Looking back on the A-share market last week, after three consecutive days of adjustment, with the collective rebound of major plates, the overall market sentiment picked up significantly, the rebound of the three indexes accelerated, and the Shanghai index gained support at 3500 points and walked out of the bottom recovery trend; The gem refers to that it is expected to continue to attack the front line of 3400 points after regaining its foothold at 3300 points.
As mentioned in Soochow Securities Co.Ltd(601555) , the Shanghai Stock Index gained support near the annual line, but did not get rid of the shock pattern, and the gem index seems to have a continuous upward trend, which can be properly noted. Last Friday, market sentiment recovered and various hot spots became active again, new energy is still a high medium and long-term investment direction, and semiconductors also have good investment opportunities after in-depth adjustment. However, due to the unclear trend of the index, it is still recommended to grasp structural opportunities in operation. There are also companies killed by mistake in the recent frequent breaking of secondary new shares, which can also be noticed in this direction.
In terms of the future market, Ping An Securities believes that the market as a whole lacks upward momentum, and it is expected to maintain a shock trend . It is recommended to maintain balance in portfolio allocation, focusing on two main lines: first, stocks with performance exceeding expectations or marginal signs of improvement; Second, with the intensive implementation of carbon neutralization top-level design documents, new energy, new energy vehicles and other industrial chains have a relatively high policy boom.
It is worth mentioning that Haitong Securities Company Limited(600837) pointed out that market structure differentiation, convergence and equilibrium occurred in the fourth quarter of history, and convergence often stems from policy catalysis, such as 2009, 10, 12 and 14 years. This year's market environment is somewhat similar to 10q4 and 14q4. The economy retreats and the policy advances, but the policy strength is more moderate, and the structure is expected to be slightly convergent and unbalanced. The policy is warm, the valuation is OK, and the market trend is good.
Citic Securities Company Limited(600030) said that from November, A-Shares will start the medium-term blue chip return market. Compared with the high expectation of growth and the high base of the cycle, the market trend of the low value sector is more clear . It is suggested to strengthen the low value allocation in November and lay out the return of blue chips in the medium term. The agency proposes to allocate around the three dimensions of low expected fundamentals, low valuation and relatively low adjusted high boom plates, focusing on the value of white horse.
Specifically, Citic Securities Company Limited(600030) also mentioned that the first, the basic expectation is still low, focusing on the manufacturing of the middle reaches, which are suppressed by cost and supply chain problems, such as small household appliances, automobile parts and so on, and gradually add some consumption and pharmaceutical sectors that are worth a reasonable return to the region, such as Baijiu, food, tax exemption, vaccines and blood products.
Second, for the varieties whose valuation is still relatively low, we should pay attention to the high-quality developers and building materials enterprises after the expected mitigation of real estate credit risk, the banks with significant downward economic growth, the banks with valuation repair space after the expected mitigation, and the Internet leaders of Hong Kong stocks with improved policy suppression expectations.
Third, the varieties that are at a relatively low level after the adjustment of the high boom plate, such as semiconductor equipment driven by localization logic, special chip devices, lithium batteries, military industry, etc.
China Industrial Securities Co.Ltd(601377) believes that as the cloud of "stagflation" recedes and the market enters the "recession" stage of trading, science and technology innovation has sounded the horn of counterattack. In the follow-up, the main line may return to the science and technology sector again, and focus on the seven scientific and technological innovation directions in combination with the third quarterly report and next year's business outlook.
At the same time, the agency further said that in the short term, it will focus on industries that exceeded the expectations of the third quarterly report (power, transportation, medicine, etc.) . For a long time, pay attention to the five directions of scientific and technological innovation. 1) New energy (new energy vehicles, photovoltaic, wind power, UHV, etc.), 2) new generation information and communication technology (artificial intelligence, big data, cloud computing, 5g, etc.), 3) high-end manufacturing (intelligent CNC machine tools, Siasun Robot&Automation Co.Ltd(300024) , advanced rail transit equipment, etc.), 4) Biomedicine (innovative drugs, CXO, medical devices and diagnostic equipment, etc.), 5) Military industry (missile equipment, military electronic components, space station, space shuttle, etc.).
In addition, Everbright Securities Company Limited(601788) pointed out that the structural shift between coal and new energy has been completed. Under the background of establishing the main line of new emotion, the structural repair of the market will continue , while the real period of the Beijing stock exchange provides a half month stable period for the market. While the market is low, the rotation of hot spots will continue. In terms of strategy, it is suggested to continue to pay attention to new energy, military industry and consumption.
Shanxi Securities Co.Ltd(002500) mentioned that at present, the overall peg level of A-Shares is at the historical median level, and the matching of performance valuation is reasonable. The third quarterly report shows that the enterprise fundamentals are still supported, the macro policy and liquidity environment are relatively friendly, and the upward trend of shock is expected to continue in the long term, will continue the shock fluctuation and structural market in the medium and short term. It is recommended that investors continue to pay attention to the main line of performance boom.
In terms of industry, (1) in the medium and long term, the new energy and science and technology growth sector is expected to maintain high prosperity and high growth rate under the background of policy support and upward industrial cycle. The support of performance prosperity is more solid, and it is relatively less affected by medium and short-term economy and liquidity. it is suggested to continue to pay attention to lithium, photovoltaic, high-end equipment manufacturing, semiconductor In key directions such as military industry, continue to explore high-quality targets.
(2) The position of the consumer sector is relatively safe after the early valuation adjustment. In addition, the forward-looking indicators reflect the signal of the initial recovery of the service industry. On the premise that there is no large-scale epidemic, the consumption has the space and power to recover in the fourth quarter and the first half of next year, it is suggested to combine the individual stock cost performance and leading attributes, make an appropriate layout on the left side and gradually intervene, Focus on food and beverage, household appliances, agriculture, forestry, animal husbandry and fishery; however, it should be noted that: 1) China's consumption is constrained by multiple factors such as residents' income expectation, consumption tendency and the decline of real estate cycle. The recovery process may have twists and turns, not overnight. The intervention in the consumption sector needs to lengthen the cycle, control positions, optimize leaders, and continue to pay attention to the marginal change of performance expectation for subsequent adjustment. 2) it is suggested to temporarily avoid the offline service consumption related sectors that are significantly affected by the short-term epidemic dynamics, such as tourism, cinema, catering, etc.
