Today (February 8) is the second trading day of the year of the tiger. The Shanghai and Shenzhen stock markets opened low across the board, the Shanghai index maintained a weak shock, while the gem index continued to weaken. With the sharp decline of “Mao shares”, the gem index fell further, and the Shenzhen component index was also dragged down by the decline of the gem, returning to the closing position before the festival; In the afternoon, finance and infrastructure continued to perform, which boosted the Shanghai index and walked out of the deep V-shaped reversal pattern, while the decline of the Shenzhen Component Index and the gem index further narrowed.
As of the close of Shanghai and Shenzhen stock markets all day, the Shanghai index rose 0.67% to 3452.63 points; The Shenzhen Component Index fell 0.98% to 13325.41 points; The gem index fell 2.45% to 2846.48 points.
From the disk point of view, the light index heavy stock market reappeared, and the local profit-making effect still exists. In terms of industry, tourism and hotel, coal, decoration, education, diversified finance, port and shipping, engineering construction, gas, commercial department stores and other industries led the increase; In terms of theme stocks, online tourism, assembly construction, digital currency and other gains were higher.
In terms of capital, the people’s Bank of China announced on February 8 that in order to maintain the reasonable and abundant liquidity of the banking system, the people’s Bank of China launched a 20 billion yuan reverse repurchase operation by means of interest rate bidding on February 8, 2022, with a bid winning interest rate of 2.10%. Since 150 billion yuan of reverse repo expired today, a net return of 130 billion yuan was achieved in a single day.
hot sector
Top 10 of industry sector increase
Top 10 of industry sector decrease
Top 10 of concept sector increase
Top 10 of concept sector decrease
individual stock monitoring
Top 10 net inflow of main force
Top 10 net outflow of main force
northbound funds
southbound fund
message plane
1. According to the securities times, on February 8, the people’s Bank of China and the China Banking and Insurance Regulatory Commission issued the notice on the exclusion of affordable rental housing related loans from the management of real estate loan concentration. The notice specifies that from the date of printing and distributing this notice, the relevant loans issued by banking financial institutions to affordable rental housing projects holding the confirmation of affordable rental housing projects will not be included in the centralized management of real estate loans, and proposes that banking financial institutions should strengthen their support for affordable rental housing.
2. Xinhua Finance and economics reported that according to the monitoring of the national development and Reform Commission, the national average pig grain price ratio was 5.57:1 in the week from January 24 to 28, which was between 5:1 and 6:1 for three consecutive weeks, entering the level II early warning range of excessive decline set in the plan for improving the regulation mechanism of government pork reserves and ensuring the supply and price stability of pork market. The national development and Reform Commission will work with relevant departments to start the collection and storage of pork reserves as appropriate, and guide local governments to carry out the collection and storage according to regulations.
3. According to Zhongxin Jingwei, according to the “data of China Automobile Association”, in 2021, the market share of Chinese brand SUV increased over the previous year, with a total sales of 5.28 million vehicles, a year-on-year increase of 12.6%; It accounted for 52.3% of the total SUV sales, and the share increased by 2.7 percentage points over the previous year.
4. According to the news of the Ministry of water resources on February 8, in order to implement the arrangement and deployment of the Party group of the Ministry of water resources on promoting the high-quality development of water conservancy in the new stage and the spirit of the national water conservancy work conference in 2022, and do a solid and effective job in water resources management in 2022, the Ministry of water resources recently formulated and issued the key points of water resources management in 2022.
institutional perspective
For the current market, Zhongtai Securities Co.Ltd(600918) mentioned that the short-term panic was released and the policy was actively configured. During the Spring Festival, there are three major changes in overseas markets. First, the UK interest rate hike triggered an upward rise in global bond yields. Second, the oil price soared, and the WTI crude oil price exceeded $90. Third, the lower than expected performance of Facebook led to the adjustment of NASDAQ again. Looking ahead, under the background of the interest rate hike cycle, the US bond yield may continue to rise for a certain space during the year, but the probability of rapid rise in a short time has been greatly reduced. It is difficult to see more than expected factors before the FOMC meeting in late March, which will bring breathing opportunities to the equity market at least in the festival. As far as China is concerned, market sentiment has been at the historical freezing point. Under the background of stable growth and loose liquidity policies, we remain optimistic about the future market. After the release of short-term panic, the index may have strong room for repair.
Chuancai Securities pointed out that under the tone of China’s “stable growth”, the fiscal policy and monetary policy are expected to remain relatively loose, which will provide strong support for China’s macro liquidity and national economy, and the overseas risk disturbance is expected to slow down. As for the investment idea in February and entering the disclosure period of the annual report, we believe that the layout should be carried out from the perspective of “performance improvement”. It is suggested to pay attention to the nonferrous metals industry and electronics industry with high expectation rate of annual report disclosure, as well as the direction of improving the expected power industry chain and infrastructure.
After the fall, how to layout? Orient Securities Company Limited(600958) mentioned that the main investment line of A-Shares this year is the market style and policy catalysis, especially the investment opportunities brought by the steady growth policy and the sectors with low expectations. Due to the long-term decline of these industry sectors and companies, institutional positions and stock prices are at a relatively low level. Therefore, as long as there are new policies to catalyze the stock price, the stock price will perform, and the resistance is relatively small. Specifically: first, reverse industries under low expectations: on the one hand, the most important policy guideline in 2022 is the steady growth policy. Under this expectation, the real estate, real estate chain, infrastructure chain and large consumption have the expectation of favorable marginal policies. Although the market is skeptical about the strength of steady growth, it can not prove the falsification. At present, these sectors fall synchronously with the index, which is a better time point for building positions. On the other hand, although the uncertainty of the epidemic situation may still disturb the recovery rhythm of catering, tourism, transportation and other industries, with the liberalization of overseas epidemic control and the further scientific prevention and control of the global epidemic, the “post epidemic” industry is expected to gradually realize the expected repair or even reverse.
II. New theme investments are still emerging actively: for example, digital economy, automotive intelligence, state-owned enterprise reform and other directions. (1) Policies such as the 14th five year plan for the development of digital economy and the 14th five year plan for promoting national government informatization have formed a direct catalyst, and relatively low-level stocks such as media, communications and electronics may have the opportunity to take turns. (2) In terms of automotive intelligence, industries such as auto parts and semiconductors are expected to continue to benefit from the increased penetration of new energy vehicles. (3) Expectation of asset injection such as state-owned enterprise reform: 2022 is the closing year of the three-year action of state-owned enterprise reform. It is a year that needs to produce results, focusing on the military industry sector with low asset securitization rate.
Although the long-term and medium-term allocation of the company’s energy sector has begun to be more deterministic than the long-term allocation of the company’s new energy sector, it is still worth accelerating the allocation of the company’s long-term and long-term policies.
In addition, Huatai Securities Co.Ltd(601688) pointed out that we should continue to pay attention to the subdivided sectors in the three types of combinations according to the track boom and sector valuation. Focus on three types of Portfolio: Portfolio 1: Boom upward + overvalued value, and adjustment is a layout opportunity. Including: 1. Photovoltaic branch line; 2. Lithium battery branch line; 3. New energy vehicle branch line; 4. Semiconductor branch line (domestic chip, IC design, automotive power semiconductor); 5. Energy storage branch line; 6. Yuan universe branch line.
Combination 2: flat boom + overvalued value, focus on point like opportunities. Including: 1. Carbon neutralization branch line; 2. Military branch line (high-quality asset injection, military informatization, etc.).
Combination 3: upward boom (rebound) + undervalued value and marginal holdings. Including: 1. Computer branch line (government cloud, automatic driving AI); 2. Large consumption branch line (prefabricated vegetables, animal protection); 3. Infrastructure / new infrastructure branch line (charging pile, UHV, traffic construction / railway construction); 4. Big finance; 5. RCEP branch line (textile clothing, white electricity).
