Shanghai Index Rose 1.84%, Turnover Of 467 Billion 400 Million Yuan, The Whole Sector Is Red.

Yesterday, the market once appeared IPO restart rumors, touches the market sensitive nerve, Societe Generale Securities chief strategist Zhang Yi Dong believes that the entire market confidence also needs to take care of, the stability and stability will continue to maintain for a period of time, the current index point can be supported.

In the afternoon, the two cities continued to go up and the Shanghai stock index reached 4100 points. By the time of press release, stock index rose 1.84%, to 4100.57 points, to 467 billion 400 million yuan; Shenzhen index increased 1.87%, reported 13667.6 points, clinched a deal of 452 billion yuan. In terms of plates, The whole line is red. New shares, sports concepts, reform of central enterprises and industrial machinery are among the top gainers.

On the face of the news, the securities company denied the reduction: no sale of any listed company's stock; the issuance of the securities and Futures Commission has already been on leave for many months; the people's Daily: the temporary financial crisis management measures should be withdrawn; 5 billion, the scale or the refinancing of the invisible red line, the listed companies have made their own strategies; the allocation of capital to leverage the "doomsday round": the stock account has been "winding up"; the 24 companies that have been investigating the stock price surge have been competing for bad news; the broker has accelerated the widening of the financing channels, and the two has fused the creditor's rights ABS has been reported to the stock exchange; the 36 companies have spent 40 billion 600 million yuan on the repurchase shares, of which 7 are over 1 billion yuan, and the two are two.

Yesterday, the market once appeared IPO restart rumors, touches the sensitive nerves of the market, the index therefore fluctuated violently, reflecting the vulnerability of current market confidence from one aspect. Zhang Yidong, chief strategist of Xingye securities, believes that the confidence of the whole market needs to be taken care of, and the strength of maintaining stability will continue for some time. But the risk appetite of the whole market is reduced, so there is still too much room for too much expectation. The market will show the shock of the box. The pattern of split stocks 。

Shen Wan Hongyuan believes that the A share market needs to be rebuilt. The core factor of the short-term dominant market risk preference is the policy choice of the management "post bailout" period. Some funds make use of the call option which is formed at the bottom of the bailout market, and the rebound of the stock fund position may be sustained before the substantial increase in the stock fund position. However, the rebound of pure game is not a long term plan. In essence, the A share market needs to be rebuilt in terms of capital supply and demand, market confidence and valuation system.

According to the analysis framework of capital supply and demand in the stock market established by Shen Wan Hongyuan research, although the demand side IPO, refinancing and non reduction in size are suppressed after the bailout policy is issued, the capital suppliers' over-the-spot allocation and two financing are also subject to deleveraging. The net purchase of the public offering is limited by the caution of the banking channel for the stock market. After the bailout of the insurance fund, the proportion of the allocation of the rights and interests is still limited or limited. The new balance of capital supply and demand needs to be rebuilt, and this balance may be a tight balance between supply and demand.

In terms of market confidence, management's attitude towards "slow cow" is obvious. Although the anticipation of the gradual withdrawal of the bailout funds and the rapid recovery of risk appetite by deleveraging, the attitude of the management to ensure liquidity in the stock market is also very clear, and the market is down the same way. In the future market, the approximate rate will fluctuate and the state of recuperation will be narrowed gradually. In exchange for the emergence of the new main line and the reconstruction of market confidence, the risk premium of stock market will gradually fall from the high level.

In the medium and long term, Shen Wan Hongyuan believes that the asset allocation pattern of large categories is still conducive to equity assets. China's push for deepening reform and developing new economy is still a must. From a cycle of more than a year, we can expect "slow cow". But the slow cow takes reconstruction as the precondition, and rebuilding takes time.

Xu Biao, chief strategist of Anxin securities, said in an interview with our reporter that in the short term, the market was disturbed by some fundamental new changes, including the rebound in pork prices, the Fed's annual interest rate increase, IPO and refinancing restart, and other factors that directly affect inflation expectations and capital supply. Xu Biao believes that the impact of the Fed's interest rate hike must be addressed. China can stabilize domestic capital only if the return rate of real economy is high. For IPO and refinancing, under the current fragile market mentality, the financing gate will have a greater negative impact, rational choice is postponed, waiting for the market to really stabilize and restart.

In the first half of the year, the concept of "Internet +" was impressive, but many star shares were also pulled down in the market. Analysts generally expect that in the second half of the year, the market will be dominated by regressive performance, and structural differentiation will become the mainstream of the market.

Qiao Yongyuan, chief strategist of Guotai Junan, believes that in the era of post market turbulence, the microstructure has not been significantly improved, and the overall risk preference of A shares will gradually stabilize at a low level. This means that A shares will return to absolute income era, and it is difficult to repeat comprehensive and sustainable investment opportunities in the short term. Investors can follow three clues to find absolute investment opportunities. The first is the clear performance, the second is the sufficient liquidity conditions, and the third is that the microstructure has improved significantly in this round of adjustment.

Haitong Securities chief strategist Xun Yugen said that the two major foundations of the current bull market, the spanformation of the industrial structure adjustment and fundamentals improvement trend has not changed, and the trend of residents' asset allocation to equity assets has not changed. Looking ahead to the next 6 months, while the capital market is slowing down, IPO, refinancing and industrial capital reduction are limited. Therefore, capital supply and demand contrast may still be dominated by capital supply, but the advantage is obviously less than that in the first half of the year. After the crash, the market style changed. From the concept of speculation to performance, the performance of the interim report is the touchstone.

In the first half of the year, the spectacle of "fierce market rate" and "market rate" may no longer exist. Shen Wan Yuan believes that the valuation system of the market as a whole needs to be rebuilt. The "market value story" of the first half of 2015 is now unacceptable. On the way up, the company's share price of 50 times PE can also go up to 100 times PE driven by the new story, and 50 times PE down the road.

For the specific investment opportunities, Zhang Yidong believes that after the stock market crash, the bull market entered the second stage of the "consolidation period". The foundation of the spanformation bull market is stable, but the rising kinetic energy is insufficient, and there is a lack of systematic index opportunities, but the systemic risk is not large. The essence of a concussion market is a structural bull market. Correspondingly, investment should enter a stage of specialization and specialization. The focus is on mining stocks that are highly matched for growth and valuation.

Zhang Yidong said that the overall profit of growth stocks is improving. According to performance notice, Gem The growth rate of semi annual report is accelerated, and the growth enterprise market means that the growth rate of the constituent stocks is even higher. The disclosure of the gem represents a year-on-year increase of 32.92% in 2015, compared with the 17.68% growth rate in the first quarter, which is at a relatively high historical level. The continued expansion of demand, the addition of leveraged space and active mergers and acquisitions provide sufficient impetus for growth of gem.