20230828-国盛证券-盛视早参_3页_661kb

报告摘要

Last Friday, A-shares experienced a sharp decline with significant losses, as both Shanghai and Shenzhen indices saw heavy turnover (7663 billion CNY total), and foreign funds net sold 24 billion CNY. Over 4200 individual stocks dropped, amid a three-week losing streak on the CSI 300 index, indicating weak market sentiment and substantial losses.

Technically, the Shanghai index found strong support around 3050 points, but continued downward pressure created buying opportunities. The ChiNext index saw heavy selling but potential for panic-driven rebounds.

Multiple government interventions aim to revitalize the A-stock market:
1. Stamp Duty Reduction: Effective August 28, 2023, the stamp duty on stock transactions is halved, lowering trading costs and providing a direct market boost, drawing parallels to historical events like the 2008 tax reform.
2. IPO Tightening: The CSRC has staged its IPO issuance rhythm. This encourages a balanced capital market by focusing on quality companies, thereby improving liquidity and stability.
3. Shareholding Regulations: New rules restrict large shareholders' exits, with stricter monitoring for undervalued stocks, prompting companies to enhance profitability and support market health.

Based on these regulatory shifts and bearish market conditions, the recommendation is to adopt a "hold and wait" approach, potentially capitalizing on a market rotation. Focus sectors include finance, rare earths, and defense, as these may benefit from enhanced investor confidence. Monitor initiatives like the "China HL-2M" nuclear fusion advancement for broader market implications.

A major nuclear fusion breakthrough was reported with the China HL-2M device achieving high-confinement mode operation, advancing clean energy research and possibly signaling technological optimism in industry.

For detailed disclosures, consult the associated disclaimer.

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