A shares and Hong Kong stocks collectively counterattack!
On April 26, the market rose strongly, and the Shanghai Composite Index approached the 3,100-point integer mark, with growth, finance, and real estate all rising by more than 3%. After the opening of the market, northbound funds frantically poured into A-shares, with a unilateral net purchase of 22.449 billion yuan throughout the day, the highest single-day value since the opening of the Mainland-Hong Kong Stock Connect in 2014.
At the same time, Hong Kong stocks also achieved five consecutive yangs. On April 26, with the close of Hong Kong stocks, the Hang Seng Index closed at 17,651.15 points, up 2.12%, and the cumulative increase in the past five trading days reached 8.8%. After several days of gains, the Hang Seng Index is approaching the annual line.
For the stock market to rise sharply, China AMC Fund analysis said that the direct reason is that the improvement of the capital level is the direct support of the stock market, the rapid depreciation of the yen makes the Nikkei index rise to lead the developed market, part of the capital has recently reflowed, in this context Hong Kong stocks "wind" rose, A shares also benefited from the return of funds.
"A-shares staged a strong unilateral climb on Friday, mainly due to the emotional blowout driven by good news from the industry, and it is also an opportunity for the market to vent after hovering at the bottom. The Bank of Ningbo Private Banking Market Research Department said that the Federal Reserve's interest rate cut expectations have weakened and the vulnerability of the U.S. stock market itself has made foreign capital obviously turn to the domestic market. In addition, following the singing of A-shares, the head foreign institutions continued to sing about the recovery of the domestic real estate market on Friday, superimposed on the current real estate market policy expectations are still relatively strong, pessimistic expectations to ease to drive a collective rebound in many sectors, and the core drag at the macro level is expected to gradually improve.
A brokerage investment consultant said that technically, the real and effective quality of Friday's large-scale Zhongyang line is very high, the major technical indicators have become stronger in an all-round way, and the MACD indicator has achieved a "golden cross on the water" above the zero axis, which are all signals that the market has returned to strength. "In the future, the market is expected to go above 3200 points, and it should challenge the high point of the big black candle on the day of the stamp duty cut on August 28, 2023, and the upper heavy pressure area is in the 3220-3250 range. ”
The securities sector ushered in a collective surge
As of the close of trading on April 26, the Shanghai Composite Index rose 1.17% to 3,088.64 points, the STAR 50 Index rose 2.58% to 752.25 points, the Shenzhen Component Index rose 2.15% to 9,463.91 points, and the ChiNext Index rose 3.34% to 1,823.74 points.
So far, this week, the Shanghai Composite Index rose 0.76%, the STAR 50 Index rose 0.5%, the Shenzhen Component Index rose 1.99%, and the ChiNext Index rose 3.86%. The market turnover is back above the trillion.
From the perspective of the disk, AI concept stocks were strong throughout the day, brokerage stocks exploded in the afternoon, nearly 10 brokerages such as CICC, automobiles, real estate, gold, media, computers, and communications sectors strengthened across the board, and high-dividend camps such as banks, coal, and highways fell against the trend.
For the strength of brokerage stocks, Guo Yiming, director of investment consulting of Jufeng Investment Advisory, believes that the sentiment from short-term news such as the integration of brokerages and the concentration of efforts to build a "national team" in the financial industry is more important.
"In the short term, whether the brokerage sector can continue to perform still needs to pay attention to the repair of economic fundamentals and the repair of its own performance. In the medium term, with the market optimization under the tightening of regulations and the stimulation of the new national nine articles, the overall improvement of the sector is worth looking forward to. In terms of structure, the leading securities firms with strong comprehensive competitive advantages and small and medium-sized securities firms with mergers and acquisitions are still the focus of the market. Guo Yiming said that under the heavy stimulus, the securities sector ushered in a collective surge, but the sustainability still needs to be further wait-and-see, especially the further strengthening of economic repair and the rebound of the brokerage's own performance.
In addition, it is worth noting that the previously popular concept of a low-altitude economy has taken a sharp dive.
"Friday funds in the field formed a significant circulation, from the low-altitude economy to the performance growth and artificial intelligence direction of the operation, the low-altitude economy in the second half of the operation on Friday with the balance of the fried board, the rest of the core targets have begun to appear to fall market, although in the end Zongshen reluctantly returned, but also can not save the gradual ebb of the low-altitude economy of popularity, so the current market is facing new hot spots and old hot spots alternate nodes. Jia Suyuan, investment consultant of SDIC Securities, analyzed.
The gears of the benign rotation of the market are running
"From the index point of view, Friday's market pull up is more of a leading cooperation, one is the volume of cooperation, the other is the brokerage of the restructuring of the cooperation, the purpose is only one, is to break through the pressure position of 3091 above, in the end, although a little bit, but the volume released is a rare thing, we do not need to be entangled in the market funds or mysterious funds, just need to know that the market is gradually decreasing, the funds that can be active are gradually increasing, the market benign rotation of the gear is running, the final result will only get better and betterWhat investors need to do is to clarify their trading style and understand the rotation rhythm of market hotspots. Jia Suyuan analyzed.
The private banking market research department of Bank of Ningbo emphasized that economic recovery and market interpretation are not achieved overnight, and it is still necessary to maintain enough patience for short-term fluctuations, pay attention to the switch of market style during the performance release window, and recommend looking at the good opportunities of low-level layout from the medium-term dimension. "From a medium-term perspective, the domestic economic recovery trend will not change, the valuation of the A-share market is attractive, and the fundamentals, sentiment and capital will gradually resonate when the overseas liquidity tightening cycle comes to an end. ”
Guo Yiming said that for the market, the current overseas inflation resilience still limits the Fed's interest rate cut expectations, while the domestic economy is not strong or there are still recurrences, and the overall upward trend of the market may still be suppressed. It is expected that the index will be volatile, and if the expectation is not good, it is still necessary to beware of the decline in the center of gravity of the index. "We recommend that swing investors continue to stay on the sidelines and wait patiently for the new direction of the market, while medium- and long-term strategic investors can allocate to dips and look forward to the harvest of the full recovery in the future. ”
In terms of operation strategy, Pan Chenjian, an investment consultant of Minsheng Securities, suggested that swing operations should be the mainstay, the layout should be cautious and optimistic, pay attention to controlling positions, and avoid blindly chasing up and down. In terms of investment direction, it is still recommended to wait and see, focus on dividends, resource stocks and AI, and low-altitude economic ends, and pay attention to the direction of low-level stagflation sectors and strong performance certainty.
Wu Jiaxiang, an investment consultant at GF Securities, said that the market is expected to further develop in depth, and it is recommended to add high-quality equity assets. In terms of investment, combined with the annual and quarterly results, we will continue to focus on the high-performing leaders with high ROE and high free cash flow, and the industry will focus on the rebound of the economy and dividend assets with medium and long-term incremental funds. In addition, the trend of Hong Kong stocks this week is significantly stronger than that of A-shares, and white horse varieties such as Internet, medicine, and consumption have been extremely valuable for long-term allocation and the relative cost performance advantage in the emerging market portfolio, which is recommended for investors to pay attention to.