Gem refers to a 12% decline in the first month of this year, with an average cumulative decline of nearly 10%. Institutions: it is expected to usher in repair after the festival

Today (January 28), the A-share year of the ox ended. On the last trading day of the ox tail, stocks in the two cities generally warmed up. As of the close, more than 3000 stocks rose, and nearly 100 stocks rose by more than 8%. Theme stocks performed actively, and individual stocks in the tourism sector lifted the limit tide. However, in the oxtail market in January since the beginning of this year, the trend of A-Shares has continued to decline. As of today's closing (January 28), the gem fell by 12.45% in January 2022, the Shanghai Composite Index fell by 7.65% and the Shenzhen Component Index fell by 10.29%.

From the perspective of sectors, in the January market since the beginning of the year, the sector index has been green in a large area, and some sectors that broke out in the market last year have suffered heavy losses. Due to the short-term cost performance deviation of popular tracks, the capital style began to change at the beginning of the year, switching from the high valuation sector to the undervalued direction. Specifically, the salt lake lithium extraction, diamond cultivation, medical treatment and game sectors led the decline, while the hotel catering, tourism, airport shipping, banking and digital currency sectors led the increase. Among them, the hotel and tourism sector indexes with the main line of valuation restoration performed best, with a monthly increase of more than 3%.

From the perspective of individual stocks, since the beginning of the year (January), there has been a general decline, with more than 4000 shares floating green, and the median stocks have fallen nearly 10.1%. Specifically, as of the closing on January 28, 4102 companies had fallen since the beginning of the year, with 542 companies falling by more than 20%, 65 companies falling by more than 30%, and 7 companies falling by more than 40%. Among them, Shandong Chiway Industry Development Co.Ltd(002374) , * Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) , Changjiang materials, Inner Mongolia Xinhua, Hunan Yujing Machinery Co.Ltd(002943) and other stocks fell the most. Since the beginning of the year, 592 companies have risen, with 10 companies rising by more than 50%, 74 companies rising by more than 20%, and 186 companies rising by more than 10%, Among them, Huitong group rose 271% this month, the most outstanding performance, Beijing Cuiwei Tower Co.Ltd(603123) , Nanjing Hicin Pharmaceutical Co.Ltd(300584) more than doubled, and Shipu detection, Kingland Technology Co.Ltd(000711) , Jinzhou Jixiang Molybdenum Co.Ltd(603399) and other stocks led the rise.

The market performance of A-Shares was poor at the beginning of the year, which not only failed to make a successful start, but also some popular tracks and themes fell into a long-term decline, and the overall sentiment of the market fell to the freezing point several times. Huaxin Securities believes that before the festival, affected by the Federal Reserve's interest rate hike and the regional political crisis, investors' risk appetite decreased rapidly, resulting in A-share wide adjustment, and panic became the dominant factor in the market. Two weeks before the Spring Festival, A-share investors' risk appetite has always been more cautious. Before the long holiday, investors are more inclined to put their bags in order to avoid the risk of uncertainty in the overseas market, especially this year.

However, with the release of certain risks from the daily correction of a shares, the valuation has also fallen to a lower position, and institutions are generally optimistic about the market after the year. YueKai Securities pointed out that from the perspective of the winning rate in the past 10 years, there is little difference between the week before and after the festival. The winning rates of Shanghai stock index and gem index are 70% and 80% respectively in the week before and after the Spring Festival; In terms of rise and fall, the average increase of Shanghai Stock Exchange / gem before the festival was 0.76% / 2.85%, and the average increase of Shanghai Stock Exchange / gem after the festival was 0.21% / 2.28%. The performance in the 15 trading days after the festival is significantly superior. Affected by the policy expectations of the two sessions and event driven, the performance after the festival is significantly better than that before the festival. A shares have a calendar effect of "spring agitation".

In terms of post Festival strategy, YueKai Securities believes that the follow-up downward space is limited, and the market is close to the end of adjustment. Investors should "look at the long scenery". Under the theme of "focus on me", steady growth is still the focus of the market in the near future. Whether it is broad money or credit, the policy underpinning economy is worth looking forward to. For the future market, the pre festival market pursues certainty, the performance of blue chip in the large market is better than that of small and medium-sized markets, the policy expectation after the festival rises again, and the market turns to pursue high elasticity. It is expected that steady growth in the first quarter is still the main market, and it is expected to take the lead in opening a wave of market dominated by large cap stocks.

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