Looking back on Wednesday's A-share market, the Shanghai and Shenzhen stock markets opened low. At the beginning of the session, the stock index fluctuated upward, and once turned red. With the big financial smashing, the index also ushered in a decline, and then fluctuated lower until turning green. In the afternoon, the three major stock indexes first maintained the weak consolidation and accelerated the diving rhythm at the end of the day.
As mentioned in Soochow Securities Co.Ltd(601555) , the overall market continued weak adjustment on Wednesday, and heavyweights continued to lead the decline. At present, the intensive transaction area above the Shanghai composite index is under great pressure. Under the game of stock funds, the hot spot sustainability is insufficient, and the plates are mainly short-term speculation. Under the background of loose liquidity, the downward space of the index is limited. After stepping back in place, it is expected to continue to fluctuate upward. It is suggested that investors continue to pay attention to the large consumption sector, especially the required consumption, and the performance is expected to improve next year.
From a technical point of view, Dongguan Securities said that the market was at a high level and the performance was slightly weak, especially the hot spots of the plate were divided, and the market may be repeated in the short term. However, the medium-term trend is still stable, after the shock consolidation, it is still expected to continue the rebound trend, and pay attention to the rotation rhythm of the plate and the change of volume energy . In terms of operation, it is recommended to pay attention to finance, food and beverage, household appliances, building materials, electrical equipment, TMT and other industries.
Central China Securities Co.Ltd(601375) pointed out that since this week, the core assets have surged and fallen, dragging down the rebound of the stock index, frequent market hot spot conversion, and heavy wait-and-see mood of OTC funds. In the future, the Shanghai index is likely to maintain range shock and narrow fluctuation. It is suggested to pay close attention to the changes of policy, capital and external market .
In terms of the future market, Huaxin Securities believes that after the continuous repair of the valuation of consumer stocks, there are differences in the market due to the lack of short-term space advantages. In addition, the sharp adjustment of biomedical stocks has led to the rise of market panic and increased the intra day adjustment range of the index. However, the adjustment range of overall a equity round is limited, and the market is driven by liquidity. After the mood recovers, The rebound of A-Shares will continue .
Guosheng Securities said that capital sentiment remained high, the rise and fall differentiation converged, and the trading structure continued to be optimized . First, the overseas panic has converged, the VIX Index has dropped significantly, while the foreign capital and leverage sentiment have reached a new high in the year, and the capital sentiment has remained at an all-time high; Second, with the spread of the cross-year market, the differentiation of the recent market has converged, and the proportion of new stocks and strong stocks has fallen; Third, the market structure of transactions continued to optimize, transaction differentiation was significantly restored, the concentration of transactions also maintained near the historical center, brokerage, Baijiu, bank transactions accounted for a marked rise.
Looking back, the agency further analyzed that the deduction and diffusion of the cross-year market is expected to continue . However, considering that the current market trading heat is obviously at a high level, it is recommended to continue to pay attention to the marginal change of capital sentiment.
Sinolink Securities Co.Ltd(600109) mentioned that the Federal Reserve accelerated the taper process as scheduled, and US stocks saw it as a boot landing, but rose . China's macro data are mixed. Looking back, the market's expectation of economic stabilization will continue to strengthen. The short-term market may still be dominated by consolidation, but we believe that the upward pattern in the medium term remains unchanged. Radical investors are advised to pay attention to banks, securities companies, buildings and building materials. Steady investors maintained about 80% of their positions.
In the macro aspect, Chuancai Securities pointed out that the central economic conference pointed out that next year's economic work should be stable, seek progress while maintaining stability, and continue to implement an active fiscal policy and a prudent monetary policy. In this context, it is suggested to pay attention to infrastructure direction . The meeting proposed to carry out infrastructure investment moderately ahead of schedule, while power infrastructure, rural infrastructure and old city reconstruction are expected to make efforts; Second, "specialized and new" manufacturing enterprises . The meeting proposed to improve the core competitiveness of the manufacturing industry, accelerate the digital transformation and promote the upgrading of traditional industries; The third is the direction of state-owned enterprise reform . The meeting proposed to complete the three-year action task of state-owned enterprise reform and steadily promote the reform of natural monopoly industries such as power grid and railway, which is expected to activate the driving force of development.
In terms of operational strategy, Huaxi Securities Co.Ltd(002926) believes that in December alone, A-Shares are expected to continue the cross-year market, and do not catch up or fall on plates / stocks. In terms of industry configuration, there are three main investment lines: 1) new energy (vehicles) (smart grid, energy storage, wind energy, photovoltaic, etc.); 2) consumption upgrading related , food, beverage, medicine, etc; 3) The "real estate" sector benefited from the marginal change of the real estate policy of "implementing policies due to the city", and individual stocks focused on the central enterprises with increased market share. Theme investment concerns: "double carbon, military industry, consumption upgrading" etc.
In addition, Caixin securities mentioned that it is expected that China may be in the stage of marginal decline in inflation and marginal weakening of economic prosperity in the fourth quarter. At this stage, it is suggested to allocate assets from the following four main lines: (1) financial sector . At present, the valuation of track stocks has far exceeded that of other sectors. There is a strong demand for make-up in the financial sector that underestimates the value, especially in the securities sector. (2) antiperiodic plate . In the fourth quarter, the marginal demand for exports and inventory replenishment weakened, and the counter cyclical sector may perform under the cross cyclical macroeconomic regulation and control. (3) a plate with booming production and marketing . The current performance improvement expectations from strong to weak are: national defense and military industry, household appliances, transportation and computer. (4) downstream consumption sector . It is expected that the scissors difference between PPI and CPI will converge in the future, and the consumer sector will probably achieve excess returns in the next half year. Focus on downstream consumer sectors with price increase expectations, such as food and beverage.
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Looking back on Wednesday's A-share market, the Shanghai and Shenzhen stock markets opened low. At the beginning of the session, the stock index fluctuated upward, and once turned red. With the big financial smashing, the index also ushered in a decline, and then fluctuated lower until turning green. In the afternoon, the three major stock indexes first maintained the weak consolidation and accelerated the diving rhythm at the end of the day.
As mentioned in Soochow Securities Co.Ltd(601555) , the overall market continued weak adjustment on Wednesday, and heavyweights continued to lead the decline. At present, the intensive transaction area above the Shanghai composite index is under great pressure. Under the game of stock funds, the hot spot sustainability is insufficient, and the plates are mainly short-term speculation. Under the background of loose liquidity, the downward space of the index is limited. After stepping back in place, it is expected to continue to fluctuate upward. It is suggested that investors continue to pay attention to the large consumption sector, especially the required consumption, and the performance is expected to improve next year.
From a technical point of view, Dongguan Securities said that the market was at a high level and the performance was slightly weak, especially the hot spots of the plate were divided, and the market may be repeated in the short term. However, the medium-term trend is still stable, after the shock consolidation, it is still expected to continue the rebound trend, and pay attention to the rotation rhythm of the plate and the change of volume energy . In terms of operation, it is recommended to pay attention to finance, food and beverage, household appliances, building materials, electrical equipment, TMT and other industries.
Central China Securities Co.Ltd(601375) pointed out that since this week, the core assets have surged and fallen, dragging down the rebound of the stock index, frequent market hot spot conversion, and heavy wait-and-see mood of OTC funds. In the future, the Shanghai index is likely to maintain range shock and narrow fluctuation. It is suggested to pay close attention to the changes of policy, capital and external market .
In terms of the future market, Huaxin Securities believes that after the continuous repair of the valuation of consumer stocks, there are differences in the market due to the lack of short-term space advantages. In addition, the sharp adjustment of biomedical stocks has led to the rise of market panic and increased the intra day adjustment range of the index. However, the adjustment range of overall a equity round is limited, and the market is driven by liquidity. After the mood recovers, The rebound of A-Shares will continue .
Guosheng Securities said that capital sentiment remained high, the rise and fall differentiation converged, and the trading structure continued to be optimized . First, the overseas panic has converged, the VIX Index has dropped significantly, while the foreign capital and leverage sentiment have reached a new high in the year, and the capital sentiment has remained at an all-time high; Second, with the spread of the cross-year market, the differentiation of the recent market has converged, and the proportion of new stocks and strong stocks has fallen; Third, the market structure of transactions continued to optimize, transaction differentiation was significantly restored, the concentration of transactions also maintained near the historical center, brokerage, Baijiu, bank transactions accounted for a marked rise.
Looking back, the agency further analyzed that the deduction and diffusion of the cross-year market is expected to continue . However, considering that the current market trading heat is obviously at a high level, it is recommended to continue to pay attention to the marginal change of capital sentiment.
Sinolink Securities Co.Ltd(600109) mentioned that the Federal Reserve accelerated the taper process as scheduled, and US stocks saw it as a boot landing, but rose . China's macro data are mixed. Looking back, the market's expectation of economic stabilization will continue to strengthen. The short-term market may still be dominated by consolidation, but we believe that the upward pattern in the medium term remains unchanged. Radical investors are advised to pay attention to banks, securities companies, buildings and building materials. Steady investors maintained about 80% of their positions.
In the macro aspect, Chuancai Securities pointed out that the central economic conference pointed out that next year's economic work should be stable, seek progress while maintaining stability, and continue to implement an active fiscal policy and a prudent monetary policy. In this context, it is suggested to pay attention to infrastructure direction . The meeting proposed to carry out infrastructure investment moderately ahead of schedule, while power infrastructure, rural infrastructure and old city reconstruction are expected to make efforts; Second, "specialized and new" manufacturing enterprises . The meeting proposed to improve the core competitiveness of the manufacturing industry, accelerate the digital transformation and promote the upgrading of traditional industries; The third is the direction of state-owned enterprise reform . The meeting proposed to complete the three-year action task of state-owned enterprise reform and steadily promote the reform of natural monopoly industries such as power grid and railway, which is expected to activate the driving force of development.
In terms of operational strategy, Huaxi Securities Co.Ltd(002926) believes that in December alone, A-Shares are expected to continue the cross-year market, and do not catch up or fall on plates / stocks. In terms of industry configuration, there are three main investment lines: 1) new energy (vehicles) (smart grid, energy storage, wind energy, photovoltaic, etc.); 2) consumption upgrading related , food, beverage, medicine, etc; 3) The "real estate" sector benefited from the marginal change of the real estate policy of "implementing policies due to the city", and individual stocks focused on the central enterprises with increased market share. Theme investment concerns: "double carbon, military industry, consumption upgrading" etc.
In addition, Caixin securities mentioned that it is expected that China may be in the stage of marginal decline in inflation and marginal weakening of economic prosperity in the fourth quarter. At this stage, it is suggested to allocate assets from the following four main lines: (1) financial sector . At present, the valuation of track stocks has far exceeded that of other sectors. There is a strong demand for make-up in the financial sector that underestimates the value, especially in the securities sector. (2) antiperiodic plate . In the fourth quarter, the marginal demand for exports and inventory replenishment weakened, and the counter cyclical sector may perform under the cross cyclical macroeconomic regulation and control. (3) a plate with booming production and marketing . The current performance improvement expectations from strong to weak are: national defense and military industry, household appliances, transportation and computer. (4) downstream consumption sector . It is expected that the scissors difference between PPI and CPI will converge in the future, and the consumer sector will probably achieve excess returns in the next half year. Focus on downstream consumer sectors with price increase expectations, such as food and beverage.
