A Shares Ended With Three Successive Yin &Nbsp Every Month. Did The Policy Adjustment Bring The Bottom Of The Stock Market?

Shanghai and Shenzhen

From defining the financial, fiscal and tax policies and measures to support the development of small and micro enterprises, and adjusting the micro adjustment of macroeconomic regulation and control, the sensitive policy signals that have been promulgated have stimulated the stock index to rebound continuously after the low innovation in October.

Whether the bottom of the index operation will be confirmed will become the focus of market attention when the bottom of policy becomes clearer.

The last trading day of October is also the last date for the three quarterly disclosure of listed companies.

Financial remittance

Data show that three quarterly reports have been disclosed in the first three quarters of the cumulative implementation of the company

Although overall performance keeps growing, the performance of listed companies is still unbalanced.

Bank performance stands out.

In the first three quarters of the year, five major businesses, including agriculture, industry, construction and trade, surrendered 540 billion yuan in net profit and handed in a good report card.

But at the same time, the loss of deposits, the lack of total assets growth, the risk of platform debt and real estate risks still bring pressure and challenges to banks.

The performance of non-financial companies is obviously not so bright.

On the whole, non-financial companies' operating cash flow in the three quarter decreased by 22.22% compared with the same period last year. The average gross profit margin was 19.13%, down 1 percentage points from the same period last year, and the net assets yield was 11.69%, a slight decrease of 0.04 percentage points compared with the same period last year.

Similar to the performance of listed companies, economic growth has also dropped to a certain extent.

In the first three quarters of this year, China's GDP year-on-year growth rate declined quarterly by quarter, and China's economic growth in the fourth quarter is likely to decline further.

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Since October, various policies have been gradually introduced, and they are also regarded as the bottom areas from the policy level.

In the open market operation in October 20th, the central bank unexpectedly reduced the issue rate of the three - year central bank vote by one basis point.

This has led to speculation in the market whether monetary policy has bottomed out.

Although the Shanghai Composite Index and Shenzhen stock index fell slightly in the last trading day in October, the previous week's continued rise ensured that the stock index gained a positive line in October and both rose.

With the rebound of stock index, market sentiment is further recovering.

After hitting a new low of 2307.15 points in October, market volume rose gradually as the stock index rebounded.

On the last trading day in October, the volume of pactions in the Shanghai and Shenzhen two cities reached 163 billion yuan, and the total volume of the two cities totaling less than 100 billion yuan rebounded sharply compared with the previous low points.

In fact, the discussion on whether the policy bottomed out in the market is mainly focused on whether the level of inflation will decrease obviously, which will also determine the trend of the latter policy to a certain extent.

Jiang Chao, chief researcher of Guotai Junan Securities macro bond, believes that from the statistics of all kinds of prices released in October, it is estimated that CPI will drop from 6.1% to 5.3% in October and 4.4% in November, and inflation will fall sharply in the next two months.

Guoxin Securities strategist Huang Xuejun is relatively optimistic about the market's judgement. The current trend is characterized by a policy of fine-tuning the steady growth of the economic growth rate, followed by a close attention to the impact of the expansion rhythm on the market.