A-share main stock index fell before the festival: from January 24 to January 28, the main A-share stock index made a collective correction, in which the Shanghai Composite Index fell 4.57% to close at 3361.44 points, the Shanghai 50 fell 5.12%, the Shanghai and Shenzhen 300 fell 4.51%, the gem index fell 4.14% and the China Securities 500 fell 5.68%. This week, shenwanyi industries collectively fell, including computers, media and coal, which fell by more than 8%, while power equipment, agriculture, forestry, animal husbandry and fishery, commerce and retail, etc. fell slightly.
Risk aversion increased, and investors generally held money for the holiday: the market sentiment was low before the holiday, and the market turnover fell sharply month on month this week. The average daily trading volume of the two cities during the week was 848.690 billion yuan, down about 22.96% from last week. The turnover rate of major broad stock indexes fluctuated downward for three consecutive weeks, and investors' trading was conservative on the eve of the Spring Festival. In terms of industries, the trading volume of the power equipment sector was active this week, ranking first. The trading volume of the current week was 396.490 billion yuan, and the computer sector ranked second for two consecutive weeks, with the trading volume of 394.133 billion yuan.
Investment suggestion: the relevant person in charge of the national development and Reform Commission said recently that the policy force should be appropriately advanced. There are many uncertain factors in the first quarter of this year. It is necessary to appropriately move the starting point of the policy forward, make early arrangements, start early and achieve early results, and meet various challenges with a stable economic operation situation. We will promptly introduce a series of policies and measures to implement the strategy of expanding domestic demand. Timely study and put forward targeted measures to revitalize industrial operation. Carry out infrastructure investment moderately ahead of schedule and strive to form more physical workload in the first quarter. During the Spring Festival holiday, the Financial Times said in an article that in January this year, monetary policy continued to be precise and forward, focusing on steady growth. Following the two comprehensive RRR reductions last year, the central bank intensified its open market operation in January this year, and the interest rates of reverse repurchase, medium-term lending facilities and standing lending facilities all decreased. In terms of industry allocation: 1) it is suggested to pay attention to the consumption sector with the main line of "stable growth" and the real estate and building materials sectors; 2) Financial sector with improved fundamentals and high safety margin; 3) Infrastructure areas benefiting from financial support and accelerated project commencement, especially 5g, UHV, urban rail, charging pile and other new infrastructure sectors in line with policy guidance.
Risk factors: the epidemic situation worsened, the macro-economy was less than expected, and the regulatory policies were tightened.
