Double financing balance
As of the first day of trading, the balance of the financial exchange was 919.3 billion yuan, a decrease of 918.4 billion yuan compared with that of the previous two days; The two financial balances of Shenzhen Stock Exchange reported 800876 billion yuan, a decrease of 3.265 billion yuan compared with the previous trading day; The two cities totaled 1720187 billion yuan, a decrease of 3.746 billion yuan over the previous trading day.
Latest views
On Tuesday, after a short shock at the beginning of the A-share market, it went all the way down. In the afternoon, led by the semiconductor industry, the gem index rose sharply, and the decline of the Shanghai index narrowed significantly. However, the pressure of short positions is strong, and the index rebound is short-lived. As of the close, the Shanghai Composite Index fell 2.35%, the Shenzhen composite index fell 2.62%, the gem index fell 1.80%, the Shanghai and Shenzhen 300 fell 2.01%, the Shanghai 50 fell 1.40%, and the China Securities 500 fell 3.45%. The number of gainers in the two cities was 446, lower than the average value of 2141 last week and 832 in the previous trading day. The number of daily limit was 25, lower than the average value of 70 last week and 66 the previous trading day. The number of decliners in the two cities was 4248, higher than the average of 2446 last week and 3816 in the previous trading day. The number of drop limits was 83, higher than the average value of 12 last week and 29 on the previous trading day. The net outflow of northbound funds was 8.990 billion yuan, the average value of last week was 2.040 billion yuan, and the net outflow on the previous trading day was 8.272 billion yuan. The turnover of the two cities was 1110604 billion yuan, with an average value of 967208 billion yuan last week and 1025247 billion yuan the previous trading day. A shares fell in large quantities one after another, and there has been a time-sharing level decline and deceleration within the day, which is a signal of change. However, after hours, the people’s Bank of China turned over the balance profits to the central government in accordance with the law, with a total amount of more than 1 trillion yuan, which was mainly used to offset tax rebates and increase transfer payments to local governments, support enterprise relief, stabilize employment and ensure people’s livelihood. For investors, don’t be too pessimistic. The market doesn’t have the conditions for continuous sharp decline. The continuous implementation of the steady growth policy and the recovery of PMI data in February have meant the appearance of the hedging effect of the policy. At the same time, the government work report is released. The expected target of GDP growth is set at 5.5%, and the target setting of partial upper limit conveys a great determination to stabilize growth, In addition, investment is expected to play a major role. We believe that the GDP growth rate will probably reach the bottom in the first quarter. For investors, the wide fluctuation of A-Shares under risk events provides an opportunity for low absorption.
Topic tracking
Focus today: semiconductor and communication services
\u3000\u30001. Semiconductor theme: according to icinsights statistics, the capital expenditure of the global semiconductor industry will reach US $190.4 billion in 2022, with a significant year-on-year increase of 24%, a record high. TSMC, Samsung, Intel and other industry leading companies have expanded their capital expenditure, mainly for the expansion of advanced manufacturing processes. On March 5, 2022, the government work report of the fifth session of the 13th National People’s Congress proposed to promote the development of digital economy and enhance the competitiveness of manufacturing industry. Semiconductor, as the core hardware of digital industry and strongly supported by policies, will provide sufficient market capacity for the development of semiconductor industry. Suggested attention: Konfoong Materials International Co.Ltd(300666) ( Konfoong Materials International Co.Ltd(300666) ), Sino Wealth Electronic Ltd(300327) ( Sino Wealth Electronic Ltd(300327) )
\u3000\u30002. Theme of communication service: on March 5, the government work report of the fifth session of the 13th National People’s Congress of China repeatedly mentioned the application of the Internet in the digital economy. Build digital information infrastructure, promote the large-scale application of 5g, promote the digital transformation of industries, and develop smart cities and digital villages. On March 8, Xiao Yaqing, Minister of industry and information technology, introduced that the development of 5g is a very good opportunity. While developing 5g, we should consider the evolution direction and technology route of the next generation communication technology, plan and deploy the development of the next generation communication technology 6G in advance. Suggested attention: Leon Technology Co.Ltd(300603) ( Leon Technology Co.Ltd(300603) ), Zjbc Information Technology Co.Ltd(000889) ( Zjbc Information Technology Co.Ltd(000889) )
Risk tips
The epidemic has not been effectively controlled, the macro economy has unexpectedly declined, the liquidity crunch has intensified, and the industrial policies are lower than expected.
