The Shanghai and Shenzhen stock markets opened higher and moved up throughout the morning today, before hovering at high levels in the afternoon. The Shanghai Composite Index closed up 0.83%, the Shenzhen Composite Index up 1.55%, the ChiNext Index up 1.87%, the CSI 50 Index up 2.26%, and the Beijing Stock Exchange 50 Index up 0.40%. Turnover on both markets exceeded 900 billion yuan. Among sectors, defense, new energy, and non-ferrous metals rose the most, while coal fell the most.
Key Points:
• Shanghai Composite Index regains upward momentum, ChiNext and STAR 50 indexes rebound strongly:The Shanghai Composite Index opened higher this morning and quickly rallied. After the opening in the afternoon, the index continued to consolidate at high levels, with a slight pullback in the closing session. The ChiNext Index and the STAR 50 Index rebounded strongly, outperforming the Shanghai Composite Index, and trading volume on both markets increased.
• Almost all sectors in the red, funds actively building positions: Today, almost all sectors were in the red, with over 4,000 companies rising on both markets. New energy, non-ferrous metals, machinery, and steel were among the top gainers. Various sectors advanced simultaneously, with no signs of strong or weak differentiation, indicating that the overall market valuation center is rising and funds are actively building positions.
• Multi-party offensive continues, previous trapped longs fully digested: After finding support at the 5-day short-term moving average yesterday, the Shanghai Composite Index has regained its upward momentum after only one day of technical adjustment. The bulls continued their offensive, with strong momentum. After two months of repeated tug-of-war between bulls and bears around the annual line, previous trapped longs and short-term profit-taking have been fully digested. In the face of the strong offensive of the bulls, the bears have no power to fight back.
