Double financing balance
As of February 11, the balance of the two financial institutions on the Shanghai Stock Exchange reported 911.727 billion yuan, a decrease of 4.265 billion yuan compared with the previous trading day; The two financial balances of Shenzhen Stock Exchange reported 802.326 billion yuan, a decrease of 3.033 billion yuan compared with the previous trading day; The two cities totaled 1714.053 billion yuan, a decrease of 7.299 billion yuan over the previous trading day.
Latest views
On Friday, the gem index fluctuated downward all day, the short positions continued to exert force in the afternoon, and the Shanghai Stock Index turned green. As of the close, the Shanghai Composite Index fell 0.66%, the Shenzhen composite index fell 1.55%, the gem index fell 2.84%, the Shanghai and Shenzhen 300 fell 0.83%, the Shanghai 50 fell 0.07%, and the China Securities 500 fell 1.40%. The number of gainers in the two cities was 594, lower than the average value of 1734 last week and 1693 in the previous trading day. The daily limit was 60, higher than the average value of 48 last week and lower than 69 in the previous trading day. The number of decliners in the two cities was 3952, lower than the average value of 2795 last week and higher than 2762 in the previous trading day. The number of drop limits was 23, lower than the average value of 69 last week and higher than 8 in the previous trading day. Northbound funds had a net inflow of 1.005 billion yuan, with an average net outflow of 5.214 billion yuan last week and a net inflow of 4.52 billion yuan the previous trading day. The turnover of the two cities was 992.678 billion yuan, with an average value of 848.675 billion yuan last week and 937.269 billion yuan the previous trading day. At present, the core reason for the growth adjustment is that various Chinese institutional investors have linked the valuation of Chinese growth stocks with the progress and range of the Federal Reserve’s interest rate hike in 2022. Investors still need to digest the negative impact of overseas liquidity. In January, the US CPI rose to 7.5% year-on-year and reached a new high in 40 years. At the same time, the market’s expectation of raising interest rates by 50bp in March was further strengthened, and the US bond interest rate exceeded the 2% mark. We expect US inflation to continue to rise in February, and the disturbance of interest rate hike has not been eliminated. For China, the broad credit expectation is gradually implemented. Through the resumption of the historical market, the valuation of A-Shares has expanded significantly in the state of social finance expansion, which is conducive to the stability of the valuation of growth shares. Overall, the short-term weak consolidation of the market is difficult to end. Growth stocks may hit the bottom this week. However, the valuation of growth stocks is in the stage of maintaining stability at this stage, and it is difficult to say a V-shaped reversal. In March, with the positive factors, the repair market will gradually recover.
Topic tracking
Focus today: banks, salt lake lithium, tourist hotels
1. Bank theme: Recently, affected by the strengthened expectation of interest rate increase by the Federal Reserve, the overvalued sector of the global stock market has been suppressed, the market sentiment is pessimistic, and the funds begin to switch to the undervalued sector with stable performance for risk defense. Since January, the central bank has set a more positive tone for steady growth, the downward pressure on the economy has slowed down, and the issuance of government bonds has a faster pace. It is expected that banks will actively increase credit in line with policies. And the bank’s own fundamental support is good, and it is still at a low valuation. Therefore, the banking sector performed better. Suggested attention: China Merchants Bank Co.Ltd(600036) (600036), Industrial Bank Co.Ltd(601166) (601166)
2. Theme of lithium extraction from salt lakes: on January 21, the seventh session of the 13th people’s Congress of Qinghai Province said that accelerating the construction of a world-class Salt Lake industrial base is the primary task of the work in 2022. In order to achieve the goal of “expanding the scale of lithium industry, releasing the capacity of lithium carbonate and improving the level of lithium battery industry”, Qinghai Province will set up a salt lake industry development fund and introduce a number of high-tech leading enterprises to promote the strength of salt lake industry clusters. At present, the penetration rate of new energy vehicles has increased, driving the rapid growth of lithium carbonate demand; On the supply side, the output decreased relatively in winter, and the lithium price was at a high level. The battery grade lithium carbonate reached 389800 yuan / ton on February 9, and the performance of many companies increased significantly in advance. Suggested attention: China Aluminum International Engineering Corporation Limited(601068) (601068), Tianqi Lithium Corporation(002466) (002466)
