The A-share market further adjusted this morning, and the major indexes are now significantly down, with nearly 4000 shares down.
Hong Kong stocks also made further adjustments. The Hang Seng Index fell by more than 3% in the session and remained down 2.95% by midday.
The tense situation in Ukraine and the rising risk aversion in the international capital market promoted the further selling of equity assets such as stocks, while the price of gold and gold stocks rose further.
A shares readjusted, nearly 4000 shares fell
Market data show that in the morning, all the main indexes of the A-share market fell, and the Shanghai index, Shenzhen Composite Index and gem index all fell by more than 1%.
In terms of industry sector, according to the classification of shenwanyi industry, the media sector led the decline and Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) fell by the limit. More than 20 stocks, including Shanghai Yaoji Technology Co.Ltd(002605) , fengyuzhu, Kunlun Tech Co.Ltd(300418) , Visual China Group Co.Ltd(000681) , fell more than 5% during the session.
The food and beverage sector fell nearly 3% in the session. Juewei Food Co.Ltd(603517) , By-Health Co.Ltd(300146) , Shanghai Jiaoda Onlly Co.Ltd(600530) , Ligao Foods Co.Ltd(300973) , Shede Spirits Co.Ltd(600702) , Hebei Hengshui Laobaigan Liquor Co.Ltd(600559) etc. led the decline. Kweichow Moutai Co.Ltd(600519) fell more than 4% during the session, approaching the 1800 yuan mark.
For the food and beverage industry, Zheshang Securities Co.Ltd(601878) ‘s research view points that Baijiu has been in a reasonable range through the previous callback, and the three major differences between the Baijiu and the Spring Festival are based on the overall trend of the industry fundamentals. Predict the inventory status (determine the performance of the second quarter of this year) + the progress of payment collection (determine the performance of the first quarter of this year) + the long-term development direction to select the target – it is recommended to pay attention to Kweichow Moutai Co.Ltd(600519) , Wuliangye Yibin Co.Ltd(000858) , Anhui Yingjia Distillery Co.Ltd(603198) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) .
In terms of beer, Zheshang Securities Co.Ltd(601878) believes that the trend of high-end upgrading continues. It is recommended to pay attention to the leading enterprises with high-end industry and strong price raising ability and cost control ability, such as Chongqing Brewery Co.Ltd(600132) , Tsingtao Brewery Company Limited(600600) , China Resources beer, etc.
Household appliances, architectural decoration and other sectors also led the decline.
Nonferrous metals, petroleum and petrochemical, power equipment and other sectors were relatively resistant to decline.
In terms of individual stocks, the two cities fell more or rose less, and the number of individual stocks that fell during the session was close to 4000.
While the market fell, northbound funds were sold on a large scale, with a net sale of 8.8 billion yuan in the morning.
tension in Ukraine
gold prices and gold stocks rose
While the A-share market generally weakened, many gold and jewelry concept stocks rose sharply in a row.
Mclon Jewellery Co.Ltd(300945) once soared by more than 15%. Multiple stocks such as Chenzhou City Jingui Silver Industry Co.Ltd(002716) , Jinan High-Tech Development Co.Ltd(600807) , Shanghai Yimin Commercial Group Co.Ltd(600824) , Huaiji Dengyun Auto-Parts (Holding) Co.Ltd(002715) impacted the daily limit. Many stocks such as Western Region Gold Co.Ltd(601069) , Beijing Kingee Culture Development Co.Ltd(002721) , Hunan Gold Corporation Limited(002155) also rose sharply.
According to China Central Television News, Russian President Vladimir Putin delivered a national television speech on the 21st. In his speech, he announced that Russia recognized the “Donetsk people’s Republic” and “Lugansk people’s Republic” established by civilian armed forces in eastern Ukraine.
On the same day, Putin also signed the treaties of friendship, cooperation and mutual assistance between Russia and the “people’s Republic of Donetsk” and “people’s Republic of Lugansk”.
On the 21st local time, US President Biden signed an executive order in response to Putin’s recognition of the independence of the two regions of eastern Ukraine. The executive order prohibits Americans from making new investments, trade and financing in the Donetsk and Lugansk regions, and will also authorize sanctions against those who decide to operate in the two regions.
Affected by regional tensions, the Russian stock market fell sharply on the 21st. Russia’s MOEX index fell 10.5%.
Hong Kong stock readjustment
The market value of trillion meituan fell by more than 6%
Hong Kong stocks also further adjusted. The Hang Seng Index and Hang Seng technology index both fell more than 3% during the session.
Among the constituent stocks of Hang Seng Index, ENN energy plunged more than 10% in the session. Shenzhou International and Geely Automobile led the decline.
Among the constituent stocks of Hang Seng technology index, Weimeng group plunged more than 8% in the session.
Meituan-w fell sharply again, with an intraday decline of more than 6% and below HK $170.
Meituan’s share price has suffered a continuous decline recently. It fell 14.86% on February 18 and fell another 3.99% yesterday, becoming one of the constituent stocks of Hang Seng technology index with the largest decline in the near future. After continuous adjustment, the market value of meituan has gradually approached HK $trillion.
Recently, the national development and Reform Commission and other departments issued the notice on several policies on promoting the recovery and development of difficult industries in the service industry (hereinafter referred to as “several policies”). It is pointed out that enterprises on Internet platforms such as takeout will be guided to further reduce the service fee standard of catering merchants and reduce the operating costs of relevant catering enterprises. Guide Internet platform enterprises to give preferential service fees to phased merchants to catering enterprises in county-level administrative regions where high-risk areas are located.
In this regard, Dongxing Securities Corporation Limited(601198) believes that the “several policies” are only guidance and are intended to help small and medium-sized catering businesses affected by the epidemic recover their operations smoothly. At the same time, the actual monetization rate of meituan takeout business is low, only about 14%, which does not have the basis for extensive Commission reduction. We believe that Internet delivery platforms, including meituan, may be limited in terms of region, duration, means, range and business scope in the final implementation of relevant provisions of the several policies:
1) regionally, or mainly for medium and high-risk areas seriously affected by the epidemic.
2) in terms of duration, or mainly phased, and various preferential means. It is expected to reduce the pressure on merchants’ revenue by “supporting multiple groups” rather than “reducing commissions” in parallel.
3) in terms of amplitude, the reduction may be limited. Under the new rules of meituan takeout service fee, meituan’s technical service fee is about 5% – 8%, so the space for actual preferential Commission is also relatively limited.
4) in terms of business scope, it may be mainly small and medium-sized businesses. Meituan takeout commission rules are indeed more friendly to high-quality and large chain merchants. Therefore, in the specific implementation plan of the meituan for the relevant policy guidance of the “several policies”, it may focus more on reducing the burden for small and medium-sized businesses.
According to the research viewpoint of Dongxing Securities Corporation Limited(601198) , the preferential scheme for merchants has an impact on the monetization rate of meituan takeout of about 0.5pcts Under the guidance of the policy, meituan is expected to implement preferential schemes for businesses, including subsidies from two aspects: commission income (reduction of technical service fee) and marketing service fee income (flow subsidy). According to its calculation, the impact of the final plan on the monetization rate of the company’s takeout business is about 0.5pcts.
In terms of investment suggestions, Dongxing Securities Corporation Limited(601198) believes that after several rounds of strong Internet enterprise policy supervision in 2021, the market is currently more sensitive to policy changes. Therefore, meituan’s share price plummeted after the introduction of several measures.
But at the same time, it can be seen that this time is only for policy guidance, not a deliberate attack on the export platform. At the same time, the actual monetization level of meituan’s take out business is not high, and there is no basis for extensive Commission reduction. Referring to similar situations in the past, the final plan issued by meituan may have greater flexibility and autonomy, and the overall impact on the revenue of foreign sales business is more controllable.
The research viewpoint of Citic Securities Company Limited(600030) also believes that the formulation of the national development and Reform Commission and other departments does not intend to require the takeout platform to reduce the fee across the board. The original intention is mainly to help merchants reduce certain operating costs in difficult times, and reducing the cost is not equal to reducing the rate. Similarly, meituan will give merchants free marketing and promotion in addition to the Commission return of 3% – 5% in the “spring movement” in 2020 Various supporting policies such as epidemic prevention materials, digitization and online are back feeding for merchants. In turn, the business improvement of merchants is also a positive driving force for the platform (the quantity of meituan takeout orders in 20q3 increased by 30% +, exceeding the normal 25% Center). If quantified from a financial point of view, it is expected that the impact of OP per takeout order is also relatively limited.
Overall, Citic Securities Company Limited(600030) believes that the concerns caused by the relevant provisions guiding the platform economy to transfer profits have been excessive. It believes that the marginal impact of the basic level on the platform is limited, and the policy level does not mean a new round of policy supervision. It is recommended to treat it rationally.
