Four major factors promote A -share single -day turnover to exceed trillion yuan continuously

Zhao Ziqiang

1080.77 billion yuan! On June 16, the 5 consecutive trading day of A shares exceeded trillion yuan. Looking back on the record of a single month in the second quarter, the record of over trillion yuan was found, 0 days in April, 1 day in May, and 8 days in June (as of June 16).

Why does A -share single -day turnover continue to exceed trillion yuan in recent days? In the author's opinion, the main fact is to the following four factors:

First, the strong intensity and excessive implementation of stable economic policies are implemented. On May 25, the State Council held a national telephone conference on the national market to stabilize the economic market, and the scale of over 100,000 people exceeded market expectations. Subsequently, the three Executive Meeting of the State Council focused on the market expectations of the continuous refinement and implementation deployment of the economy: the meeting on June 1st, "deployment to accelerate the stability of the economy and measures to take effect Failure to know and enjoy "; on June 8th, the meeting emphasized that" the downward pressure of the economy is still prominent. It is necessary to efficiently coordinate the prevention and control of the epidemic and the development of economic and social development. Feeling the stability of economic policies and refining and implementing it, further release of the policy effect "; on June 15th, the meeting pointed out that" grasping the time window and focusing on interval regulation. Super -issuing currency and incompetence in the future, focusing on maintaining the market's main body to maintain employment and stable prices, and stabilize the macroeconomic market. "

Secondly, the confidence caused by the dazzling economic operation data in May. In May, the value -added of industries above designated size increased by 0.7%year -on -year and 5.61%month -on -month; the manufacturing procurement manager index was 49.6%, an increase of 2.2 percentage points from the previous month; the expected index of enterprise production and operation activities was 53.9%. It can be seen that in May, the demand for domestic production has gradually recovered, the employment prices are generally stable, the main indicators have improved margin, and the national economy has remedied the momentum.

Third, from confidence in incremental funds. In response to the impact of the Fed's super -interest rate hike on A shares, some analysts said that for global funds, in the process of turbulence in the US market, cross -market funds must find independent and have a considerable capacity market for asset allocation, and China It is one of the preferred. At present, A -share valuation is in a lower historical position. As of the closing of June 16, the SSE A -share dynamic price -earnings ratio was 12.64 times, and the Shanghai and Shenzhen 300 dynamic price -earnings ratio was 11.92 times. At the same time, the liquidity of the A -share market is relatively abundant. Data show that in May, the new social integration was 2.79 trillion yuan, an increase of 838 billion yuan year -on -year. At the same time, the year -on -year growth rate of M2 accelerated from 10.5%in April to 11.1%in May, reaching the high point in 2020. In addition, since June, the northbound capital has actively deployed A shares, and a total of 49.497 billion yuan was bought to activate the popularity of A shares while activating the popularity of A shares, and it also further increased market liquidity.

Fourth, from the perspective of wealth effects, recently, the A -share market has risen continuously, and the stock market has been frequently increased. As of June 16, it has risen more than 98 individual stocks in more than 5 trading days. Among them, Haigou Group has risen for 18 consecutive trading days, with a cumulative increase of 274.18%. The rise of individual stock prices has further attracted off -site funds to enter the market.

It can be considered that investors continue to amend their market expectations through over trillion yuan in transactions, and the realization of expectations will also follow.

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