The Shanghai index daily chart.

　　Chinanews client, Beijing, September 18 (Reporter Xie Yiguan) On September 18, the three major A-share stock indexes resumed their strength.

In the early trading, large financial stocks broke out. Brokerage stocks took the lead in driving the market upward, and the Shanghai stock index returned to 3,300 points.

　　As of the close, the Shanghai Composite Index rose 2.07% to close at 3328.09 points, a cumulative increase of 2.38% this week; the Shenzhen Component Index rose 1.77% to close at 13245.09 points, a cumulative increase of 2.33% this week; the GEM rose 1.52% to close at 2596.08 points , This week has increased by 2.34%.

　　Under the strong market, a total of 3134 shares in the two cities rose, 59 shares rose by the limit; 768 shares fell, and 4 shares fell by the limit.

On the disk, the insurance sector rose more than 7% to lead the broader market. In addition, the securities, coal, diversified finance, and real estate sectors saw the highest gains. Culture, education and leisure bucked the trend and closed down.

On September 18, the industry sector with the highest A-share gains.

　　With the enthusiasm for market transactions, northbound funds bought 9.474 billion yuan throughout the day, which is a net purchase for 4 consecutive trading days.

Among them, Shanghai Stock Connect net purchases were 5.994 billion yuan, and Shenzhen Stock Connect net purchases were 3.48 billion yuan.

The turnover of the two cities reached 835.7 billion yuan, which was higher than the previous trading day.

　　It is worth noting that, according to the August 2020 quarterly review results of the flagship index announced by the international index compilation company FTSE Russell, FTSE Russell’s flagship index FTSE Global Stock Index series will include a total of 150 Chinese A shares this time. At the same time, 2 A shares were excluded from the index.

This adjustment came into effect after the close of the market on September 18 (before the opening on September 21).

　　Guotai Junan believes that some of the risk factors that have disturbed the market trend in the near future have been fully released, and the capital from northward has changed from outflow to inflow.

The Shanghai Composite Index recovered the 60-day moving average, and the mid-line upward trend is intact, and the subsequent rebound will continue.

"Before the National Day holiday, the overall index is still in a range of fluctuations, and external risks will still suppress the A-share risk appetite. It is expected that the Shanghai Stock Index will continue to oscillate within the range of 3100-3500 points. In the short-term, we need to pay attention to the pressure on the 3400 point area along the box."

　　"The main reasons for the adjustment of A-shares in the past one or two weeks are the decline in U.S. stocks, the regulation of poorly performing stocks on the ChiNext, and the adjustment pressures of the sectors that have increased in the previous period; the A-shares themselves have been adjusted due to some high rises and high valuations. Pressure is the core factor." Northeast Securities said that most of the leading stocks during the year have retraced more than 30%, and the proportion of trading days with a retracement of more than 20% has exceeded 15%, entering the historical bull market's retracement range of leading stocks. The adjustment may be nearing completion.

　　"At this stage, there is still room for improvement in A-share trading volume (handover rate) from the historical high. The continued inflow of foreign capital in the later period, the massive issuance of funds, and the relatively low level of leverage all provide a guarantee for the source of funds in the A-share market and provide a guarantee for the market. Continued to provide incremental funds." Shanghai Securities analyst Liu Qihao pointed out.

　　In Liu Qihao's view, since there is no strong economic recovery momentum in 2006-2007 and 2009, or the basis for continued easing of liquidity (continuous decline in interest rates) and continuous rise in leverage in 2014-2015, the current round of A-share trend may It is difficult to replicate the "fast bull" market in the first three stages, and the main tone of the shock uptrend or later market.

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