Key investment points
The market bottomed out and picked up. The Shanghai Composite Index closed at 3462.95 points, up 3.02% on a weekly basis, with a turnover of 197098 billion yuan; Shenzhen Component Index 13224.38 points, a weekly increase of – 0.78%, with a turnover of 2591.481 billion yuan; The SSE 50 index reached 3142.91 points, up 2.91% on a weekly basis, with a turnover of 396.292 billion yuan; The CSI 300 index reached 4601.40 points, up 0.82% on a weekly basis, with a turnover of 1416.331 billion yuan; The CSI 1000 index reached 7033.85 points, with a weekly increase of 0.87% and a turnover of 967.186 billion yuan; The gem composite index was 3085.97 points, up – 4.06% on a weekly basis, with a turnover of 979.024 billion yuan. The gem continued to adjust significantly. The transaction amount remained below trillion, the mood of participants rebounded, and the fund position was stable. On the whole, the market bottomed out and rebounded at the beginning of the year. Represented by China Securities 1000 and Shanghai Securities 50, they have strong support for the market, and the weight of gem and science and innovation board have become important continuation factors that drag down the index and sentiment. However, the overall sentiment of the market has recovered, but if we want to stabilize and improve, we still need to stabilize the gem and science and innovation board. Therefore, the current emotional repair will still be repeated. We should not be pessimistic here, but we should not be too optimistic. We just need to wait for time. We still think that the shock is coming to an end, and it is only a matter of time to break through upward. We can still grasp the current trading opportunities, and the strategic layout is still a good time window.
Emotional dominance is obvious. After the holiday, trading activity increased, and hot stocks and sectors performed better. From the perspective of individual stock growth, infrastructure and digital currency stocks rose better. The larger decline is the stocks with large increase in the early stage and risk stocks. From the concept index, the rise was mainly led by digital currency and cycle related concepts. The concepts at the forefront of the decline are mainly concepts such as medicine and new energy. In terms of industry, mining, leisure services and other industries led the rise, while electrical equipment, electronics and other industries performed relatively weakly. The market risk appetite has improved, and the hot spots have a good sustainability. Events related to digital currency and infrastructure have strong driving force, which has become the focus of short-term funds. Medicine and new energy continued to decline sharply due to the impact of short-term news. The dominant characteristics of market sentiment are still obvious. The market volatility is still large. Before there is no obvious direction, the stock funds are still rotating. In the short term, the mood of medicine and new energy is facing the demand for repair, which is also the demand for the formal stabilization of the market. Medicine and science and technology, as representatives of emerging industries, have a great market impact. Therefore, we can pay close attention to the signs of stopping the decline and stabilizing of relevant sectors. Consumption and technology are the long-term main line. After the emotional repair, the capital will still return to the long-term main line. Therefore, the adjustment provides a window for strategic allocation instead. From the perspective of safety, we pay attention to the industry repair opportunities of emotional overreaction. Of course, since the market is still unstable, it should not be too radical. It is more from the perspective of strategic allocation. Emotional repair is not pessimistic. Overall, the market sentiment has been repaired, but it is still unstable. It is expected that the market will continue to repeat in the short term. From the perspective of market environment, China’s liquidity environment is good, which is conducive to the support of market valuation level. The influence of overseas markets and Geopolitics on market sentiment is the main driving factor of recent market fluctuations. However, this is also a short-term impact. China’s medium and long-term environment is good. It is expected that with the repair of market sentiment, the overseas impact will gradually weaken in the future.. The short-term market shock remains unchanged, and the strategy remains cautious but not pessimistic. From a strategic perspective, consumption and science and technology are still the main line, paying attention to the allocation opportunities brought by the adjustment of the main line.
