The value of A-share investment in the first week of 2023 will gradually emerge

2023-01-13

In the first trading week of 2023, the A-share market achieved a "good start". The three major stock indexes rose more than 2% in the whole week, and the daily average trading volume of Shanghai and Shenzhen stock markets also increased to more than 800 billion yuan. Driven by the market recovery, after the low volatility in the past year, the net value of funds and wealth management products rebounded, and the new fund issuance market also reappeared as a "solar base", while foreign capital accelerated the layout of China's equity assets. Is the "good start" market of A-share expected to continue? What opportunities exist in China's equity market this year? How should ordinary investors allocate assets? The reporter interviewed many industry experts and institutions. The market activity has significantly increased. In 2022, China's stock market and bond market have significantly adjusted and the money-making effect has declined due to factors such as repeated epidemics, continued easing of monetary policy, and the recovery of the real economy is less than expected. As the most common investment tool for the common people, the net value of funds and financial products has also fluctuated significantly, even a large proportion of "net breaking", which has impacted the confidence of investors. In 2023, the A-share market has a great trend of recovery. In the first trading week, the main indexes of the market rose collectively. The Shanghai Composite Index rose 2.21%, the Shenzhen Composite Index rose 3.19%, and the GEM Index rose 3.21%. At the same time, under the condition of abundant liquidity and stable market expectations, the yield of 10-year treasury bonds was around 2.83%, down from the central level of nearly 2.9% in the first half of December 2022, and the net value of funds and financial products rebounded steadily. In the view of industry insiders and institutions, the success of A-share is mainly driven by positive factors such as stable growth policy. Under the expectation of domestic economic recovery, the capital market activity and earning effect are expected to be improved, and ordinary investors are also expected to share the dividends of China's economic recovery and corporate profitability. "With the expected improvement of macroeconomic stabilization, the current market environment is conducive to both the thickening of equity asset income and the accumulation of net value of fixed income assets, and the yield of public funds and bank financial products has also been boosted accordingly." Wang Yifeng, chief financial analyst of Everbright Securities, told reporters. In the view of Xun Yugen, chief strategic analyst of Haitong Securities, production and life around the country have gradually returned to normal in the near future, and favorable policies for superimposed stable growth have been introduced continuously. Investors' confidence in economic recovery has been strengthened, and the market has been boosted. From a long-term perspective, since the end of October 2022, the market has opened an upward channel. Driven by policy, fundamentals, capital and other factors, the A-share opening bonus in 2023 is "igniting" the spring market offensive. Zhou Maohua, a macro researcher of the Financial Market Department of Everbright Bank, believes that due to the weakening of short-term capital disturbance factors such as cross-year, the market liquidity remains reasonable and abundant, and the demand for institutional bond allocation, the bond market has obviously warmed up. At the same time, due to the market's more optimistic outlook for economic recovery and the low valuation of the stock market, the market's risk appetite has warmed. "After the adjustment of the bond market at the end of 2022, the interest margin of the bond market has reached a high level, and the yields of the bond base and financial products have been significantly adjusted, and the space for further decline is limited under the circumstances of market easing

Edit:wangwenting    Responsible editor:xiaomai

Source:china.cn

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