On October 8, the first day of the A-share market after the holiday continued to soar. At the opening of early trading, the three major stock indexes opened higher, with the Shanghai Composite Index up 10.13%, the Shenzhen Component Index up 12.67%, and the ChiNext Index up 18.44%. Nearly 5,000 stocks in the whole market rose by more than 9%, and only 5 stocks fell.
According to CCTV news, only 20 minutes after the opening of today's market, the turnover of the Shanghai and Shenzhen markets exceeded 1 trillion yuan.
According to Xinhua Financial News, some investors reported that the trading software of many brokerages such as SDIC Securities and Galaxy Securities once collapsed and went down.
Three minutes after the opening of the morning session on October 8, major stock indexes continued to soar
During the past holiday, a large number of investors ran into the market, setting off a wave of account opening boom. The reporter learned from the brokerage channel that compared with the past to go to the brokerage business department to open an account, now more investors choose to open an account online. "There is also a queue to open an account online, and the customer service department is also working overtime." A staff member of the financial street business department of a brokerage firm said. "The relevant account opening data is good." A staff member of a leading brokerage told reporters. GF Securities' more than 300 business outlets "do not close for account opening and services", among which the number of accounts opened on the National Day has increased several times compared with the previous round of the market, and the proportion of online account opening has further increased. The age distribution of customer account opening is relatively balanced, and the "post-80s" and "post-90s" are still the main force, but the phenomenon of "post-00s" actively entering the market cannot be ignored.
A series of blockbuster policies have strongly boosted the confidence of the capital market. For the post-holiday market interpretation, institutions are more optimistic about the short-term market situation. CITIC Securities said that there have been major changes in policy signals, market expectations have reversed, and domestic demand policies will continue to increase or promote the price signal in advance, and the market will usher in a big inflection point; After the expected reversal, the concentrated entry of incremental funds dominated by retail investors is characterized by the impulse rise will continue in the short term; At present, it is in the transition stage from the expected reversal to the market inflection point, and after the price signal is confirmed and the market inflection point is ushered in, the annual bull market with the core characteristics of the credit cycle will be opened.
Foreign-funded institutions are also "bullish" on A-shares. Recently, foreign institutions, including Morgan Stanley, Goldman Sachs, Citigroup, etc., have collectively spoken out, optimistic about the upside and allocation value of Chinese stocks. Among them, Goldman Sachs raised the Chinese stock market to overweight in the latest report, raising the target point of the CSI 300 index from 4,000 points to 4,600 points. Citi also raised the CSI 300 index target to 4,600 and set a target of 4,900 by the end of next year. Citi also upgraded China consumer stocks from neutral to overweight, upgraded China real estate stocks to neutral from underweight and maintained an overweight rating on Chinese internet stocks.
In the future, the market will continue to deepen, and fundamental support is needed. Haitong Securities said that the current round of stock market is similar to the "519 market" in 1999, which can be characterized as an asset revaluation market. "519 market" finally deduced as a bull market, is from the asset revaluation to the fundamental recovery, this round of the market is still in the first stage, the future market if continue to deepen and upgrade into a bull market, it needs fundamental support, the current focus of promoting the recovery of economic fundamentals is to restore domestic demand, the most critical of which may be to see the degree of fiscal force.
Please note: This article does not constitute investment advice
Source: Beijing News