A-shares once again witness history!
Following the change of faith in the bull market "three consecutive times", on the morning of September 27, A-shares opened higher and higher, and the three major indexes all gapped.
In the hot market, there is a rare delay in the trading software. On the morning of September 27, many investors in the stock bar reported that there was a delay in brokerage transactions. The Shanghai Composite Index has been almost a straight line since 10:13, and trading is sparse. Later, the Shanghai Stock Exchange issued an announcement: "After the opening of today's market, there is an abnormality of slow transaction confirmation in the stock auction trading of our stock. Our firm has paid attention to the relevant situation at the first time and is investigating the relevant causes. ”
After 11:10, trading on the Shanghai Stock Exchange gradually resumed, with a delay of about an hour.
At the same time, Shenzhen stocks continued to rise intraday, and the ChiNext index rose more than 9% intraday, the largest intraday increase in history.
Although the downtime of trading software is inconvenient for investors, this kind of thing happens from time to time during bull markets.
For example, on March 23, 2015, the Shanghai and Shenzhen stock markets exceeded 1.2 trillion yuan, and the strong money-making effect attracted investors to run into the market. Since then, the regulator has made strict regulations on the security of the trading system.
But this time the enthusiasm of investors once again exceeded expectations. We can see from observing the one-minute transaction: at 9:31 on September 27, the Shenzhen market traded 35.099 billion yuan in one minute, and the Shanghai market traded 24.435 billion yuan.
Just a few days ago, on September 20, the trading volume of the Shanghai and Shenzhen markets was mostly less than 1 billion yuan per minute, and even some of the transactions were less than 600 million yuan. In other words, on the fourth day of the bull market, the one-minute volume peak is already more than 40 times that of a few days ago!
Of course, silky trading is the basis for a bull market to run. Every investor hopes that this will not happen again in the future. In addition, the arrival of the bull market has also ignited the passion of the market to long financial software stocks. The price limit of Hang Seng Electronics was limited before the delay in morning trading, and the gold securities shares also rushed to the upper limit after the system was restored.
As of midday, the Shanghai Composite Index rose 2.14%, the Shenzhen Component Index rose 6.37%, the ChiNext Index rose 9.33%, the Beijing Stock Exchange 50 Index rose 10.46%, and the half-day turnover of the whole market was 952.8 billion yuan, an increase of 402.5 billion yuan from the previous day. More than 5,200 stocks rose in the two cities.
Aside from the delay factor of trading on the Shanghai Stock Exchange, there is another obvious feature of today's market: the market style has switched from defensive high-dividend stocks to growth stocks. In addition to the 9.33% rise in the ChiNext index, the beginning of the ebb of dividend stocks is also an important sign. Bank stocks rose and fell in early trading, with Industrial and Commercial Bank of China and Agricultural Bank of China falling more than 3%, and Yangtze River Power falling more than 2%.
However, after four consecutive days of sharp rises, how strong can the short-term market be sustainable? Let's take a look at the institutional perspective.
On September 26, the Political Bureau of the CPC Central Committee held a meeting. In the evening, the research department of CITIC Securities published an article on the company's official WeChat, with only one word in the title: Dry.
CITIC Securities said in the report that China Red once again rendered the entire market. At the same time, CITIC Securities said that according to the previous policy rules, the September Politburo meeting usually discusses the economy less, but this meeting focuses on analyzing the economic situation, or reflects the attention of the decision-makers to increasing macroeconomic regulation and control and strengthening counter-cyclical adjustment. We should fully stimulate the enthusiasm, initiative and creativity of the whole society to promote high-quality development.
Huafu Securities pointed out in its comments that the policy of the Politburo meeting mainly focuses on three aspects: vigorously guiding medium and long-term funds to enter the market, supporting the mergers and acquisitions of listed companies, and steadily promoting the reform of public funds. On the whole, the meeting paid more attention to the capital market and clarified the support for the capital market. We believe the A-share rally is expected to continue.
Investment is risky, independent judgment is very important, this article is for reference only, does not constitute a basis for trading, enter the market at your own risk.
Cover image source: Visual China-VCG211298090733 reporter Wang Yandan and editor Peng Shuiping