Volume Can Enlarge Difficult A Shares, "Grinding Jobs" Will Continue To Rise In September.

Specifically, the Shanghai Composite Index rose 0.71% in August, with a monthly magnitude of 3.13%, with a cumulative turnover of 2 trillion and 790 billion yuan during the period, and an average daily turnover of 132 billion 843 million yuan in August, compared with the average daily turnover of 103 billion 896 million yuan in July, a substantial increase of 27.86% in the month to year ratio. In terms of the Shenzhen stock index, the index accumulated a slight decrease of 1.45% in August, with a monthly amplitude of 11.35%, with a cumulative turnover of 3 trillion and 340 billion yuan during the period and an average turnover of 159 billion 48 million yuan in August, an increase of 3 trillion and 340 billion in the month.

In this regard, analysts said that the use of "entanglement" to describe the Shanghai and Shenzhen two cities in August trend is quite appropriate.

Judging from the market in August, the steady increase in volume did not have much positive impact on the market trend. After the joy of "seven turns", some industrial capital and ordinary investors chose to reduce their positions at more than 2200 points.

The continuous fermentation of Shanghai, Hong Kong and other policies has brought a steady stream of positive energy to the A share market. Under the combined force of the market and the policy, the Shanghai Composite Index in August was only 3.13%, which is extremely rare in history.

Although the market performance of the year August that the volume can obviously enlarge is mediocre, it is undeniable that the lack of capital coordination is even more difficult for the Shanghai Composite Index to break through 2245 points.

Some analysts pointed out that the issuance of new shares and the lifting of restrictions on restricted shares will still have a greater impact on the A shares.

First, the issue of new shares.

The intensive issuance of many new shares will freeze a lot of money in the market. For example, statistics show that with the start of the new round of new shares issued last week, turnover fell to about 230 billion yuan on Wednesday and Thursday, and on the previous Friday, the turnover of Shanghai and Shenzhen two cities was only 200 billion yuan, much lower than the monthly average value of two yuan.

Next is

Lift a ban.

Statistics show that in September there will be 81 listed companies 15 billion 992 million shares of restricted shares listed circulation, lifting the number of 30.48% compared to August.

The total closing price of the above Friday closing price was 243 billion 328 million yuan, a 93.91% increase over the month of August, the highest in the year.

Looking forward to September, most institutions tend to continue to be volatile. For example, Huaxin Securities said in its August A share investment strategy report: on the one hand, the rise of cyclical industries will take some time.

The new opportunity for the traditional industry dominated main board market lies in the "reform dividend" and "epitaxial growth" brought about by the reform of state assets, but it is still in the stage of layout and incubation, and the conditions for traditional cyclical industries to turn into bull market are not available.

Specific to the industry, this round of real estate adjustment cycle level and duration will exceed any time in the past 15 years.

The international environment of commodity prices falling and the domestic environment with excess capacity are not conducive to the revival of resources such as nonferrous metals, coal and upstream raw materials industries.

Resources, raw materials, real estate and other related industries account for about 40% of the market weight. The industry structure determines that the conditions for the A share board to turn into a bull market are not available.

On the other hand,

Valuations are high, and rebounding continues to be under pressure.

Judging from the valuation structure, 60% of the stock's dynamic P / E ratio (TTM) is higher than 50 times.

It is difficult to launch a deep bull market.

Therefore, whether it is the main board or the gem, it will maintain an interval shock or normal in the later stage.