Today, the stock indexes of the two cities opened normally. After that, the main indexes fluctuated all the way down, and began to rise slightly at 11:00 to close at noon; In the afternoon, the stock index continued to adjust weakly; Disk hot spots: strong performance in anti-cancer, anti influenza, generic drugs, immune medicine, gene concept, industrial marijuana, NMN concept, medicine, food and beverage, electric power and other sectors; Overall: today’s market is showing an adjusted market.
Since 2019, the A-share market has changed from the decadence of more than three years from June 2015 to the end of 2018, and stepped out of the obvious upward market. Although there are many ups and downs, including the interference of external forces such as Sino US trade friction and global epidemic, the market has stood up strongly, especially the gem has acted as a pioneer, far ahead in the rising range, although the main board has also risen, But compared with the gem, it is nothing.
In other words, in the past three years, funds have chosen the gem as the main multi head charging force. We very much agree with the sentence “the market is always right”. Since funds have chosen the gem, it must have its reason. Whether you like it or not, it is constantly surging and rising. Our previous view of being firmly optimistic about the gem has also been confirmed. Today, there is a collective adjustment of all indexes, and the gem index has a large decline. Does this mean the end of the GEM market?
Let’s take a look at the overall trend of the gem. It has formed an obvious upward trend since it rose in January 2019, and the lower track of the trend line is on the annual line, that is, the bottom line of the gem is near the annual line. Today, the decline of the gem is close to the semi annual line, and there is still a certain distance from the annual line. Therefore, we can’t categorically think that the GEM market is over because of today’s decline.
Looking at today’s disk performance, it is in an obvious adjustment state all day. The daily limit of the two cities has been reduced to about 60. The profit-making effect is lower than that of a few days ago, but the structural market is still obvious. In addition, according to the statistics, most of the varieties with high growth today come from the varieties with serious stagflation in the early stage and low stock price, which is basically in line with the stock selection principle of “low price + large increase in performance” continuously emphasized by Fan Bo of Xiangcai securities in recent years, and I hope investors can understand this idea thoroughly.
To sum up: there has been a major adjustment in the market, and the gem has touched the semi annual line, but the long-term trend has not been damaged, which does not mean that the index has weakened in the medium term; However, adhering to the principle of “low position + large increase in performance” in the volatile market will make you attack and defend.
(Xiangcai securities)
