Looking back on Wednesday’s A-share market, the Shanghai and Shenzhen stock markets opened higher across the board. At the beginning of the session, the Shanghai index rose rapidly, followed by a shock decline, while the Shenzhen Component Index and the gem index rose, with obvious signs of differentiation between the two markets; With the correction of heavyweights, the Shanghai index plunged further in the afternoon, while the performance of subject stocks was strong, which promoted the eye-catching performance of the gem index and Shenzhen composite index.
As mentioned in Soochow Securities Co.Ltd(601555) , the current market rebound is divided. The strength and height of the rebound need to pay close attention to whether the recent major indexes can break through the upper moving average suppression. If the upper selling pressure is large, they may return to the downward channel. Operationally, investors can keep low positions and wait and see. Recently, has participated in the hot rotation of the market with low positions, and gradually increase their positions when the market stabilizes and attacks effectively.
From a technical point of view, Dongguan Securities believes that the market fluctuated and rested on Wednesday, but the profit-making effect is preferred. The trading of the two cities remained active, the rotation rhythm of the plate was accelerated, and the capital flowed out slightly from the north. It is expected that the market will continue to fluctuate and stabilize, and pay attention to the rotation rhythm of the plate and the change of volume and energy . In terms of operation, it is recommended to pay attention to finance, building materials, household appliances, food and beverage, TMT and other industries.
In terms of the future market, Huaxin Securities said that in the short cycle, index ushered in a restorative rebound after continuous decline, but it is not certain that the market has stopped falling. At present, there may still be a step back action . If the decline does not accelerate again, the Shanghai stock index is expected to usher in the possibility of impact above 3650 points again.
Guosheng Securities pointed out that under the overall stable tone of market liquidity, the short-term trading opportunities in the market may gradually increase with the stabilization and upward of the index. We can actively pay attention to the popular themes in the current market, such as meta universe, green power and environmental protection, and look for individual stock opportunities. Operationally, as 2021 draws to a close, the market may be able to open the expectation of Industry Valuation improvement with clear performance context, and can actively pay attention to the trading opportunities of individual stocks with clear growth expectation .
Macroscopically, Citic Securities Company Limited(600030) said that the core reason for the lower than expected consumption recovery this year lies in the slowdown of residents’ income growth and the constraints of epidemic prevention and control. Considering that the economy is now at the bottom of the cycle, coupled with the government’s determination to expand domestic demand next year and the requirements of macro policies to “move forward”, the growth rate of residents’ income is expected to further pick up and drive consumption back to the trend. In addition, the decline of economic impact and the improvement of “immunity” of consumption are also positive factors. For the stock market, from the expected recovery of consumption to confirmation will gradually form a positive impact on consumer stocks. The scissors gap between the decline of PPI and the upward CPI will further boost corporate profits. In the early stage of , affected by the epidemic situation, cost and other factors, the consumption plate or configuration with underestimated value is preferred .
Guoyuan Securities Company Limited(000728) believes that stability is the core goal, and it is necessary to continue to implement an active fiscal policy and maintain a stable, appropriate and flexible monetary policy. The central bank may continue to maintain reasonable and abundant market liquidity through the combination of monetary policy tools, structurally support steady growth and help the economy operate within a reasonable range. In this case, equity market is expected to usher in phased support . For large financial sectors (including real estate) and growth sectors with relatively sensitive liquidity, infrastructure sectors with large capital acquisition scale benefit more.
In terms of operation strategy, Huaan Securities Co.Ltd(600909) said that while actively distributing and participating in the cross year market and emphasizing the opportunities of growth plate, it can turn to more positive ideas and tilt from structural to comprehensive allocation. First, in terms of growth , we will continue to adhere to the industrial chain of new energy vehicles, photovoltaic, wind power, hydrogen energy, energy storage and semiconductors in the medium term, and further explore the links in the industrial chain where there is a gap between supply and demand and profit improvement, such as the profit improvement of photovoltaic middle and downstream modules; Second, infrastructure chain , and add building materials that benefit from the advance force of policies; Third, consumption direction , structural opportunities, focusing on the automobile industry recovery and agriculture, forestry, animal husbandry and fishery benefiting from the price rise; The fourth is financial direction . In addition to securities companies affected by transaction volume and comprehensive registration system, the additional allocation policy eases the superposition of real estate repaired by valuation, as well as banks with improved asset quality.
In addition, YueKai securities mentioned that “true” price investment is not afraid of “false” foreign capital exit, and the future balanced allocation has three directions, including: first, pay attention to the investment opportunities in the pre hi sector of the annual report . At present, a total of 88 enterprises in Shanghai and Shenzhen have disclosed annual performance forecasts, with a performance forecast rate of 82%, a total of 72 enterprises, including many enterprises in the pharmaceutical and biological, mechanical equipment and light industry manufacturing industries. The net profit of 43 enterprises increased by more than 20%, accounting for a large number of industries, including mechanical equipment, electronics, light industry manufacturing and electrical equipment. With the disclosure of annual report performance, investors’ attention to annual customs declaration will increase. It is suggested to pay attention to the high-quality target of high growth and low value in the annual report, especially the high-quality companies with continuous growth in performance in the past two years.
Second, focus on the high-quality large consumption leading company with alpha attribute. Recently, the funds going north continue to flow into the large consumer sector. We believe that with the opening of the tide of price increase in the consumer sector, enterprises with strong future pricing power and brand advantages are expected to benefit first. After the cost side pressure of leading companies is gradually relieved, they are expected to enjoy the dividend of raw material price decline + profit elasticity repair in the medium and long term. In 2022, Leading companies of consumer goods are expected to usher in a new era of valuation and profitability. It is suggested that high-quality large consumer leading companies focusing on alpha attribute.
Third, technology stocks have long-term investment opportunities . Technology stocks have a certain ability to cross the cycle. The hard science and technology industry, which has been supported by national policies for a long time, is less disturbed by macro-economy. Under the background of innovation cycle, domestic penetration improvement and industry talent return, the semiconductor sector is driven by the superposition of three factors: product iteration, category expansion and customer breakthrough. It is suggested to select the target from the perspectives of domestic substitution, industry cycle and market share improvement.
