Overseas markets rose strongly. Today (March 10), A-share sentiment was boosted. Shanghai and Shenzhen stock markets opened sharply higher and remained high in the morning. The rise of the three major stock indexes fell in the afternoon, and the Shanghai index failed to recover 3300 points. Overall, the oversold rebound trend of A-Shares is still established.
As of the day’s close of Shanghai and Shenzhen stock markets, the Shanghai index fell 1.22% to 329609 points; The Shenzhen Composite Index rose 2.18% to 1237095 points; The gem index rose 2.67% to 263519.
From the disk point of view, the general rising market has finally arrived, and the “rising voice” and “drinking and taking medicine” market in the industry and concept sector have made a comeback. In terms of industry, pharmaceutical commerce, medical devices, traditional Chinese medicine, batteries, wind power, energy metals, wine making, pesticides and veterinary drugs were among the top gainers; In terms of subject stocks, covid-19 detection, covid-19 drugs, assisted reproduction, CRO, vaccine cold chain, photovoltaic buildings, sodium ion batteries, etc. led the increase.
In terms of funds, on March 10, the central bank today conducted a 7-day reverse repurchase operation of 10 billion yuan, and the bid winning interest rate was 2.10%, the same as before. As 10 billion yuan of reverse repo expired today, zero delivery and zero return were realized.
hot sector p align = “center” Top 10 of industry sector increase p align = “center” Top 10 of industry sector decrease p align = “center” Top 10 of concept sector increase p align = “center” Top 10 of concept sector decrease
individual stock monitoring p align = “center” Top 10 net inflow of main force p align = “center” Top 10 net outflow of main force
northbound funds
southbound funds
message surface
1. According to the information on the website of the previous stock exchange, since the trading on March 11, 2022 (i.e. the night trading on March 10), nickel futures contracts ni2204, ni2205, ni2206, ni2207, ni2209, ni2212 and ni2301 continue to be traded. Since the trading on March 11, 2022 (i.e. the night trading on March 10), the price limit of nickel futures contracts ni2204, ni2205, ni2206, ni2207, ni2209, ni2212 and ni2301 is 17%. Since the closing and settlement on Thursday, March 10, 2022, the trading margin ratio of nickel futures contracts ni2204, ni2205, ni2206, ni2207, ni2209, ni2212 and ni2301 is 19%.
2. According to the website of China foreign exchange trading center, since March 11, 2022, the floating range of spot transaction price of RMB against Russian Ruble in the inter-bank foreign exchange market has been expanded from 5% to 10%, That is, the spot trading price of RMB against Russian Ruble in the daily inter-bank foreign exchange market can fluctuate within 10% of the central parity rate of RMB against Russian Ruble announced by China foreign exchange trading center.
3. According to the website of the Ministry of finance, in order to raise financial funds and support the development of national economy and social undertakings, the Ministry of finance has decided to issue book entry discount (10 issues) treasury bonds in 2022. The current treasury bond is a discount bond with a term of 91 days, which is issued at a discount price lower than the nominal amount. The total face value of competitive bidding is 40 billion yuan, and there is no additional bidding for class a members.
4. According to Xinhuanetco.Ltd(603888) said, the reporter learned from CRRC Zhuzhou Electric Locomotive Co., Ltd. on the 10th that the first commercial maglev 3.0 train developed by the company with completely independent intellectual property rights in China has completed relevant dynamic tests and system joint commissioning and test on the high-speed maglev test line of Tongji University.
institutional views
For the current market, Rongwei Securities said that after today’s high opening, it fell slightly, the intraday trend fluctuated up and down, and the late trading fluctuated downward. The recent continuous decline makes the technical trend worse. In the future, shock consolidation is needed to make the index rise more powerful. On the daily line, MACD indicators are in the form of green column lengthening, and KDJ indicators continue to run upward. These indicators suggest that the future market will fluctuate. It is difficult to reverse the market short position in the short term and rebound in the short term. There is still a bottoming process in the follow-up. It is suggested to reduce the position in hand and wait for the bottom signal.
Central China Securities Co.Ltd(601375) said that in the afternoon, the stock index rose weakly, and the follow-up funds were insufficient. In the future, the stock index is likely to maintain a sideways shock and be ready for consolidation. It is suggested to continue to pay attention to the changes of policy, capital and external market. It is expected that the short-term slight shock of the Shanghai stock index is more likely, and the short-term slight consolidation of the gem is more likely. Investors are advised to pay close attention to the investment opportunities in pharmaceutical, semiconductor and engineering infrastructure industries in the short term, and continue to pay attention to the investment opportunities of undervalued blue chips in the middle line.
It is noteworthy that Minsheng securities mentioned that from the perspective of valuation position, all A-Shares actually experienced this round of significant adjustment, whether from the static valuation level (PE TTM historical quantile is 26.40%, Cape historical quantile is 26.20%) or the risk premium level calculated by 10-year Treasury bonds (close to the level when the epidemic broke out), It has high cost performance.
From the perspective of Cape, as of March 8, China has the cheapest value stocks in the world, while growth stocks are still at the second most expensive level in the world, second only to US stocks. As of March 8, the Cape of A-share market growth and national securities growth is still at the level of high scores in history (more than 68%); The Cape of value indexes hit a record low (0% historical quantile level). Investors only need to eliminate the bias formed in the downward price cycle and will find “gold everywhere”.
In addition, China Galaxy Securities Co.Ltd(601881) Securities said that although the A-share market has fallen more than expected recently, the A-share does not have the basis to fall sharply to the previous low. At the same time, the economy is expected to pick up in the second half of the year. With the recovery of profitability, there is still room for the market to rise after the overall risk of the market is digested.
From the main line of configuration, main line 1: high-end manufacturing sectors that continue to benefit from high boom superposition policies, such as military industry, new energy, semiconductors, etc. The industry has high prosperity and smooth logic, and has good long-term growth. It can carry out strategic layout, bargain hunting and pay attention to the rhythm of investment.
Main line 2: upstream resource products sector benefiting from global energy shortage. In 2022, the long-term shortage of supply and demand of resource products is still in progress, with strong profit certainty. Driven by the recovery of the economy, there may be a rebound opportunity.
Mainline three: defensive sectors with strong rebound opportunities, such as Baijiu, medical services, agriculture, forestry, animal husbandry and fishery. At present, the valuation of some industries has fallen to a relatively low position in history, which is highly defensive and has a certain rebound power, so it is suitable for buying when falling.
Main line 4: undervalued + offensive and defensive financial sector.
