The market is picking up and the A-share price-performance advantage is prominent
China Securities Net Zhou Lulu Hu Yu Zhang Lijing On February 4, A-shares rebounded heavily, the Shenzhen Stock Exchange Index rose more than 3%, and the GEM rose nearly 5%.
Household appliances, medicine, electronics, media and other sectors have joined forces to attack, and northbound funds have continued to experience a substantial net inflow.
A number of brokerage analysts and domestic financial experts said in an interview with the China Securities Journal that the rise in A-shares on the 4th indicates that investor confidence is quickly repaired.
Looking ahead, the fundamentals of A-shares are stable, and the cost advantage of allocation is prominent. The short-term impact of the epidemic on the market has not hindered the long-term trend of A-shares.
The rebound in the market shows confidence. After the previous day’s adjustment, the A-shares rebounded significantly on the 4th. Whether it is exponential growth or heavy trading volume, investors’ confidence in the stock market has not seriously repaired.
At the close, the Shanghai Composite Index increased by 1.
34%, SZSE Component Index rose 3.
17%, GEM Index rose 4.
84%, the turnover of the two cities exceeded 900 billion yuan.
From the perspective of the industry, 22 of the 28 industries in Shenwan ‘s first-tier industry have grown, and the overall market is picking up.
”The market adjustment on the 3rd can be judged that the initial sentiment brought by the epidemic has been released; the rebound of A shares on the 4th shows that investor confidence is rapidly recovering.
“Yongzu Zu, a researcher and deputy director of the Chongyang Institute of Finance of Renmin University of China, said in an interview with the China Securities Journal reporter.
In the opinion of Chief Economist Jianfang of CITIC Securities, the rapid release of short-term sentiment caused market adjustments, but the epidemic shock only changed the market rhythm and did not change the upward trend and main line of A shares in the medium term.
“Considering that the overall average maintenance guarantee ratio of Liangrong’s business is relatively healthy, the equity pledge risk is also controllable as a whole, and the risk of negative feedback of forced market selling is relatively small, and the market may build a future market bottom.
“Zeng Gang, the deputy director of the National Finance and Development Laboratory, told the China Securities Journal that the current external stock market has basically stabilized, which means that the 南京夜网 impact of the epidemic is more of a temporary psychological shock.
In the medium and long term, there is no need to be overly pessimistic about the market.
”The rebound in dividends shows that the market has absorbed the impact of the epidemic to a certain extent, and emotional hype and herd-style trading are no longer the mainstream of the market, which reflects the maturity of the securities market.
“Said Tian Lihui, dean of the Institute of Finance of Nankai University.
Northbound funds were sufficient to increase positions. In the past two trading days, the market direction of Northbound funds has shown a clear net inflow.
On February 3 and 4, the net inflow of northbound funds was 181.
8.9 billion, 49.
2 billion yuan, two days total net inflow of 231.
This, the guidance of several experts 上海夜网论坛 interviewed by China Securities Journal reporters, gradually reflected the confidence of overseas investors in China’s epidemic prevention and control work, that the Chinese economy has the ability to overcome difficulties; it can indicate that it is optimistic about the medium and long-term growth trend of the Chinese economyAnd the investment value of the Chinese market, the cost of stocks is even more prominent.
Wu Yongzu told the China Securities Journal reporter that a sufficient net inflow of northbound funds actually indicates that Chinese stocks have more investment potential than other stock markets, which complements the long-term development trend of the Chinese economy and the huge market space.
”The current Northbound funding movement represents overseas investors’ judgment on the entire situation after making a full assessment.
If there is a large inflow of northbound funds, it means that overseas investors generally believe that the epidemic is controllable, and its impact on China’s economy is relatively limited.
“Shao Yu, chief economist at Orient Securities, said.
The apparent net inflow of northbound funds will also help stabilize market sentiment.
Zhang Liangyong, general manager of China Merchants Securities Research and Development Center, said that investors in overseas capital markets are more mature and have a more comprehensive understanding of the “black swan” incident.
For the A-share market, investors can follow the layout of overseas investors, and the transfer of overseas funds means that the value of investment in A-shares is prominent, and the incremental funds brought by it can help mitigate market risks.
”Investing in investors from the north will have a reminding effect on domestic investors and reduce it. We must cherish the stocks in our hands and not easily lose ticket codes and miss opportunities. Instead, investors must adhere to the concept of value investment and look at the market in the medium to long termTrend.
Wu Yongzu said.
The value of allocation highlights “In the medium and long term, after the epidemic shock, the foundation of the stock market is still growing.
Zhang Liangyong analyzed that the long-term positive trend of China’s economy has not changed, and the profits of several companies will continue to increase in the future.
In addition, the current process of a new round of technology cycles has just begun, and the 5G technology cycle will bring an explosion in demand for the entire technology industry.
From the perspective of liquidity, the current domestic liquidity is relatively abundant, and the macro liquidity is gradually increasing. Social security, insurance funds, and residential funds are also expected to accelerate into the city.
From a policy perspective, the state’s policy environment to encourage direct financing has not changed.Finally, from the perspective of the comparison of large-scale assets, the expected return rate of the current large-scale asset allocation of residents has dropped significantly, and the attractiveness of assets such as real estate and bank financing has greatly decreased.
As current interest rates allow, bonds are relatively attractive.
In contrast, the current stock market is estimated to be at a historically low level, with high implicit yields and high cost-performance ratios.
The low level of estimation is an important reason for the inflow of funds into the A-share market.
“At present, the overall assessment level of A shares is not high, and it has become the most worthy dam in the market.
Zhang Anyuan, chief economist of CITIC Construction Investment Securities, said that the entry of new funds in insurance, social security and bank wealth management subsidiaries is a key force to change the relationship between market supply and demand.
”Dividing the global market, the A-share market is currently estimated to be at a relatively low level and is still a value depression. This is also an important reason for the continued inflow of northbound funds since 2019 and the global market is optimistic about A-shares.
“Yin Jianfeng, chief economist of Zheshang Bank, predicts that from the perspective of the adjustment of the country’s economic structure and financial structure, there has been no change in the long-term positive situation of A shares. After the second quarter, A shares will have a relatively obvious recovery process.
The steady advancement of the deepening reform of the capital market is an important condition for the A-share market to get out of the bull market.
In Yong Yongzu’s view, the capital market is the core of the current financial reform. Building a strong capital market has become the focus of the next development, and more benefits will continue to emerge.
At the same time, the opening of the financial market is increasing, more financial services institutions are entering the market, bonds, stocks and other markets will continue to be active, and high-quality companies will continue to be tapped, which will also directly benefit the upstream real economy.
From a global perspective, the urgency of overseas capital to find safe investment targets is constantly increasing, and the A-share market is precisely the global depression of investment value.
Under the general expectation that A shares will improve in the medium and long term, Wang Bo, director of the Central Plains Securities Research Institute, believes that A shares are ushering in a “gold position.”
Investors can pay attention to the sectors related to economic restructuring, such as non-bank finance, securities firms, consumption, culture, and entertainment.