Market review: the Shanghai and Shenzhen index continued to pick up, led by the infrastructure sector
Today, the Shanghai and Shenzhen index continued to pick up. As of the close, the Shanghai index rose 0.57% to 3465.83 and the Shenzhen index rose 0.23% to 13376.36. In terms of sectors, building decoration, building materials and steel led the increase, while national defense and military industry, agriculture, forestry, animal husbandry and fishery and electronics led the decline. The turnover of the two cities was 807.02 billion yuan, down 2.48% from the previous trading day and 11.31% from the average of the previous five days. The net purchase of Shanghai Stock connect was 951 million yuan, the net sales of Shenzhen Stock connect was 2.574 billion yuan, and the net sales of northbound funds throughout the day was 1.623 billion yuan.
Market focus:
According to the data released by the National Bureau of Statistics today, in January, CPI increased by 0.4% month on month, up 0.9% year-on-year, down to less than 1%; PPI rose 9.1% year-on-year, and the increase fell back, with a month on month decrease of 0.2%.
Strategy suggestion: focus on new infrastructure theme
Today, the A-share market continued its shrinking upward trend, with individual stocks rising more and falling less, with a rise / fall ratio of 3552:1030. Shanghai and Shenzhen Stock connect showed differentiation again. Among them, Shenzhen Stock connect sold net for 10 consecutive days. In terms of macro economy, the year-on-year growth rate of CPI and PPI fell in January, releasing the signal of slowing inflation pressure, which verified our expectations yesterday. Specifically, CPI turned from down to up on a month on month basis, mainly due to the strong demand for holiday food, transportation and services, which led to the rise of relevant sub item prices. The year-on-year increase was 0.6 percentage points lower than that of the previous month, the pork price decreased by 41.6%, and the decline was expanded by 4.9 percentage points. The price of fresh vegetables increased from 10.6% to 4.1%, all of which decreased significantly, Gasoline and diesel price increases also narrowed. In terms of PPI, the price of means of production increased by 11.8% year-on-year and fell by 1.6 percentage points; The price of means of subsistence increased by 0.8% year-on-year and fell by 0.2 percentage points. Under the intervention of the policy of ensuring supply and price stability, the prices of coal and steel continued to decline, while the relevant prices in the oil industry rose month on month, or mainly due to the high impact of international oil prices, the growth rate was still narrowed year-on-year. In terms of the study and judgment of the general trend of a shares, the slowdown of inflation pressure further strengthened the possibility of overweight and easing policy in the first half of the year, and the overall market liquidity environment was relatively good. However, the volume of A-Shares can shrink significantly recently, and the style is unknown. In the short term, it is suggested to pay attention to the regression of the epidemic disturbance and some undervalued sectors expected to be repaired in the steady growth adjustment, At the same time, focus on the value blue chip targets with better defense ability in the economic downturn environment.
In terms of sectors, today's steady growth industrial chain has regained strength, with architectural decoration, building materials, steel, real estate and other sectors leading the rise. The bulk limit of infrastructure stocks may be mainly due to the year-on-year growth rate of China's price data in February, and the expectation of strengthening easing is expected to increase. At present, some targets in the infrastructure sector may have "price in" expectations for easing, and it is suggested to reasonably control positions. Under the support of topics such as digital economy, 5g construction, industrial Internet and other related new infrastructure are expected to maintain a high boom, so it is recommended to pay attention. The military industry and gold sectors led the decline, or it was mainly due to the partial withdrawal of Russian troops, which broke the "invasion prediction" of the US military, driving the risk aversion to slow down. The pig industry and chicken industry fell sharply, or mainly due to the pessimism caused by the sharp fall in pig prices in January. The livestock and poultry breeding sector may gradually enter a better allocation period. It is suggested to continue to pay attention to the marginal change of production capacity and intervene in time.
