A-shares, which were shrouded in fog at the beginning of the year, can be regarded as ushering in several good news.
One is that on the evening of January 8, U.S. technology stocks ushered in **, and the Nasdaq closed up 22%, the largest increase in nearly two months;The Nasdaq 100 index closed up 211%, rising to a stage high after five consecutive declines. Technology stock Nvidia rose more than 6%, and its stock price hit a record high. On the news side, Nvidia announced three new graphics cards for consumers at the International Consumer Electronics Show on Monday, which will allow gamers, designers and other computer users to make better use of artificial intelligence on their personal computers. Previously, the Fed's expectations of a sharp interest rate cut were disappointed, which caused U.S. stocks**, and now U.S. stocks are **, and A-shares have also shown signs of recovery.
The second is that on January 8, more than 50 listed companies took out real money to repurchase and increase their own shares to boost confidence. In addition, more than 10 listed companies have disclosed their 2023 annual results pre-increase announcements or performance reports. Among them, China Duty Free, with a total market value of more than 150 billion yuan, released a performance report, achieving revenue of 675 in 2023800 million yuan, a year-on-year increase of 242%, and the net profit attributable to shareholders of the listed company was 67200 million yuan, a year-on-year increase of 335%。Yesterday, the stock price once rushed to a halt. 
Oriental Wealth APP, as of 2024 1 9, no investment recommendation) The latest view of foreign giant UBS said that the attitude towards the capital market is positive and optimistic, and the worst time point for A-shares has passed, because corporate earnings have begun**, policies continue to exert force, and investor confidence is expected to improve. There are three main reasons:
First, corporate earnings will continue this year, and are higher than market expectations, with the CSI 300 Index earnings per share rising by 8% year-on-year this yearSecond, monetary, fiscal, credit, real estate and other policies will continue to exert force, it is expected that there is still room for interest rate cuts and RRR cuts this year, the fiscal deficit rate will be significantly larger than last year, and the real estate policy will be further increasedThird, investor confidence is expected to improve, and the observation node for confidence repair may be in February or later.
Lian Peikun, director of the Greater China Research Department of UBS Global Investment Bank, also mentioned that the current ** valuation is too cheap, and the MSCI China Index PE is only 8 times, and there will be 15% upside this year. Lian Peikun said that 5% of the 15% upside is from valuation, and the current market valuation is at the bottom, and the current MSCI China Index PE is only 8 timesThe other 10% comes from earnings per share growth in the MSCI China Index, which is expected to have a 10% upside this year. Among them, the growth of corporate revenue, the improvement of corporate profit margins brought about by the decline in commodities**, and the bottoming out of the real estate market are important driving factors.
And he believes that because the valuation is very low now, many long-term investment managers come to China again to see if there is an opportunity, fundamentals are the starting point, the valuation is too cheap, other developed markets, emerging markets, it is difficult to find opportunities with 8 times PE. The Haitong ** research report also pointed out the reasons for the current optimism of A-shares. First, the current valuation of the A** field has been at the bottom of history, and the cost performance is outstanding.
Haitong ** Research Institute "How do you think about not being popular at the beginning of the year?".", release time: 2024 1 7, data as of 2024 1 4, no investment recommendation).
Second, the central bank restarted PSL to stabilize growth, and fundamental repair is expected to promote the recovery.
Third, the end of the Fed's tightening cycle may boost risk appetite for A-shares, and foreign capital is expected to flow in gradually.
For future opportunities, Haitong ** believes that under the background of policy increases, big finance may have phased opportunities. In the medium-term earnings upswing, Baima is expected to grow better, such as hard technology such as electronics and pharmaceuticals.
How are the people who bought ** below 2900 now
Although A-shares rose today, the Shanghai Composite Index still failed to regain 2,900 points, and came to a low of 2,878 intraday41 points, a new low since April 2022. Historically, A-shares have fallen below 2900 points many times since 2005, but from the valuation point of view, the current valuation of the Shanghai Composite Index is lower than the previous valuation of most of the 2900 points below, and it is more cost-effective. 
Data**: Oriental Wealth Choice data, statistical interval: 2005 1 1 2024 1 9, the past performance of the index does not predict future performance, and does not make investment recommendations) Although the Shanghai Composite Index has risen and fallen zero so far, the highest partial stock hybrid ** index has risen by more than 147% since 2008, of course, this is also related to the compound interest of time. 
Data**: Oriental Wealth Choice data, statistics as of 2024 1 8, the past performance of the index does not predict future performance, and does not make investment recommendations) Although 2900 points in 2008 from the rearview mirror is not the final bottom, but in it, we don't know that the bottom is in**, and the continuous** will also make us experience suffering and pain, but only those who really survive will find that opportunities are falling out, without the persistence of anti-human nature, and perhaps will not wait for the dawn after the long night.