On January 28, the year of the ox of A-Shares ended, and the three major indexes opened high and went low. At one time, they all turned green. As of the close, the Shanghai index fell 0.97%, the Shenzhen composite index fell 0.53% and the gem index rose 0.07%.
On the disk, digital money, education, pork sector strength, attractions and tourist market trading tide, coal, Baijiu, bank and other sector decline. Overall, individual stocks rose more and fell less. According to wind data, more than 3300 stocks in the two cities rose.
According to wind data, north-east funds once again sold a unilateral net sales of 12.466 billion yuan, with a net sales of more than 10 billion yuan for two consecutive days. In January, northbound funds still accumulated a net purchase of nearly 16.8 billion yuan.
[institutional perspective]
Citic Securities Company Limited(600030) pointed out that the short-term adjustment of the A-share market deviated from the trend of China’s monetary easing. External changes such as the loose exit of the Federal Reserve will not restrict China’s policy style, nor change the trend of long-term additional allocation of A-shares by foreign capital. Secondly, the short-term adjustment of the market has also deviated from the fundamental trend supported by the policy. The time point of the greatest downward pressure on China’s economic growth has passed. After the currency’s first force exceeds expectations, the relay of other ministries and local governments is expected to form a policy synergy, and the “policy bottom” has been clarified. Finally, the policy exit path of the Federal Reserve in the first half of the year has been clear, the sensitivity of US stocks and US bonds has been reduced after full response in the early stage, and the actual risk of overseas markets is expected to be small during the long holiday. To sum up, under the resonance of “emotional bottom” and “market bottom”, the overshoot of A-Shares has brought better buying points for the market in the first half of the year.
Guosheng Securities said that the current market sentiment is too radical. After the risk is released, it will help to find the “bottom of the market”. Market sentiment will eventually return to rationality, so the sharp decline can be considered to cover the position. In terms of configuration, we can pay attention to the “digital economy” sector that is constantly strengthening, optimizing and expanding, and the home appliance sector that retreats greatly. In the later stage, we may usher in the valuation repair market due to the valuation difference formed by the decline of stock price much greater than the performance slowdown. Under the goal of “double carbon”, the development of China’s hydrogen energy industry is entering a fast lane. More funds have poured into the hydrogen energy field in the early stage, and the theme has imagination space, so it can be tracked.
