On the first trading day after the holiday, not only A-shares and their derivatives had a good start, but the RMB exchange rate also appreciated significantly, hitting a new high since April 2019. At the same time, most domestic commodity futures closed higher amid the bullish holiday news.
Among them, According to the reporter’s understanding, agricultural products led the rise, with Apple’s main contract rising by the limit, soybeans rose more than 7%, soybean meal rose more than 6%; most black products rose, coke rose more than 5%, iron ore rose more than 4%, and coking coal rose more than 3% ; Energy and chemical products rose across the board, with fuel and rubber rising by more than 3%, and PVC rising by more than 2%; most basic metals rose, with Shanghai Nickel and Shanghai Tin rising by more than 2%; precious metals rose and fell.
At the close this morning, the S&P 500 index rose 0.88%, the Dow Jones Industrial Average rose 0.57%, and the Nasdaq Composite Index rose 1.39%. This week, the S&P 500 index rose by 3.84%, rising for the third consecutive week and recording its largest weekly increase since the week of July 2. The Dow Jones Industrial Average rose by 3.27%, rising for two consecutive weeks and recording its largest weekly gain since August 7. The largest weekly increase since that week, the Nasdaq rose 4.56%, rising for three consecutive weeks, and also the largest weekly increase since the week of July 2. European stocks also hit a three-week high and rose for two weeks in a row.
Gold and silver have risen for two consecutive weeks. Gold futures hit a three-week high and the largest gain in six weeks. Silver futures rose more than 5%, the largest gain in the past eight weeks. Lun Copper hit a two-week high on the third day in a row, rising more than 3% this week for two consecutive weeks. The U.S. dollar hit a three-week low, and the renminbi rose above 6.70 for the first time in a year and a half. The offshore renminbi rose by more than 650 points this week. During the long holiday, the cumulative increase in the renminbi foreign exchange market has exceeded 500 basis points. On October 5, it once set a new record of 4.00 points last year. A new high since last month reached 6.7139.
It is worth noting that Hurricane Delta caused the largest impact on energy production in the U.S. offshore Gulf of Mexico in 15 years. More than 90% of the region’s oil and nearly two-thirds of its natural gas production capacity have been shut down. Oil prices rose briefly on Friday but fell late in the session, ultimately closing down 1.6%. Crude oil fell to a one-month high, ending a two-week losing streak this week.
With the support of the external environment, A-shares are off to a good start
On October 9, A shares had a good start. The Shanghai Composite Index closed at 3272.08 points, up 1.68%; the GEM Index closed at 2672.93 points, up 3.81%; the GEM Composite Index closed at 3070.75 points, up 4.01%; the Shenzhen Stock Exchange Component Index closed at 13289.26 points, up 2.96%; the Science and Technology Innovation 50 closed at 1465.96 points, up 3.32%. Relevant data shows that as of the close, net purchases of northbound funds were 11.267 billion yuan, a new high since July 6.
The three major stock index futures contracts also closed collectively higher. The main contract IF2010 of the CSI 300 stock index futures rose 99.2 points or 2.17% to 4660.4 points; the main contract IH2010 of the Shanghai Stock Exchange 50 stock index futures rose 56.2 points or 1.75% to 3275.8 points; the main contract IC2010 of the CSI 500 stock index futures rose 178.0 points or 2.89 points %, reported 6332.6 points.
As for the “good start” of A-shares after the holiday, Wang Mengying, a stock index futures analyst at Nanhua Futures, believes that it is mainly due to the external environment. good influence. In addition, the accelerated recovery of domestic consumption during the Golden Week also supported the index. The rise in offshore RMB during holidays reflected the improvement in risk appetite in overseas markets. In general, the sharp rise in A-shares on the 9th was a positive release during the long holiday and did not surprise the market.
“As for the future, given that the recent trend of A-shares has been affected by the risk appetite of overseas markets, there has been a Repeated oscillations. Considering that the U.S. election will also suppress the risk appetite of A-shares, there is a possibility of greater fluctuations in the A-share market in the future. The market’s concerns about the fourth quarter mainly come from two aspects. The election and the sustainability of the domestic economic recovery. Considering that both of these points are full of uncertainty, especially the domestic economic situation, as the domestic monetary policy stimulus gradually fades, there is greater uncertainty about the economic situation next year. , the market is still not fully optimistic, and we need to maintain a wait-and-see attitude. Under such circumstances, we do not recommend blindly ending long positions, and stock index futures or stock index options can be used to appropriately protect long positions.” Wang Mengying said.
Zhao Xiaoxia, chief researcher of Green Dahua Futures Financial Futures, believes that there is little room for A shares to fall at their current position. With the continued recovery, there is a high probability of long-term improvement.
“The U.S. presidential candidates will fight hard and will inevitably make some remarks involving China, which will lead to constant ups and downs in Sino-U.S. relations. But as the situation in the U.S. election gradually becomes clearer, related incidents The suppressive effect on A-shares will weaken. At present, the domestic economy is recovering well, while the tightening of monetary policies by major European and American central banks will be delayed. Considering that there is a lot of liquidity in markets such as the United States, the monetary policy of our country’s central bank has not Relatively restrained. In view of this, there is a possibility that the RMB will continue to appreciate in the future, which will be beneficial to the A-share market.It is a short position test, but it needs to avoid the impact of potential supply disruptions. The appropriate time is to make a decision after the news is announced. “As for the mid-term, we believe that the main idea is to place long orders on dips.”
The State Council deployed 17 key measures in 6 major areas to improve the quality of listed companies
The State Council recently issued the “Opinions of the State Council on Further Improving the Quality of Listed Companies” (hereinafter referred to as the “Opinions”). The “Opinions” require that we adhere to the direction of marketization and rule of law, and strengthen capital in accordance with the requirements of deepening the financial supply-side structural reform. We will build market infrastructure and vigorously improve the quality of listed companies. Adhere to equal emphasis on existing and incremental growth, and combine temporary and root-cause solutions, leverage the joint efforts of all parties, strengthen continuous supervision, optimize the structure and development environment of listed companies, significantly improve the standardization of listed companies’ operations, continuously improve the quality of information disclosure, and effectively solve outstanding problems. The sustainable development capability and overall quality have been significantly improved, providing strong support for building a standardized, transparent, open, dynamic and resilient capital market and promoting high-quality economic development.
In order to further improve the quality of listed companies, the “Opinions” proposed 17 key measures in six aspects.
First, improve the governance level of listed companies. Improve the corporate governance system and rules, clarify the responsibilities and legal responsibilities of controlling shareholders, actual controllers, directors, supervisors and senior managers, improve the channels and methods for institutional investors to participate in corporate governance, accelerate the implementation of internal control standard systems, and strengthen the governance of listed companies The bottom line requirement is to effectively improve the level of corporate governance. Improve information disclosure standards by industry and enhance the pertinence and effectiveness of information disclosure.
The second is to promote listed companies to become better and stronger. Comprehensively implement and implement the securities issuance registration system step by step to support the listing of high-quality enterprises. Improve the systems for asset reorganization, acquisition, spin-off and listing of listed companies, and allow more qualified foreign investors to make strategic investments in domestic listed companies. Improve the conditions for refinancing issuance of listed companies. Explore and establish a long-term assessment mechanism for institutional investors to attract more medium- and long-term funds into the market. Improve the incentive and restraint mechanism.
The third is to improve the exit mechanism of listed companies. Strict delisting supervision, improve delisting standards, simplify delisting procedures, severely crack down on malicious evasion of delisting, and increase the accountability of entities that violate laws and regulations. Smooth diversified exit channels for listed companies such as voluntary delisting, mergers and acquisitions, and bankruptcy and reorganization.
The fourth is to solve outstanding problems of listed companies. Actively and steadily resolve the stock pledge risks of listed companies, insist on controlling the increase and resolving the existing stock, strengthen the consistency of supervision on and off the market, and strengthen the risk restraint mechanism. Problems with capital occupation and illegal guarantees that have been formed must be paid off or resolved within a time limit. Strengthen policy support for responding to major emergencies.
The fifth is to increase the costs of listed companies and related entities violating laws and regulations. Increase penalties for fraudulent issuance, illegal information disclosure, market manipulation, insider trading and other illegal activities. Promote the increase in legal supply, increase the administrative and criminal liability for financial fraud, capital misappropriation and other illegal activities, improve the securities civil litigation and compensation system, and support investor protection agencies to participate in litigation as representatives in accordance with the law.
The sixth is to form a joint force to improve the quality of listed companies. Continue to improve regulatory efficiency, strengthen the main responsibilities of listed companies, consolidate the responsibilities of intermediaries, improve the comprehensive supervision system of listed companies, establish and improve information sharing mechanisms, and jointly create a good environment that supports the high-quality development of listed companies.
The China Securities Regulatory Commission stated that the “Opinions” clarified the overall quality of listed companies from the perspective of accelerating the improvement of the socialist market economic system, building a modern economic system, and achieving high-quality economic development. Requirements include improving the governance level of listed companies, promoting listed companies to become better and stronger, improving the exit mechanism of listed companies, solving outstanding problems of listed companies, increasing the cost of illegal violations of listed companies and related entities, and forming a joint effort to improve the quality of listed companies. It has made systematic and targeted arrangements to improve the quality of listed companies, which is a programmatic document to promote the high-quality development of listed companies in the future.
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