Yesterday, the market opened low and went low. The gem index and Shenzhen Component Index both hit a new low this year. The gem index recorded the largest one-day decline since March 9 last year. The turnover of Shanghai and Shenzhen stock markets was 1014.6 billion, up from 8.3 billion on the previous trading day. In terms of sectors, nursery services, precious metals, covid-19 treatment, chemical fertilizer, education and other sectors led the increase, while airport shipping, tourism, auto chips, Contemporary Amperex Technology Co.Limited(300750) concept stocks and other sectors led the decline. As of yesterday's close, the Shanghai index fell 2.17%, the Shenzhen composite index fell 3.43% and the gem index fell 4.3%. Northbound funds sold a net 8.271 billion yuan throughout the day, including 5.286 billion yuan for Shanghai Stock connect and 2.985 billion yuan for Shenzhen Stock connect.
Overnight, the three major U.S. stock indexes collectively closed down, with the Dow down 2.38%, the S & P 500 down 2.96%, the largest closing decline since October 2020, the NASDAQ down 3.62%, aviation stocks and technology stocks down one after another, NVIDIA down nearly 7%, Amazon down more than 5%, Google down more than 4%, Tesla and Microsoft down more than 3%, and apple down more than 2%. Most popular Chinese stocks fell, with BiliBili falling more than 8%, Xiaopeng automobile falling more than 7%, pinduoduo, baidu falling more than 6%, and jd.com falling more than 4%.
At today's morning meeting of securities companies, Huafu Securities pointed out that the sharp rise in energy triggered stagflation concerns and focused on the main line of steady growth Northeast Securities Co.Ltd(000686) said that it was concerned about the stable growth orientation, and the industries with relatively undervalued value and improved profit margin; In terms of sector opportunities, Tianfeng Securities Co.Ltd(601162) pointed out that the securities sector may welcome valuation repair.
Huafu Securities: stagflation concerns caused by energy inflation, focusing on the main line of steady growth
Huafu Securities pointed out that the current dilemma of the global capital market is that the environment with a similar stagflation trend encounters the geographical risk of Russia and Ukraine, an important commodity producing region, which makes investors worry about stagflation rising, increases the uncertainty of economic recovery after the epidemic, and the panic index rises sharply. However, we can still see the disk on Monday. In addition to bulk commodities, buildings, building materials and real estate in the traditional infrastructure investment industry chain are also relatively resistant to decline or even rise. This is also the intention of the market to pay for the financial investment to ensure the GDP growth rate of 5.5% expressed in the government work report at the weekend.
As for the future market, Huafu securities still maintained the original judgment and suggested that we believe in the government's ability to "maintain supply and stabilize prices" and the determination to stabilize the economy "based on ourselves"; It is suggested to stick to the main line of steady growth and build positions on bargain hunting around "low and undervalued values".
Northeast Securities Co.Ltd(000686) : focus on industries with stable growth orientation, relatively undervalued value and improved profit margin
Northeast Securities Co.Ltd(000686) pointed out that the industry allocation in the second quarter should pay attention to building materials and real estate with stable growth orientation and relatively undervalued value, as well as 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.
Tianfeng Securities Co.Ltd(601162) : securities sector or valuation repair
Tianfeng Securities Co.Ltd(601162) pointed out that in 2021, after the release of the operating data of securities companies, the industry made a huge profit of 191.1 billion and the net profit growth rate exceeded 20%. On February 25, China Securities Association released the operating data of securities companies in 2021. According to the data, in 2021, 140 securities companies in the industry realized an operating revenue of 502.41 billion yuan and a net profit of 191119 billion yuan, with a year-on-year increase of 12.03% and 21.32% respectively. The securities sector adheres to the valuation logic from cycle to growth. With the deepening reform of the capital market, the sector may welcome valuation repair. Recommend Citic Securities Company Limited(600030) , a leading securities firm that goes out of the bear market structure and continues to benefit from the improvement of the capital market environment; Recommend companies with flexible performance in asset management and wealth management, such as Orient Securities Company Limited(600958) , China Industrial Securities Co.Ltd(601377) ; It is suggested to pay attention to the progress of Beijing Compass Technology Development Co.Ltd(300803) becoming an investor in the bankruptcy reorganization of wechat securities; It is recommended to pay attention to China Securities Co.Ltd(601066) (H shares), and the insurance sector is recommended to pay attention to Ping An Insurance (Group) Company Of China Ltd(601318) .
