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A-shares were weak today, the Shanghai Composite Index fell more than 2%, the Shanghai Stock Exchange fell more than 3%, the liquor stocks tumbled, and Guizhou Moutai and Yanghe shares fell. The White Horse stocks were weak, and the US group, Shanghai Airport, and Pien Tze Huang plunged. As of press time, the Shanghai Composite Index fell 2.05%, the Shenzhen Component Index fell 2.40%, and the GEM Index fell 0.88%.
For the direction of the market outlook, market participants pointed out that although the market's policy has already formed, the counter-attack trend of the market will not happen overnight. In the short term, the decline in US stocks has put pressure on the trend of A shares. From the perspective of the disk, the weighting sector has already taken turns, which has laid a solid foundation for the “policy of the policy”. On the whole, although the short-term market has interference factors in the external market, the stock index may fluctuate, but it is expected to be dominated by the upward trend of the shock.
Jufeng Investment pointed out that on the external front, US stocks continued to fall, which constrained the rebound of A-shares. Overall, the market differentiation is more serious, and the incremental funds are not obvious. It is expected that the market will be dominated by the box market. In operation, short-term recommendations focus on tracking excess liquidity stocks, avoiding high pledges, high-investment ratio stocks, and mid-line tracking of blue-chip stocks with valuation advantages.
Guosheng Securities said that at the end of the year, the market will usher in a wave of repairs worthy of participation. As the internal and external environment continues to improve, market risk appetite will be gradually restored, and this wave of market is expected to exceed market expectations, regardless of time or space.
CICC analyzed that the recent policy adjustments have increased the pessimistic expectations of investors and brought a certain market rebound. Looking forward, the current market sentiment and valuation are already extremely extreme. Counter-cyclical policies and structural reforms are still in the process of implementation. The rebound may be full of twists and turns but is expected to continue. Last week we studied the market performance after the emotional and valuation extremes in history, showing that similar to the current situation, although not necessarily immediate short-term returns, the probability of obtaining positive returns from a medium-term perspective is greater.
Liu Yuhui, chief economist of Tianfeng Securities, said that A shares are in? The bottom section of this year has already been proven, and the probability of a new low in the remaining two months is relatively small, and the opportunity for A-share trading has begun to appear gradually. At the same time, as China increases the pace of reform and opening up, the long-term bull market of A-shares in the future is worth looking forward to.
Minsheng Securities believes that the current stage suggests the selection of stocks with high margins of safety. Part of the fundamentals is determined, the market has long-term competitive advantages, and the leading companies in the consumer and technology industries with large growth potential. If the valuation reaches the bottom of the history, there is a configuration value. Some of the performance continued to grow in the long run, but the recent decline was large. The stocks that overreacted fundamentally negative stocks could be used as elastic varieties in the oversold rebound. The infrastructure industry chain and cyclical stocks benefited from the steady growth policy in the short term. The performance is highly certain, the valuation advantage is significant, and there is a certain allocation value.
Wang Jun, chief strategist of China Chuang Securities, believes that the recent regulatory level has encouraged many parties to participate in the resolution of pledge risks, such as the “demolition of local state capital” and the gradual landing of tax reduction policies. The regulatory authorities actively expressed their firm determination to stabilize the market, and the pledge risk is expected to be gradually eased by the help of policy warm winds.
Yang Delong, chief economist of Qianhai Open Source Fund, said that the recent favorable policies are frequent. The repurchase of stocks by listed companies can reduce the number of shares circulating in the market and increase the earnings per share of listed companies. This is an important positive for the stock price of the secondary market. . In addition, listed companies are willing to take the initiative to take out real money and buy back shares from the stock market, which is a great boost to market confidence.