Societe Generale Securities: Three “dark lines” of market restoration in August

The Zhitong Finance App learned that Societe Generale Securities released a research report saying that in August, the market was gradually recovering, and we can focus on three hidden lines, including fundamental pricing clues, private equity and active fund inflows, and the spread of the external demand boom. The bank pointed out that August was not a simple overrun transaction; fundamentals are a more important pricing clue. The beta of the boom is returning: in the recent recovery, the market did not simply overturn transactions, and sentiment factors such as net profit growth, revenue growth, and order growth rate have once again become a “watershed” in the market, and have become the main pricing factors in most industries. Fundamentals are still the core of transactions.

Recent capital increases may mainly come from private equity and active funds: In the main leading industries, companies with heavy private equity and active fund positions performed better, pointing to private equity and active funds or the main source of incremental funding for this round of rebound recovery.

The external demand boom is spreading. In addition to the AI chain, a high share of overseas revenue is also a major clue for recent industries such as pharmaceuticals, home appliances, transportation, retail, etc.: in addition to AI chains such as communications and building materials, companies with a high share of overseas revenue are also the main direction in which their industries have performed well recently.