Core Viewpoint - The A-share market has shown a strong recovery, with the Shanghai Composite Index returning to 3900 points, indicating a bullish sentiment among investors and a potential for growth in the coming months [1][6]. Market Performance - On December 22, the Shanghai Composite Index closed at 3917.36 points, up 0.69%, while the Shenzhen Component Index rose 1.47% to 13332.73 points, and the ChiNext Index increased by 2.23% to 3191.98 points. The total trading volume in the Shanghai and Shenzhen markets reached 188.22 billion yuan, an increase of 133.5 billion yuan from the previous trading day [6]. - Major Asian markets also saw gains, with the Nikkei 225 index up 1.81% to 50402.39 points and the Korean Composite Index rising 2.12% to 4105.93 points [6]. Commodity Futures - On the same day, domestic commodity futures saw most contracts rise, particularly in the precious metals sector, with silver reaching a new high and both platinum and palladium hitting the daily limit [7]. Fund Flows - Data from Choice indicates that the top ten stocks with net inflows on December 22 included companies like Wolong Electric Drive, Zhongji Xuchuang, and Industrial Fulian, with several of these being CPO concept stocks [8]. Institutional Insights - According to a report from China International Capital Corporation (CICC), the recent adjustments in the market may be nearing an end, suggesting that the current liquidity environment remains relatively loose, providing a good opportunity for investors to position themselves for a year-end rally [9]. - Huatai Securities noted that the recent rebound in A-shares is primarily due to improved liquidity conditions, with significant net inflows from allocation-type funds. They anticipate a potential spring rally in 2024, although the market is currently navigating a period of uncertainty regarding fundamentals and policy [9]. - UBS Wealth Management's CIO office highlighted that AI innovation and related expenditures are expected to drive significant profit growth in China's technology sector by 2026, suggesting favorable liquidity and reasonable valuations could further support the Chinese stock market [9].
四点半观市 | 机构：前期调整或已近尾声 逢低布局成长风格