Market review: the index fluctuated at a low level, and the turnover fell slightly
Today, the two cities remained low throughout the day. As of the close, the Shanghai index fell 0.53% to 3661.53 and the Shenzhen index fell 0.50% to 15136.78. In terms of sectors, computers, national defense and military industry and communications led the increase, while non-ferrous metals, building materials and household appliances led the decline. The turnover of the two cities was 1141.12 billion yuan, down 10.20% from the previous trading day and 6.02% from the average of the previous five days. The net purchase of Shanghai Stock connect was 3.976 billion yuan, the net purchase of Shenzhen Stock connect was 2.05 billion yuan, and the actual net purchase of northbound funds throughout the day was 6.026 billion yuan.
Market focus:
According to the national development and Reform Commission on December 13, the national development and reform work conference was held in Beijing on December 11. The meeting stressed that we should give full play to the role of the inter ministerial coordination mechanism for the guarantee of coal, electricity, oil and gas transportation, and ensure the supply of coal, electricity and natural gas. Build first, then break, and orderly promote the adjustment and optimization of energy structure, actively promote the construction of large-scale wind power and photovoltaic bases focusing on deserts, Gobi and desert areas, and continue to play the role of traditional energy, especially coal and coal power, in peak shaving and bottom-up supply guarantee.
Strategy suggestion: focus on the consumption sector
Today, there was a correction in the A-share market, the main indexes closed down, the market turnover margin fell, but it still remained high, the transaction was still relatively active, and the northward capital bought net for the 10th consecutive day, continuously distributing consumption and finance. In terms of macro economy, under the influence of many factors, such as the high base, the decline in exports and the failure to reach the inflection point of consumption, the downward trend of China’s economic growth may continue until at least the first quarter of next year, driving the decline of enterprise profit expectations. However, the opening of a new round of policy easing cycle may be gradually realized in the valuation of a shares, and the policy is expected to strengthen in the face of the boost of China’s consumption, It is recommended to pay attention to opportunities in relevant sectors. At the same time, the national development and Reform Commission held a meeting to re emphasize “building first and then breaking down, orderly promoting the adjustment and optimization of energy structure”, correcting the deviation of energy transformation policies, and the imbalance of energy supply structure is expected to ease, paying equal attention to ensuring the energy supply in the operation of the national economy and stabilizing the price of upstream products, or for further regulation and control, superimposing the financial front to drive the expected strengthening of infrastructure. We believe that, New clean energy infrastructure such as photovoltaic, energy storage and hydrogen energy is one of the key driving directions for this round of counter cyclical regulation to drive the rise of infrastructure investment. It is suggested to continue to pay attention to the opportunities of relevant sectors, focus on “certainty” and adjust positions in combination with the changes of sector valuation.
In terms of the general trend of a shares, last week’s Politburo meeting and the central economic work conference released the signal of ensuring “stable growth” of the economy, loose expectations further rose, the overall risk appetite of the market increased, and the index rose for many consecutive days. We believe that the intensive release of counter cyclical adjustment signals from the policy side can boost market confidence and drive the opening of the cross year market in advance. However, under the background that the current overall valuation level is still relatively high, the A-share market may maintain a mild shock rising pattern. Compared with previous years or more, the cross year market shows the characteristics of early opening, slow rhythm and strong structure, At present, there are still layout opportunities. It is suggested to focus on the undervalued sub sectors of consumption, military industry, medicine and other sectors while maintaining a relatively balanced position allocation.
