Today, the three major A-share indexes continued to weaken and hit new lows this year, and the Shanghai Composite Index faced a test at the 2,900-point mark. As of **, the Shanghai Composite Index fell 103%, the Shenzhen Component Index fell 141%, the GEM index fell 136%。Hang Seng Index**066%, Hang Seng TECH Index**051%。
The Fed's move to "pour cold water" on interest rate cuts continues, and Atlanta Fed President Bostic said that the Fed has no urgency to cut interest rates at present. As inflation continues to decline, he expects the Fed to cut interest rates twice in the second half of next year, one less than the "three rate cuts" previously stated by the Fed. However, this does not seem to affect the optimism of overseas investors, and U.S. stocks closed up again on Tuesday, with the Dow recording nine consecutive gains, and most of the Asia-Pacific markets today.
S&P Hong Kong Stock Connect Low Volatility Dividend Index**041% with an amplitude of 103%。J.P. Morgan Asset Management believes that the constituent stocks of the low-volatility dividend index are mainly China's central state-owned enterprises, which are greatly affected by the trend of A-shares, and today's A-shares continue to be sluggish and fail to keep up with the pace of the Asia-Pacific **, so the performance of the low-volatility dividend index is weaker than that of the Hang Seng Index.
CSI Innovative Drug Industry Index**082% with an amplitude of 192%。According to the results of the negotiation of the medical insurance catalog, 23 of the 25 innovative drugs were successfully negotiated, and a total of 341 new drugs were negotiated to enter the medical insurance catalog with appropriate ** in the past five years. J.P. Morgan Asset Management believes that the optimization of medical insurance policies is currently advancing in the direction of conducive to the development of innovative drugs, superimposed by the deepening aging of the world's major economies, the long-term growth trend of the market space of innovative drugs is relatively clear, and the domestic low interest rate environment in the short term is also good for the development of the industry, and the entire pharmaceutical sector, including innovative drugs, is expected to usher in a recovery.
The Hang Seng Tech Index is **051% with an amplitude of 151%。J.P. Morgan Asset Management believes that the recent internal reform actions of large technology stocks such as Alibaba show that the fundamentals of the industry are gradually on an improving track. Combined with the recent macroeconomic situation, the market is expected to usher in more policy imagination, and the probability of Hong Kong stocks stabilizing and strengthening is increasing.
Data**: Wind, as of December 20, 2023.