Risk appetite is expected to pick up

Double financing balance

As of February 25, the balance of the two financial institutions on the Shanghai Stock Exchange reported 919452 billion yuan, a decrease of 1.309 billion yuan compared with the previous trading day; The two financial balances of Shenzhen Stock Exchange reported 805793 billion yuan, a decrease of 567 million yuan compared with the previous trading day; The two cities totaled 1725245 billion yuan, a decrease of 1.876 billion yuan over the previous trading day.

Latest views

On Friday, the three major A-share indexes opened higher and went higher, followed by shock and decline. The gem index once rose by more than 3.5%. As of the close, the Shanghai stock index rose 0.63%, the Shenzhen Component Index rose 1.21%, the gem index rose 2.58%, the Shanghai and Shenzhen 300 rose 0.97%, the Shanghai Stock Exchange 50 rose 0.52%, and the China Stock Exchange 50 rose 0.81%. The number of gainers in the two cities was 3377, higher than the average value of 2537 last week and 653 in the previous trading day. The number of daily limit was 71, lower than the average value of 74 last week and higher than 44 in the previous trading day. There were 1184022 companies, both higher than the previous week’s trading value. The number of drop limits was 7, lower than the average value of 13 last week and 44 the previous trading day. Northbound funds had a net inflow of 6.384 billion yuan, with an average net outflow of 480 million yuan last week and a net outflow of 3.358 billion yuan the previous trading day. The turnover of the two cities was 1019326 billion yuan, with an average value of 843588 billion yuan last week and 1363861 billion yuan the previous trading day. The trading heat of A-Shares has increased significantly, and it has risen to above trillion on Sunday, indicating that the trading sentiment of the market has rebounded, which also means that the market is about to complete shock bottoming. In the short term, under the background that the downward pressure on earnings has not been alleviated, geopolitical uncertainty and the inflection point of global liquidity has arrived, risk appetite will still be the main disturbing factor in the A-share market. However, we believe that under the low risk appetite, A-shares are also bottoming. Therefore, with the subsequent repair of market risk appetite, market prices will give positive feedback to the steady growth policy, It is also expected to usher in the restless market in spring.

Topic tracking

Focus today: cro, green power, lidar

1. Cro theme: on February 24, the U.S. Department of health and human services released the review report on the safety of pharmaceutical supply chain, eliminating the market’s concern about CXO being put into the supply chain review. The supply chain review policy has little impact on China’s innovative drug industry chain. From the aspects of supply capacity, influence and the development of innovative drugs, China’s cdmo company is still in the process of improving its global influence and upgrading its industrial chain. In the short term, the overall valuation of China’s CXO industry is at the lowest in history, and the industrial development trend is good. In the long run, China’s innovative drugs have entered the achievement stage and opened the international market. It is suggested to pay attention to: Contemporary Amperex Technology Co.Limited(300750) ( Contemporary Amperex Technology Co.Limited(300750) ), Wuxi Apptec Co.Ltd(603259) ( Wuxi Apptec Co.Ltd(603259) ).

2. Green power theme: on February 10, the national development and Reform Commission and the National Energy Administration issued the opinions on improving the institutional mechanisms and policies and measures for green and low-carbon energy transformation, which pointed out that it is necessary to improve the market mechanism to adapt to the new power system. Promote green and low-carbon development of electric power through marketization. On February 25, the Political Bureau of the CPC Central Committee pointed out the need to strengthen the implementation of macro policies, stabilize the overall economic market, improve the ecological environment and promote green and low-carbon development. In this context, with the intensive introduction of national policies, the industry has broad prospects for performance. It is suggested to pay attention to: China Yangtze Power Co.Ltd(600900) ( China Yangtze Power Co.Ltd(600900) ), Longyuan Power (001289).

3. Lidar theme: the analysis of the development status and future trend of vehicle lidar industry in 2022 points out that lidar has become the mainstream technology development direction of automatic driving. Lidar has the characteristics of long detection distance, high detection accuracy, little influence by environmental interference, and various technical routes. It has become the main choice for most intelligent vehicle driving. With the development of intelligence, the level of automatic driving rises, and the carrying capacity of lidar single vehicle also rises gradually. It is suggested to pay attention to: Shenzhen Roadrover Technology Co.Ltd(002813) ( Shenzhen Roadrover Technology Co.Ltd(002813) ), Vanjee Technology Co.Ltd(300552) ( Vanjee Technology Co.Ltd(300552) ).

Risk tips

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.

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