On the first trading day of 2022, the Shanghai index opened slightly higher, fluctuated lower in the intraday, 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.
On the disk, the agricultural sector rose strongly, Zhanjiang Guolian Aquatic Products Co.Ltd(300094) , Dahu Aquaculture Co.Ltd(600257) , Zhongnongfa Seed Industry Group Co.Ltd(600313) , Leshan Giantstar Farming&Husbandry Corporation Limited(603477) , Fujian Aonong Biological Technology Group Incorporation Limited(603363) and other trading limits; Tourism, media and entertainment, sports, coal, pharmacy retail, textile and clothing and other sectors all rose; Traditional Chinese medicine stocks broke out again, Zhejiang Xinguang Pharmaceutical Co.Ltd(300519) “20cm” limit, Xiangxue Pharmaceutical Co.Ltd(300147) etc. rose sharply, Jinghua Pharmaceutical Group Co.Ltd(002349) 7 even board; Aquatic products, prefabricated dishes, digital currency, meta universe, virtual human concept and other themes are active. The concepts of semiconductor, energy storage, photovoltaic and lithium battery fell collectively.
China Industrial Securities Co.Ltd(601377) believes that with the continuous cashing and strengthening of the “wide currency” and marginal “wide credit” windows, the negative factors gradually subside, and the index market is still on the way. In 2022, the market is expected to usher in an index level rise, and even a wave of market similar to “mini version 2014”. 1. Under the downward pressure of the economy, the “steady growth” on the policy side has been in force, and the market has entered the window of “wide currency” and “wide credit”. Positive signals such as interest rate reduction and reserve requirement reduction continue to appear, and the market expectation of policy relaxation will continue to rise. 2. The relaxed credit margin environment usually leads to the repair and rise of heavyweight sectors such as finance and real estate, which is often accompanied by the rise of index level. 3. The difference from 2014 is that, on the one hand, 2014 is a comprehensive and systematic relaxation. At present, under the general tone of “real estate does not fry” and “trust but not lift” of infrastructure construction, the intensity and space of policy easing are relatively limited, which is more likely to be phased and underpinning relaxation. On the other hand, 2014 gradually evolved into a round of leveraged cattle, but the current market leverage is weak. Taking floor leverage as an example, the proportion of two financial institutions in the total market turnover increased rapidly from 2013 to 2015, and was close to 30% by the end of 2014. In contrast, the current two financial transactions account for only about 7.6%, and institutional funds are still the leading force in the market.
Focus on three directions. 1) State owned real estate enterprises and new and old infrastructure: on the one hand, benefiting from marginal changes in policies, “steady growth” is expected to rise. The economic work conference called for “moderately advanced infrastructure investment” and “promoting the construction of indemnificatory housing”. On the other hand, the subsequent monetary and credit is expected to be further relaxed, which will also bring about the valuation repair of infrastructure, real estate and other sectors. 2) Securities companies: the economic work conference proposed to “fully implement the stock issuance registration system”, which is expected to support the long-term performance of securities companies. At the same time, with the continuous deduction of the cross-year market, as a plate with strong linkage with the market, securities companies β Attributes will also be fully interpreted and released. 3) The scientific and technological growth represented by “small high tech” is arranged on a bargain hunting basis. Recently, the scientific and technological growth plate has been adjusted, which is mainly disturbed by factors such as position, mood and style. However, in the medium and long term, scientific and technological growth is still the inevitable choice for high-quality development and bigger cake under the policy of common prosperity. Under the background of the game between China and the United States, it is the most distinctive theme of the times to comply with the current urgent need to improve scientific and technological competitiveness and get rid of the dilemma of “neck sticking”.
(Securities Times)
