Blue-chip stocks on the Shanghai main board bucked the trend and strengthened, with China Construction Bank's share price hitting a record high of 10.73 yuan during the session. On July 29, blue-chip sectors such as financials, property, and steel led the gains. The Shenwan banking sector index has risen 11.7% since July, ranking first among all primary industries. Market participants say the logic behind the blue-chip rally is shifting from valuation repair to a dual driver of high dividend stability and earnings certainty. Half-year earnings guidance from some industry leaders has already set the tone, with 16 brokerages on the Shanghai market expecting combined net profit attributable to parent companies to grow 59% to 67% year-on-year in the first half. In addition, high dividends from blue-chip companies are serving as a ballast for capital seeking safety. Since July, at least 12 Shanghai main board company chairmen or major shareholders have proposed interim profit distributions.
China Construction Bank CoShare price hit record high of 10.73 yuan, driven by blue-chip rally and high dividend appeal.
Chongqing Rural Commercial Bank CoPart of banking sector rally driven by high dividend stability and earnings certainty, with sector index up 11.7%.
ChinaLin Securities Co Ltd
Sinolink Securities Co Ltd