With the change of geographical situation, the market panic has eased, and the global stock market has rebounded. The three major A-share indexes rose in large quantities on March 10. As of the closing of the day, the Shanghai Composite Index rose 1.22%, the Shenzhen Component Index rose 2.18% and the gem index rose 2.67%. Hong Kong stocks rebounded simultaneously, with the Hang Seng Index closing up 1.27% and the Hang Seng technology index rising 0.97%.
On the A-share disk, the track stocks suppressed in the early stage led the rebound. Yesterday, the “Nanjing portfolio” index rose 3.03%, led by Sungrow Power Supply Co.Ltd(300274) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Eve Energy Co.Ltd(300014) , etc; In the semiconductor sector, Zhejiang Sunoren Solar Technology Co.Ltd(603105) limit, Naura Technology Group Co.Ltd(002371) , Maxscend Microelectronics Company Limited(300782) etc. followed the rise. Market participants said that with the gradual arrival of the first quarterly report, the market gradually began to pay attention to and layout enterprises with high performance growth.
Recently, a number of listed companies released their operating data from January to February, many of which exceeded market expectations, and their share prices also rebounded sharply Wuxi Apptec Co.Ltd(603259) march 9 announced the main operating data from January to February this year. The year-on-year growth rate of orders on hand and sales revenue exceeded 65%, reaching a record high. The company expects the year-on-year growth rate of revenue in the first quarter of 2022 to reach 65% to 68%. Boosted by this news, Wuxi Apptec Co.Ltd(603259) opened higher yesterday, closing up more than 9%, and the share price was repaired to above the 100 yuan mark.
Chen Guo, managing director and chief strategy officer of China Securities Co.Ltd(601066) securities, said that in the market rebound, growth stocks and gem are expected to perform better than in February. From late March to early April, A-Shares will focus on the first quarterly report. It is expected that growth stocks with large adjustment and good first quarterly report since the beginning of the year will have more performance space.
Looking ahead, can the sustainability of the rebound continue? Most fund companies said that in the medium term, several major risks restricting A-Shares are being marginally mitigated. Galaxy Fund believes that the impact peak caused by the situation in Russia and Ukraine has passed, and the rest is more concerned about the cost pressure brought by the rise in commodity prices to the industry level. Once the negotiations progress, the repair of global risk appetite will bring a considerable rebound to the market.
Xia Fengguang, manager of Rongzhi investment fund, said that the risk aversion in the stock market has significantly subsided. The sharp decline driven by sentiment in recent days has come to an end, and the market will gradually return to the fundamental pricing logic. However, from the market side, it has not yet separated from the bottom area, and the valuations of the main stock indexes in the market are low. When the valuation is compressed to a certain extent, as long as the capital side can keep up, it will not stay in the undervalued area for too long.
China Industrial Securities Co.Ltd(601377) Zhang Yidong’s team believes that the short-term impact on A-Shares and Hong Kong shares may have basically ended. In terms of investment strategy, first, focus on the revaluation market related to state-owned enterprises and central enterprises, and operate the hedging assets related to the conflict situation between Russia and Ukraine; In the medium term, focus on undervalued stocks such as new energy operators, finance, real estate of central enterprises and state-owned enterprises, and resources priced overseas. Secondly, the phased attack selects high-performance growth stocks, focusing on growth stocks with high landscape such as semiconductor and photovoltaic, as well as industries with improved landscape such as social service industry, agricultural breeding and property compared with 2021.
Yesterday, most of China’s commodity futures fell, with energy, chemical products and base metals leading the decline. Among them, the main contracts of crude oil and stainless steel and some long-term contracts of Shanghai nickel fell by the limit.
Guotai Junan Securities Co.Ltd(601211) futures energy senior researcher Huang Liunan said that the recent pessimistic correction of demand and the sharp strengthening of the US dollar index have induced a sharp correction in oil prices. However, considering that OPEC is still maintaining the original production increase plan, it will take some time for crude oil from Iraq, the United Arab Emirates and other countries to accelerate the return, and there is no significant improvement in Russian crude oil exports, The upward trend of oil prices may not be over after taking back the geopolitical risk premium that had risen rapidly.
