On April 26, the A-share market rose across the board, the brokerage sector broke out, and technology stocks strengthened. The Shanghai Composite Index rose by more than 1%, the Shenzhen Stock Exchange Component Index rose by more than 2%, and the ChiNext Index rose by more than 3%. The Shanghai Composite Index once exceeded the annual level during the session. line (250-day moving average), more than 3,900 stocks rose. A-share trading volume reached 1.09 trillion yuan, and the net inflow of northbound funds exceeded 22 billion yuan, setting a record high in single-day net inflows. The Hong Kong stock market also continued to rise, with the Hang Seng Index rising by more than 2% and the Hang Seng Technology Index rising by more than 4%.
Analysts believe that looking at the stock market valuation levels in major regions around the world, the current overall valuation level of A-shares is very attractive, especially the valuations of blue-chip stocks and large-cap stocks are lower than the market average, and global funds are returning to the Chinese stock market. The rebound of AH stocks is expected to continue.
Net northbound capital inflow hits record high
On April 26, the AH stock market rebounded hand in hand. As of the close, the Shanghai Composite Index, Shenzhen Composite Index, and GEM Index rose by 1.17%, 2.15%, and 3.34% respectively. Wind data shows that the number of stocks rising in the A-share market exceeds 3,900, the number of stocks hitting the daily limit exceeds 80, and the total market value of A-shares increased by 1.14 trillion yuan in a single day.
There are several major highlights in the A-share market: First, the market volume is high, with the turnover exceeding 1 trillion yuan, of which the Shanghai Stock Exchange turnover is 484.160 billion yuan and the Shenzhen Stock Exchange turnover is 602.218 billion yuan. A-share trading volume returned to 1 trillion yuan after 8 trading days. The Shanghai Composite Index once broke through the annual line during the session, approaching 3100 points, and the closing point set a new high for the year.
Second, catalyzed by the suspension acquisition of Guolian Securities, the brokerage sector known as the “bull market flag bearer” broke out. The Wind Brokerage Index rose 6.32%. Within the sector, Guosheng Financial Holdings, Pacific, Zheshang Securities, China Galaxy, CICC, etc. Many brokerage stocks hit their daily limits. Technology stocks also broke out along with the brokerage sector, with communications, computers, and electronics industries all rising significantly, up 3.81%, 3.42%, and 2.91% respectively. In the communications sector, Shenyu shares rose by the 20% limit, and Zhongji Innolight rose by more than 12%, hitting a record high; in the computer sector, Haofeng Technology, Wealth Trends, and USTC Guochuang hit the 20% limit; in the electronics sector, Furi Electronics, Victory Precision, Fii Industrial and other stocks hit their daily limit.
Third, foreign capital is bullish and long-term. The net inflow of northbound funds was 22.449 billion yuan, a record high in the single-day net inflow of northbound funds. Among them, the net inflow of funds from the Shanghai Stock Connect was 11.323 billion yuan, and the net inflow of funds from the Shenzhen Stock Connect was 11.126 billion yuan. Previously, UBS raised its rating on A-shares and Hong Kong stocks to “overweight” and on Chinese stocks to overweight. Goldman Sachs also said that the performance of China’s index this year exceeded market expectations and recommended that it continue to overweight A shares.
In the H-share market, the Hang Seng Index and the Hang Seng Technology Index rose by 2.12% and 4.61% respectively on April 26. The automobiles and auto parts, technical hardware and equipment, and diversified financial sectors all rose by more than 4%. The Hong Kong stock market continued to rebound this week, with the Hang Seng Index and Hang Seng Technology Index rising by 8.80% and 13.43% respectively. Tencent Holdings, Alibaba-SW, China Mobile, China Construction Bank, Meituan-W and other stocks have risen by 14.68%, 12.89%, 2.97%, 2.05%, and 21.30% respectively this week. SenseTime-W has risen by more than 105% this week. %.
Funds actively increase positions in AH shares
From a financial perspective, market funds are actively adding positions. Wind data shows that the single-day net inflow of northbound funds hit a record high on the 26th. Judging from the top ten active stocks in Shanghai and Shenzhen Stock Connect on the 26th, China Merchants Bank, BYD, and CATL ranked first in the net inflow of northbound funds, respectively. They were 973 million yuan, 796 million yuan, and 754 million yuan; Bank of Jiangsu, Industrial and Commercial Bank of China, and Zijin Mining ranked top in net sales of northbound funds, with 999 million yuan, 233 million yuan, and 137 million yuan respectively.
In terms of main funds, Wind data showed that the net inflow of main funds in the Shanghai and Shenzhen stock markets on the 26th was 8.35 billion yuan. Among them, 2,222 stocks experienced net inflows of main funds, and 2,875 stocks experienced net outflows of main funds; the CSI 300 sector had a net inflow of main funds of 8.835 billion yuan, and large blue chip stocks received active capital inflows. Among the first-level industries in Shenwan, 14 industries experienced net inflows of main funds, among which the non-bank finance, electronics, and computer industries had the largest net inflows of main funds, with 5.337 billion yuan, 2.734 billion yuan, and 2.676 billion yuan respectively. Among the 17 industries with net outflows of main funds, the banking, basic chemical industry, and pharmaceutical and biological industries had the largest net outflows of main funds, with net outflows of 2.444 billion yuan, 1.126 billion yuan, and 1.036 billion yuan respectively.
In terms of individual stocks, on the 26th, the net inflows of major funds from Fii, Oriental Fortune, and Thalys were the largest, with 1.677 billion yuan, 738 million yuan, and 711 million yuan respectively; Wanfeng Aowei, Bank of Jiangsu, and Industrial and Commercial Bank of China had the largest net inflows of major funds. The amount of outflows ranked first, with 799 million yuan, 718 million yuan, and 367 million yuan respectively.
Southbound funds increased their positions in Hong Kong stocks for 20 consecutive trading days from March 26 to April 26, with a cumulative net purchase of HK$89.251 billion, including a net purchase of HK$1.174 billion on April 26.
The rebound is expected to continue
After the market rebounded on the 26th, Wind data showed that as of the close of April 26, the rolling P/E ratio of Wind A was 16.79 times and the CSI 300 rolling P/E ratio was 11.84 times, both at historical lows.
Goldman Sachs and other institutions believe that looking at the stock market valuation levels in major regions around the world, the current overall valuation level of A-shares is very attractive, especially the valuations of blue-chip stocks and large-cap stocks are lower than the market average.
Regarding the A-share market, Li Yanzheng, the fund manager of Furong Fund, said that the positive forces of the market are gradually emerging and policies continue to be exerted. In the short term, it is recommended to gradually focus on high-quality growth stocks and relatively focus on the leading targets of the sector and the targets with good performance trends.
“Among the current major broad-based indexes, the closing points of the Shanghai Composite 50 and the Shanghai Composite Index have reached new highs for the year. The platform in the past two months is expected to break through, and the mid-line target can be set higher.” Xia Fengguang, manager of Rongzhi Investment Fund, said that the operation strategy You can stay positive and bullish.
“The recovery trend in the A-share market since February has slowed down but is still continuing.” Li Qiusuo, chief domestic strategist of the Research Department of CICC, said that first, the market’s mid-term performance mainly depends on economic fundamentals and listed companies. Earnings repair status. At present, the profits of domestic enterprises are showing a stabilizing trend. Based on the recently released annual reports and first quarter reports of listed companies, it is expected that the net profit growth rate of non-financial listed companies in the first quarter of this year may be basically the same as that of the same period last year, and revenue will maintain positive growth; secondly, the A-share market as a whole Valuations are still at a low level; thirdly, the new “Nine National Regulations” have attracted great attention from investors, and the further improvement of the basic system of the capital market will help improve the quality of listed companies, improve the ability of listed companies to give back to investors, and help enhance The endogenous stability of the A-share market will have a positive impact on the market’s mid- to long-term performance.
Regarding the Hong Kong stock market, Chen Guo, chief strategy officer of CITIC Securities, said that the core reason for the recent rise in Hong Kong stocks is improved funding. The biggest suppression of Hong Kong stocks in the second half of last year was the systematic outflow of foreign capital to Japan. Recently, the allocation focus of foreign capital in the Asia-Pacific region has shifted from Japan to Hong Kong stocks, and the liquidity of Hong Kong stocks has been greatly improved. In terms of domestic capital, driven by favorable policies and high dividends, southbound capital has increased significantly recently, further consolidating the upward trend of Hong Kong stocks. The best long window for Hong Kong stocks this year has arrived.
Tags: stock market joins hands rebound bull market flag bearer brokerage sector breaks out_China Securities Network
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