On February 8, after the “good start” of the year of the tiger, the Shanghai Composite Index experienced a significant adjustment. The Shanghai Composite Index turned V-shaped all day and closed at an intraday high, up 0.67%; The Shenzhen composite index once fell more than 3% and closed down 0.98%; The gem once fell more than 4% and closed down 2.45%.
The agency believes that the current market is close to the “emotional bottom”, the main stock indexes and industries have been fully adjusted, and there is a rebound basis in the follow-up.
Style switch to undervalued section
In the intraday trading on February 8, Wuxi Apptec Co.Ltd(603259) limit once triggered all kinds of “Mao” diving in turns, Contemporary Amperex Technology Co.Limited(300750) fell by nearly 10%.
The same day, medicine, Baijiu, new energy and semiconductor sectors led the way.
The coal and steel sectors performed strongly, and the financial sector led the index out of the low point. In addition, the rise of gas and construction stocks, and the rise of bulk trading in the afternoon.
From the perspective of valuation, the overvalued sector is subject to collective adjustment, while the undervalued sector is relatively resistant to decline, and the risk appetite of the market is relatively low.
The net outflow of funds from the North throughout the day was 817 million. With the market synchronization, pharmaceutical, Baijiu and new energy shares were sold in north to net capital, and financial stocks were net bought.
Contemporary Amperex Technology Co.Limited(300750) , Wuxi Apptec Co.Ltd(603259) , Byd Company Limited(002594) , Wuliangye Yibin Co.Ltd(000858) were net sold by 904 million, 459 million, 298 million and 255 million respectively; Ping An Insurance (Group) Company Of China Ltd(601318) bucked the trend and obtained net purchases of 546 million, China Merchants Bank Co.Ltd(600036) 382 million, Goertek Inc(002241) 320 million and Industrial Bank Co.Ltd(601166) 324 million.
Yang Delong, chief economist of Qianhai open source fund, said that the style switching was actually reflected in January of the first year of this year. The sectors that have performed better recently are basically traditional blue chips that we don’t pay much attention to, such as banking, real estate, infrastructure, oil and so on.
Fall “culprit”
Yang Delong said that after the Spring Festival, the A-share market had a good start, but did not continue the rebound trend, and there was a correction on the second trading day.
“I think this decline in the current market is a sign of lack of confidence.” Yang Delong said.
Huang Xiaohu, investment manager of ChuangJin Hexin fund, believes that today’s market performance is still weak. The Shenzhen Composite Index and the gem index both fell significantly during the session, and the gem once fell more than 4%, mainly due to the large decline of heavyweight stocks in the Chinese medicine and new energy sectors.
In terms of news, the blow to the pharmaceutical industry comes from the “unverified list” released by the Bureau of industry and security of the US Department of Commerce yesterday, including Yaoming biology. Affected by this, YaoMing’s share price plummeted in the morning. Hong Kong stock Yaoming biology once plummeted by more than 30%, while Wuxi Apptec Co.Ltd(603259) A shares firmly sealed the limit.
In terms of new energy and semiconductors, the postponement of carbon peak in the steel industry has a negative impact on the new energy sector, driving the collective weakness of science and technology stocks.
Baijiu, affected by “on the spot”, Baijiu consumption during the Spring Festival is less than expected, causing the stock price to fall.
“Today’s market reappeared an obvious volatile trend, mainly due to the superposition of overseas liquidity expectation pressure and lack of confidence in China’s steady growth.” China Merchants Fund pointed out.
China Merchants Fund believes that the biggest disturbance factor in the short term is overseas supervision.
“Emotional bottom” approaching?
Looking forward to the future, Morgan Stanley Huaxin Fund believes that the current market is close to the “emotional bottom”, the main stock indexes and industries have been fully adjusted, and there is a basis for rebound in the future.
Morgan Stanley Huaxin Fund analyzed the three sectors that fell sharply on February 8:
In terms of medicine, what the US side has listed is only an unverified list, which belongs to the slightest category. Yao Mingsheng also issued a statement this morning saying that the “unverified list” is not the well-known “entity list” or “blacklist” of the United States. The statement said that Yaoming bio has been importing some hardware controllers and some hollow fiber filters of bioreactors. These controllers are subject to U.S. export control, but this has no impact on the company’s business or the continuous service of global partners. Since such equipment is not required after the construction of facilities in Shanghai and Wuxi, the impact on their import is very small. The statement also said that the company is taking temporary measures to remove these subsidiaries from the list before inspection, so there is no need to worry too much.
In terms of science and technology, the new energy and semiconductor sectors are still the focus of the market. Driven by the dual carbon goal, the long-term development logic brought by industrial transformation and upgrading remains unchanged;
Baijiu, a typical “tower type” feature, the industry is still upgrading the structure as the main line, leading enterprises to move steadily and steadily, and do not need to be pessimistic.
China Merchants Fund also said that it was optimistic about the future trend of the A-share market and worked in the direction of undervaluation structurally.
“In the undervalued sector, we should pay extra attention to the direction of profit reversal or marginal improvement in 2022, grasp the main line of stable growth with consumption and infrastructure chain as the core, and the opportunity for track companies still needs to wait for the recovery of risk appetite.” China Merchants Fund pointed out.
Ping An fund suggested to continue to focus on relevant sectors of steady growth, including building materials, financial real estate, home appliances and other sectors. Based on the hedging of interest rate fluctuations, we can also focus on high dividend blue chips, mainly including coal and steel, utilities, banks, transportation, etc.
In addition, Ping An Fund pointed out that there is no need to worry too much about the adjustment of growth sectors such as new energy and electronics. On the one hand, the relevant industries continue to boom and the profitability is gradually rising. On the other hand, there have been many stock price adjustments, and the current valuation is in a reasonable or even low position, so we should pay continuous attention to core varieties.
Huang Xiaohu, investment manager of ChuangJin Hexin fund, believes that in the future, after a certain degree of decline in the market, the risk of overestimation in some sectors has weakened. With the strength of fiscal and monetary policies related to steady growth, the macro-economy will gradually stabilize, and the A-share market is expected to usher in a certain repair.
