Under the recent series of major policy benefits, on September 27, A-shares and Hong Kong stocks collectively rose again, and the RMB exchange rate hit a new high intraday. China's assets are "rising like a rainbow" and are fully favored by funds from all walks of life.
China's Asset Explosion //
On September 27, the A-share and Hong Kong stock markets continued to erupt collectively, with the Shanghai Composite Index rising 2.88% to close at the highest point of the day, hitting a new high in early June. The Shenzhen Component Index surged 6.71%, the largest single-day increase in recent years. The GEM is stronger, rising 12% at the highest level in the intraday, and closing slightly down to 10%, with a single-day increase and a record high in turnover.
FTSE China A50 futures also surged more than 4% and were the strongest in trend, hitting a new high in more than a year.
A number of ETFs have also been bought up by funds, and the Wind market shows that the trading volume of ChiNext ETFs has expanded rapidly, rising 10.32% in a single day, with a turnover of more than 10 billion. Followed by CSI 300 ETF and CSI 1000 ETF, the trading volume exceeded 5 billion. The bulk purchase of funds has driven the related stocks to rise.
The Hong Kong stock market also continued to rise sharply. The Hang Seng Index rose 3.55% and rose 13% for the week; The Hang Seng Tech Index surged 5.78%, up 20.23% for the week. The two indices continue to hit new highs this year.
The RMB exchange rate market has also strengthened again, with the USD/CNH continuing to run below the "7" mark, and the RMB appreciating to a new high, and is expected to continue to run above the "6".
Institutions at home and abroad are optimistic about Chinese assets //
Morgan Stanley believes that the People's Bank of China's larger-than-expected policy support measures will help improve investor sentiment and liquidity, and drive a positive response in both onshore and offshore markets in the short term. The size and long-term sustainability of the rebound will depend on the macroeconomic recovery and the bottoming out of corporate earnings growth.
Bank of United States believes that a series of measures introduced by the regulator will immediately provide liquidity to the market, especially for the A-share market. The market is expected to receive new liquidity from banks and non-bank financial institutions, and if the market performs well and lasts long enough, the return of retail investors and overseas investors could further help stabilize the market.
Goldman Sachs said that 300 billion yuan of share buybacks and special reloans to increase holdings are expected to continue the recent strong repurchase momentum in the onshore and offshore stock markets. Investors will continue to trade Chinese equity assets "tactically" and are bullish on the theme of "improving shareholder returns".
CICC reminds that Hong Kong stocks are sensitive to external liquidity and Hong Kong stocks are more flexible than A-shares due to the interest rate cut in Hong Kong under the linked exchange rate arrangement.
Chen Guo of China Securities Construction Investment said that the signal of today's meeting to revitalize the economy is very strong, and also specifically mentioned efforts to boost the capital market, inspiring, the stock market constitutes a double positive for profitability and valuation, and the trend of A-shares and Hong Kong stocks is expected to go to a higher level. Looking ahead, maintaining the major indices of the A-share market is expected to challenge the judgment of the year's highs in May.
Wang Yi, chief strategy officer of Huatai Securities, said that A-shares and Hong Kong stocks will usher in improved liquidity. The RMB500 billion swap facility and RMB300 billion of repo loans will help improve the liquidity environment of the two markets and inject fresh water into the market. In terms of investment strategy, it believes that the large market is better than the small cap, and the large market growth is better than the value of the large market.
Huafu Securities Strategy believes that the launch of a number of financial support for the real economy of the policy measures, is the real economy and capital market "real money" support, many policy measures exceed market expectations, constitute a major support for the economy and the market. It is believed that if the follow-up economic fundamentals and market ecology improve with the policy force, A-shares are expected to usher in a comprehensive counteroffensive period.
Review of historical articles
"The Central Bank's Official Announcement Series of King Bombs"
"The Central Bank's Big Move Towards Currency, Real Estate Stocks and Bonds Exchange"
Suddenly! Global sprint interest rate cuts" "Gold bull market, how long can it last? 》
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