Go on**!
Following yesterday's sharp rise, on February 7, the A** field was staged again**, and all indices strengthened across the board. The Shenzhen Component Index rose more than 3% at one point, and the ChiNext Index rose 2%.35%, the Shanghai Composite Index rose more than 1%, the Beijing Stock Exchange 50 Index rose more than 5%, and the number of stocks in the whole market exceeded 3,500.
*Huijin's official announcement of its entry into the market has pushed the "leveling**" to the forefront, and the discussion on the "leveling**" of A-shares has heated up again. Goldman Sachs' latest report believes that there are four major reasons to support the current launch of the "leveling" to stabilize the basic scale of the market of about 200 billion yuan, the purchase will help break the spiral, and the landing direction of the "leveling" is the "national team" preference plate.
At present, big news is coming from Sino-US relations. According to the Ministry of Commerce, on February 6, Wang Shouwen, the international negotiator and vice minister of the Ministry of Commerce, had a phone call with U.S. Deputy Secretary of Commerce Lago **, and had a frank and in-depth communication on the preparations for the first vice ministerial meeting of the China-US business and trade working group and the economic and trade issues of concern to both sides. Yesterday evening, according to the Ministry of Finance, from February 5 to 6, the third meeting of the Sino-US Economic Working Group was held in Beijing, and Finance Minister Lan Foan attended the meeting and had a brief exchange with the US side.
Continue** At the market level, following yesterday's sharp rise, on February 7, the A**field continued**, and all indices strengthened across the board. The Beijing Stock Exchange 50 Index rose 5%, the Shenzhen Component Index rose more than 3%, the ChiNext Index rose more than 2%, the Shanghai Composite Index rose more than 1%, and the number of the whole market exceeded 3,500, and more than 200 stocks rose by more than 9%.
It is worth mentioning that the performance of small and medium-cap stocks today is particularly eye-catching, with the Science and Technology Innovation 100 and CSI 1000 Indices soaring by more than % respectively during the session, leading the major indexes, and the related ETFs corresponding to the two major indexes rose sharply, among which the Science and Technology Innovation 100 ETF E Fund (588210) rose by more than 6%, the Science and Technology Innovation 100 ETF** (588220), the Science and Technology Innovation 100 ETF Southern (588900), the CSI 1000 Index ETF (516300), The CSI 1000 ETF Index (560010) rose by more than 5%.
In terms of sectors, semiconductor chips, pharmaceuticals and medical care, military industry, automobiles and other directions were among the top gainers. Among them, Huawei's automobile concept has been greatly improved, JAC Motors, Shenglong shares have a daily limit, Cialis and Huayang Group are approaching the daily limit, and Jiangling Motors, BAIC Blue Valley, Changan Automobile, etc. have risen by more than 6%.
On the news side, February 6, the first week of February 2024 (129-2.4) The sales ranking of new energy vehicle companies was released, and the sales volume of the Wenjie brand cooperated by Cialis and Huawei continued to rise, with 0The weekly sales volume of 90,000 units continues to occupy the top five sales of luxury brands in the Chinese market, second only to traditional luxury cars BBA (Mercedes-Benz, BMW, Audi) and Tesla.
In today's market, there was a relatively rare scene recently, and high-dividend stocks suddenly bucked the trend and weakened intraday. Among them, Industrial and Commercial Bank of China once fell more than 4%, and many high-dividend stocks such as Bank of Nanjing, Shaanxi Coal, China Shenhua, China Coal Energy, China Merchants Highway, and Nanjing-Shanghai Expressway fell more than 2%.
It is worth noting that foreign capital is continuing to scramble. As of 10:20, the net inflow of northbound funds exceeded 3.4 billion yuan. Among them, the net inflow of Shanghai-Hong Kong Stock Connect exceeded 1.7 billion yuan, and the net inflow of Shenzhen-Hong Kong Stock Connect was nearly 1.7 billion yuan.
Yesterday (February 6), northbound funds increased their positions in the A** field significantly, with a net of nearly 12.6 billion yuan throughout the day, refreshing the largest single-day net buying since December 28 last year. Since January 30, northbound funds have increased their holdings for six consecutive days, and at present, their net purchases have successfully turned positive during the year, with a total of nearly 4.4 billion yuan in A-shares for the year.
The national team's latest shot
In early trading today, broad-based index ETFs continued to be sought after by funds.
As of press time, many CSI 300 ETFs have seen significant increases compared with yesterday. Among them, the CSI 300 ETF (510300) traded 527.4 billion yuan, the product traded 65 million throughout the day yesterday600 million yuan; CSI 300 ETF (159919) traded 245.8 billion yuan, the product traded 29 all day yesterday$5.1 billion; The current trading volume of CSI 300 ETF E Fund (510310) and CSI 300 ETF ChinaAMC (510330) in early trading has exceeded the trading volume of the product yesterday.
On February 6, ** Huijin Company announced that it fully recognized the value of the current A** market allocation, and has recently expanded the scope of exchange-traded open-ended index ** (ETF) holdings, and will continue to increase its holdings and expand the scale of its holdings, and resolutely maintain the smooth operation of the capital market.
*Huijin's official announcement of its entry into the market has pushed the "leveling**" to the forefront, and the discussion on the "leveling**" of A-shares has heated up again. Goldman Sachs Chief China Strategist Liu Jinjin and his team's latest research report on issues related to "leveling**" are interpreted.
For the current launch of "leveling**" or similar schemes, Goldman Sachs gave four reasons:
First, since the beginning of 2021, ** has fallen by 63%;
Second, dividend income is higher than bond income;
third, the potential wealth creation and emotional boost of residents;
Fourth, it is in line with the theme of state-owned enterprise reform.
Goldman Sachs said that from the perspective of international experience, **direct intervention** in the market is not uncommon, depending on the scale of the intervention and supporting measures, and in some cases it is also effective.
As for the scale of "leveling", Goldman Sachs**, in the past month, the "national team" has been about 70 billion yuan of A-shares, and the basic scale that can stabilize the market is about 200 billion yuan, which is equivalent to 0Around 8%. Potential funds** are relatively abundant, such as cash from state-owned enterprises, Huijin and CIC, insurance and pensions, foreign exchange reserves, and the central bank.
Goldman Sachs believes that buying can help break the spiral, and reforms, policy coherence, and plans to address macroeconomic structural challenges are necessary for China's valuation to recover. The implementation direction of "leveling**" is the "national team" preference sector, broad-based index ETF high-weighted stocks, cash return strategy and high-quality Chinese state-owned enterprises.
In addition, there is also a lot of discussion on the "leveling" in the domestic seller's research, and some sellers' research believes that the conditions for the establishment of "leveling" are already in place, and the purpose of the establishment of "leveling" is to support the bottom and stop the decline and restore confidence; In the short term, it is more feasible to have a "level**" fund of 2 trillion to 3 trillion yuan, and in the long term, it can be replenished to 10 trillion yuan or more year by year.
China and the United States, big news!
According to the Ministry of Commerce, on February 6, Wang Shouwen, the international negotiator and vice minister of the Ministry of Commerce, had a phone call with U.S. Deputy Secretary of Commerce Lago **, and had a frank and in-depth communication on the preparations for the first vice ministerial meeting of the China-US business and trade working group and the economic and trade issues of concern to both sides.
Wang Shouwen said that Sino-US economic and trade cooperation is a stabilizing force in the relations between the two countries. China is ready to work with the US side to earnestly implement the important consensus reached at the China-US summit in San Francisco, give full play to the role of the China-US Business Working Group, expand cooperation, manage differences, and create favorable conditions for cooperation between the business communities of the two countries.
Wang Shouwen also expressed concerns about the U.S. restrictions on semiconductor and cloud services in China, fair treatment of Chinese companies in the U.S., and photovoltaic restrictions.
On the evening of February 6, according to the Ministry of Finance, from February 5 to 6, the third meeting of the China-US Economic Working Group was held in Beijing, and Minister of Finance Lan Foan attended the meeting and had a brief exchange with the US side.
The meeting was co-chaired by Vice Minister of the Treasury Liao Min and US Deputy Secretary of the Treasury Chambaugh, and attended by relevant departments of the economic fields of the two countries. In accordance with the three-point consensus reached at the San Francisco Summit, China and the United States conducted in-depth, candid, pragmatic and constructive exchanges on the macroeconomic situation and policies of the two countries, G20 financial cooperation, developing countries' debt, industrial policies and other issues. The Chinese side expressed concern over the US tariffs on China, two-way investment restrictions, and sanctions against Chinese companies. The two sides agreed to continue to communicate.
Editor-in-charge: Wang Lulu.
Proofreading: Su Huanwen.