Today (March 11), the Shanghai and Shenzhen stock markets opened low across the board. Although there was a weak rebound at the beginning of the session, it quickly fluctuated and fell, diving once in the afternoon; However, the sudden start of big finance prompted the stock index to stabilize and rise, and further turned red upward, showing a V-shaped pattern of bottom recovery throughout the day.
As of the day’s close of Shanghai and Shenzhen stock markets, the Shanghai index rose 0.41% to 330975 points; The Shenzhen Composite Index rose 0.62% to 1247737 points; The gem index rose 1.15% to 266546.
From the disk point of view, with the help of the stock index turning red, the industry and concept sector resumed some gains, and the local profit-making effect soared. In terms of industry, medical devices, securities, agriculture, animal husbandry, feeding and fishing, traditional Chinese medicine, medicine and commerce, food and beverage, port shipping and other sectors led the rise; In terms of subject stocks, covid-19 detection, covid-19 drugs, chicken concept, transgenic, aquaculture, prefabricated vegetable concept and so on increased.
In terms of funds, the central bank announced on March 11 that in order to maintain the reasonable and abundant liquidity of the banking system, the people’s Bank of China launched a 10 billion yuan reverse repurchase operation by means of interest rate bidding on March 11, 2022, with a bid winning interest rate of 2.1%. Today, the 10 billion yuan reverse repurchase is due. Therefore, today’s open market realizes zero delivery and zero return.
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 interface news report, China’s settlement data showed that the number of new investors in February was 1414600, an increase of 6.82% month on month.
2. According to the central bank’s website, RMB loans increased by 1.23 trillion yuan in February, a year-on-year decrease of 125.8 billion yuan. At the end of February, the balance of broad money (M2) was 244.15 trillion yuan, a year-on-year increase of 9.2%, 0.6 and 0.9 percentage points lower than that at the end of last month and the same period of last year respectively; The balance of narrow money (M1) was 62.16 trillion yuan, a year-on-year increase of 4.7%, 6.6 percentage points higher than the end of last month and 2.7 percentage points lower than the same period of last year; The balance of money in circulation (M0) was 9.72 trillion yuan, a year-on-year increase of 5.8%. The net cash returned in that month was 896.1 billion yuan.
3. According to the China Automobile Association, China’s automobile sales in February increased by 18.7% year-on-year and 0.9% month on month. China’s new energy vehicle sales in February increased by 184.3% year-on-year.
4. According to the information from the state tobacco monopoly administration, according to the standard preparation and revision plan of the National Standardization Administration Committee, the State Tobacco Monopoly Administration organized the completion of the national standard for electronic cigarettes (Draft for comments), solicited the opinions of relevant ministries and commissions, relevant enterprises and other aspects, and publicly solicited opinions from the society from November 2021 to January 2022. On the basis of fully absorbing the opinions of all parties, the project team has revised and improved to form the national standard of electronic cigarette (second exposure draft). We are now asking for comments again. Please feed back your written comments to the project team before March 17, 2022.
institutional views
For the current market, Xiangcai Securities said that today’s market reappears the V-shaped reversal, which is the second one-day V-shaped reversal this week. What investors need to do is to focus on the main line hot spots and deeply tap individual stocks. They don’t need to be too sensitive and tangled about the shock of the market index.
China Galaxy Securities Co.Ltd(601881) Securities pointed out that 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 driving force 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.
In addition, Sealand Securities Co.Ltd(000750) mentioned that since the beginning of this year, the size of the market has been in a saw saw state, the medium and long term is the general trend of small cap dominance, and the market value dimension still needs to sink. In the short term, the interpretation of the steady growth policy and the stabilization and recovery of the short economic cycle support the large cap stocks. However, it should be noted that the current valuation quantile of the large cap is still significantly higher than that of the small cap, and the valuation quantile difference has reached 60% in recent five years. Referring to past experience, this quantile difference means that the small cap style is difficult to significantly outperform the large cap. According to comprehensive judgment, the style of large and small sectors is expected to be relatively balanced this year, and the price comparison between large and small sectors is in a pattern of top and bottom.
In addition, Southwest Securities Co.Ltd(600369) believes that as the window period of the annual report and the first quarterly report approaches, there is still a meal market in the A-share 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.
