Index tracking
[Shanghai and Shenzhen composite index] the Shanghai Composite Index fell 2.17% to close at 337286 points; The Shenzhen Component Index fell 3.43% to close at 1357343 points; The gem index fell 4.30% to close at 263037 points.
[industry tracking] industry: 2 industries rose and 28 industries fell. Among them, the comprehensive and architectural decoration sectors led the increase, with an increase of 0.78% and 0.21% respectively; Food and beverage, electronics, household appliances and other sectors led the decline, with a decline of – 4.38%, – 3.89% and – 3.80%.
Comments
Precious metals sector led the gains. Recently, the conflict between Russia and Ukraine has continued to escalate, the market risk aversion has heated up, and funds prefer assets with strong safety margin against the background of the complexity of the international situation. The risk aversion property of gold drives the gold price to continue to rise, which in turn strengthens the precious metal sector. In addition, although the probability of the Fed raising interest rates this month is high, the market has long expected this and has a relatively limited impact on gold prices. In terms of individual stocks, Pengxin International Mining Co.Ltd(600490) , Leysen Jewelry Inc(603900) and other stocks rose by the limit, Chifeng Jilong Gold Mining Co.Ltd(600988) rose by 7.42%.
The construction decoration sector rose slightly. On March 5, the government work report set the target of China’s gross domestic product (GDP) at about 5.5%. At the same time, it is planned to arrange 3.65 trillion yuan of local government special bonds, superimposed with 1.2 trillion yuan of special bonds last year. This year, the tone of “steady growth” throughout the year is clear, infrastructure investment is expected to increase, and the overall performance of the sector is relatively good. In terms of individual stocks, China Camc Engineering Co.Ltd(002051) , Huitong group and other stocks rose by the limit, Shenzhen Water Planning & Design Institute Co.Ltd(301038) rose by 9.04%.
The three child concept sector strengthened. On March 5, the government work report of the two sessions proposed to improve the supporting measures of the three child fertility policy, include the care expenses of infants under the age of 3 into the special additional deduction of personal income tax, develop inclusive childcare services and reduce the burden of family rearing. From the long-term perspective, the national policy of encouraging low birth rate is expected to focus on the direction of increasing the birth rate. In terms of individual stocks, Kidswant Children Products Co.Ltd(301078) , Zhejiang Cayi Vacuum Container Co.Ltd(301004) , Meisheng Cultural & Creative Corp.Ltd(002699) and other individual stocks rose by the limit.
Outlook
Today, the three major indexes fell sharply, with a net outflow of 8.271 billion yuan from the north. At present, the Chinese market is facing “external worries” and “internal stability”. Overseas, the disturbance of the Russian Ukrainian conflict on bulk commodities continued, driving the rise of global inflation expectations. Under the upward pressure of inflation, the Fed’s expectation of raising interest rates is also heating up. The price of overseas stock assets is down, while the price of safe haven assets is up, which has a certain disturbance to the Chinese market. At the Chinese level, both the annual macroeconomic targets and special bond data recently released highlight the relatively positive fiscal policy this year. Under the condition that China has relatively abundant liquidity and certain guarantee of corporate profits, it is not appropriate to be overly pessimistic about overseas risk disturbance at present. In terms of direction, under the tone of “stable growth”, pay attention to the fee reduction and tax reduction of small and medium-sized enterprises related to “stable employment”, the new and old infrastructure related to “stable investment”, and the supply of primary products related to “ensuring food and energy security”.
Risk warning: the profit of the enterprise is less than expected; Increased volatility in overseas markets; Systemic risk
