The three major A-share indexes rose across the board, led by digital currency and industrial cannabis stocks.

SMM10 8: early trading three major stock indexes slightly higher after the trend of differentiation, the Shenzhen Composite Index rose more than 1%. On the disk, the pig plate collective high open, film and television stocks opened weaker, stimulated by the Nobel Prize in physiology or medicine yesterday, the relevant concept stocks rose in early trading, the mobile phone industry chain, industrial hemp plate active. Real estate, banks and other plate changes pulled up, leading to the Prev, Shenzhen Composite Index strengthened, the Shanghai Stock Exchange 50 index rose more than 1%, technology stocks differentiated, the performance of the index is more declining. On the whole, the market stocks rise and fall less, the profit effect is better. By midday, the Prev index closed up 0.84% at 2929.53 points, the Shenzhen Composite Index closed up 1.06% at 9546.16 points, and the Chuang Index closed up 0.35% at 1633.24 points.

Abnormal review

Pork plate opened higher, Tianbang shares rose more than 6%, Zhengbang science and technology, Muyuan shares rose 4%, Dabei Nong, Yisheng shares and other collective higher

Digital currency plate quickly pulled up, radio and television express rose more than 6%, Golden Crown shares, Omar Appliances, Hailian Jinhui and other collective strength

The industrial hemp plate strengthened, Long John Pharmaceutical pulled up the sealing board in a straight line, Fangsheng Pharmaceutical, Zixin Pharmaceutical and Kunming Pharmaceutical Group followed suit one after another.

The opening of the film and television sector weakened, Shanghai film fell by the limit, Beijing culture, Chinese film, Ventures holding, light media and so on all fell sharply.

The concept of liquor is strong, the fate of the world is up nearly 5%, Luzhou old cellar, alcoholic wine, mouth cellar and so on.

The digital currency plate continued to strengthen, Radio and Television Express rose by the limit, Golden Crown shares, Huijin shares, and so on.

Real estate development sector strengthened, central and southern construction rose 7%, Lu business development, Sunshine City, Poly Real Estate and other collective strength

The banking sector strengthened, Changshu Bank rose 6%, Ping an Bank rose 3% to an all-time high, Ningbo Bank and Everbright Bank pulled up one after another.

Near noon, cement building materials stocks collectively rose, Shangfeng cement rose, the stock price approached a record high, Qilian Mountain, Tianshan shares, Jidong cement, evergreen and other stocks rose one after another

Message surface

Liu he was invited to the United States to hold a new round of high-level economic and trade consultations between China and the United States.

At the invitation of the US side, Liu he, member of the political Bureau of the CPC Central Committee, vice premier of the State Council, and Chinese leader of the China-US Comprehensive Economic Dialogue, will lead a delegation to visit Washington. From October 10 to 11, he will hold a new round of Sino-US high-level economic and trade consultations with US Trade Representative Lightheitzer and Treasury Secretary Mnuchin. The main members of the Chinese delegation include Zhong Shan, Minister of Commerce, Yi Gang, Governor of the people's Bank of China, Ning Jizhe, Deputy Director of the National Development and Reform Commission, Liao Min, Deputy Director of the Finance Office of the CPC Central Committee and Vice Minister of Finance, Zheng Zeguang, Vice Foreign Minister, Wang Zhijun, Vice Minister of Industry and Information Technology, Han Jun, Deputy Director of the Agriculture Office of the CPC Central Committee and Vice Minister of Agriculture and villages, and Wang Shouwen, Vice Minister of Commerce and Deputy Representative of International Trade negotiations.

[HKEx: no further offer for London Stock Exchange Group]

The Hong Kong Stock Exchange announced on the morning of the 8th that it would not continue its offer to the London Stock Exchange Group. The announcement pointed out that the board of directors of the Hong Kong Stock Exchange still believes that the merger of the London Stock Exchange Group and the Hong Kong Stock Exchange is of great strategic significance and will create a world-leading market infrastructure group. Despite contacts with a number of regulators and a large number of shareholders, HKEx's board is disappointed at the failure to persuade LSE group management to share this vision.

[Shanghai Gold Exchange is scheduled to officially list the Shanghai Silver Market pricing contract on October 14]

In order to better serve the real economy and improve the foundation of the silver market, on the basis of stable trial operation, the Shanghai Gold Exchange is scheduled to formally list the Shanghai Silver Market pricing contract on October 14 to provide silver benchmark prices for the domestic market. The contract code of the Shanghai silver pricing contract is SHAG, quotation unit is RMB / kg, trading unit is 15kg / hand, and the margin ratio of SHAG contract is 10% at the beginning of listing.

Institutional point of view

Citic Securities said October was a period of policy decision, the need for policy to stabilize growth in 2020 was still rising, and the continued tightening of property controls in the early stages also provided more room for future policies. We expect a modest cut in MLF interest rates and the issuance of special debt lines will be the most important policy decisions in October, policy decisions will drive the market decision, the next 1-2 months the market will still be a good investment window, the index is expected to hit this year's high. In terms of configuration, we continue to recommend low valuations and benefit from economic stability.

China Merchants Securities: a Catalyst waiting for a New Round of Market

During the National Day holiday period, as major economic data from Europe and the United States and other economies fell short of expectations, major global stock indexes generally fell, with major European stock indexes leading the decline in all markets. Commodities generally closed down, gold rose slightly, and oil prices fell the most. Manufacturing in Europe and the United States is weak and the job market is mixed. The domestic manufacturing industry picked up, and the tourism industry and the box office reached record highs during the National Day holiday period.

China Merchants Securities believes that the short-term market lack of obvious catalysis, will enter the consolidation state. The judgment of the two-and-a-half-year upward cycle of A shares has not changed, and we need to wait for the catalyst for a new round of market.

Guangfa Securities: it is expected that the adjustment range of Q4 market shock is much smaller than that of Q2.

The weak global economic data released during the holiday season, especially the US PMI in September, was significantly lower than expected. Guangfa Securities judged that the logic of A shares will translate into increased downward pressure on the Chinese economy (growth may be lower than expected) + policy constraints have not yet been falsified (waiting for MLF to continue to cut interest rates on November 5) and still need to "hide and hide".

Q2 triggered A shares into the slow cow shock adjustment period of the three factors (policy minor repair, physical appearance, overseas fluctuations) and Q4 to do a one-by-one comparison: (1) domestic policy "steady growth" is a big tone, Q4 policy minor revision must be less than Q2; (2) Q4 entity appearance of the "expected difference" probability is less than Q2; (3) the risk of U. S. economic growth recession, U. S. stocks will be more uncertain than Q2. On the whole, because the domestic "stable growth" is certain, it is judged that the adjustment range of the A-share market is much smaller than that of Q2.

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