February Market Review
In February 2022, the market recovered as a whole. In the first week after the festival, the new social finance in January was much higher than expected, and the value style led the rise of the whole a. Pfizer ushered in the 19th week of favorable conditions for the approval of imported drugs such as vixovid-2. In the third week, the conflict between Russia and Ukraine was full of twists and turns. Russia recognized the independence of eastern Ukraine on the 21st and decided to launch a special military operation in Donbas on the 24th. The equity market fell and rebounded twice, and the oil price rose sharply.
The overall market activity fell. The turnover of wandequan a decreased from 20.0 trillion yuan last month to 15.1 trillion yuan, and the daily average turnover rate decreased to 1.25%; Gem refers to the transaction volume decreased to 3.4 trillion yuan from 4.7 trillion yuan last month, and the daily average turnover rate decreased to 1.66%.
Nonferrous Metals and other industries are among the top performers. Nonferrous Metals (17.18%), coal (15.53%), basic chemical industry (9.71%), petroleum and Petrochemical (8.95%) and comprehensive (8.54%) led the increase.
The valuation of the relative cycle of consumption and growth has declined. From the perspective of PE relative ratio, the gem index / CSI 300 was 4.37, up from the previous month. The consumption / cycle was 4.79, down from the previous month; The growth / cycle was 5.24, down from the previous month; Growth / consumption was 1.09, slightly higher than that of the previous month.
Industry recommendation in March
Banking & Real Estate: policies drive economic improvement, and more favorable policies for real estate are on the way. Policy efforts to improve the determination of economic trends, steady growth to support valuation repair; More favorable real estate policies are on the way, and there is still some room for the market.
Construction: the steady growth policy is still positive, paying attention to the construction of new and old infrastructure and affordable housing. The policy level is still relatively positive about steady growth. Steady growth focuses on undervalued blue chip, new energy infrastructure and affordable housing construction.
Fengfengchu: policies at home and abroad resonate, and the prosperity of fengfengchu is highly deterministic. Policies at home and abroad resonate, and the prosperity of scenery storage has strong certainty; Sea breeze, distributed wind and light installation highlights, and the penetration of new energy stimulates the demand for energy storage.
Communication: an important part of infrastructure industry, digital economy hardware base. Steady growth, new infrastructure, and increased attention to communication infrastructure; The digital economy has been promoted to the strategic core position, and the demand for communication traffic has increased.
Shipping: the conflict between Russia and Ukraine has stimulated the surge of tanker freight rates, the tension of supply chain and the shift of trade. The gap in the European oil and gas market pushed up tanker freight rates; The conflict between Russia and Ukraine may aggravate the tension of the global supply chain, trigger the trade diversion of various countries, and stimulate the performance of the shipping port sector related to China Russia trade.
Risk warning: overseas market volatility intensifies; The epidemic development exceeded expectations; Macroeconomic fluctuations exceeded expectations.
