Last Friday, the market opened low and fluctuated lower, led by the gem index, and the daily line was negative for four consecutive days. The turnover of Shanghai and Shenzhen stock markets was 1006.3 billion, a decrease of 3.8 billion compared with the previous trading day. In terms of sectors, pharmaceutical commerce, assisted reproduction, virtual digital human, education, three child concept and other sectors led the increase, while oil and gas exploitation, natural gas, industrial metals, underground pipe network and other sectors led the decline. As of Friday's close, the Shanghai index fell 0.96%, the Shenzhen composite index fell 1.37% and the gem index fell 1.55%. Northbound funds bought a net 457 million yuan throughout the day, including 172 million yuan for Shanghai Stock connect and 286 million yuan for Shenzhen Stock connect.
On Friday, the three major US stock indexes collectively closed down, with the NASDAQ down 1.65%, the Dow down 0.53%, recording a four week decline, and the S & P 500 down 0.79%. Popular Chinese concept stocks fell collectively, pinduoduo and BiliBili fell by more than 8%, and Weilai and Jingdong fell by more than 6%. Large technology stocks fell across the board, with apple, Amazon, Netflix, Google and meta platforms falling more than 1%. Bank stocks generally fell, with Bank of America falling more than 3% and Wells Fargo falling more than 4%.
At the morning meeting of securities companies today, Guotai Junan Securities Co.Ltd(601211) said that the government work report revealed three main lines of computer investment; Huafu Securities said that it is suggested to build positions on bargain hunting around "low and undervalued values" Shanxi Securities Co.Ltd(002500) pointed out that it is difficult to change the force of steady growth and the overall weakness of the market.
Guotai Junan Securities Co.Ltd(601211) : three main lines of computer investment revealed in the government work report
Guotai Junan Securities Co.Ltd(601211) research report pointed out that the government work report put forward comprehensive and deepening requirements for the fields of digital economy, information innovation, network security and energy informatization, and once again emphasized three main lines: industrial digital transformation, improving scientific and technological innovation ability and strengthening network security. Institutions recommend three main lines:
(1) industrial digitization of smart city + industrial Internet, recommend new software, Guangzhou Sie Consulting Co.Ltd(300687) ;
(2) Xinchuang: Beijing Seeyon Internet Software Corp(688369) , Beijing Kingsoft Office Software Inc(688111) , Beijing Tongtech Co.Ltd(300379) , Zhongfu Information Inc(300659) ;
(3) network security: recommended Sangfor Technologies Inc(300454) , Qi An Xin Technology Group Inc(688561) , Venustech Group Inc(002439) , Nsfocus Technologies Group Co.Ltd(300369) , Hillstone Networks Co.Ltd(688030) .
Huafu Securities: bargain hunting and position building around "low and undervalued value"
Huafu Securities said that looking forward to the future, internationally, the geographical situation of Russia and Ukraine will continue to affect people's hearts and affect the fluctuations of various categories of assets. However, with the active mediation of countries around the world, it is expected to see a turnaround in March; In China, the core probability of the market this week is still in the latest policy developments. We continue to suggest adhering to the main line of steady growth and building positions on bargain hunting around "low and undervalued values".
Shanxi Securities Co.Ltd(002500) : it is difficult to change the force of steady growth and the overall weakness of the market
Shanxi Securities Co.Ltd(002500) believes that the government work report sets the economic growth target of 2022 at about 5.5%, which fully demonstrates confidence under the background of high base, suggesting that the overall policy environment is still relatively good, the decision of "steady growth" is strong, the loose tone is clear, or the mood of A shares is restored in the short term. Some theme sectors of the "two sessions" are hot again, and it is suggested to focus on "steady growth" Carbon neutralization, common prosperity, digital economy and other directions shall be configured in combination with the marginal change of prosperity of sub sectors.
But after all, China's economy is still in a downward cycle, and the decline in corporate profits will suppress the improvement of A-share valuation as a whole. Under the background of overseas continuous contraction, the liquidity will actually be neutral and tight, with double killing of performance valuation. However, the stumbling relationship between China and the United States and the war between Russia and Ukraine have added risks. It is difficult to improve the market risk appetite. The A-share market is mainly a structural market in the first half of the year, and it will even need to continue to look for support; In the second half of the year, the counter cyclical adjustment policy will continue to work, the industrial drive will shift from the old economy to the new economy, and China's economic growth model will change from high growth to high-quality development. After the valuation is digested, A-Shares are expected to return to the slow bull Road. In terms of industry configuration, the performance valuation in the first half of the year is under pressure, and defensive varieties are preferred, such as undervalued bancassurance, construction and mandatory consumption. In the second half of the year, the new economy is expected to grow again, and endogenous booming industries such as new energy, auto parts, large technology and national defense industry with high performance certainty are added.
