A shares ended the first half of the year, the three major indexes collectively closed up
Text, photos/Wang Chuhan, all media reporter of Guangzhou Daily
On June 30, the last trading day of A-shares in the first half of the year, the three major indexes closed up collectively. The Shanghai Index rose by 1.1%, the Shenzhen Component Index rose by 1.57%, and the ChiNext Index rose by 1.52%. The turnover of the two markets exceeded 6 consecutive trading days. trillions.
Looking back at the first half of the year, the A-share market as a whole showed a "V"-shaped trend, and the Shanghai Composite Index has rebounded by more than 15% from April 27.
Regarding the market situation in the second half of the year, many securities companies have a relatively positive attitude. According to the analysis of financial institutions, the current valuation of A shares is at a low level in the historical range and has a mid-line value, but the internal and external environment of the market may still face certain challenges in the second half of the year.
For investors, the industry allocation should be based on "stable", first defending and then attacking.
A shares: Outperforming European and American stock markets by a large margin, new energy vehicles led the gains
The reporter noticed that since the index bottomed out on April 27, the Shanghai Composite Index has rebounded 17.74% from its low point, the Shenzhen Component Index has rebounded 26.35%, and the ChiNext Index has rebounded 30.69% from its low point.
Since the end of April, the three major A-share stock indexes have performed well in major global stock market indexes, outperforming European and American stock markets by a large margin. Specifically, since April 27, the S&P 500 has fallen by 8.54%, the French CAC40 has fallen by 5.97%, and Germany The DAX fell 5.47% and the UK's FTSE 100 fell 1.00%.
In the market rebound since April 27, the new energy vehicle industry took the lead and became the hottest outlet in the A-share market.
The data shows that since April 27, the stock index has continued to rebound, with the new energy index and the auto industry index leading the way. As of June 30, the new energy index rebounded by 51.91%, and the auto industry index rebounded even more, reaching 55.38%.
Judging from the performance of individual stocks, there were 1,170 stocks that recorded positive stock price increases in the first half of the year, of which 27 stocks rose by more than 100%.
Zhejiang Jiantou, Huitong Group and Jixiang shares ranked the top three with an increase of 310.51%, 291.4% and 276.85% respectively.
According to Galaxy Securities analysis, since the rebound on April 27, small-cap stocks have rebounded better than large-cap stocks, growth stocks are better than value stocks, and the inflow of small capital is better than (super) large (medium) single capital inflow, which is different from the previous small capital inflow. It is related to the larger drop in stocks and growth stocks.
Funds are dominated by small capital inflows, mainly because market sentiment remains sensitive.
At present, relative to large-cap stocks and value stocks, small-cap stocks and growth stocks have not yet achieved sufficient gains.
In the second half of the year, small-cap stocks and growth stocks will continue to exert force due to market sentiment. After the fundamentals continue to be repaired, large-cap blue-chip stocks and value stocks may usher in better opportunities.
Funds: The number of public funds exceeded 10,000
The latest data from the Asset Management Association of China shows that as of the end of May 2022, the number of publicly offered funds in my country had reached 9,872. In addition to the 135 new funds established in June this year, 90 funds were in the issuance period, excluding the liquidation in June. The total number of public funds that have been listed has reached 10,077, surpassing the 10,000 mark, setting a milestone moment in the history of public funds.
The reporter noticed that the China Securities Regulatory Commission and the Hong Kong Securities Regulatory Commission issued a joint announcement that ETF trading under the interconnection will start on July 4, 2022.
At that time, there are 87 eligible targets included in the first batch of ETF Link.
Southern Asset Management believes that the interconnection of ETFs will provide opportunities for mainland A-share ETFs to become bigger and stronger: Hong Kong's capital market faces global investors and is one of the main investment places for global funds. Index funds represented by ETFs are important in overseas markets. investment vehicle.
Market outlook: A shares have mid-line value
How will the A-share market in the second half of the year be interpreted?
The reporter observed that from the perspective of the mid-2022 strategies released by dozens of securities companies, most of the securities companies have a more positive attitude towards the trend of China's economy and A shares in the second half of the year.
CICC believes that the current valuation of A shares is at a low level in the historical range and has a mid-line value, but the internal and external environment of the market may still face certain challenges in the second half of the year, and the market upside in the second half of the year needs more positive catalyst support.
For investors, the industry allocation should be based on "stable", first defending and then attacking.
According to an analysis by CITIC Securities, with the gradual increase of positive and favorable factors, China's economy will catch up in the second half of the year. With a strong recovery, it is still expected to achieve a relatively reasonable and high growth rate on a global scale throughout the year.
Orient Fortune Securities pointed out that it is expected to be steadily repaired in the second half of the year, and the independence of A-share valuation repairs will continue in the beginning of the third quarter, mainly due to the relative bottom of the valuation and the independence of liquidity release.
In the second half of 2022, we will continue to be optimistic about the following four tracks: photovoltaic, wind power, energy storage, and new energy vehicle tracks driven by the renaissance of new energy; coal safety and oil safety in traditional energy security; traditional infrastructure and ultra-high voltage brought about by infrastructure recovery , 5G as the representative of new infrastructure; the direction of seed industry safety and fertilizer safety brought about by food security issues.
CITIC Construction Investment Securities reminded that after the short-term A-share market rebounded in the "golden pit", it still faces a series of fundamental challenges. Investors need to remain patient and wait for bargaining. The quarter is expected to go up again and the growth style will lead.