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The Shanghai Composite Index fell back today and closed up slightly by 0.13% to close at 2606.24 points. The total turnover of the two cities was 383.2 billion yuan, and the industry sector rose more and more, and the artificial intelligence concept stocks started to rise and stop.
Recently, various policies to stabilize market expectations have been launched. In the medium and long-term funds that can be entered into the market, the strength of pensions entering the market is increasing, and the occupational annuity is entering the market. At the same time, local governments that have promoted the support of the stock market have emerged. Recently, relevant departments of the financial system have taken action. Looking forward to November, the analysis believes that with a series of favorable policies, the leverage factor of equity pledge risk will be gradually resolved. With the digestion of internal and external risk factors, A shares are expected to usher in a wave of rebound.
Galaxy Securities said that in October, the Shanghai Composite Index suffered a continuous sharp adjustment after the holiday, with a monthly decline of 7.75%; Shenzhen Securities Index fell nearly 11%, the largest monthly decline since January 2016; the GEM index fell 9.62%, Both the Shenzhen Component Index and the GEM Index fell for the seventh consecutive month. The A-share market continued to fluctuate and investors' trading was active. The later A-share market may continue to show a volatile situation. In the near future, we should continue to pay attention to the efforts of relevant policies to maintain the market. On the 31st, the Central Committee held a meeting of the Politburo. Although the Politburo meeting did not focus on stabilizing domestic demand, it is necessary to stabilize the domestic demand from the perspective of the central government's judgment on the economic situation and the downward pressure on the “six stables”. Sex is unquestionable. More active fiscal and monetary policies to stabilize domestic demand are essential.
Huatai Securities believes that the bottom of the policy is basically clear, but the economic turning point and the turning point of corporate profits have not yet been seen. The bottom of the market still needs to wait. The probability of the index will fluctuate sideways for a period of time, paying attention to the opportunities brought about by the introduction of policies. Industry view: Optimistic about the upstream and infrastructure sectors that are in line with national policies; the white horse sector that has oversold and overshooted; the bank real estate sector with valuation advantages.
Lianxun Securities stressed that the recent sharp adjustment of the capital market has attracted the attention of the decision-making level, and the importance of the healthy development of the capital market has become one of the key tasks of economic work in the future. We expect that there will be more "stable market" measures, and the "policy base" has become clear. We believe that these two directions are the main focus of future theme investments.
Zhongtai Securities pointed out that the October 31 meeting of the Political Bureau of the Central Committee clearly stated that the capital market should “inspire vitality”. The meeting proposed "to focus on capital market reform, strengthen system construction, stimulate market vitality, and promote long-term healthy development of the capital market." We believe that from the perspective of the Politburo meeting in the past years, it is extremely rare to mention the capital market directly. In the medium and long term, policy measures to promote the capital market are expected to be introduced intensively.
Li Dazhao, chief economist of Yingda Securities, pointed out that yesterday’s Politburo meeting was an important indicator of the development of the capital market. The ratio of China’s capital market to the national economy was relatively low, and there was huge room for future development. Huge, the requirements for stimulating market vitality are clear, and measures to promote long-term capital market entry will be further implemented, and China's stock market will usher in a new stage of healthy and stable development. It is a great news and is particularly encouraging.