Against the background of overnight US stock diving, today (December 2), the three major A-share indexes opened low, quickly rose and turned red at the beginning of trading, dived back, and then maintained a narrow range of shock; In the afternoon, the stock index rose and fell again. On the whole, the Shanghai index performed strongly, while under the differentiation of subject stocks, the Shenzhen Composite Index and the gem index were relatively weak.
As of the day’s close of Shanghai and Shenzhen stock markets, the Shanghai index fell 0.09% to 3573.84 points; The Shenzhen Component Index fell 0.19% to 14765.56 points; The gem index fell 0.19% to 3466.91.
From the disk point of view, the market is still uncertain, and the structural market will continue. While paying attention to the overall risk, we can focus on the individual stock market from bottom to top. In terms of industry, automobile, cement and building materials, wine making, steel, securities and real estate increased slightly; In terms of subject shares, occupation education, chicken concept and Baijiu are among the top gainers.
In terms of funds, on December 2, the central bank launched a 10 billion yuan reverse repurchase operation today. As 100 billion yuan of reverse repurchase expired today, a net return of 90 billion yuan was realized on that day.
hot plate
Top 10 gainers in industry sector
Top 10 industry sector declines
Top 10 gainers in concept sector
Top 10 decline in concept sector
individual stock monitoring
Top 10 net inflow of main forces
Top 10 net outflow of main force
northbound funds
southbound fund
message plane
1. According to the Securities Times website, the state tobacco monopoly administration solicited opinions on the administrative measures for electronic cigarettes (Draft for comments) on the 2nd. The administrative measures has six chapters and 48 articles. The main contents include: clarifying the definition and supervision object of e-cigarette. Strengthen the production management of e-cigarettes, and establish the quality and safety assurance system of e-cigarettes and the traceability system of e-cigarettes. Market entities engaged in the production, wholesale and retail of e-cigarettes shall obtain the license issued by the competent administrative department of tobacco monopoly accordingly. Establish a national unified e-cigarette trading management platform to manage the trading of e-cigarette products and e-cigarette nicotine.
2. According to the first financial report, on December 1, the executive meeting of the State Council deliberated and approved the vocational skills training plan for the 14th five year plan, proposing to adhere to the employment orientation, meet the market demand, support all kinds of Vocational Colleges and vocational training institutions to carry out training, give full play to the main role of enterprise training, and improve the employee skills training mechanism. We should strengthen the training of highly skilled talents, improve the employment and entrepreneurship ability of key groups such as college graduates, and train more than 30 million migrant workers.
3. According to the Shenzhen Special Zone News reported on the 2nd, it was learned from the Shenzhen Municipal Transportation Bureau that the national development and Reform Commission recently announced the list of national logistics hub construction in 2021, and Shenzhen port type national logistics hub was on the list. Shenzhen port type national logistics hub is located in Yantian District, Shenzhen. Relying on the existing Shenzhen Yan Tian Port Holdings Co.Ltd(000088) construction, it is composed of Shenzhen Yan Tian Port Holdings Co.Ltd(000088) modern logistics group (including Yantian Comprehensive Bonded Zone), Shenzhen Yan Tian Port Holdings Co.Ltd(000088) operation area and supporting service area, with a total area of about 9.4 square kilometers.
4. According to Shanghai Securities News, on December 2, the prosperity index of China’s logistics industry in November 2021 released by China Federation of logistics and procurement was 53.6%, up 0.1 percentage points from the previous month; China’s warehousing index was 54.1%, down 0.1 percentage points from the previous month.
institutional view
For the current market, Guosheng securities mentioned that the current market is dominated by the rotation of low-level plates, and the market gives positive feedback to industries with good news, small and medium-sized themes and clear policy coverage. Before the general profit-making effect, the market incremental funds are still dominated by institutions, and the direction of institutional layout may be dominated by the first quarter of next year, This month’s central economic conference will set the tone for the market style. The general directions such as “common prosperity”, “powerful country in science and technology”, “high-quality development” and “carbon neutralization” will be the main policy logic, focusing on the low price make-up opportunities in the directions of independent controllable chips, specialized special innovation, cloud computing and high-end manufacturing.
In the macro aspect, Sealand Securities Co.Ltd(000750) pointed out that under the macro pressure next year, the growth rate of A-share performance will fall, the market driving force will shift from performance to valuation, the volatility will increase, the shock in the first half of the year will find the structure, and the financial belt index in the second half of the year. China’s economic growth model has shifted from high-speed growth to high-quality development, industrial drive has shifted from real estate infrastructure to Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , residents’ asset allocation has shifted from real estate to capital market, and the system construction of four beams and eight columns has been completed. Although there will be pain in this process, it is on the right road, old and new.
Soochow Securities Co.Ltd(601555) said that the policy expectation in the performance window period is the main factor for the restlessness of A-Shares in spring, especially the economic downside risk since the second half of this year, which makes the market’s policy expectation for steady growth more clear. Superimposed on the impact of Omicron mutant strain, China’s anti epidemic dividend continues. We believe that the market will gradually enter the restless range from the early shock pattern, focusing on the steady growth signal released by the economic work conference.
The agency further pointed out that the growth product + Mao index was determined in the medium term for the two major policy themes. ① The possible agitation in spring this year is more policy expectation than the strengthening of fundamental trend. It may form a conceptual theme with small cap stocks and secondary new shares as the carrier, focusing on methane emission reduction (coalbed methane collection, landfill, environmental protection monitoring) and power grid construction (power grid construction, energy storage, energy informatization, etc.).
② From the medium-term perspective, the mutant strain Omicron may delay the recovery of the industry damaged by the epidemic expected by the market again. Therefore, we continue to recommend deterministic growth products + consumption Mao index with low correlation with the epidemic. The core logic is that the growth will fall next year, and the allocation idea will change from high growth to stability. Focus on new energy vehicles, photovoltaic, military industry, etc; Baijiu, medicine, Internet leader.
Dongguan Securities said that the market in the spring of 2022 is still worth looking forward to. It is expected that the market trend in the first quarter is relatively good. In the second quarter, with the clarity of the policies of the two sessions and the rise of inflation, it may face high shock consolidation.
In terms of operational strategy, Dongguan securities further said that the market opportunities will still be dominated by structure and band. It is suggested to optimize the industry and midline layout in combination with various factors such as industrial policy, industry prosperity and institutional layout, focusing on: (1) the main line of consumption recovery: such as food and beverage, household appliances, leisure services and medicine; (2) Carbon neutralization: focus on new energy, new energy vehicles, electrical equipment, environmental protection, etc. under the background of “double carbon”; (3) The main line of scientific and technological innovation: such as computer, electronics, communication, new materials, military industry and other sectors. (4) Underestimate the main line of high-quality blue chip: such as finance, building materials, machinery, etc.
