Investment Rating - The industry investment rating is "Overweight" [18] Core Viewpoints - The capital market in China has been sluggish for the past three years, but recent policy measures announced on September 24, including a 50 basis point reserve requirement cut and other financial incentives, have led to a significant market rally [4][6] - Major indices have recorded historic gains, with the Shenzhen Component Index rising 17.83% in a week, marking the largest weekly increase since 2000, and the ChiNext Index achieving a 22.71% weekly gain, also a record [4][6] - Investor sentiment is overwhelmingly bullish in the short term, with 84% of surveyed institutional investors expecting further market increases [5][6] Summary by Sections Market Performance - The Shanghai Composite Index reached a peak of 3731.69 points on February 18, 2021, before declining to 2635.09 points on February 5, 2024, representing a maximum drop of 29.39% [6] - The trading volume surged dramatically, with a record total turnover of 2.59 trillion yuan on September 30, 2024, surpassing the previous high of 2.36 trillion yuan on May 28, 2015 [4][6] Investor Sentiment - A survey of 422 institutional investors revealed that 84% are bullish on the short-term market outlook, while 14% expect a wide range of fluctuations, and only 2% anticipate a downturn [5][6] - There is a split opinion on whether the current rally is a rebound or a reversal, with 52% believing it is a reversal [8] Future Expectations - Investors expect the market to oscillate within a range of ±200 points, with 80% identifying 3000 points as a strong support level [11][12] - The sectors expected to perform well include consumption, TMT (Technology, Media, and Telecommunications), cyclical stocks, and manufacturing, with consumption and TMT being particularly favored due to their significant declines over the past three years [12][13]
公用事业行业专题报告：问卷调查机构投资者如何看待后续市场行情
Hua Yuan Zheng Quan·2024-10-07 06:15