Double financing balance
As of February 16, the two financial balances of Shanghai Stock Exchange reported 915.751 billion yuan, an increase of 189 million yuan over the previous trading day; The two financial balances of Shenzhen Stock Exchange reported 804.489 billion yuan, an increase of 1.899 billion yuan over the previous trading day; The two cities totaled 172.204 billion yuan, an increase of 2.088 billion yuan over the previous trading day.
Latest views
On Wednesday, the three major A-share indexes showed a shock consolidation trend, and finally the collective red market closed. The Shanghai index was relatively strong boosted by infrastructure stocks; Theme stocks stalled, and the gem index once turned green. As of the close, the Shanghai stock index rose 0.57%, the Shenzhen Component Index rose 0.23%, the gem index rose 0.07%, the Shanghai and Shenzhen 300 rose 0.39%, the Shanghai Stock Exchange 50 rose 0.52%, and the China Stock Exchange 500 rose 0.17%. The number of gainers in the two cities was 3510, higher than the average of 2567 last week and 2370 in the previous trading day. The limit was 79, lower than the average value of 91 last week and higher than 68 in the previous trading day. The number of decliners in the two cities was 998, lower than the average of 1945 last week and 2081 the previous trading day. The number of drop limits was 4, lower than the average value of 22 last week and 21 the previous trading day. The net outflow of northbound funds was 1.623 billion yuan, with an average net inflow of 2.149 billion yuan last week and a net outflow of 3.545 billion yuan on the previous trading day. The turnover of the two cities was 807.815 billion yuan, with an average value of 913.288 billion yuan last week and 828.419 billion yuan the previous trading day. A-share volume can still be maintained at a low level, which is a warning signal. Under the background of no expansion of volume can, it is difficult to undertake the large unwinding selling pressure above. Therefore, from the perspective of the market, the Shanghai stock index does not accelerate the rise in large quantities, and there is probably the possibility of profit taking. China’s CPI rose 0.9% year-on-year in January and is expected to rise by 1.1% from the previous value of 1.5%; In January, PPI rose 9.1% year-on-year, and the previous value rose 10.3%. PPI continued to decline. Combined with the inventory situation of industrial enterprises in December, it has entered the stage of active destocking, and the profits of industrial enterprises will continue to decline, resulting in A-share will be in a bottom seeking stage. At the same time, the continuous decline of pork price has affected CPI by about 1.1 percentage points, which also means that the expectation of pig cycle at this stage should not be too full.
Topic tracking
Today’s focus: engineering construction, network security, rare earth permanent magnet
1. Project construction theme: on January 18, at the January press conference held by the national development and Reform Commission, the relevant person in charge said that there were many uncertain factors in the first quarter of this year. We should appropriately move the policy starting point forward, make early arrangements, start early and achieve early results, and meet various challenges with a stable economic operation situation. Timely study and put forward targeted measures to revitalize industrial operation, moderately advance infrastructure investment, and strive to form more physical workload in the first quarter. Under the favorable policy of “steady growth”, various credit channels are inclined to the field of infrastructure, and the prosperity of China’s infrastructure industry will be better in the future. Especially in UHV, new energy and other new infrastructure fields, there is broad space for development. Suggested attention: Palm Eco-Town Development Co.Ltd(002431) (002431), Chengdu Road & Bridge Engineering Co.Ltd(002628) (002628)
2. Network security theme: Recently, the State Council issued the “14th five year plan” for the development of digital economy. The plan has deployed eight key tasks, one of which is to focus on strengthening the digital economy security system, including enhancing the ability of network security protection, improving the level of data security, and effectively preventing all kinds of risks. The plan points out that we should strengthen the implementation of the requirements of synchronous planning, construction and use of network security technical measures to ensure the safe and orderly operation of important systems and facilities. Under the guidance of national policies, the scale growth of network security industry will enter an accelerated period. Suggestions: Jiayuan Technology (301117), Beijing Certificate Authority Co.Ltd(300579) (300579)
3. Theme of rare earth permanent magnet: in October 2021, the Ministry of industry and information technology and the State Administration of Market Supervision issued a notice on the motor energy efficiency improvement plan (2021-2023), which repeatedly mentioned the need to strengthen the development of permanent magnet motors, such as promoting the green level of light rare earth permanent magnet materials, accelerating the breakthrough of the optimal control technology of permanent magnet motor efficiency Promote variable frequency speed regulation permanent magnet motors with level 2 energy efficiency or above, and encourage the use of low-speed direct drive and high-speed direct drive permanent magnet motors. Compared with the traditional asynchronous motor, rare earth permanent magnet motor has high efficiency, low energy consumption and more obvious energy-saving effect. However, due to the high cost, the penetration rate of rare earth permanent magnet motor in the industry is low and the potential development space is large. Suggested attention: Innuovo Technology Co.Ltd(000795) (000795), Yantai Zhenghai Magnetic Material Co.Ltd(300224) (300224)
Risk tips
The epidemic has not been effectively controlled, the macro economy has unexpectedly declined, the liquidity crunch has intensified, and the industrial policies are lower than expected.
