In November 2021, the index fluctuated upward, but the trend continued to differentiate, and individual stock plates rose and fell. The stock index contracted downward at the beginning of the month, the trend recovered in the middle of the month, the shock consolidation at the end of the month, and once fell below the half year line; The gem index strengthened all the way, approaching 3500 points, and finally the three indexes closed up collectively. As of November 30, the monthly K line of Shanghai stock index rose by 0.47%; The K-line in Shanghai and Shenzhen fell 1.56% in 300 months; The K-line of gem led the rise of 4.33%. Individual stocks were mixed, led by sectors such as national defense and military industry, communications, non-ferrous metals, electronics and mechanical equipment, while sectors such as leisure services, mining, banking, comprehensive and public utilities were weak.
Market Research and judgment in December 2021: the market is expected to shock and strengthen. Judging from the market environment in December 2021, Omicron (Omicron) exacerbated concerns about the rebound of the epidemic and increased the number of newly confirmed cases. With central banks actively doing a good job in expectation management, the volatility of global financial markets may stabilize, but Omicron may raise global risk aversion. In October, China’s main economic data were still weak, and there was marginal downward pressure on the economy. From the PMI data in November, energy supply was guaranteed, and the economy was large The effects of a series of policies such as stabilizing the supply and price of commodities have appeared, which has reduced the production and operation pressure of small and medium-sized enterprises in the middle and downstream industries to a certain extent. In terms of policy, the central bank will further give play to the role of Finance in supporting energy security and supply and green and low-carbon transformation, guide financial institutions to increase support for key areas and weak links such as small, medium-sized and micro enterprises, and pay attention to the implementation of subsequent relevant measures. In terms of capital, the monetary policy remains stable, coupled with the steady growth of the scale of the two financial institutions and the continuous inflow of funds to the north, the capital is expected to continue a stable trend at the end of the year. Technically, the market fluctuated upward, and the trading volume of the two cities maintained a trillion level. At present, the overall valuation of A-Shares is reasonable and resilient. The impact of emotional changes caused by the epidemic on the market is limited. At present, there are still better layout opportunities. The continuous inflow of northward funds and the improvement of market stability by two financing funds, together with common prosperity or the improvement of equity market allocation, continue to enhance market confidence. It is expected that the market will open a new year’s market in December, and the market is expected to strengthen in shock. We should pay attention to the sustainability of volume energy and the rotation of plates.
Active layout is recommended in operation. In terms of industry, it is recommended to pay attention to finance, electrical equipment, food and beverage, building materials, chemical industry, TMT and other sectors.
Industry configuration: over allocation of finance, electrical equipment, food and beverage, TMT. Considering the market, fundamentals and other factors, we believe that in terms of industry allocation, it is recommended to over allocate in December: finance, electrical equipment, food and beverage, TMT, etc.
Risk tips: the overseas epidemic has intensified, the economic trend is less than expected, and the Sino US trade relations have deteriorated.
