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The three major stock indexes of A-shares rose sharply. The GEM index rose more than 4%. The civil aviation airport sector led the two cities. Huaxia Airlines increased its daily limit, and the multi-shares rose more than 5%. The banking sector quickly rose in the afternoon, and Jiangyin Bank directly went up. As of press time, the Shanghai Composite Index rose 2.14%, the Shenzhen Component Index rose 3.33%, and the GEM Index rose 4.13%.
In terms of capital flow, the net inflow of funds in the north exceeded 13 billion, of which the net inflow of Shanghai Stock Connect was 8.18 billion, and the net inflow of Shenzhen Stock Connect was 4.87 billion.
For today's market trend, Jufeng Investment said that on the external front, US stocks rose sharply on Thursday, and the RMB exchange rate rebounded sharply, which formed a positive for A-shares.
Looking forward to November, from the perspective of the market environment, in addition to the fiscal tax cuts and reductions, the central bank's targeted RRR cuts, high-level speeches by the two parties, the policies and reforms specifically aimed at the capital market have been launched, plus the repurchase system, the securities regulator It will play a positive role in stabilizing the A-share market, such as the promotion of capital market reform. From the "calendar effect" point of view, statistics show that the probability of rising in February and November in the A-share market is the biggest. Although history does not necessarily repeat itself, such results have injected more hope into the market during the cold winter.
Huachuang Securities believes that the recent boost in market confidence is mainly due to a series of reform measures to launch stable market expectations and ensure the smooth operation of the capital market.
Great Wall Securities said that the market trend is more dominated by internal factors, deepening internal reforms, improving financial regulatory governance or the key to the recovery of the stock market. The current market risk appetite repair is still worth looking forward to, and the follow-up space and sustainability will depend on the continued implementation of important policies.
Shen Wan Hongyuan Securities said that the management's stable risk appetite and pledge of the equity at the end of the market heralded a marginal improvement in the policy environment. With the completion of the disclosure of the three quarterly reports, the disturbance factors in the short term gradually disappeared, and the market can better reflect the mapping of the medium and long-term outlook. It is expected that the index will generally enter a relatively stable phase, and the “shocking bottom” model is opening, and structural choice is becoming more important now. In terms of configuration, the resonance of long-term and short-term logic is taking shape, and it continues to prompt attention to investment opportunities in industries such as military industry, some computer leaders, gold, insurance and 5G.
Zhongtai Securities said that the recent policy changes are very obvious. Some changes in the Politburo meeting have a certain role in promoting market expectations. Under the policy warm wind, the sustainability of the short-term rebound is still worth looking forward to. At present, the median valuation of all A-share PBs is only 1.9 times, which is already at a very low level in history. The long-term allocation value of stocks is prominent, and there is no need to be excessively pessimistic about the market outlook.
Ping An Securities believes that, unlike the past, the release of this round of policy is committed to open source water to stabilize the market, and initially achieve results in an environment of relatively stable overseas volatility, short-term intention to resolve equity pledge, medium and long-term commitment to introduce Long-term funds, the confidence of the market loss is slowly returning. Of course, the policy is not able to be completed overnight. The supporting policy and the intensity of implementation still need to be observed. However, it can be confirmed that the medium and long-term expectation will be gradually revised after the policy is officially implemented. It is recommended that the market focus on insurance, bank financing and repurchase of listed companies. Supporting policies and implementation.
In terms of operational strategy, Wei Wei, an analyst at Ping An Securities, said that in November, the market could be concerned about short-term repairs. In terms of investment structure, it is recommended to pay attention to the repair of financial and growth sectors, and continue to pay attention to the reform of state-owned enterprises in the theme investment.
Dongguan Securities pointed out that although facing the domestic economic worries, but the policy has made some efforts, it is expected to bring confidence to the market, after a continuous decline, it is expected to have a shock to repair the market. The core fluctuation range is 2550-2800 points. Operationally choose the layout of the machine, pay attention to the white horse blue chip with good performance certainty and the opportunity of high-quality growth stocks. The industry recommends focusing on the sectors of finance, real estate, infrastructure, coal, medicine, agriculture, TMT and so on.
For the configuration, Zhongtai Securities believes that from the core drivers of this round of rally, it is more optimistic about growth stocks. On the one hand, it is derived from the relaxation of supervision, relaxation of mergers and acquisitions, reduction of trading interventions, encouragement of long-term funds, etc. In order to enhance the activity of small and medium-sized companies, and small and medium-sized creations are the hardest hit areas of this round of equity pledge, the high-level to solve the equity pledge problem must start from stabilizing the stock price of small and medium-sized companies; on the other hand, from the perspective of valuation, the whole market estimates The median value of the median value of the CSI 300 is close to the bottom of the history. A large number of high-quality growth shareholders' valuations have returned to a reasonable level, and the market style is expected to tilt towards growth. From this perspective, it is recommended to pay attention to the relevant subject matter and sub-new shares that are strong in performance and benefit from regulatory relaxation.
A-share index fund
|Fund code||Fund abbreviation||Nearly three years of revenue||Handling fee||operating|
|310398||Shen Wanling letter Shanghai and Shenzhen 300 value index||30.04%||1.20% 0.12%||buy Account opening|
|110003||E Fund SSE 50 Index A||29.43%||1.50% 0.15%||buy Account opening|
|240019||Huabao SSE 180 Growth Connection||14.16%||1.50% 0.15%||buy Account opening|
Source: Eastern Fortune Choice data, Galaxy Securities, deadline: 2018-11-01