The first trading day of October ushered in a good start!
The turnover of the A-share markets in Shanghai, Shenzhen and Beijing exceeded 3 trillion yuan, hitting a record high. According to the CICC research report, the global news was relatively stable during the A-share market break, and the performance of Chinese assets led the world. Domestic measures to stabilize growth, represented by the real estate sector, have been implemented one after another, and some travel and consumption data are better. Based on domestic and foreign economic data and market performance during the National Day holiday, market participants believe that the short-term upward trend of A-shares is expected to continue, and the medium-term "big bottom" conditions are still in the process of improving.
Today, the A-share market fluctuated widely and rose sharply. At the close, the Shanghai Composite Index rose 4.59%, the Shenzhen Component Index rose 9.17%, and the ChiNext Index rose 17.25%. The turnover of A-shares in Shanghai, Shenzhen and North China exceeded 3.48 trillion yuan. At 14:13, the turnover of the Shanghai and Shenzhen stock markets exceeded 3 trillion yuan, hitting a new record high; As of the close, the turnover of the two cities was 3,451.9 billion yuan, an increase of 858.9 billion yuan from the previous trading day; A total of 5,029 stocks rose in the two cities.
Semiconductors, chips, consumer electronics and other sectors were among the top gainers. The concept of computing power in the end of the market was stronger, and the "20CM" daily limit of Xin Yisheng and Robotec both hit a record high; Cambrian, Changguang Huaxin, Yuanjie Technology daily limit.
Many stocks had a full-day turnover of more than 10 billion yuan. Among them, the turnover of CATL, Kweichow Moutai and Oriental Fortune all exceeded 30 billion yuan; Ping An of China and Wuliangye have a turnover of more than 20 billion yuan; More than 10 stocks such as BYD and Yangtze River Power have a turnover of more than 10 billion yuan.
What is relatively rare is that after the limit of 100 broad-based ETFs this morning, ETFs have reappeared in daily trading. As of the close, the turnover of E Fund ChiNext ETF (159915) was 47.49 billion yuan, more than 3 times that of the previous trading day, the turnover of Huatai Barry CSI 300 ETF (510300) was 38.3 billion yuan, and the turnover of ChinaAMC Kechuang 50 ETF (588000) was 25.49 billion yuan.
A-shares welcome the reappraisal of confidence
During the National Day holiday, the number of brokerage accounts opened increased by 4 times, does this mean that the market is overheated and the risk of adjustment? According to the research report of China Securities Construction Investment, from the experience of 2015, 2019 and 2020, after the sentiment enters the euphoric zone, the market often has a process of continuing to rise in the short term. Since then, as sentiment has fallen, there may be some correction in the market, but it does not mean that the rally is over.
China Merchants Securities Research Report pointed out that with the sharp rise in the index in September to confirm the medium-term low, the overall direction of the market in the future will be dominated by an upward trend. Since this round of market is largely related to policy force, whether the policy strength in October can exceed expectations will become the key to the subsequent market upward height.
The research report of China Securities believes that A-shares are ushering in a round of confidence revaluation, which is a round of resonance under the multiple backgrounds of China's assets being systematically undervalued, the residential sector accumulating a large amount of excess savings and facing an asset shortage, the successive introduction of strong revitalization policies, the opening of the Fed's interest rate cut cycle, the high global stock market, and foreign capital chasing into Chinese assets. This round of market will reflect the re-evaluation of global funds' confidence in China's economic outlook and Chinese assets. The fundamental verification of this round of market will take time and will not be in place in one step, investors should be confident in the early stage and patient in the medium term. Investment opportunities to watch out for include: significantly undervalued Chinese assets, revaluation of deflationary improvement, revaluation of leading companies, and resilient assets. It can focus on industries: new energy vehicles, electronics, computers, food and beverage, non-banking, banking, real estate, non-ferrous metals, etc.
Tianfeng Securities said that since September, the inflow of funds into A-shares has accelerated significantly. Subsequently, as the policy signal turns positive, the current round of market rebound is still expected to continue, and the A-share capital is still expected to continue to repair, but the space and rhythm of the subsequent repair may still depend on the effect of the policy afterburner in the fourth quarter and the interpretation of the overseas economy, geography and other patterns.
The concept of computing power in the end of the market is stronger
The concept of computing power in the end of the market is stronger. New Yisheng and Robotec "20CM" daily limit, both hit a record high; Cambrian, Changguang Huaxin, Yuanjie Technology daily limit, Tianfu Communication, Zhongji Innolight approaching the daily limit.
On the news side, OpenAI recently announced that it will raise $6.6 billion through the latest round of financing, which will be used to improve computing power, with a valuation of $157 billion after financing.
Dongguan Securities Research Report pointed out that after 2 months of adjustment in the Shenwan electronics industry, it is recommended to pay attention to two directions. First, in the field of consumer electronics, a number of upstream chip factories and terminal factories officially announced product launches, including Dimensity 9400, vivox200, etc., driven by AI innovation, terminal demand is expected to further recover, and the performance of related links is also expected to continue to rise. The second is the AI field with sufficient adjustment in the early stage and a good basic orientation, NVIDIA Blackwell is about to usher in shipments in the fourth quarter, and the recent O1 model launched by OpenAI has further increased the demand for inference computing power, focusing on computing power infrastructure.
All brokerage stocks are up and down
Today, the securities sector rose sharply, and all brokerage stocks rose to the limit.
Tianfeng Securities said that the proportion of the current round of brokerage market volume and congestion are lower than in 2014, and the degree of expectation of brokerages is higher than in 2014. At present, the speed of residents' funds entering the market and the delivery of funds have largely exceeded expectations, and the intensity and speed of this market interpretation may exceed market expectations. It is recommended to pay attention to three main lines: first, the logic of increasing market trading activity and improving the fundamentals of brokerages has been quickly recognized by the market; Second, the improvement of expectations has led to an increase in market risk appetite; The third is to pay attention to the valuation repair opportunities of large financial central state-owned enterprises.
Chips and semiconductors exploded
The chip and semiconductor sectors performed strongly throughout the day, with many related sectors rising by more than 10%, and individual stocks set off a "rising tide".
On the news side, on the evening of October 7, Baiao Chemical announced that the company's wholly-owned subsidiary will increase its capital by 700 million yuan in Suzhou Xinhuilian Semiconductor Technology Co., Ltd., and control the voting rights of 54.6342% of its equity in total by accepting the voting rights entrustment to achieve control; At the same time, it is planned to participate in Xinhuilian New (Suzhou) Technology Co., Ltd. with no more than 100 million yuan.
Baiao Chemical said that the transaction is in line with the company's semiconductor business strategic planning and development needs, will help increase new profit growth points, improve the layout of the semiconductor industry, and further enhance the company's comprehensive competitiveness and profitability. After the completion of the transaction, the target company will become a holding subsidiary of the company's wholly-owned subsidiary, Xin Aohua, the scope of the company's consolidated statements will be changed, and the target company will be included in the scope of the company's consolidated statements, and it is expected that the company's asset scale and operating income will be increased to a certain extent.
In terms of industry, Huafu Securities believes that the semiconductor industry as a whole is improving and is expected to usher in a new round of growth cycle. China's semiconductor market is still picking up rapidly, and the growth of the American market is the strongest. The AI video model has been upgraded again, and we continue to be bullish on the AI industry chain. Haitong Securities said that the semiconductor cycle as a whole showed a weak recovery, and the logic of downstream storage and expansion continued, but the profit performance of upstream equipment and materials companies may be differentiated. It is recommended to pay attention to companies that benefit from the growth momentum brought by advanced processes, advanced packaging, and continuous iteration of new products.
(The market pictures in the article are all from the straight flush)