On March 10, the three major stock indexes opened higher and maintained a strong shock upward trend. The Shanghai index rose by more than 2%, the Shenzhen Composite Index rose by more than 3%, and the gem index rose by nearly 4% in the afternoon; The turnover of the two cities has exceeded trillion for six consecutive trading days, and the northward capital turned into a net outflow in the afternoon, with a net sales of more than 3 billion yuan throughout the day.
As of the close, the stock index rose 1.22% to 329609 points, ending five consecutive days of decline; The Shenzhen Composite Index rose 2.18% to 1237095 points, and the gem index rose 2.67% to 263519 points; The total turnover of the two cities was 1078.7 billion yuan, and the net sale of funds from the North was 3.374 billion yuan.
On the disk, the sectors of medicine, chemical fiber and wine making rose strongly, while the sectors of aviation, building materials, chemical industry, real estate, construction, automobile, steel and finance all rose; Covid-19 drug and covid-19 detection concept broke out in the afternoon, and assisted reproduction, CXO concept, fluorine concept, lithium ore, photovoltaic, energy storage and lithium battery concept all strengthened.
For the current market performance, Western Securities Co.Ltd(002673) believes that the escalation of the conflict between Russia and Ukraine has been gradually expected by the market, and the price of industrial resource products has returned to rationality. With the implementation of the Fed's interest rate increase, there is still room for further easing of China's monetary policy, and the market liquidity expectation is expected to usher in a phased correction. With the annual report and the first quarterly report window approaching, the A-share market still has a meal market in the first half of the year. In terms of industry configuration, with the advent of the verification period of the first quarterly report, the boom track leaders such as new energy, semiconductors, medicine and military industry are expected to usher in phased repair, and the essential consumption sectors such as agriculture, food and textile and clothing benefiting from inflation expectations are also expected to usher in performance repair. In the medium term, social service, retail, catering, shipping and other offline economic recovery related industries are also ushering in the layout window period.
Galaxy Securities said that from the perspective of capital, the number of new funds has decreased month by month since the beginning of the year, and the northward funds show a net inflow trend as a whole. The incremental funds in the stock market may tighten month on month in 2022, but the net inflow trend is maintained as a whole. In terms of profitability, the growth rate of all a profits in the second half of 2022 may enter the stage of stabilization and recovery. The marginal easing of the money credit cycle is expected to alleviate the cost pressure of small and medium-sized enterprises, and the gradual recovery of the demand side is expected to improve enterprise orders. At the same time, the improvement of the economy will also drive the recovery of enterprise profits. In terms of valuation, the overall bubble of A shares has been squeezed, valuations continue to digest, and the total A valuation is currently in a relatively low historical position. In 2022, valuations were in the lower historical sub sectors of electronic, pharmaceutical and biological sectors, or the momentum of valuation uplift. When the time comes to accumulate strength, the value of A-share allocation will gradually appear. Although the A-share market has fallen more than expected recently, the A-share market 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
analysis and interpretation
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