile and machinery and equipment industries. In the first half of the year, the distribution of the top ten bull stocks was relatively scattered, except for the continued strong performance of the dividend sector, the main line of the market was not obvious.
Zhengdan shares, which rose the most, rose 371.77% in the first half of the year, and the total market value increased from 2.761 billion yuan at the beginning of the year to 14.164 billion yuan. The sharp rise in Zhengdan shares is mainly due to the shortage of its main product trimellitic anhydride (TMA) market, and its price has risen sharply due to changes in supply and demand.
来源：Wind
For the A-share market in the second half of the year, CITIC Securities said that with the gradual verification of policy, price and external signals, the A-share market will usher in the starting point of the annual rise in the second half of 2024, and the policy effect and the improvement of profit quality are the main driving factors. The next stage of investment paradigm for A-shares will be to dilute scale, focus on profitability, shift from the PEG framework of boom investment to the free cash flow growth premium, and improve the return on investment with high-quality development.
Haitong Securities said that in the second half of the year, the capital and fundamentals may usher in positive changes, and the market center is expected to reach a new level. Structurally, white horse stocks with better fundamentals may be the main line in the medium term, focusing on mid-to-high-end manufacturing and technology sectors.
Reviewer: Wang Chao Editor: Jiao Yuanyuan Proofreader: Yu Hongbo Producer: Yu Zhe
Issued by: Fei Yangsheng