On December 27, the stock index rose slightly in the morning and fell back and turned green in the afternoon; The Shenzhen composite index also fell in the afternoon and barely turned red near the end of the session; Gem refers to the strong rise in early trading and the weakness in the afternoon; The turnover of the two cities has shrunk significantly, with a full day turnover of less than trillion yuan. As of the close, the Shanghai index fell slightly by 0.06% to 3615.97 points, and the Shenzhen Composite Index rose 0.04% to 14715.65 points; The Shenzhen composite index fell 0.1% to 3293.91 points; The total turnover of the two cities was 974.8 billion yuan.
On the disk, medicine, home furnishings, food and beverage, gas and other sectors led the increase, while household appliances, tourism, building materials, aviation, textile and clothing and other sectors all rose; Liquor stocks fell down, Kweichow Moutai Co.Ltd(600519) fell nearly 3% and Wuliangye Yibin Co.Ltd(000858) fell more than 2%; Automobile, banking, nonferrous metals and other sectors weakened; Hydrogen energy, NMN concept and medical beauty concept were active, while meta universe, UHV and seed stocks fell.
Guotai Junan Securities Co.Ltd(601211) Securities believes that the recent high market volatility has narrowed the profit-making effect, which is reflected not only in the significant adjustment of the broad-based index represented by the gem index, but also in the weekly level, only 30% of the number of stocks recorded an increase. The main reasons behind the adjustment and fluctuation are as follows: 1) the comprehensive RRR reduction since December superimposed with the one-year LPR reduction, and the loose expectation has been fulfilled in stages; 2) The expectation of overseas interest rate hikes has risen, and global inflation and the spread of the epidemic have formed a dilemma intersection; 3) Phased factors such as “cracking down on counterfeiting” foreign capital have brought great pressure on growth sectors such as new energy with crowded transactions and high valuation. Despite the disturbance, new momentum is still brewing, and the transmission chain of “policy bottom → valuation bottom → profit bottom” will be carried out relay. Looking forward to the future, maintain the judgment that “agitation is not achieved overnight”, and think that the rhythm of this round of cross-year offensive is more moderate. With the gradual implementation of specific policies for steady growth in the first quarter of 2022 and the easing expectation opening up imagination again, the cross year market will still be further deduced.
Boc International (China) Co.Ltd(601696) said that the recent market adjustment and overseas fluctuations were the main reason, and A-Shares themselves had no room for continuous decline. With the gradual stabilization of China’s credit cycle, the valuation of A-Shares will be given a favorable boost. Therefore, overseas fluctuations have more periodic impact on a shares. We need to pay attention to the choice and layout of market direction next year. Considering the characteristics of upward cycle prosperity of capital expenditure and loose short cycle recession, the growth direction of high prosperity and TMT technology are still the main layout lines: 1) after the active correction of high growth track stocks represented by Ning portfolio, the valuation switching investment cost performance in 2022 is high. Focus on investment opportunities in new energy lithium batteries, photovoltaic materials, equipment and other sectors. 2) The near-end performance growth of TMT communication and electronic hardware is relatively certain, and the industry valuation is at a low and medium position in history. It is recommended to pay attention to some subdivision tracks after the correction of intelligent driving, lidar and power semiconductor. Media content and computer software pay more attention to the high odds space brought by liquidity.
(Securities Times)
