In the first half of the year, the total turnover of A shares exceeded 114 trillion yuan

The A shares were officially ended in the first half of the year. Although the main indexes continued to fluctuate, the market transaction remained active, with a total turnover of over 114 trillion yuan. Industry insiders pointed out that overall view of the main line of steady growth in the first half of the year, with the support and continuous increase of a series of favorable policies, the market emotions are gradually repairing. In the second half of the year, the policy joint efforts are expected to push the fundamental expectations to further repair. By “stability”, it is still the main direction. The growth of scientific and technological growth and large consumer sector are particularly worthy of attention.

Specifically, Wind data shows that the main index of the A -share market has closed down the board in the first half of the year. %; In terms of sectors, the energy and consumer service sectors have performed strongly, with an increase of 21.52%and 2.29%, respectively; software and services, technical hardware and equipment sectors have fallen among them; At the beginning of the year, it decreased by 5.42 trillion yuan, a decrease of 5.61%. In addition, the balance of financing and securities and securities continued to decline. In the second quarter, the balance decreased by 76.7 billion yuan, which was narrowed compared to the first quarter. In terms of sector performance, the main line of "steady growth" represented by real estate and infrastructure is outstanding in the first quarter. In the second quarter, the new energy industry chain also began to recover and drive the index to boost.

As the domestic favorable policies continue to increase, the market has continued to recover since the end of April, and the Shanghai Stock Exchange Index has returned to near 3,400 points. It is worth noting that in the middle of the year, the gradual positive of funds has further boosted market emotions. In the first half of the year, A -share transactions were still active, with a cumulative turnover of 11.42 trillion yuan, an increase of 6.53%year -on -year. Among them, the average transaction turnover of April and May was less than 900 billion yuan, and investors watched their emotions. In June, the average daily turnover increased significantly, exceeding 1 trillion yuan. At the same time, the continuous view of foreign capital also brought a net inflow of 71.8 billion yuan in northern direction. Among them, the net inflow of Shanghai Stock Connect funds exceeded 86.2 billion yuan, and the net outflow of Shenzhen Stock Connect funds exceeded 14.4 billion yuan. There are electricity equipment, banks, and non -ferrous metals in the north -directional funds plus increase in the amount of more than 10 billion yuan. In terms of individual stocks, the amount of Sunshine Power, Huichuan Technology, and Changjiang Electric Power increased, with more than 7.7 billion yuan, 7 billion yuan, and 6.6 billion yuan, respectively.

Ping An Securities believes that growth in the second half of the year is still an important configuration direction. The current stable growth policy is densely landed. Compared with 2020, this round of policy layout is more comprehensive. While supporting structural transformation, it also focuses on traditional industries. Among them, consumption and new infrastructure are highlights. It shows; the profitability of enterprises has increased, and the traditional energy and new energy industry chains have maintained high prosperity. The current market's main index valuation has returned below the historical average, and the earnings ratio of 300 Shanghai and Shenzhen bonds is more than 75%of the relatively high level. It shows that entering the medium and long -term configuration range, the valuation of the growth sector is more relatively flexible.

Wang Hanfeng, chief strategy analyst of CICC, also said that the current valuation of A shares is at a low level of historic interval and has the value of the mid -line. In terms of liquidity, interest rate levels may decline steadily, and better liquidity in the stock market rely on the improvement of risk preferences. For investors, the industry configuration should be "stable", and then attack and then attack. (Reporter Wei Xiayi)

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