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Guangfa Securities: Liu Chenming—Focus on three major core positive factors

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Guangfa Securities’ chief strategy analyst Liu Chenming said that several positive factors in China’s current market are steadily accumulating. The three core positive factors that are most worth paying attention to are: (1) ETF incremental capital is clearly increasing, (2) the industry trend is continuing to remain strong, and (3) first-half report performance has support. More specifically, first, broad-based ETFs have once again shown signs of net inflows. For the week of July 13 to July 18, main fund holdings recorded daily average net inflows of 18.4 billion yuan into ETFs (totaling 92 billion yuan), while all broad-based ETFs recorded daily average net inflows of 30.5 billion yuan (totaling 152.5 billion yuan). Liu Chenming said historical experience indicates that when broad-based ETFs experience net inflows of a similar scale, the market generally enters a phase of bottoming out. Second, the AI industry trend is continuing to remain strong, and sentiment has not been damaged. Global AI penetration continues to rise, and the “quantity-price” cycle of AI computing power in the supply chain remains spreading. With high order visibility and relatively strong certainty regarding earnings realization, first-half report performance is expected to validate the industry’s high level of momentum. Third, the market’s endogenous stabilization mechanism continues to play a role. Share repurchase enthusiasm among listed companies is warming up, regulators are promoting the development of endogenous market stabilization mechanisms, and a compliance-oriented directive of “if you can’t see clearly or can’t control, then you won’t be allowed to operate” runs throughout the process, which helps prevent systemic risk. In addition, the market’s micro-level liquidity is not pessimistic. (People’s Finance News)
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