Today's Viewpoint: The foundation of a stable operation of the A -share market is solid foundation

Zhao Ziqiang

On August 8th, the trend of the A -share market was quite a test of investor mentality -after opening, the Shanghai index and Shenzhen syndrome index rose slightly, and the GEM finger fell slightly. On the day, the entire market transaction was 952.6 billion yuan, and it was still under trillion yuan, and at the same time, it sold 1.075 billion yuan in nets in the north. Judging from the recent data released by China settlement, the number of new investors in July was only 11.321 million, which was a new low since November last year. The hesitation of investor mentality was obvious.

However, if you put aside excessive attention to the daily rise and fall of the A -share market, investors can see that the basis of the smooth operation of the A -share market is reliable.

The "stability" of A shares comes from the stability of China's economy. According to customs statistics, in July, the total value of my country's imports and exports was 3.81 trillion yuan, an increase of 16.6%, of which 2.25 trillion yuan was exported, an increase of 23.9%. The exports exported in the first 7 months were 1.337 trillion yuan, an increase of 14.7%year -on -year. This reflects the competitiveness of China's exports and further supports my country's economic growth.

Another set of data shows the speed of recovery in my country's service industry. The business activity index (service industry PMI) reached 55.5%on August 3, which was announced on August 3, an increase of 1.0 percentage points from June. new highs.

The "stability" of A shares comes from the performance support of listed companies. As of August 8th, 1794 listed companies disclosed the semi -annual results preview of 2022, of which 757 were pre -happy; 205 disclosed in the semi -annual report of 2022, and 121 net profit attributable to mothers increased year -on -year, accounting for nearly 60 % of the proportion of nearly 60 % ; 107 disclosure of the 2022 semi -annual report Express, 84 realized net profit attributable to mothers increased year -on -year, accounting for nearly 80 %. Outstanding performance of listed companies supports the market steady.

The semi -annual report of this year also reflects some highlights that fits the economic growth. According to the classification of the Shenwan -level industry, energy metal, oil and gas mining Ⅱ, coal mining, aviation equipment Ⅱ, small metal, agricultural chemical products, and other six industries, the number of pre -happy companies accounted for more than 50%of the total number of companies in the industry. From this point of view, in the first half of the year, some upstream industries, high -end equipment, and new energy industry chains were significantly recovered under the policy boost.

In addition, the science and technology board pre -happy data is better than the average value of A shares. Data show that as of August 8, 67 science and innovation board companies disclosed the performance forecast of the first half of 2022, of which 46 were pre -shared, accounting for nearly 70 %. This is due to the diversified trading system, industrial agglomeration effect, and technological innovation and growth brought about by research and development investment, and also inject new momentum into the smooth development of the capital market.

The "stability" of A shares also comes from a reasonable low range. As of August 5, the Shanghai Stock Exchange Index PE and PB were in the historical low range of 18.6%and 9.1%. Among them, the PE and PB valuations of the Shanghai Composite Index and the Shanghai Stock Exchange 50 are lower than the market low -level areas at the end of 2008; the PE and PB valuation of CSI 500 are lower than the low -level areas at the end of 2012.

The market's short -term rise and fall cannot be accurately predicted, but economic trends and value logic are often more certain. Smart investors must learn to grasp the certainty, which is not only the way to win, but also the foundation of the market smoothly.

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