Main points
Last week, the main market indexes showed an adjustment trend, and the Shenwan industry fell more or rose less. On the disk, the Shanghai index fell by 0.11%, the component index fell by 2.93%, the gem index fell by 3.75%, the CSI 300 fell by 1.68%, the SSE 50 fell by 0.43%, the CSI 500 fell by 0.23%, the CSI 1000 fell by 1.64%, the science and innovation board fell by 3.05%, and the hot carbon industry (10.25%), transportation (3.65%), agriculture, forestry, animal husbandry and fishery (3.49%), followed by automobile (- 4.47%), electronics (- 4.26% 6) power equipment (- 3.54%) fell the most. Last week, the volume of the two markets fell, and the funds going north showed a net inflow. Last week, the average daily turnover of the Shanghai and Shenzhen markets was 366531 billion, down 8.84% from 1060208 billion in the previous period; the average daily trading volume of the two markets was 78.087 billion shares, down 7.96% from the previous period. In terms of RMB, the total inflow of land stocks to the North was 4.274 billion yuan, including 5.035 billion inflow from the Shanghai Stock connect and 761 million outflow from the Shenzhen Stock connect; the balance of the two cities Fell month on month, closing 172295 billion yuan on Friday, not 2.285 billion yuan lower than the previous period; Among them, the balance of financing is 1628106 billion yuan, and the balance of hidden bonds is 94.844 billion yuan. There is a great determination to maintain steady growth. High quality growth is further confirmed. The government work report once again emphasizes that “stability is the first word and seek progress in stability” and “steady growth should be put in a more prominent position”. At the industrial level, it is proposed to strengthen the implementation of the policy of adding and deducting large R & D expenses, increase the proportion of adding and deducting scientific and technological small and medium-sized enterprises from 5% to 100%, strive to cultivate “special sales and special new” enterprises, and give strong support in terms of capital, manpower and platform description
Demand has picked up. On the whole, the PMI in February was basically in line with expectations. The manufacturing industry continued to expand, and the production expansion slowed down, but the demand tightened and warmed up. In the future, with the decline of the epidemic and the strength of the growth stabilization policy, the expansion trend of the manufacturing industry may continue. However, due to the geographical situation of Russia and Ukraine, the raw materials may rise further, and the enterprise cost is still large
The signal of steady growth is clear, and the market is in an extended and volatile situation. At present, the two sessions are being held, and there is a strong wait-and-see mood in the market. However, from the report, the signal of steady growth this year is clear, and subsequent departments are expected to successively introduce corresponding policies to promote steady growth. In addition, PM continued to expand in February, indicating that the overall situation of the current manufacturing industry is OK, but the recovery of demand shows that the manufacturing industry is expected to continue to expand. We believe that from the current situation, the overall wait-and-see mood of the market during the two sessions may continue. The report mentioned that the focus on developing industries can be appropriately increased, such as digital economy, photovoltaic and infrastructure related fields. However, it is not suitable to intervene in the layout too early and deeply at present. It is necessary to wait until the market gradually stabilizes after the two sessions. The industry side can pay attention to the industrial chain related to infrastructure and consumption
