The three major A-share indexes rose together. As of the close on September 5, the SSE Composite Index rose 0.14% to 2788.31 points, the Shenzhen Component Index rose 0.28%, and the ChiNext Price Index rose 0.65%. The market turnover was 537.02 billion yuan.
In Hong Kong and the US stock market this Thursday, the Hang Seng Index fell 0.07%, marking its fourth consecutive decline; the Hang Seng Tech Index rose 0.14%, and the Hang Seng China Enterprises Index fell 0.46%. The three major US stock indices closed with mixed results, with the Dow Jones Industrial Average falling 0.54%, the S&P 500 Index falling 0.3%, and the Nasdaq Index rising 0.25%.
On September 5th, the trading volume of several Huasheng 300 ETFs, China Securities 500 ETFs and China Securities 1000 ETFs surged. In terms of trading volume, the total trading volume of related index funds exceeded 17 billion yuan, maintaining a relatively high level.
On September 5th, the total net inflow of funds for four Huasheng 300 ETFs amounted to 6.698 billion yuan. Looking at the inflow of ETF funds, the top 10 ETFs in terms of net inflow of funds on September 5th were Huasheng 300 ETF Yifangda, Huatai Bairui Fund Huasheng 300 ETF, Huasheng 300 ETF Huaxia, Jiashi Fund Huasheng 300 ETF, Yinhua Daily Profit ETF, Bosera Fund Convertible Bond ETF, Yifangda Fund Star 50 ETF, Fullgoal Fund Hong Kong Stock Connect Internet ETF, Huaxia Fund Star 50 ETF, Guolianan Fund Semiconductor ETF, receiving fund net inflows of 3.001 billion yuan, 2.489 billion yuan, 0.606 billion yuan, 0.603 billion yuan, 0.477 billion yuan, 0.283 billion yuan, 0.158 billion yuan, 0.151 billion yuan, 0.121 billion yuan, and 0.111 billion yuan respectively.
On September 5th, the top 10 ETFs with net outflows of funds were Huabao Tianyi ETF, Game ETF, Value 100 ETF, China Securities 1000 Index ETF, China Securities A50 ETF, MSCI China A50 ETF, Securities ETF, Medical ETF, Nasdaq 100 Index ETF, and Dividend ETF Yifangda, with net fund outflows of -0.256 billion yuan, -0.1 billion yuan, -0.097 billion yuan, -0.095 billion yuan, -0.086 billion yuan, -0.084 billion yuan, -0.059 billion yuan, -0.053 billion yuan, -0.045 billion yuan, and -0.042 billion yuan respectively.
Regarding the current market, a research report from Central China Securities pointed out that the average P/E ratios of the SSE Composite Index and the ChiNext Price Index are 12.04 times and 25.70 times respectively, which are below the median level of the past three years. The market valuation is still in a relatively low range, suitable for medium- to long-term layout. The total trading volume of the two markets on Tuesday was 582.8 billion yuan, which is below the median level of daily trading volume in the past three years. The release of the New National Nine Policies will promote the market toward maturity and boost long-term market confidence. Important meetings boost confidence, as expectations for domestic macroeconomic regulation and steady growth policies continue to be implemented, the economy is expected to stabilize and rebound. Recently, the chairman of the Federal Reserve released a signal of interest rate cuts. Given that the negative feedback from the Federal Reserve's maintaining high interest rates has not yet fully manifested, and influenced by factors such as the recent decline in some investment indicators, decline in inflation data, and weakening employment data, expectations of a US economic recession have increased, further enhancing market expectations for Fed interest rate cuts this year. The overall expectation for stock indices in the future is expected to remain in a volatile pattern, while closely monitoring changes in policies, funding conditions, and external factors. We recommend that investors pay short-term attention to investment opportunities in the automotive, software development, computer equipment, and real estate industries.
Dongguan Securities stated that the market situation is still in a low-level shock, and the implementation, continuation, and expectation reversal of policies are still in a window period, and the subsequent market performance needs to be observed further. Considering the landing of mid-year risks and the further clarification of the overall market profitability, the recent policies have also provided marginal increments in boosting domestic demand. In addition, under the background of a weak US dollar, the renminbi has further stabilized, and the expectation of reserve requirement ratio cut and interest rate cut still exists, which can to some extent enhance market confidence in the economic bottoming out. The market sentiment may stabilize through consolidation, leading to stability in the overall market. In terms of operation, the mid-year performance has been fully disclosed, and sectors with high growth rates are expected to receive more favor.
Huafu Securities believes that overall, the current A-share market is in a period of economic transformation and institutional improvement. The growth rate of revenue and net income has slightly declined, but the overall status remains stable, reflecting the resilience of the fundamentals. After more than two years of continuous compression of valuations in the market, the sectors with continuous improvement in fundamentals in the future will have more prominent cost-effectiveness, and it is worth investing in.
