On Thursday (December 28), ** opened low and rose high throughout the day, with the GEM index leading the rise, with a turnover of 884.4 billion yuan in the two cities, an increase of 247.6 billion yuan from the previous trading day. As of **, the Shanghai Composite Index rose 138%, the Shenzhen Component Index rose 271%, the GEM index rose 385%。In terms of sectors, BC batteries, lithium mines, energy storage and other sectors were among the top gainers, while coal, ports, aquaculture and other sectors were among the top decliners. 
It's been five years
Wang Hongyuan once again "shouted the bottom".
On Thursday, A-shares finally raised their eyebrows and staged a "big miracle day", with large and small tickets rising, but there is a structural differentiation between the Shanghai Stock Exchange and the Shenzhen Component Index, the Shanghai Stock Exchange is a small ticket is stronger than a large ticket, and the Shenzhen Component Index is a large ticket stronger than a small ticket.
So, what exactly are the good stimulus?According to the ** Times, analysts believe that, first of all, from the quantitative point of view, it is still not possible to rule out that there is state-owned capital entering the market in early trading;Secondly, the recent expectation of interest rate cuts and RRR cuts has risen again, and the market has also fallen to a certain position;Third, towards the end of the year, there may also be some self-help behaviors. The new energy sector, which had previously fallen sharply, became the main force leading the rise. The Shanxi research report pointed out that the current concentration of the photovoltaic industry has gradually increased, the competition pattern has begun to be optimized, the industrial chain is basically close to the bottom, and the investment value of leading enterprises has appeared. It is recommended to pay attention to the investment opportunities of leading enterprises after the industry is cleared and the performance forecast is announced in the first quarter of next year, and the negative landing. Wang Hongyuan, strategic consultant of Qianhai Open Source, also shouted again that "Hong Kong stocks and A-shares have bottomed out". Wang Hongyuan said that the current A-shares, Hong Kong stocks, Chinese concept stocks, RMB exchange rates, and Chinese bonds are all seriously undervalued. There is a great chance of valuation recovery in the future, and it is recommended that investors actively deploy high-quality Chinese assets, and in 2024, A-shares and Hong Kong stocks are expected to launch a new round of bull market, and now we are standing at the starting point of a new round of bull market.
At the end of September 2018, Wang Hongyuan once shouted the bottom, and since then, since 2019, A-shares have opened a white horse structure bull for more than two years.
Photovoltaic tide rise
100 billion giants sealed the board
Thursday's main force is undoubtedly the photovoltaic sector, ** broke out across the board, more than 20 shares of the limit, Haiyou New Materials, King Kong PV and other 20cm limit;LONGi Green Energy Sealing Board, Junda Co., Ltd., EGing Optoelectronics, Aiko Co., Ltd., Jingshan Light Machine, Maiwei Co., Ltd., JA Solar Technology, etc., cover more than 1.86 million shareholders. 
The 170 billion giant LONGi Green Energy had a rare daily limit on Thursday, with more than 180,000 orders and a turnover of nearly 6.9 billion yuan, creating a huge amount in a single day recently.
The National Energy Administration recently released the national power industry statistics, and from January to November, the new installed capacity of photovoltaic was 16388GW, a year-on-year increase of 1494%。Among them, 21 new PV installations were added in a single month in November32GW, a year-on-year increase of 18541%, month-on-month **5653%。
A few days ago, after LONGi Green Energy announced that it would set a new world record for the conversion efficiency of monocrystalline silicon cells with HBC technology, Aiko released the industry's first bifacial BC module to fill the gap in the centralized power station market. Tongwei then announced that it had once again broken the record for the power and efficiency of HJT modules, which was the sixth time this year that Tongwei had set a new record for the power and efficiency of HJT modules. In addition, from the perspective of ornamentality, the front of the BC structural module is unobstructed, and the appearance is more in line with the application of diversified architectural scenarios, so it is deeply loved by the distributed market. In addition, BC batteries can be combined with other batteries to form new XBC batteries. For example, BC batteries can be combined with PERC to form P-IBC batteries, TOPCON batteries to form TBC batteries, and HJT batteries to form HBC batteries. Ping An ** said that new batteries may be potential opportunities, and it is recommended to pay attention to the industrialization progress of new batteries such as HJT and BC.
There is a "marginal improvement" at the inverter outlet
Inverters must be used for PV cells of any configuration, so the inventory changes of inverters are particularly concerned by the market, and the recent overseas export data of inverters has a "marginal change".
Recently, according to the data of the General Administration of Customs quoted by Guoxin**, in November this year, the number of domestic exports of optical storage inverters was 38030,000 units, down 30% y/y, but up 22% m/m. According to the Financial Associated Press, a number of people from the ** department of enterprises mentioned that the export of inverters is related to overseas destocking. The staff of the first department of Sungrow, a major inverter manufacturer, said that the destocking in Europe is objective, "the company basically maintains a reasonable level, and it will not be serious enough to affect the business promotion." GoodWe said, "Overall, there has been some marginal improvement. The previous decline in export data was mainly due to destocking, and the inventory has not yet been completed, but we see that after a period of destocking cycle, there are actually some signs of replenishment. However, some companies said that their export data was still basically flat. Among them, the microinverter leader Yuneng Technology ** department said, "The company-level data has not yet come out, and it is expected that by the end of the year (sales) the increase will not be very large, relatively speaking, it is not as exaggerated as the data (to say), our side is basically flat, and the fourth quarter may not be as good as in previous years." Guotai Junan Pang Junwen team said, "We believe that although the company will face dealers going to the warehouse in the future, the monthly shipment data will not be worse, and the subsequent monthly delivery volume is expected to gradually increase as the pressure on dealers to go to the warehouse is reduced, which will drive the inverter export amount to continue to improve month-on-month, and then will drive the valuation of the inverter sector to rebound." Industry insiders said that it will still take some time to destock. At the performance meeting in November this year, Huang Min, chairman and general manager of GoodWe, said that the company's main business products were in strong demand in the first half of the year, weak demand in the third quarter, and slowly recovered in the fourth quarter. It is expected that the destocking of the industry will end in the first quarter of next year.
"All kinds of Mao" big **
The big consumer stocks also welcomed the overall ** on Thursday, the Mao Index rose by more than 4%, Aimeike rose by more than 13%, Shede Liquor rose by the limit, Tongce Medical, China Duty Free rose by more than 8%, Bloomage Biotechnology, Luzhou Laojiao, Yanghe Shares, Wangfujing, etc. followed suit, and Kweichow Moutai also rose by more than 3%. 
Looking back on 2023, Chen Wen, chief analyst of Wanlian ** Consumption, said that due to the game of stock funds and the lack of investor confidence, the consumer sector has adjusted to a certain extent. Looking forward to 2024, the macro economy is expected to continue to recover, the income level of residents is expected to increase, and the consumer industry will maintain a stable and positive trend. The valuation of the CSI 300 Index, which is full of consumer white horses, has also come to a historical low. China Merchants ** research report said that after the adjustment of the CSI 300 index in the early stage, the current price-to-book ratio has returned to near the lowest level in history, the dividend yield has returned to the highest level in history, the interest rate spread relative to the 10-year treasury bond has hit a record high, and the ratio of the CSI 300 price-earnings ratio PE to the S&P 500 has returned to the lowest level in history. The CSI 300 Index is relatively extremely undervalued both horizontally and vertically. Recently, many physical economic indicators have turned positive, indicating that the economy is improving. From a rational and medium- to long-term perspective, the CSI 300 is ushering in the glimmer of the dawn of the bottom. It is for investors' information only and does not constitute investment advice
Article**: Oriental Wealth Research Center).