Chinanews Client Beijing, December 31st (Reporter Xie Yiguan) On December 31st, the A-shares closed on the red market on the last trading day of 2020, marking the end of the 2020 market.

　　As of the close on the 31st, Shanghai rose 1.72% to 3473.07 points, a new high since February 2018; Shenzhen Component Index rose 1.89% to 14470.68 points, and the ChiNext Index rose 2.27% to 2966.26 points, both setting new highs since July 2015.

The Shanghai index daily chart.

　　Under the impact of the new crown pneumonia epidemic, the global capital market in 2020 can be described as allowing investors to "witness history" frequently.

For example, global stock markets plummeted in March, and US stocks fuse four times in 10 days.

However, with the large-scale releases of central banks and governments, the stock markets of various countries bottomed out and the three major U.S. stock indexes hit record highs during the year.

　　A-shares also began to bottom out at the end of March, starting a "climbing" path. In July, the three major stock indexes saw continuous surges, igniting the investment enthusiasm of hundreds of millions of investors, and the turnover continued to exceed one trillion yuan.

　　A-shares have become "Fragrant Sweets", and the cumulative net purchases of Northbound funds in 2020 will exceed 200 billion yuan.

In 2020, the Shanghai Composite Index rose by 13.87%, the Shenzhen Component Index rose by 38.73%, and the ChiNext Index rose by 64.96%.

　　In terms of industry sectors, the tourism sector has become the biggest "winner" this year, with a cumulative increase of 111.86% year-to-date, followed by aviation, with a cumulative increase of 99.63%.

Under the “drinking and taking medicine” market, the wine-making sector rose 97.81% year-on-year, and the medical care sector rose 83.91% year-on-year.

Electrical equipment, food and beverages, construction machinery, semiconductors, chemical fibers, and electrical instruments also performed well.

　　In terms of individual stocks, the “Top Ten Bull Stocks” (non-new stocks) in 2020 will fall into Intech Healthcare (1482.34%), Shanghai Machine CNC (623.42%), Sungrow Power (591.01%), Jinlang Technology (535.96%), and Tianci Materials (402.66%), Maiwei (382.03%), Kinlong Hardware (374.62%), ST Fugang (351.52%), Great Wall Motor (339.66%) and Jiuguijiu (338.99%).

"Betting on these stocks this year, Giant changing Porsche is not a dream."

Ingram Medical stock price chart.

　　In addition to the "top ten bull stocks", there are also some "star stocks" worth mentioning in 2020.

The first is Kweichow Moutai, with its stock price frequently hitting new highs. It even reached 1998.98 yuan on December 31, which is a short walk away from the "two thousand yuan" mark.

After Kweichow Moutai, the second "thousand-yuan stock" was also born in 2020. On December 16, the sci-tech innovation board stock Stone Technology, which was listed for only eight months, exceeded 1,000 yuan in one fell swoop.

　　A-share investors have also made good profits this year.

According to statistics from the Shanghai and Shenzhen Stock Exchanges, as of December 30, 2020, the total market value of the Shanghai and Shenzhen stock exchanges reached 78.28 trillion yuan, an increase of 18.99 trillion yuan from the end of 2019, an increase of 32.03%.

This also means that the per capita profit of 176 million shareholders this year is 107,900 yuan.

　　Looking forward to 2021, Guosheng Securities pointed out that fundamentally, the market will shift from gaming macroeconomic fluctuations to a more micro-level focus on the prosperity of industries and individual stocks; in terms of liquidity, monetary and credit policies will not fluctuate greatly, and stock market liquidity is more important.

As the fundamentals and liquidity further sink to the micro level, the A-share institutional bull and structural bull market will continue to interpret.

　　"As the positive changes in long-term variables gradually become apparent, 2021 will become the beginning of the future era of equity, and the current procyclical market will achieve the new year with the process of fundamental restoration." Zhongyuan Securities analyst Yang Zhenyu said in 2021 A-share valuation The basis of value differentiation still exists, and a new round of valuation differentiation may appear on the basis of this year's valuation pattern.

The "resonance of growth style" in the domestic and foreign markets echoes the structural changes on the domestic asset side and continues to be optimistic about the growth style in the future.

　　In the view of Bohai Securities, the big pattern of "performance" and "valuation" in 2021 may be difficult to change. Therefore, for the 2021 market, the judgment is biased towards the shock market.

Regarding the rhythm of the market, in addition to paying attention to the spring turmoil, we should focus on the dialectical adjustment between economic trends and policies. Considering that the elasticity of performance is less than the elasticity of valuation, the opportunities for A shares are more likely to appear in the phase of policy relaxation.

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