China News Service, Beijing, February 19 (Reporter Chen Kangliang) On the first trading day of the Lunar Year of the Dragon, all major Chinese A-share stock indexes rose. The representative Shanghai Composite Index rose more than 1%, returning to the 2,900-point mark.
At 15:00 on February 19, the first trading day of the Year of the Dragon, the Shanghai Composite Index closed up 44.64 points, or 1.56%, to close at 2910.54 points, with a turnover of 442.148 billion yuan. Photo by China News Service reporter Yin Liqin
As of the close on the 19th, the Shanghai Composite Index reported 2910 points, an increase of 1.56%; the Shenzhen Component Index reported 8902 points, an increase of 0.93%; the GEM Index reported 1746 points, an increase of 1.13%.
Song Zhenghao, an analyst at Orient Securities, said that A-shares basically showed a general rise pattern, with many sectors experiencing a "limit-up trend" and the market was more enthusiastic about going long. Among them, the artificial intelligence (AI) concept sector performed particularly well, which was mainly driven by important industry events, especially the release of the Sora model.
At 15:00 on February 19, the first trading day of the Year of the Dragon, the Shanghai Composite Index closed up 44.64 points, or 1.56%, to close at 2910.54 points, with a turnover of 442.148 billion yuan. Photo by China News Service reporter Yin Liqin
In terms of specific sectors, most A-share sectors rose that day. According to data from financial data service provider Oriental Fortune, concept sectors such as multi-modal AI and AIGC (artificial intelligence production content) performed well, rising 11.11% and 9.84% respectively, ranking among the top gainers.
Recently, the American company Open AI released its first video generation model Sora, which has attracted widespread market attention. Sora can generate high-definition short videos of up to 60 seconds based on short prompt words. Some analysts pointed out that the birth of Sora indicates that users can save the tedious production process and convert their own imagination into video works, which is expected to improve the efficiency of short video creation and accelerate the development of short video platforms.
Looking forward to the trend of A-shares in the Lunar Year of the Dragon, Yang Delong, chief economist of Qianhai Kaiyuan Fund, said that expectations for China's economic recovery in the Year of the Dragon are expected to increase. As expectations for economic recovery strengthen, capital market performance will also be better. In addition, the Federal Reserve is expected to enter an interest rate cut cycle in 2024, and the RMB exchange rate is expected to mainly appreciate during the entire Year of the Dragon. This will increase the investment attractiveness of RMB assets and attract foreign capital to flow into RMB assets, which will support the trend of A-shares. (over)