Author | Ding Zhenyu, Editor | wjx

Source: Jufeng Investment Advisor, Good Stock Application

(Data pictures are for reference only)

Jufeng viewpoint

On September 11, A-share rebounded from shock, with the Shanghai Composite Index rising 0.84%, the Shenzhen Composite Index rising 0.98%, and the GEM Index rising 0.65%. The turnover of the two cities was 841.16 billion yuan, the net inflow of capital from the north was 2.244 billion yuan, and more than 3700 shares in the two cities rose. On the panel, biological products, chemical pharmaceuticals, medical devices, traditional Chinese medicine, automobile, pharmaceutical business and other sectors led the rise, while aerospace, real estate, decoration and building materials and other industries experienced a slight correction.

In early morning trading, the three A-share indexes rose collectively. On the market, the biological products sector led the gains, with diet pills, hub motors, CROs, medical devices, recombinant proteins, BC batteries, and laser radar among the top gainers; Aerospace, decoration and building materials, real estate and other sectors experienced a slight correction. The early net outflow of northward capital was nearly 600 million yuan.

In the afternoon, the AI concept rose significantly, led by the CPO concept, and the related sectors such as Computational Power and Liquid Cooling Server were among the top gainers; In terms of heavyweight stocks, securities and liquor increased in the afternoon, driving the stock index to continue to rise; The photoresist plate dived in the afternoon. The northward capital turned around quickly in the afternoon and turned into a large net inflow. After three consecutive weeks of net inflow, the southward capital turned into a substantial net outflow, with a net outflow of more than 10 billion yuan.

For the recent market adjustment, the devaluation of the RMB exchange rate and the weakening of the peripheral market have a greater impact. The optimization of insurance companies' solvency regulatory standards and the reduction of financing margin ratio will bring incremental capital to A-shares; Several cities announced the cancellation of housing purchase restrictions. The year-on-year increase in CPI in August further proved the recovery of the domestic economy. The special meeting on the self-discipline mechanism of the national foreign exchange market was held. The release of financial data in August and other news stimulated the rebound of the RMB exchange rate, forming support for the market rebound.

On the whole, a number of recent measures to stabilize the economy, activate the capital market, and reduce taxes and fees have been successively introduced to clarify the policy bottom. At the same time, they will also accelerate the A-share market bottom detection. In the medium term, with the implementation of various counter cyclical adjustment policies and measures, the domestic economy will enter the recovery cycle, and A-shares will find out the bottom of the market and rise in shock.

Jufeng Investment Advisors believe that under the expectation of economic recovery, A-shares are expected to enter the medium and long-term bull market. Recently, the intensive introduction of counter cyclical adjustment measures in China shows that the policy bottom has been confirmed, but under the stimulus of the expected resurgence of US dollar interest rate hikes, the RMB exchange rate and A-share market are still moving from the policy bottom to the market bottom. In the short term, overnight US stocks rose collectively, Tesla's share price rose by more than 10%, and the offshore RMB exchange rate rebounded sharply; On the domestic side, the financial data in August improved and the sales of new energy vehicles exceeded expectations; It is expected that A-share will continue to rebound. Investors can focus on the pro cyclical and expected price rise sectors. The coal, oil and gas, automobile and parts sectors are expected to strengthen. In addition, there are signs of stabilization and recovery in the AI sector after continuous adjustment.

Message side

Multi departments work together to build canals and water diversion to promote equity investment

On September 11, the minimum proportion of financing margin was reduced from 100% to 80%. According to estimates of institutions, this may bring about 400 billion yuan of incremental financing funds. The CSRC recently said that it would increase the introduction of various medium - and long-term funds and increase the proportion of equity investment. Experts believe that the successive efforts of a package of measures will help promote the positive interaction between the capital market and medium - and long-term funds, and it is timely to accelerate the development of equity investment.

The RMB exchange rate rebounds and has a solid foundation for stable operation

On September 11, the RMB exchange rate staged a counter attack. Data shows that by 16:30, the onshore RMB exchange rate against the US dollar had recovered 7.30 yuan, while the offshore RMB exchange rate against the US dollar was close to 7.30 yuan. Experts said that the depreciation pressure of the RMB against the US dollar is mainly short-term and phased. In the medium and long term, there is a solid foundation for the RMB exchange rate to remain basically stable. On September 11, the Special Conference on the Self discipline Mechanism of the National Foreign Exchange Market was held in Beijing, which once again sent out a clear signal of "maintaining the basic stability of the RMB exchange rate".

US stocks closed up collectively Tesla shares rose more than 10%

On Monday, the three major indexes of U.S. stocks collectively closed higher. As of the closing, the Dow rose 0.25%, the Nasdaq rose 1.14%, and the S&P 500 rose 0.67%. Tesla rose by more than 10%. Morgan Stanley upgraded Tesla to be over allocated, and its target price was raised from $250 to $400. Qualcomm rose more than 3%, and the company announced that it will continue to supply 5G baseband chips to Apple in the next three years.

Author: Ding Zhenyu Practicing Certificate: A0680613040001

Disclaimer: The above contents are for reference only, and do not constitute specific operation suggestions. The profit and loss and risk of the operation shall be borne by oneself