A shares midday review | ChiNext fell 0.89% in half a day, banking stocks bucked the trend and rose, Agricultural Bank of China surged for 14 consecutive days, gold and other non-ferrous concepts plummeted

On October 22, the A-share market opened weakly and oscillated, with a turnover of 1.1 trillion, a decrease of 53.5 billion from the previous trading day. By midday, the Shanghai Composite Index fell by 0.44%, the Shenzhen Component Index fell by 0.81%, and the ChiNext Index fell by 0.89%. According to the Shanghai Securities News, recently, led by Agricultural Bank Of China, bank stocks are showing positive signals of valuation repair. Last week, Agricultural Bank Of China's A-share price-to-book ratio crossed the 1 times mark, breaking the long-standing situation of state-owned banks trading below net asset value. Analysts believe that currently, the high dividend yield of quality assets combined with stable performance has become an important advantage in attracting fund inflows. At present, dividend assets such as banks are undergoing a new round of "value discovery". Orient believes that the recent strong performance of Agricultural Bank Of China, the "leader" in the bank sector, reflects investors' optimistic expectations for the bank's future, helping to attract attention to the bank sector and to some extent closing off the downside of the stock index. In terms of the market, the hotspots are somewhat chaotic. The banking sector is rising again, with Agricultural Bank Of China hitting a new high with 14 consecutive gains; real estate stocks continue to be strong, with Winnovation Culturaltainment Development hitting a limit up for 3 consecutive days; the plant-based meat concept is on the rise, with Yan Tai Shuang Ta Food and others hitting limit up; the CPO concept continues to rebound, with the leader Zhongji Innolight hitting a historical high intraday, with a total market value exceeding 500 billion; the deep-earth economy concept continues to ferment, with Shanghai SK Petroleum & Chemical Equipment Corporation, Sinopec Oilfield Equipment Corporation, and others hitting limit up for 3 consecutive days, driving the engineering machinery, shale gas, and other sectors to remain active; innovative pharmaceutical and healthcare stocks rebounded, with Zhejiang Anglikang Pharmaceutical hitting limit up. On the downside, gold and other non-ferrous metals concepts plummeted, with Hunan Silver hitting limit down, while semiconductors, coal, securities, defense, and photovoltaics were among the sectors with the largest declines. Looking ahead, Orient believes that overall, the short-term impact of the trade war has been largely absorbed by the market, and there are signs of a rebound in technology stocks after a basic correction. Coupled with the leading role of blue-chip stocks in the market, it is reasonable for the Shanghai Composite Index to hit new highs.