A Shares Have Resumed Long-Term Bull Market Three Factors Will Push The Stock Up.

The A Asia Pacific research team believes that the A share is still in a long-term bull market, but the volatility is very high. In the report, it pointed out that since 2000, the annual compound growth rate of Shenzhen A shares and Shanghai A shares in dollar terms is 12% and 8% respectively, higher than those in the US, Europe, Japan and Hongkong.

This year, investors rekindled enthusiasm for the stock market. In 5-9 months, the number of new accounts increased by nearly two times. In September, the total daily turnover of Shanghai and Shenzhen exchanges reached 59 billion dollars, a record high.

Analysts believe that domestic and foreign investors will continue to enhance their participation in A shares.

In the past, the real estate market and trust products have brought high returns to investors, but now the real estate market is facing weak sales. High inventory The pressure on trust products is constantly strengthening. supervise Domestic investors are likely to turn their attention to the stock market.

For international investors, A shares are still undervalued relative to their long-term valuation level and other Asian Pacific markets. The expansion of Shanghai and Hong Kong as well as QFII and RQFII means that investing in A shares will be more convenient.

But they also pointed out that they were right. A shares There is some risk in restoring bull market, which is mainly the risk of China's hard landing. "In the wake of the slowdown in economic activity since July, the data in September and October are very important for judging whether the government's easing measures are effective," the company said in a report. Our benchmark judgment is still that China will eventually spanform itself into more consumption and service driven growth models.

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The market launched a callback on October when it hit a new high in 9, and this week it has increased. In terms of style, blue chips and growth fell, and the index dropped by more than 1%. Especially the growth style index represented by gem index and CSI 500 declined significantly, fell more than 2%, and industries declined, spanportation and insurance, banking and other industries declined less, and steel, spanportation, logistics, medicine and other industries declined.

This week, the fund continued to reduce its position slightly. Although the central bank once again released loose liquidity signals this week, it is difficult to resist the "blood pumping" effect of the new stock purchase, while continuing the negative impact of the previous economic data. The three quarter GDP data released this week once again verify that the current economy is at a "bottom hovering and limited recovery" pattern; the policy side is relatively heavy with relatively few news, plus the delay in Shanghai and Hong Kong, making the market more negative emotions. The continued downturn in the economy and the wait-and-see of the reform policy prompted fund managers to become more cautious and more active.

Partial equity fund positions: the overall position declined slightly, active changes slightly. The October 23rd position calculation data showed that the stock position fund declined slightly this week. The weighted average position of the comparable active equity fund was 85.26%, down 0.47% from the previous week; the weighted average position of the equity hybrid fund was 79.09%, down 0.59% compared with the previous week; and the weighted average position of the hybrid fund was 67.56%, which was 0.56% lower than that of the previous week. During the calculation period, the Shanghai and Shenzhen 300 index fell 1.98%, and the positions changed slightly. After deducting the change of passive positions, the partial equity fund continued to slightly reduce its position.