Limited short-term impact

After entering October, the relevant information on Shanghai and Hong Kong through the market gradually increased, which means that although the specific landing time has not yet been determined, but

The time for implementation has been further approaching.

As an important policy change in the A-share market, the impact of Shanghai and Hong Kong's start on the stock market has begun to be heated by more investors. A

Looking back on the trend of the stock market this year, when the Shanghai and Hong Kong pass is expected to take shape, it really has a significant impact on the A share market trend, mainly in the AH sector, and a large number of A shares that are relatively H-share discount have been significantly stronger.

However, with the arrival of Shanghai and Hong Kong's landing days, analysts believe that the impact of the policy on the market will continue to weaken.

On the one hand, after nearly a few months of fermentation, A share investors have basically formed a mature expectation for Shanghai and Hong Kong, which means that the possibility of market volatility due to the expected factors has been greatly reduced.

On the other hand, in recent times, there has been a marked decline in the number of Hong Kong stocks due to the outflow of foreign capital and A shares have always maintained a strong pattern, leading to a sharp rise in the AH premium index.

Therefore, even if arbitrage opportunities exist, arbitrage space is also very limited.

Based on the above reasons, analysts believe that the short-term impact of Shanghai and Hong Kong through policy on A shares has been greatly weakened, and the policy landing will not bring too significant impact on the market trend.

Of course, the mid term impact of Shanghai and Hong Kong's policy on the A share market is still highly valued, which is mainly reflected in two aspects: incremental capital and midline investment opportunities.

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For example, the launch of Shanghai and Hong Kong means that the channels for foreign investment in A shares are further enriched. From the historical experience of stock markets in China, Taiwan and Korea, the large-scale entry of foreign capital has brought a significant bull market to the relevant market.

Considering that the overall valuation of the A share market is still in a low-lying state in the global stock market, its foreign capital will continue to have a significant attraction. Therefore, the scale and speed of the entry of external funds into the A shares will be gradually promoted, and thus have a positive impact on the medium term sentiment of the stock market.

From the perspective of investment opportunities, Shanghai and Hong Kong still may bring opportunities to the central line of many stocks in the A share market.

The midline opportunities include: first, there are some unique features in the A share market, such as military industry, Chinese medicine, rare earth, liquor and so on. These varieties have great attraction for investors in Hongkong stock market. In the future, with the increase of foreign capital allocation, the valuation premium of related stocks is expected to increase. Two, there are many kinds of "class bonds" in A shares, while the interest rate level in Hongkong market is relatively low. This makes some high score red and blue chips in the A share market have certain relative earning advantages, and the allocation of foreign capital is expected to increase the chance of blue chips value discovery such as banks and high speed roads.