On the first trading day of 2022, the index of A-Shares went a little ugly. The heavy positions of funds were falling sharply. The Shanghai Stock Exchange and Shenzhen Composite Index barely supported, while the gem plunged, falling by more than 2%. “Fund” is on the microblog hot search list again.

However, although the overall market performance is poor, in fact, the rising stocks are far more than the falling stocks, and more than 70% of the stocks are red.

Overall, the stock index opened slightly higher, fluctuated lower in the session, and the decline narrowed in the afternoon; The Shenzhen composite index once fell more than 1% in the morning and rebounded in the afternoon; Gem refers to the weak shock of the whole day, with a decline of more than 2%; The turnover of the two cities was significantly enlarged, with a daily turnover of more than 1.25 trillion; Northbound funds were once net sold for more than 2 billion yuan and turned to a small net purchase in the afternoon.

As of the close, the Shanghai index fell 0.2% to 3632.33 points, and the Shenzhen composite index fell 0.44% to 14791.31 points; The gem index fell 2.18% to 3250.16 points; The total turnover of the two cities was 1266.4 billion yuan, and the net purchase of funds from the North was 460 million yuan. track stocks plunged

Cro, lithium battery and photovoltaic led the decline, Wuxi Apptec Co.Ltd(603259) approached the intraday limit, and Contemporary Amperex Technology Co.Limited(300750) fell by more than 3%. western medicine sector plummeted

Chinese medicine soared

In the weak market, traditional Chinese medicine stocks stand out and rise collectively.

In terms of policy, on December 31, 2021, the State Medical Security Bureau and the State Administration of traditional Chinese Medicine issued guidance on medical insurance supporting the inheritance, innovation and development of traditional Chinese medicine. The opinion points out that the qualified traditional Chinese medicine institutions will be included in the designated medical insurance, including the qualified traditional Chinese medicine (including integrated traditional Chinese and Western medicine, minority medicine, the same below) medical institutions and traditional Chinese medicine retail pharmacies in time into the management of the designated medical insurance agreement. According to regulations, the qualified grass-roots medical and health institutions and rehabilitation hospitals, hospice care centers, nursing homes and elderly care institutions that provide traditional Chinese medicine services shall be included in the fixed-point management of medical insurance; Timely bring qualified designated TCM medical institutions into the fixed-point scope of direct settlement for medical treatment in other places, so as to improve the regional radiation power of TCM medical institutions; The designated Chinese medicine institutions that carry out Internet treatment and treatment will, after signing supplementary agreements with the regional health insurance agencies, provide the Internet plus Chinese medicine services into the scope of medical insurance payment.

Citic Securities Company Limited(600030) hand

the futures company fell by the limit

Citic Securities Company Limited(600030) in a stock research report on January 3, the non bank team gave Yongan futures a “sell” rating, which is also the first “sell” rating in the history of Yongan futures.

Citic Securities Company Limited(600030) said that the company’s valuation is not cheap; Considering the time of the next year, the target price of the next year corresponds to the target price in January 2023, meeting the starting point of medium and long-term valuation logic. At present, the company’s outstanding shares are 145 million, with a relatively small circulation price and obvious characteristics of secondary new shares in the short term. It will be 530 million shares on December 23, 2022, and the circulation price will expand significantly. It is expected that the company’s valuation will tend to be rational in the next year. The company’s share price has the risk of falling by more than 10% relative to the market, which is in line with our “sell” rating standard, The “sell” rating is given for the first coverage, and the target price per share corresponding to the upper valuation limit is 22 yuan.

Based on the lower valuation limit of Citic Securities Company Limited(600030) of RMB 22.5 billion, the current market value of Yongan futures has been discounted by more than 50%.

Citic Securities Company Limited(600030) said that since 2018, the brokerage market share of Yong’an futures company has generally been in a downward trend. The market share of the exchange in the previous period decreased from 2.3% in 2018 to 1.4% in the first half of 2021; The market share in Zhengshang exchange decreased from 2.4% in 2018 to 1.7% in the first half of 2021; The market share in Dachang exchange decreased from 3.0% in 2018 to 1.8% in the first half of 2021; The market share of CICC decreased from 2.2% in 2018 to 1.85% in the first half of 2021. At the same time, the overall level of the company’s commission rate is also under great pressure. The downward trend is consistent with the industry, but the absolute level is significantly lower than that of peer companies.

future analysis

Jufeng investment adviser: the beginning of the year of the tiger is bad! The logic of A-share market in spring remains the same

Rongwei securities Liu Sishan: theme stocks are active at the beginning of 2022

Dexun Zhenggu: capital hunting main track market ushers in an alternative “good start”

(China Fund News)