A-shares Surge, Major Indices Rise Across the Board
On the morning of December 6th, the A-share market showed a strong upward trend, with the three major indices all rising. The Shanghai Composite Index increased by 1.23%, piercing the 3400-point mark again; the Shenzhen Component Index rose by 1.79%, while the ChiNext Index soared by 2.49%. Trading volume reached 1.17 trillion yuan during the morning, surpassing yesterday's morning volume by over 200 billion yuan, indicating a significant increase in market activity.
Looking at individual stock performance, nearly 4,000 stocks rose, while only around 1,200 stocks fell, demonstrating a strong performance. The ChiNext and Sci-Tech Innovation Board indices led the growth, with the ChiNext 50, Innovative Value, Shenzhen Innovation 100, and Sci-Tech Innovation 50 indices all rising by over 2%, showcasing the strong performance of growth stocks.
Hot Sectors: AI, Cultivated Diamonds, and Financial Stocks Strengthen
In terms of sector performance, cultivated diamond concept stocks continued to rise, becoming one of the market highlights. The AI-related sector also remained hot, with the "AI+Media" concept leading the market wave, as stocks related to virtual humans, short dramas, games, and large models showed significant gains. Additionally, stocks in the artificial intelligence and Huawei Harmony technology sectors displayed strong performance, driving the overall sector upward.
However, the recently strong robotics concept experienced an adjustment, with some stocks such as Juno Co., Junpu Smart, and EVFT dropping by more than 6%, exerting some pressure on the market's upward momentum.
Policy Expectations Bolster Market Sentiment, Economic Conference Approaches
The market's strong surge is closely related to the upcoming economic conference. Traditionally, this conference is held in mid-December, and the policies and economic planning discussed can have a significant impact on the market. Guolian Securities stated that December often sees policy stimuli leading to relatively stable market conditions, with a preference for large-cap stocks. It is expected that the market will continue trading around policy expectations.
Tianfeng Securities pointed out that following each of the past 12 economic conferences, the market generally experienced an index trend, particularly when policies focused on "stable growth," the financial sector showed strong performance. Conversely, when policy focused on restructuring, growth stocks, stability, and cyclical stocks might face adjustments, and the market could exhibit a "reverse barbell strategy."
Policy Support and Capital Inflow Drive Market Valuation
Everbright Securities believes that continuous policy support and the market's profitability will drive capital inflows, thereby enhancing market valuations. In the short term, the A-share market will still revolve around policy expectations, with December 2024 and March 2025 potentially being pivotal periods for market trends. Investors should closely monitor policy shifts and the market signals stemming from the economic conference.
