The three major A-share stock indexes opened on September 25 and continued to soar. The three major stock indexes all rose more than 3% in early trading and then gave up, and the gains narrowed by half in the afternoon. In the afternoon, the gains in the two markets continued to narrow, and the Shanghai Composite Index fell below 2,900 points.

From the perspective of the disk, the concept of diversified finance and breaking the net was strong throughout the day, the media and large infrastructure industries began to make up for the rise, and the steel, automobile, and precious metal sectors were good; The liquor and chip sectors fell against the trend.

At the close, the Shanghai Composite Index rose 1.16% to 2,896.31 points, the STAR 50 Index rose 0.04% to 667.34 points, the Shenzhen Component Index rose 1.21% to 8,537.73 points, and the ChiNext Index rose 1.62% to 1,641.54 points.

Wind statistics show that a total of 4,161 stocks rose in the two cities and the Beijing Stock Exchange, 1,010 stocks declined, and 177 stocks were flat.

The total turnover of the Shanghai and Shenzhen stock exchanges was 1,157.4 billion yuan, an increase of 186.1 billion yuan from 971.3 billion yuan on the previous trading day, a new high in the past five months. Among them, the Shanghai market turnover was 516.7 billion yuan, an increase of 73.9 billion yuan from the previous trading day's 442.8 billion yuan, and the Shenzhen market turnover was 640.7 billion yuan.

According to Great Wisdom VIP, a total of 70 stocks in the two cities and the Beijing Stock Exchange rose by more than 9%, and 5 stocks fell by more than 9%.

Non-bank finance continued to soar, and the liquor sector turned down in the afternoon

In terms of sectors, the non-bank financial sector continued to soar, with more than 10 stocks such as Tianmao Group (000627), Minmetals Capital (600390), Aijian Group (600643), and PetroChina Capital (000617).

Bank stocks continued to rise, Bank of Zhengzhou (002936), Bank of Lanzhou (001227), Zijin Bank (601860), Shanghai Pudong Development Bank (600000), Qingnong Commercial Bank (002958) rose more than 4%.

Commerce and retail rose first, Friendship Group (600778), Yonghui Supermarket (601933), Cross-border Pass (002640), Macalline (601828) and other daily limits, Children's King (301078), Youa shares (002277), baby-friendly room (603214) rose more than 5%.

The gas sector fell against the market, ENN shares (600803) fell more than 4%, and Anhui natural gas (603689) and new natural gas (603393) fell against the market.

Liquor stocks turned down in the afternoon, Huangtai Liquor (000995) fell more than 5%, Laobai Dry Liquor (600559), Jinshiyuan (603369), Shuijingfang (600779) and other companies fell more than 1%.

Semiconductor equipment also performed poorly, with Huafeng Measurement and Control (688200), Tuojing Technology (688072), and Fuchuang Precision (688409) falling more than 1%.

The follow-up focus will be on the repair slope of macro fundamentals

Galaxy Securities said that based on the introduction of this round of unexpected policies, market confidence is expected to be effectively boosted, and the A-share market may usher in a repair market, and the follow-up focus will be on the repair slope of macro fundamentals. At the same time, under the dual effect of favorable policies and improved liquidity, the Hong Kong stock market is also expected to go out of the upward trend. In terms of the bond market, the long-term liquidity released by the RRR cut will increase the supply of funds in the bond market, which will help push bond yields down and enhance the attractiveness of the bond market. Among them, short-term interest rates are more sensitive to monetary policy, focusing on the allocation value of short-term bonds. Long-term bonds may remain volatile in the short term, but under the policy guidance of RRR and interest rate cuts, they still have high allocation value in the long run.

Huafu Securities believes that the conference launched a number of financial support for the real economy of various policy measures, is the real economy and capital market "real money" support, many policy measures exceed market expectations, constitute a major support for the economy and the market. A-shares are expected to usher in a period of full-scale counteroffensive.

CITIC Securities believes that the press conference of the State Council Information Office of the three ministries and commissions of monetary policy and financial supervision announced a package of financial support entity policies, which has obvious intentions to boost market confidence. For banks, the adjustment of the interest rate of existing mortgage loans has a negative impact on the pricing of banks' assets, and it is clear that the subsequent decline in LPR and deposit interest rates will have a neutral impact on bank interest margins. Swap facilitation tools increase the financing facilities of non-bank institutions and target investment in the stock market, re-lending tools help listed companies buy back and increase their shareholdings, and index weighted stocks with good subject qualifications and liquidity have more room for practical operation, and listed banks are expected to directly benefit.

Founder Securities pointed out that looking forward to the market outlook, the current monetary policy first, the fiscal policy will take over, the market risk appetite is expected to continue to improve significantly, and the superposition of incremental funds to enter the market to reverse the situation of the capital stock game, it is recommended to open the bullish thinking, actively look for opportunities for the bottom layout, and grasp the repair market. It is recommended to pay attention to the industry allocation: (1) resource sectors (precious metals, copper, aluminum, coal) with sufficient pullbacks and economic clues; (2) the pan-public utilities sector (water, electricity, transportation, and communications) of the central state-owned enterprises that are revaluation; (3) The industrialization chain of emerging markets with economic support (buses, ships, cross-border logistics, construction machinery).