On February 6, 2024, wind data showed that multiple positive factors stimulated the volume of A-shares to rise sharply, with the Shanghai Composite Index** soaring by more than 3%, the Shenzhen Component Index, ChiNext Index, and Science and Technology Innovation 50 soaring by more than 6%, and the Beijing Stock Exchange 50 soaring by more than 9%. There are more than 100 daily limits in the whole market**, and nearly 1,000 shares have risen by more than 8%.
In terms of gains, ETFs are facing the "rising tide", and the Science and Technology Innovation 100 ETF (588190SH) led the market
Specifically, the Science and Technology Innovation 100 ETF (588190SH) led the rally by 1074%, STAR 100 Index ETF (588030sh)**10.32%, STAR Market 100 ETF (588120sh)**10.11%。In addition, a number of ETFs rose by more than 10%, and the vaccine biological ETF (561710sh)**10.05%, Big Data ETF (159739sz)**10.02%, biomedical ETF (159859SZ), innovative drug ETF (159992SZ) is **10%, and the innovative drug sector performs well.
On the news side, the China Securities Regulatory Commission held a symposium on February 5, 2024 to solicit opinions and suggestions from some listed companies and ** companies on further optimizing the regulatory mechanism for mergers and acquisitions and restructuring and vigorously supporting listed companies to enhance their investment value through mergers and acquisitions. Among them, the implementation of "rapid review" for the restructuring of leading large-capitalization companies, supporting leading enterprises in the industry to efficiently acquire high-quality assets, and further optimizing the "small and fast" review mechanism for restructuring.
In terms of innovative drugs, on the evening of February 4, 2024, the "2023 Drug Evaluation Report" (hereinafter referred to as the "Evaluation Report") of the Center for Drug Evaluation of the State Food and Drug Administration disclosed that 40 varieties of Class 1 innovative drugs will be approved for marketing in 2023, nearly double the number of approvals (21) in 2022. In addition to product approvals, there are frequent transactions between domestic pharmaceutical companies and overseas giants. According to incomplete statistics, from 2021 to 2023, there will be at least 120 overseas licensing transactions of innovative drugs in China, with a total transaction value of nearly US$85 billion.
Guosheng pointed out that the recent A** field has exceeded expectations**, in the context of little change in macro fundamentals, the impact of micro liquidity and economic expectations have not been substantially reversed is the core reason, and the follow-up is expected to usher in improvement. In terms of strategy, maintain the dumbbell configuration idea, the first choice for over-falling economic growth, after nearly a month of full adjustment, the cost performance is highlighted, and the market style before and after the Spring Festival may be biased towards small and medium-sized growth.
In terms of declines, QDII collectively closed down, and Nikkei ETF fell more than 3%.
In the overnight market, the three major U.S. stock indexes closed slightly lower, and as of **, the Dow Jones Industrial Average was 274 compared with the previous trading day30 points, closed at 3838012 points, a decrease of 071%；Nasdaq Composite Index**31At 28 points, it closed at 1559768 points, a decrease of 020%；S&P 500 Index 1580 points, closed at 494281 points, a decrease of 032%。
Industrial believes that the "soft landing" of the U.S. economy is expected to be strong. Economic data released in January showed that the U.S. economy remains resilient. Inflation is likely to continue to fall in 2024. On the one hand, housing services inflation will lag behind the fall of new leases in 2024**. On the other hand, the current improvement in supply and demand in the labor market and the slowdown in the year-on-year wage growth in the service sector will help reduce the pressure on supercore services inflation. In a "soft landing" macro environment, U.S. equities look to be driven by valuations driven by higher earnings expectations.
In terms of activity, CSI 1000 Index-related ETFs are large**, and China Concept Internet ETF (513220SH) turnover rate of over 300%.
Specifically, among the ** ETFs, CSI 300 ETF (510300SH) ranked first with a turnover of 656.3 billion yuan, CSI 1000 ETF (512100SH), CSI 1000 ETF Index (560010SH) is at the forefront of the market, and the small and mid-cap market is attracting attention again.
In terms of turnover rate, China General Internet ETF (513220SH) was actively traded, reaching 34303%, Nikkei ETF (159866SZ) turnover rate exceeded 200%, and Hong Kong stock consumer ETF (513230SH), US 50 ETF (513850SH) is a close second.
Haitong ** believes that the measures for the revaluation of A-shares should be viewed from the perspective of the active capital market. The development of the valuation system is conducive to stimulating the vitality of the capital market, and the construction and development of the valuation system is inseparable from the active participation of the capital market. Specifically, we may refer to the development experience of the ESG system, and in the early stage of the development of the special valuation system, the corresponding ETF can also be implemented on this basis; At the policy level, we can further increase the guidance of long-term capital entering the market by delineating rigid standards and strengthening information disclosure. Finally, the purpose of allowing the capital market to participate in the whole process of the construction of the special valuation system is achieved, so as to realize the virtuous circle between the development of the special valuation system and the active capital market.
Debang ** believes that since February 2021, small-cap stocks**, from a trend perspective, artificial intelligence is one of the core clues, and the current artificial intelligence is still in the early stage of development, which also means that the style of small-cap stocks is still in the early stage. From the perspective of bands, the third stage is usually the stage with the strongest money-making effect, and the two necessary conditions for ushering in the third stage in combination with historical experience are that one is the substantial release of industrial profits, and the other is the upward recovery of the short-term economy.
In terms of the ETF issuance market, a number of products will be raised tomorrow
Specifically, CSI 2000 ETF ** (159533SZ), CSI A50 ETF Index** (560350SH) will open at the end of this month. Dividend Low Volatility ETF (159525SZ), SOE Reform ETF (159528SZ), Hong Kong Stock Connect Dividend 30 ETF (513820SH) will start recruiting tomorrow (February 7, 2024).
The second US 50 ETF (159577SZ) was officially established yesterday.
CSI A50 ETF Index** (560350SH) closely tracks the CSI A50 Index, which selects the 50 largest market capitalization** from the leading listed companies in various industries as the index sample to reflect the overall performance of the most representative leading listed companies** in each industry.
Compared with the SSE 50 Index, the CSI A50 Index covers more market sectors, with a more balanced and comprehensive industry allocation, a high concentration of leading enterprises in China's new economy and traditional advantageous industries in the transition period, and a stronger representation of China's economy. Therefore, the CSI A50 Index has attracted much attention from the market as soon as it is released, and it is expected to become the "beautiful 50" index of A-shares.
Open Source believes that the current market does not need to be pessimistic. The economy is still recovering, with a PMI of 49 in January2%, up 02 percentage points, the level of manufacturing prosperity has rebounded; The services PMI is 501%, or bottom** into an ascending channel. Recently, real estate policies have been intensively introduced, policy expectations have increased, relevant policies continue to land, and real estate is expected to usher in improvements in the future. The market is expected to strengthen the policy of stable growth, and there may be more positive fiscal, monetary, and real estate policies to support stable growth, and the market is expected to improve significantly.
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