Breaking through 1 trillion yuan for 21 consecutive trading days——

　　What signal is sent by the continuous massive trading of A shares

　　Our reporter Zhou Lin and Ma Chunyang

　　Volume energy is one of the important indicators of stock market transaction and investment activity.

On August 18, the closing data of the A-share Shanghai and Shenzhen stock exchanges showed that the Shanghai stock market turnover was 535.463 billion yuan, the Shenzhen stock market turnover was 661.695 billion yuan, and the total turnover of the two markets was more than 1.119 billion yuan.

This is the 21st consecutive trading day since July 21 that the transaction volume of the two cities exceeded 1 trillion yuan.

Among the 153 trading days this year, the number of days when the turnover exceeded 1 trillion yuan has reached 69 days, accounting for more than 45%.

　　Yang Delong, chief economist of Qianhai Open Source Fund, said that the transaction volume shows that the current market is active to a certain extent. In addition, the number of investor accounts, margin financing and securities lending data, and the stock price performance of some concept stocks all reflect investors’ Confidence in the market.

　　Fundamental support

　　The Chinese economy with strong momentum and promising prospects is an important cornerstone for the A-share market to overcome difficulties.

Deng Haiqing, chief investment officer of AVIC Fund, said that in the first half of the year, the macroeconomic fundamentals were good, showing a stable and strengthening trend and a steady and positive trend. The GDP exceeded 53 trillion yuan, a year-on-year increase of 12.7%; the national industrial enterprises above designated size in the first half of the year Achieved a total profit of 4,218.33 billion yuan, a year-on-year increase of 66.9%, and 70% of the national industry profits exceeded the level before the epidemic; in the first half of the year, the national corporate sales revenue increased by more than 30% year-on-year, and the tax data reflected the steady improvement of the economy.

　　In terms of micro-enterprise fundamentals, as of August 17, among the more than 1,780 listed companies that have released their 2021 semi-annual report performance forecast, more than 1,260 "pre-happy" (including pre-increasing, continued profitability, turnaround, and slight increase) , Accounting for more than 70%.

Most "pre-happy" listed companies performed well in terms of operating income, net profit attributable to the parent company, and earnings per share.

　　These many factors that affect corporate profitability are becoming a "stabilizer" for the healthy development of A-shares.

Looking at the world, in the global economic recovery that began in the second half of last year, China has injected strong impetus into the recovery of the world economy with its own economic resilience and sustained growth.

　　"The attractiveness of A-shares mainly comes from the profit prospects of listed companies and the optimization of the capital market environment." Tian Lihui, Dean of the Financial Development Research Institute of Nankai University, said that in the context of the relatively strong fundamentals of the Chinese economy, the A-share market continues to be active.

With the support of funds, the optimization of governance and the improvement of the system, my country’s listed companies are expected to make steady progress. At the same time, various high-quality companies continue to be issued and listed, which means that the A-share market has huge potential.

　　Dong Zhongyun, chief economist of AVIC Securities, believes that my country's economy has taken the lead in the world to get out of the impact of the epidemic, showing a steady recovery trend.

Compared with Western countries, my country's loose policies are more restrained, can effectively avoid the aftereffects of strong stimulus, and have more stable economic fundamentals.

　　Investors enthusiastically enter the market

　　Behind the high volume is financial support.

As of August 16, the balance of A-share margin financing and securities lending was 1,854,949 million yuan, an increase of 888 million yuan from the 1,854,061 billion yuan in the previous trading day, and the balance of the two financings reached a new high in the past three years.

　　In the face of turbulent adjustments in the global financial market, China's stock market has become a "safe haven" favored by foreign investors.

As of August 17, the northbound capital (mainly foreign capital) that has flowed into A shares through the Shanghai-Shenzhen-Hong Kong Stock Connect this year has exceeded 250 billion yuan. Although short-term capital inflows and outflows have occurred from time to time, foreign holdings of A shares accounted for The ratio has steadily increased, and the long-term trend of foreign investment in favor of A-share assets has not changed, but has increased day by day.

　　"In the process of accelerating reform of China's capital market and the increasingly mature market environment, the attractiveness of the A-share market to international investors has steadily increased. It is the general trend for foreign investment to increase its deployment in the Chinese market," said Chen Mengjie, chief strategy analyst at Yuekai Securities Research Institute. The continuous inflow of northbound funds can inject high-quality incremental funds into the market. Since most of the northbound funds are professional institutional investors, it can also promote the improvement of the investor structure of the A-share market, enhance the overall stability of the A-share market, and help China’s capital market in the long-term healthy growth.

　　Benefiting from the increasing demand for residents' wealth management, the “moving” of residents' savings has never stopped, which has never lacked active participants in the stock market, and the number of investors and the scale of public and private equity funds have reached record highs.

　　A-share investors continue to enter the market.

According to the latest statistics released by China Securities Depository and Clearing Corporation Limited, as of the end of June, the number of new investors during the year reached 10.8399 million, a year-on-year increase of 35.65%. At the end of the period, the number of investors was approximately 189 million, an increase of 12.44% over the same period last year.

　　According to statistics from the China Securities Investment Fund Industry Association, as of the end of July, the latest total size of private equity fund managers reached 18.99 trillion yuan, with a sharp increase of 1.1 trillion yuan in July, which is the month with the largest increase this year; there are 24,300 surviving private equity fund managers. Home, 111.8 thousand funds under management.

　　Public funds have gradually become one of the important choices for residents' asset allocation.

Previously, the “Research Report on Chinese Residents’ Investment and Wealth Management Behaviors” released by Shanghai Jiao Tong University’s Shanghai Advanced Institute of Finance showed that the three types of assets most allocated by residents in investment and wealth management are bank deposits, public funds, and stocks, with 44% of respondents. A public offering fund.

　　Xu Haining, vice president of Orient Securities, believes that my country has ushered in a great era of wealth management.

On the one hand, with the decline in the risk-free rate of return and the increase in residents’ income, the structure of residents’ asset allocation is quietly changing, and the proportion of financial assets will further increase; on the other hand, in recent years, various institutional reforms and innovations in my country’s capital market have helped The long-term and healthy development of the wealth management industry provides institutional guarantees.

　　Deepen reforms and add vitality

　　The A-share market neither lacks liquidity support, nor is it afraid of short-term liquidity risks caused by the influx of hot money.

Through the establishment of the Science and Technology Innovation Board and a series of reform measures such as the pilot registration system, the reform of the GEM registration system, and the reform of the New Third Board, the two major "valves" of the supply and demand of securities and the amount of funds for trading in my country's capital market have maintained a balanced situation, and the investment and financing structure of the stock market has continued Optimization, the influence of insurance funds, social security funds, pension funds and other long-term funds in the capital market continues to increase, and the overall investment and financing style of the market has become increasingly stable.

　　Yang Delong said that, regardless of the amount of funds involved or the activeness of participants, these many financial factors that affect the valuation of securities are becoming the "fixing star" for A-shares against the trend.

No matter how external short-term liquidity factors change and how other economies engage in quantitative easing, the current situation of abundant liquidity in China's capital market has not changed, and the foundation for China's capital market reform and development remains solid.

　　"From the perspective of A-shares themselves, market systems such as the registration system and delisting mechanism have been continuously improved, and market supervision has continued to be optimized. Promoting the improvement of the quality of listed companies has become the focus of regulatory work. It is expected that more and more high-quality companies will be listed in the future. The industry structure will also further reflect the characteristics of the new economy and highlight its growth, thereby providing investors with investment opportunities to share the development of my country's new economy." Dong Zhongyun believes.

　　Tian Lihui said that through the reform combination of "system building, non-intervention, and zero tolerance", the capital market has been comprehensively deepened and reformed steadily, policy risks in the A-share market have declined, market manipulation issues such as market manipulation have improved, and market operation efficiency has been improved. , Increasing the attractiveness of the market by optimizing the environment.

　　Dong Zhongyun believes that as the residents' awareness of financial management in my country continues to increase and the demand for wealth growth continues to increase, in the future residents' asset allocation, the increase in the proportion of financial assets such as stocks will be the general direction.

　　Looking forward to the future, Yang Delong said that although the domestic and international situation has undergone profound and complex changes, the fundamental and liquidity factors affecting China’s stock market have not fundamentally changed. The attractiveness of China’s capital market will continue to increase, and China’s equity assets will also become An important option for all types of investors, the majority of investors should maintain sufficient confidence.