On March 15, the Shanghai stock index opened low and went low. It fell sharply during the session and accelerated its decline at the end of the session. It fell nearly 5% and fell to 3100 points, creating a new low adjusted during the year; The Shenzhen composite index also fell sharply in the afternoon, down more than 4%; The gem once rose by more than 1% in the morning and fell by more than 2.5% in the afternoon, approaching 2500 points; The turnover of the two cities has been enlarged, breaking through trillion yuan again, with a significant net outflow of funds from the north, and a net sales of about 16 billion yuan throughout the day.
As of the close, the Shanghai index fell 4.95% to 306397 points, the Shenzhen composite index fell 4.36% to 1153724 points, and the gem index fell 2.55% to 250478 points; The total turnover of the two cities was 1124.3 billion yuan, and the net sale of funds from the North was 16.024 billion yuan.
On the disk, coal, oil and steel sectors fell by more than 7%, electricity, logistics, gas, nonferrous metals, real estate and other sectors fell by more than 6%, and insurance, wine making, automobile, agriculture, medicine and other sectors all fell; The concept of electronic identity is active against the market.
For the recent market trend, Guosheng Securities said that in the short term, the market is in the "domestic worries" of the late spring of the covid-19 epidemic in China and the "foreign invasion" of the stock market in the uncertain geopolitics, the Fed's interest rate increase and the withdrawal of overseas funds. The impact on the market sentiment may still need to be further digested, and there are some signs of freezing point. From the perspective of history, Often near the bottom of the band. As China's "steady growth" policy moves forward appropriately and inflation pressure is controllable, the Shanghai index, which is at a relatively low valuation in history, is expected to desensitize to external disturbances and usher in a turnaround. It is suggested to maintain the allocation proportion of value higher than growth in investment. It is suggested that the central enterprises should make a logical breakthrough in the overall operation of "capital construction" and "low cost performance" before the overall operation of "capital construction" and "low cost performance" of the central enterprises. It is suggested that the central enterprises should continue to focus on the overall operation of the capital construction industry and the manufacturing market Fully adjust the theme sectors such as new energy guide.
Founder Securities Co.Ltd(601901) believes that the market's expectation of fundamentals needs to be adjusted urgently, and the grinding time of this round may be further prolonged. In the medium term, China's repeated epidemic, shrinking real estate demand and unstable overseas situation will further impact China's fundamental expectations and capital risk appetite. Affected by this, the bottom grinding period of the A-share market may be further prolonged, and we still need to wait to observe the landing effect of more stable growth policies. Considering that the market has retreated by an average of about 20% - 30% since the peak in 2021, the current valuation level is in a more reasonable range as a whole, and the possibility of upward rebound cannot be ruled out in the short term. However, the medium and long-term effects of the above influencing factors deserve more vigilance. On the whole, the macroeconomic and capital markets are facing a difficult environment in 2022. It is necessary to reduce the expectation of investment return in 2022 to a certain extent, select industries and companies with relatively high prosperity, and prevent industries and companies with obvious deterioration of fundamentals. In terms of structure, it is suggested to pay attention to the allocation and cost performance of the medium-term profit boom and upward sectors. First, scientific and technological innovation and green upgrading industries corresponding to high-quality transformation, such as semiconductor, new energy, energy storage, new energy automobile industry chain, etc; Second, the inflation benefit sector. From the historical experience, the transmission of raw material prices and the characteristic background of this round of upward inflation, the petroleum and petrochemical, coal, non-ferrous metals, agriculture, forestry, animal husbandry and fishery sectors will benefit
future analysis
Rongwei Securities: the Shanghai index recorded the largest one-day decline in two years, falling below the dividing line between bull and bear
Jufeng investment adviser: there are three factors for the continuous adjustment of the market
Dexun securities Gu: space for time stop signal may appear in the near future
