Looking back on Tuesday’s A-share market, Shanghai and Shenzhen stock markets showed a shock adjustment pattern as a whole. The three major A-share indexes opened slightly lower in the morning and fluctuated upward, but the upward attack was obviously insufficient. In the afternoon, the stock indexes dived rapidly, and the three indexes turned from red to green. At the end of the day, they fell further, with greater adjustment and a panoramic view of the weak.
As mentioned in Soochow Securities Co.Ltd(601555) , the two cities continued to adjust the pattern on Tuesday. From the disk performance in the past two days, funds prefer varieties with low and undervalued values. The fundamental reason is that the economic boom is down, investors’ risk appetite is reduced, and undervaluation has become a more reasonable safe haven . At the same time, investors should also pay attention to avoid the risk of early overdraft of share prices in some popular industries. Even if there is a short-term adjustment, the valuation is still high. The overall market may still have repeated recently, but the adjustment space is relatively limited.
Central China Securities Co.Ltd(601375) indicates that the current market leading hot spots are frequently converted, the sustainability is not strong, the willingness of OTC funds to enter the market to do more is weak, and the characteristics of stock game are significant. Recently, the gradual strengthening of the consumer industry and auto parts industry shows that market funds pay more attention to undervalued value varieties .
In terms of the future market, the institution further analyzed that it is expected that the possibility of small short-term shock of the Shanghai index is greater, and the possibility of small short-term consolidation of the gem is greater. Investors are advised to pay careful attention to the investment opportunities in pharmaceutical manufacturing, consumption and auto parts industries in the short term, and continue to pay attention to the investment opportunities of undervalued blue chips in the middle line.
Everbright Securities Company Limited(601788) pointed out that it is expected that the short-term market will still fluctuate in the range of 3450-3550, and adjust to find a new main line to support the market. Therefore, judging from the current plate differentiation, high cut and low cut may become the mainstream of the medium-term market . At the operational level, it is suggested to mainly underestimate the shareholding of consumption, medicine and media sectors, and actively look for long opportunities. While holding shares in high-level sectors such as chemical industry, military industry and new energy should be cautious and reduce profit expectations.
Wanhe Securities believes that waits for the next year’s market and lays out blue chips . In our recent strategy, we proposed that the current market is relatively flat, and the index as a whole maintains a narrow range shock pattern. This market may continue. On the one hand, it is the suppression of the index caused by the downward pressure of the economy; On the other hand, it is the boost brought by some industries with good performance in the third quarterly report. Near the end of the year, the liquidity expectation and policy expectation have been enhanced. The cross year market is expected to be launched under the promotion of wide credit and policy implementation. At this time, the cross year market can be arranged.
Wanhe securities further mentioned that considering the large fluctuations in the performance of the growth sector of the third quarterly report and some risk aversion in the current market, we can focus on blue chips with excellent performance and undervalued value.
Macroscopically, Wanlian Securities pointed out that with the marginal relaxation of the real estate policy and the gradual opening of the credit easing process, the MLF invested an excess of 200 billion yuan in November. The carbon emission reduction support tool launched by the central bank also reduced the market’s expectations of reducing reserve requirements and interest rates, and the money market and capital volume remained stable. The Federal Reserve taper has limited influence on the Chinese market. The consumption data in October was better than expected, and the supply and demand gap of coal and electricity also eased, but the economy is still under downward pressure. We are still optimistic about the high-end manufacturing industry with high vision, and the sectors with high performance growth and strong order certainty are also continuously recognized by market funds.
In terms of industry configuration, in terms of operation strategy, the organization further mentioned that it can pay attention to: 1) the carbon neutralization main line with high certainty of future order and performance growth and continuous favorable policies, such as photovoltaic, wind power, energy storage, etc; 2) With the conclusion of the negotiation on the national medical insurance drug catalogue and the gradual landing of policy uncertainty, the pharmaceutical sector has ushered in allocation opportunities; 3) The prosperity continued to rise, and there were abundant orders in hand for national defense and military industry.
Shanxi Securities Co.Ltd(002500) believes that the rotation of A-share plate has accelerated recently, and the main line is not clear, or it is in the window period of cross-year market layout . It is recommended to pay attention to new energy, Internet of things and other sectors with strong growth certainty (while being vigilant against tail risks), as well as consumption and pharmaceutical sectors whose valuation is expected to be repaired.
Specifically, Baijiu Baijiu and sub high end Baijiu or strong energy potential based on the logic of consumption upgrading and growth stability, but some of the current valuation is still high. The uncertainty brought by the epidemic and its impact on the demand side of liquor can not be ignored. It is suggested that we should pay attention to the valuation changes of the leading targets of the subdivision, prolong the cycle and choose the left side layout.
At present, the real estate sector may have stepped out of a certain margin of safety under the previous upward risk of individual subject debt and the continuous overweight of the “real estate, housing and non speculation” policy. Although it will take some time to repair the market fundamentals, the turning signal of maintaining the stable development of the real estate industry on the policy side has been basically started, and the leading central enterprises may still have allocation opportunities. It is recommended to pay attention.
In addition, Guosheng Securities said that the current market is dominated by shock consolidation. Previously, yuanuniverse led the rebound of science and technology topics to continue and extend . It is one of the main lines of the current market to gradually spread from game stocks to virtual reality, chips, media and cloud computing. With the strengthening of independent and controllable logic of science and technology, the rebound of science and technology will continue, focusing on chips, specialization, innovation Domestic software, meta universe and other scientific and technological themes.
