On March 14, the stock index opened low and went low. The stock index fell by more than 2.5%, and the Shenzhen Composite Index and gem index fell by more than 3%; The turnover of the two cities has shrunk and returned to below trillion again; There was a significant net outflow of funds from the north, with a net sales of more than 14 billion yuan throughout the day.
As of the close, the Shanghai index fell 2.61% to 322353 points, the Shenzhen composite index fell 3.08% to 1206363 points, and the gem index fell 3.56% to 257045 points; The total turnover of the two cities was 969.9 billion yuan, and the net sale of funds from the North was 14.408 billion yuan.
On the disk, tourism, wine making, oil, coal, electricity and other sectors fell sharply, while gas, nonferrous metals, semiconductors, agriculture, steel, building materials, insurance, banking and other sectors weakened; Eastern digital Western computing, rare earth, energy storage, photovoltaic concepts and other collective decline, and electronic identity, covid-19 drugs and covid-19 detection concepts are active against the market.
China International Capital Corporation Limited(601995) believes that in the medium term, the Chinese market may be relatively resilient: 1) China is in a relatively favorable growth and policy cycle, and the policy reserve space of "steady growth" is relatively sufficient, and the growth may gradually improve around the second quarter; 2) The valuation of China's market is at a relatively low historical level, which is also attractive compared with other major markets; 3) At present, as an important manufacturing country in the world, China has the largest and relatively complete industrial chain in the world. The inflation pressure may be relatively controllable, and the Chinese market may be relatively more resilient in the global supply risk. Structurally, the short-term undervalued "steady growth" sector may have relative benefits. After the macro risks gradually subside, the high boom growth fields and the middle and lower reaches manufacturing industry squeezed by costs may usher in a turnaround.
At present, we pay attention to three directions: 1) potential support areas for policy development, including infrastructure, real estate, stable demand related industrial chains (building materials, construction, household appliances, home furnishings, etc.), brokerage finance, etc; 2) For the middle and lower reaches consumption with more adjustments, low valuation and clear medium and long-term prospects in 2021, choose stocks from bottom to top, including household appliances, light industry and household appliances, automobiles and parts, agriculture, forestry, animal husbandry and fishery, medicine, etc; 3) The manufacturing growth sector, including new energy vehicles, new energy and technology hardware semiconductors, has released some risks, and the turnaround is waiting for the marginal mitigation of overseas "inflation" risk
future analysis
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