Over the weekend, the overseas market fell. Today (March 7) the Asia Pacific market ushered in “Black Monday”, and the A-share market was not satisfactory. The three major stock indexes opened low across the board, and then further dived lower. The Shanghai index quickly fell below the integer mark of 3400 points, while the gem index and Shenzhen composite index also ushered in new lows since the current round of decline; In the afternoon, the index continued to fluctuate lower, showing a unilateral downward pulse pattern throughout the day.
As of the day’s closing of Shanghai and Shenzhen stock markets, the Shanghai index fell 2.17% to 337286 points; The Shenzhen composite index fell 3.43% to 1257343 points; The gem index fell 4.30% to 263037 points.
From the disk point of view, the industry and concept sectors were almost wiped out, only a few sectors were relatively resistant to decline, and the local profit-making effect plummeted. In terms of industry, precious metals, education, medicine, commerce, jewelry and other industries have bucked the trend; In terms of theme stocks, the concept of infant and child, pet economy, golden concept, medical beauty, assisted reproduction, covid-19 treatment, etc. were among the top gainers.
In terms of funds, the central bank announced on March 7 that in order to maintain the reasonable and abundant liquidity of the banking system, the people’s Bank of China launched a 10 billion yuan reverse repurchase operation by means of interest rate bidding on March 7, 2022, with a bid winning interest rate of 2.1%. Today, 300 billion yuan of reverse repurchase expired. Therefore, the open market today achieved a net return of 290 billion yuan.
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North Fund
southbound funds
message surface
1. According to China Central Television Network, Lin nianxiu, deputy director of the national development and Reform Commission, said at the press conference of the state information office on March 7 that the construction of projects in key areas should be accelerated. First, accelerate the improvement of network facilities. Efforts will be made to implement the infrastructure network improvement project of small and medium-sized cities in central and Western China and the 5g integrated application demonstration project, so as to bridge the digital divide and fill the application shortcomings. Second, unified layout of node facilities. Accelerate the construction of 10 national data center clusters, and steadily and orderly promote the construction of national new Internet switching centers and national Internet backbone direct connection points. Third, deploy forward-looking facilities in advance. Accelerate the implementation of the preliminary conditions of the project, promote the implementation, implementation and construction of major scientific and technological infrastructure projects specified in the 14th five year plan, timely start a number of pre research projects, and continuously improve China’s original innovation ability.
2. According to surging news reports, the latest data released by the State Administration of foreign exchange on March 7 showed that by the end of February 2022, China’s foreign exchange reserve balance was US $3213827 billion, a decrease of US $7.805 billion or 0.24% month on month in February.
3. According to the news client of China Central Television, the General Administration of Customs announced today (March 7) that China’s total import and export value in the first two months of this year increased by 13.3% over the same period last year, and foreign trade continued to maintain a good momentum.
4. According to chinanews.com, at the press conference held by the Information Office of the State Council on the 7th, Hu Zucai, deputy director of China’s national development and Reform Commission, revealed that he would deploy five measures to do a good job in ensuring the supply and price stability of bulk commodities. He pointed out that last year, international commodity prices rose sharply, a series of measures taken by China to ensure supply and stabilize prices achieved positive results, and China’s overall price level remained within a reasonable range, playing an important “stabilizer” role in global prices. Since the beginning of this year, the international commodity price situation has become more severe, complex and uncertain, which poses new challenges to China’s efforts to ensure supply and stabilize prices.
institutional views
For the current market, Rongwei Securities said that the trend of the three major stock indexes was once again in a panic atmosphere, and the Shenzhen Component Index and the gem hit a new low. In the short term, if the falling space is opened, it will continue to explore the bottom trend. In operation, it is best to wait and see and wait for opportunities, and absorb blue chips at bargain hunting.
Sinolink Securities Co.Ltd(600109) pointed out that the current better strategy to deal with market fluctuations is to wait and see the trend of events. In the medium term, market sentiment is still at a relatively low point, so we can be more optimistic. From defensive to offensive stage, A-Shares may usher in a small and medium-sized growth moment. Under the defensive idea, the undervalued value is preferred, but in the subsequent context of “worry free inside and trouble free outside”, when A-Shares change from defensive to offensive, the undervalued value sector is difficult to have relative returns, even the infrastructure sector with stable growth attribute.
One belt, one road, is the main reason why the excess revenue from the infrastructure sector is mainly from the theme opportunities, such as the 20142015 years of the whole area. Historically, the relative benefits of the infrastructure sector are not strong enough to relate to the ROE. The inflection point of the growth curve of the new energy sector is still difficult to see in the short term, and the medium – and long-term logic is difficult to falsify.
In addition, Orient Securities Company Limited(600958) believes that considering the situation at home and abroad, the overall equity assets may continue to be suppressed when the overseas uncertainty is still large. On the other hand, at present, the tone of China’s steady growth policy is still relatively clear and will continue to support relevant industry sectors. In terms of allocation, we believe that a more balanced allocation is needed to deal with many uncertainties outside China.
Specifically: first, the reversal industry under low expectation and new theme investment are still important allocation directions: on the one hand, although the market is skeptical about the strength of steady growth, it can not be verified, and we believe that there is pressure on the overall macro-economy in the first half of 2022, so the “steady growth” policy is still necessary. At present, the relevant sectors fall synchronously with the index, There are allocation opportunities, focusing on the direction of power and real estate industry chain. In addition, although the uncertainty of the epidemic situation may still disturb the recovery rhythm of catering, tourism, transportation and other industries, with the liberalization of overseas epidemic control and the further scientific prevention and control of the global epidemic, the “post epidemic” industry is expected to gradually achieve the expected repair or even reverse. On the other hand, new thematic investments are still actively emerging: for example, digital economy, automotive intelligence, state-owned enterprise reform and other directions.
II. Since the beginning of the year, the valuation of semiconductor and pharmaceutical technology sectors with strong long-term policy certainty, large industrial space and accelerated domestic substitution, as well as military industry, new energy vehicles and other sectors has been adjusted to a certain extent. In particular, the valuation price ratio of some leading companies and representative companies has begun to appear, focusing on photovoltaic, energy storage industry chain, lithium mine Semiconductor and other directions.
III. energy, upstream resource products and other sectors are still expected to benefit from the increased expectation of global inflation in the short term. It is recommended to pay attention.
Northeast Securities Co.Ltd(000686) mentioned that for the industry configuration in the second quarter, attention should be paid to building materials and real estate with stable growth orientation and relatively undervalued value, and new infrastructure, new energy, tourism and Hotels with improved profit margin.
(1) main line of allocation: the first half focuses on the undervalued and stable profit direction, mainly in the value sectors such as banking, real estate and construction; The latter half of the period focuses on industries with improved profit margins, including new infrastructure, high growth with oversold and mass consumption after the epidemic.
(2) rhythm: the middle of may may may be the time node, mainly considering the effect of steady growth and the confirmation of bottom profit.
(3) from a top-down perspective: first, after steady growth, there are still opportunities for building materials, real estate and banks that underestimate value and make stable profits in the first half; Secondly, the latter half of the new infrastructure, some oversold growth and post epidemic repair, such as communications, computers, semiconductors, new energy and tourism, deserve attention.
(4) bottom up perspective: focus on hotels, lithium, photovoltaic equipment, real estate development, etc. with high digestion of valuation.
