Double financing balance
As of December 6, the two financial balances of Shanghai Stock Exchange reported 985.289 billion yuan, a decrease of 805 million yuan compared with the previous trading day; The two financial balances of Shenzhen Stock Exchange reported 856.41 billion yuan, a decrease of 1.667 billion yuan compared with the previous trading day; The two cities totaled 1841.7 billion yuan, a decrease of 2.472 billion yuan over the previous trading day.
Latest views
On Monday, the stock indexes of the two cities of A-Shares fell collectively. As of the close, the Shanghai Composite Index fell 0.50%, the Shenzhen composite index fell 0.93%, the gem index fell 2.09%, the Shanghai and Shenzhen 300 fell 0.17%, the Shanghai Composite 50 rose 0.21% and the China composite 500 fell 0.84%. The number of gainers in the two cities was 950, lower than the average value of 2285 last week and lower than 2634 in the previous trading day. The limit was 68, lower than the average value of 93 last week and 77 the previous trading day. Northbound funds were net purchases of 395 million yuan, with an average value of 3.023 billion yuan last week and a net purchase of 9.221 billion yuan the previous trading day. The turnover of the two cities was 1204.6 billion yuan, breaking trillion yuan for the 32nd consecutive trading day. A-Shares soared and fell. In “A shares deny the expectation of RRR reduction?” Chinese analysts believe that multiple positive supports, A-Shares must consolidate the upward trend, but if there is entanglement, rush up and fall, then the market probability will fall again. Monday has essentially reflected the weak side of the current market, but it will be good again on Monday night. The central bank decided to reduce the deposit reserve ratio of financial institutions by 0.5 percentage points on December 15. This reduction is a comprehensive reduction, which will release about 1.2 trillion yuan of long-term funds. The market liquidity is expected to be marginally loose, but the range may be weaker than that in July. From the perspective of the market, the marginal easing of liquidity has been expected, and the market may not be sensitive. On the whole, the RRR reduction plays a role in delaying the decline in the short term, and can not change the market decline and find new support.
Topic tracking
Today’s focus: Bank, brokerage, NFT theme
1. Banking: on December 3, Premier Li Keqiang pointed out in a video meeting with Georgieva, President of the International Monetary Fund (IMF), that China will continue to implement a prudent monetary policy, maintain reasonable and abundant liquidity, use a variety of monetary instruments, reduce reserve requirements in due time, and increase support for the real economy, especially small, medium and micro enterprises, Promote the steady decline of comprehensive financing costs and ensure the stable and healthy operation of the economy. At present, the positions and valuations of the banking sector are at historically low levels, and the bank dividends are rising, reflecting the market’s pessimistic expectations for possible risks such as economy, real estate and urban investment. With the continuous digestion of negative factors by the market, the market of the banking sector can be expected under the catalysis of wide credit at the end of the year and cross cycle policies at the beginning of the year. Suggestions: China Merchants Bank Co.Ltd(600036) (600036), Bank Of Ningbo Co.Ltd(002142) (002142)
2. Brokerage theme: on November 29, the CSRC approved to carry out the pilot transfer of private equity and venture capital shares in Shanghai regional equity market. The pilot share transfer will be carried out relying on Shanghai equity custody trading center, gradually broaden the exit channels of private equity and venture capital, promote the integrated development of private equity funds and regional equity market, and help smooth the circulation of financial and industrial capital. With the gradual increase of the reform of China’s capital market and the acceleration of multi-level construction, securities companies, as the most direct participants, will continue to benefit. Suggestions: China Industrial Securities Co.Ltd(601377) (601377), Citic Securities Company Limited(600030) (600030)
3. NFT theme: NFT concept: since this year, NFT’s international market has been active, and its sales increased to US $2.5 billion in the first half of the year. Non-homogeneous token (NFT) is an encrypted digital proof of interest based on blockchain technology that cannot be copied, tampered with or divided. NFT relies on blockchain technology to ensure the uniqueness, authenticity and permanence of digital assets, enhance their liquidity, effectively solve the problem of ownership confirmation of online assets and solve the pain points of copyright protection. NFT application scenarios focus on three areas: digital collections, game assets and metaverse. The recent popularity of the concept of meta universe also has a certain catalytic effect on it. It is suggested to pay attention to: Col Digital Publishing Group Co.Ltd(300364) (300364), Inmyshow Digital Technology (Group) Co.Ltd(600556) (600556).
Risk statement
The epidemic has not been effectively controlled, the macro economy has unexpectedly declined, the liquidity crunch has intensified, and the industrial policies are lower than expected.
