Key investment points:
The main indexes of A-Shares performed differently: from February 21 to February 25, the main indexes of A-Shares performed differently. Among them, the Shanghai Composite Index fell 1.13% to close at 345141 points, the Shenzhen Component Index fell 0.35%, the gem index rose 1.03%, the Shanghai and Shenzhen 300 fell 1.67% and the Kechuang 50 rose 3.03%. This week, Shenwan level industries fell more or less, among which architectural decoration, building materials and media led the decline, while power equipment, national defense and military industry and electronics increased significantly.
Geopolitical conflicts escalated and panic triggered capital flight: affected by the escalation of the conflict between Russia and Ukraine, capital flight led to a sharp increase in market turnover month on month. The average daily trading volume of the two cities during the week was 1061163 billion yuan, an increase of about 25.78% over last week. This week, risk aversion in the market increased rapidly, and the turnover rate of the main broad-band stock indexes increased. In terms of industries, the trading volume of the power equipment sector continued to be active this week, ranking first for four consecutive weeks. The trading volume of the week was 472527 billion yuan, and the computer, medicine and biology sectors ranked second and third. The trading volume of the week was 469226 billion yuan and 444982 billion yuan respectively.
Investment advice: overseas, the situation in Russia and Ukraine is tense, the volatility of global financial markets is increasing, and investors' risk aversion is heating up. The prices of major energy products rose sharply, which is expected to push up global inflation and darken the prospects for overseas economic recovery. On the Chinese side, the Political Bureau of the CPC Central Committee held a meeting to discuss the government work report. The meeting pointed out that this year's work should focus on stability and seek progress while maintaining stability. We should strengthen the implementation of macro policies and stabilize the overall economic market. We will unswervingly deepen reform and stimulate the vitality of market players. Further implement the innovation driven development strategy. We will firmly implement the strategy of expanding domestic demand and promote coordinated regional development and new urbanization. The strength of macro policies will not be reduced, and the "steady growth" policy will continue to be promoted. The national development and Reform Commission issued a notice on further improving the coal market price formation mechanism, setting a reasonable range of medium and long-term transaction prices in coal extraction links in key areas to curb the sharp fluctuation of upstream resource prices. The recent rebound of popular tracks is mainly the technical rebound after oversold. At present, it is still in the "performance window period + policy force period". In terms of industry, it is suggested to pay attention to: 1) macro policies should be strengthened, and the "two sessions" are imminent. Before the economic data show substantial improvement, we should continue to pay attention to infrastructure, real estate, finance and other sectors; 2) After the sharp correction of popular tracks, the attraction is improved, and attention is paid to the rebound opportunities of growth sectors.
Risk factors: increased geopolitical risks; The epidemic situation worsened; The economy fell more than expected.
