Research viewpoint
[market analysis]
The contraction rebounded, and the market remained positive and bullish the second day
[company research]
Yaoming Biology (02269, buy): business operation is normal and still developing rapidly
[market analysis]
The contraction rebounded, and the market remained positive and bullish the second day
On December 22, the contraction of Hong Kong stocks rebounded. On the second day, the Hang Seng Index rose by more than 130 points and repaired to more than 23000 points to close, but the trading volume of the market was further reduced to less than 100 billion yuan. At present, the atmosphere of cautious wait-and-see in the market still needs to be broken, but the determination of Beishui to copy in is still firm. Hong Kong stock connect recorded a net inflow for the 21st consecutive day, with a net inflow of more than 3 billion yuan on Wednesday, and accumulated, that is, after Hong Kong stocks fell to 23000 points, the net inflow of beishuihui was more than 54 billion yuan, which verified the current attraction of Hong Kong stocks. In fact, Hong Kong stocks are now at an important bottom level. We still maintain this view. Operationally, it is still a good time to allocate high-quality stocks, and we can maintain a positive attitude towards the future market.
The Hang Seng index opened higher first and then recovered. At the beginning of the opening, it once increased by 250 points to 23221 points, but the pressure of recovery failed to be eliminated, the market situation still tended to differentiate, and the popularity still needs to be further stimulated. Under the condition of obvious contraction, the market entered the moment of short-term direction selection, and whether there can be heavy leading index stocks is our next focus of observation. The Hang Seng Index closed at 23102 points, up 131 points or 0.57%. The national index closed at 8195 points, up 54 points or 0.66%. In addition, the turnover of the main board of Hong Kong stocks was more than 92.7 billion yuan, while the short selling amount was 13.14 billion yuan, with a short selling ratio of 14.17%. As for the proportion of rising and falling shares, it is 889:705. 41 stocks rose more than 11% during the day, while 26 stocks fell more than 10% during the day.
In terms of trend, after the sell-off on Friday and Monday, the Hang Seng Index has the opportunity to bottom at 22665 points. If it can further break through the resistance at 23500 points, the above bottom assumption will be confirmed, and the future market will move towards the initial target of 25000 points. At present, from our observation, the market generally still holds a cautious bearish attitude. Therefore, it is not ruled out that there is the possibility of pressing the short to trigger an upward breakthrough, especially the end of 2021 is coming. The market has the intention to whitewash the window before the end of the year, so it is advisable to pay more attention.
There are signs of new energy vehicles starting again. Among them, Byd Company Limited(002594) shares (01211) rose by 3.51% and Great Wall Motor Company Limited(601633) (02333) rose by 4.96%. It is suggested to continue to follow up. The new energy power generation that has taken the lead in moving earlier has been sorted out. Among them, China Resources Power (00836) and Longyuan Power (00916) both slightly fell 0.57% and 0.11% against the market, respectively. However, it is believed that the overall positive trend has not changed. On the other hand, the recovery of defensive varieties may also indicate that the risk appetite of the market is improving. As for small and medium-sized stocks, the momentum of repair and rebound is still improving. We focus on COFCO Jiakang (01610) in the list. The share price rose 3.23% to 2.87 yuan, closing at a new high in the month. The trough cycle of pork price has passed and is expected to recover next year. I believe it is still a positive driving factor.
