A-share outbreak Shanghai Composite Index stood above 3100 points, media: the aroma of the bull market is getting stronger and stronger

National Business Daily

2024-04-29 17:52Posted on the official account of Sichuan Daily Economic News

Reporter: Zhao Yun Editor: Xiao Ruidong

On April 29, the market fluctuated higher throughout the day, with the ChiNext index leading the rise, and the Shanghai Composite Index standing at 3,100 points to hit a new high this year. At the close, the Shanghai Composite Index rose 0.79%, the Shenzhen Component Index rose 2.22%, and the ChiNext Index rose 3.5%.

In terms of sectors, real estate, automobile dismantling, Sora concept, solid-state batteries and other sectors were among the top gainers, while precious metals, oil and gas, automobiles, ports and other sectors were among the top decliners.

Overall, more than 4,500 stocks rose in the whole market, and more than 100 stocks rose or rose by more than 10%. The turnover of the Shanghai and Shenzhen stock markets today was 1,211.1 billion, an increase of 124.7 billion from the previous trading day.

Northbound funds once again bought 10.892 billion yuan on a net basis throughout the day, adding more than 38 billion yuan for 4 consecutive days.

Today can be said to be the strongest day of the year for A-shares.

Although the number of gainers and the increase in the all-A index are not the highest, after last Friday's increase in volume, the market can continue to fight high today as the holiday approaches, which is enough to exceed expectations.

As of today's close, the Shanghai Composite Index, the strongest performer in recent times, has rebounded nearly 18% from its intraday low on Feb. 5, is just one step away from the threshold of a "technical bull market" and closed above the annual line for the first time.

The aroma of the bull market is getting stronger and stronger.

In terms of capital, the confidence of the market comes not only from the northbound buying that has exploded for two consecutive days, but also from the turnover that continues to increase. Wind data shows that today's turnover is second only to February 28 this year – and that day was a big decline.

In addition, from the perspective of the disk, represented by the changes in the real estate sector and the long-lost daily limit of Vanke A, the breakthrough performance of the market seems to be ushering in a new logic.

Vanke's daily limit after 516 days, the new expectation of the real estate sector?

Today, the real estate sector continued last Friday's rally and became an important support for the index.

Individual stocks have set off a tide of daily limits, and Vanke A has also rarely had a daily limit, and it has been 516 days since the last daily limit (November 29, 2022).

Mainly due to the fact that over the past weekend, housing-related policies at the local level were intensively introduced.

Shenzhen and Nanjing have successively announced the implementation of the "old for new" policy for commercial housing, aiming to stimulate the activity of the local property market. At the same time, Chengdu announced the lifting of purchase restrictions to promote the stable and healthy development of the real estate market.

In addition, on April 27, in response to the overseas rating agency Moody's downgrading Vanke's credit rating to Ba3 again, Vanke responded to the media that the company expressed its firm opposition to Moody's decision and hoped that Moody's could accurately assess and reflect the company's situation and maintain market stability.

Huafu Securities said that the continuous relaxation of the real estate industry at the policy level is expected to gradually continue to transmit to the fundamental recovery, and in the process of gradually delegating the authority of real estate regulation to local governments, the commercial housing market is expected to gradually return to marketization, driving the improvement of supply and demand to drive the industry to bottom out.

However, it is also important to note that the stock market is usually ahead of the real economy. Judging from the current real estate data, there are still some unsatisfactory points.

The open source securities research report pointed out that in the 17th week of 2024, the transaction area of commercial housing in 64 cities across the country was 2.46 million square meters, a year-on-year decrease of 43% and a month-on-month increase of 18%, and from the cumulative value, the transaction area of 64 cities since the beginning of the year reached 37.26 million square meters, a cumulative year-on-year decrease of 44%. The transaction area of second-hand houses in 17 cities across the country was 1.91 million square meters, with a year-on-year growth rate of -19% and the previous value of -12%, and the cumulative transaction area since the beginning of the year was 24.97 million square meters, with a year-on-year growth rate of -19% and a previous value of -19%.

Is the market's risk appetite rising and moving out of the "risk-averse" mentality?

Today, Treasury bond futures collectively fell sharply, with the main 30-year contract falling 1.19% at one point.

Corresponding to A-shares, among the major indexes today, the only one that fell against the trend is the dividend index, although its year-to-date gains are still leading, but the recent trend is really not good.

In addition to the sharp adjustment of the precious metals sector, the oil, coal and other sectors also stood on the list of decliners today, while the science and technology innovation board and the growth enterprise board, which are dominated by growth stocks, rose hugely.

According to some analysts, this may mean that the market's risk appetite is strengthening.

New energy and AI are rising, and they all have something to do with Musk?

There are many rising sectors today, and the new energy track and AI sector are still worth mentioning.

In the new energy track, the concept of lithium battery and the concept of automobile dismantling performed well. CATL rose more than 7% intraday, hitting a new high this year.

The Sora concept, humanoid robots, and unmanned driving in the direction of AI are also among the top gainers.

On the news side, the two major sectors do have their own catalysts.

On the new energy side, last weekend, the People's Bank of China, the National Development and Reform Commission, the Ministry of Finance, and the State Administration of Financial Supervision jointly held a large-scale equipment renewal and consumer goods trade-in financial work promotion meeting. The meeting emphasized the promotion of large-scale equipment renewal and trade-in of consumer goods.

More importantly, the Beijing International Auto Show continues to be popular, attracting the attention of all parties, and the prime minister emphasized in the auto show research that vigorously develop intelligent networked new energy vehicles and promote the high-end, intelligent and green upgrading of the automobile industry.

In addition, CATL officially released the Shenxing PLUS battery, which can be charged for 10 minutes and has a range of up to 600 kilometers, which solves the battery life problem that new energy vehicles have been facing.

In terms of AI, on April 27, at the Future Artificial Intelligence Pioneer Forum of the 2024 Zhongguancun Forum Annual Conference, Biodata Technology and Tsinghua University officially released China's first long-duration, high-consistency, and high-dynamics video model Vidu. The model adopts the team's original Diffusion and Transformer fusion architecture, U-ViT, and supports one-click generation of high-definition video content up to 16 seconds and a resolution of up to 1080P.

On the same day, the Beijing Humanoid Robot Innovation Center also officially released China's first self-developed general humanoid robot mother platform, named "Tiangong".

However, the interesting thing is that there is a certain intersection between the two sectors - Musk.

On April 28, Tesla CEO Elon Musk started a new visit to China, which attracted market attention. Musk said on social media that afternoon: "Tesla will invest about $10 billion this year in AI training and inference, and inference is mainly used in cars." ”

In addition, on April 28, the China Association of Automobile Manufacturers issued the "Notice on the Testing of 4 Safety Requirements for Automotive Data Processing (the First Batch)", in which 76 models from 6 companies, including BYD, Ideal, Lotus, Hezhong New Energy (Nezha Automobile), Tesla, and Weilai, meet the 4 compliance requirements for automotive data security. In terms of specific models, Tesla's domestically produced Model 3 and Model Y both meet automotive data security compliance requirements, and are the only foreign-funded enterprises that meet compliance requirements.

National Business Daily

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