panel overview
In early trading on Wednesday, A-Shares opened high and went low, continuing the volatile trend, and the decline of the stock index narrowed near noon. On the disk, tourism hotels and airports led the rise, and securities have the power to protect the disk; Medical devices, medical services, chemical pharmaceuticals, wine making, wind power, pharmaceutical commerce, biological products, traditional Chinese medicine, gold, agriculture, animal husbandry, feeding and fishing, food and beverage, coal, steel, chemical fertilizer and other sectors led the decline. In terms of theme stocks, online tourism, blade battery, tax-free concept, oil price related, electronic license sector, film and television concept, etc. led the increase; In vitro diagnosis, covid-19 detection, recombinant protein, covid-19 drugs, precision medicine, assisted reproduction, Helicobacter pylori, gene sequencing and other concepts led the decline.
message surface
a-share valuation has been lower than the high cost performance configuration window at the bottom of 2008. Is it coming
Many insiders believe that compared with the large bottom in history, the current market valuation is at a relatively low level in history. Compared with other major markets, the relative valuation is also attractive. It has begun to show more configuration value and high cost performance.
the central bank launched 210 billion yuan of “MLF + reverse repurchase”. Experts predict that the probability of interest rate reduction in the second quarter will increase
In order to maintain the reasonable and abundant liquidity of the banking system, on March 15, 2022, the people’s Bank of China carried out RMB 200 billion medium-term lending facility (MLF) operation and RMB 10 billion open market reverse repurchase operation. Among them, the bid winning interest rate of one-year MLF is 2.85%, and the bid winning interest rate of seven-day reverse repurchase is 2.10%, which are the same as before. Experts expect that the possibility of another reduction of MLF interest rate in the second quarter will increase.
five chief executives look at a shares: multiple positive factors will help China’s stock market “break through”
The reporter of Securities Daily interviewed five chief economists or chief strategists on the current valuation level and long-term trend of a shares. Experts said that at present, the valuation level of A-Shares is below the historical average, and the follow-up should gradually focus on fundamentals. From the perspective of China’s economic fundamentals, market liquidity and enterprise performance, multiple positive factors will help A-Shares “break through” in the future.
Jufeng viewpoint
Pre market judgment: for a shares, the impact of the external situation has gradually weakened, and the impact of the epidemic is still improving. After the Shanghai stock index quickly fell below 3100 points, it will be inertia downward. U.S. stocks rose overnight, and large technology stocks and popular Chinese stocks rebounded strongly. It is expected that A-Shares will bottom out and recover today. At present, the market is more emotional. It is suggested that investors control their positions and pay attention to risks for stocks with medium and high callback of two financial targets reaching 30%.
In fact, the three major A-share indexes opened higher. The Shanghai index rose 1.43%, the Shenzhen Composite Index rose 1.98%, and the gem index rose 1.77%. Tourism, electronic ID card, covid-19 treatment and lithium mine opened actively. After the opening, the stock index quickly covered the gap of short jump and made a shock correction. The Shanghai index hit a new low, and the expected “bottom” appeared. The sectors benefiting from the epidemic situation made a sharp correction, and medical devices, medicine and traditional Chinese medicine made up a sharp decline; In the past three years, the aviation airports, tourist hotels and other sectors subject to the epidemic have soared. In addition, the securities business sector has the strength to protect the market for two consecutive days. The gem outperformed other indexes due to the sharp rebound of heavyweights such as Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) , Walvax Biotechnology Co.Ltd(300142) and so on.
Recently, we have repeatedly stressed that we should follow the trend and reduce our positions in time with the help of intraday rebound. At present, the broad market shock is an opportunity to sell high and absorb low. Do not operate in the opposite direction.
Investment advice: Jufeng investment adviser believes that the central bank has continuously reduced reserve requirements and interest rates since December last year to release liquidity, indicating that the policy bottom has appeared; However, the construction of the market bottom is more complex and there is a time lag between the market bottom and the policy bottom, so the trend of A-Shares has twists and turns. After the Spring Festival, value and growth rose one after another. At the end of February, the oversold rebound market fell behind and continued to find the bottom. At present, the construction of A-share bottom box is a good opportunity to sell high and absorb low. Especially when there is intermediate adjustment in the market, but there is no liquidity risk, it is suitable to reduce positions; The medium-term proposal takes growth as the main line, and individual stocks with higher than expected growth in the annual report and the first quarter report can continue to participate in the rebound.
