The RMB exchange rate has appreciated sharply! The three major news in the early hours of this morning are fully fermented (9.27)!
1. The RMB exchange rate has appreciated sharply! On the same day, it briefly rose above the 7.0 mark, which is a new high in nearly 16 months. I think back then, the last time the offshore RMB exchange rate was close to 7 was in May last year.
The U.S. dollar index has been falling since August and has fallen 3% so far as expectations of a U.S. interest rate cut have risen to the ground, which can greatly reduce the depreciation pressure on non-U.S. currencies. Now the central price, the onshore exchange rate, and the offshore exchange rate are all synchronized, and the onshore exchange rate has appreciated by 3% since August.
Second, the AI boom is here again! Micron Technology's earnings report was bright, and its stock price soared more than 14% after hours.
As artificial intelligence drives a surge in demand for memory chips, United States chip giant Micron Technology's fourth-quarter revenue hit a new high in more than a decade, and its forecast for the next fiscal quarter has greatly exceeded market expectations.
Micron Technology mentioned in a statement on Wednesday that its first-quarter revenue was about $8.7 billion, beating the average analyst estimate of $8.32 billion. Adjusted earnings per share came in at about $1.74, also above expectations of $1.52.
3. When it comes to the details of the plate, steel stocks are one of the most serious sectors in the market.
Despite the recent rally, 32 of the 59 steel stocks were still trading below their net assets per share, more than half, as of today's close. Among them, the price-to-book ratio of Anshan Iron and Steel Co., Ltd. and Xingang Co., Ltd. is only 0.38 times.
At the same time, there are many 1 yuan shares in steel stocks, and there are currently 8 stocks with a share price of less than 2 yuan, and the share price of Chongqing Iron and Steel is even only 1.15 yuan. The median price of all steel stocks is around $3.9.
Conclusion
The bull market in A-shares may really be coming! I don't mean to talk about it casually, you have to look at the fact that in recent years, there have only been two times when the index has risen by 5% in a single week, once in February this year, when the index rushed from 2,600 points to 3,150 points, and the other time in November 2022, when the index once jumped to 3,400 points.
While this historical data may not have much of a direct impact on how we judge the market now, I want to make it clear to you that history does not simply repeat itself, but there are often striking similarities. Take the last bull market in 2014 as an example, it was also a time when the market environment began to relax, the real estate market began to cool down, and policies began to change!