Key investment points:
The main indexes of A-Shares rose collectively: from December 27 to December 31, the main indexes of A-Shares rose collectively, of which the Shanghai Composite Index rose 0.60% to close at 3639.78 points, the Shenzhen Component Index rose 1.00%, the gem index rose 0.78%, the Shanghai and Shenzhen 300 rose 0.39%, and the Kechuang 50 rose 2.90%, leading the rise of a shares. This week, most of the Shenwan level industries rose, including social services, national defense and military industry, comprehensive and light industry manufacturing, while food, beverage and coal fell significantly.
The risk aversion mood is rising, and the market trading heat continues to decline: the trading heat this week has fallen sharply due to the rise of risk aversion before the festival. The daily turnover of A-Shares broke the record of trillion yuan for 46 consecutive trading days, and the average daily trading volume of the two cities during the week was 1012.456 billion yuan, a decrease of about 74.480 billion yuan compared with last week, which has fallen for three consecutive weeks. The turnover rates of major broad stock indexes continued to fall compared with last week. As of the closing on December 31, the balance of margin trading in the A-share market was 1832.191 billion yuan, an increase of 194 million yuan over last week, ending the previous downward trend for four consecutive weeks; During the week, the transaction volume of two financial institutions was 384.48 billion yuan, a decrease of 21.071 billion yuan compared with last week, a new low in two and a half months. This week, the land stock connect was only open for four trading days due to holiday factors. The net inflow of northbound funds in the week was 14.669 billion yuan, and the turnover during the week was 390.216 billion yuan, a slight decrease of 12.619 billion yuan compared with last week.
Investment suggestion: the National Conference on industry and information technology held on December 20, 2021 pointed out that in 2022, we will focus on the goal of building a manufacturing power and a network power, place steady industrial growth in the most important position, and comprehensively promote strong chain supplement, technology research, digital transformation and green and low-carbon development. We will steadily and orderly carry out the construction of 5g and gigabit optical networks. By the end of 2022, gigabit optical networks will have the capacity to cover more than 400 million households. Expand the consumption of new energy vehicles, green smart appliances and green building materials. The national business teleconference held on December 28, 2021 also requires to improve the energy level of traditional consumption, accelerate the development of new consumption, run consumption promotion activities, make up for the shortcomings of urban and rural circulation, accelerate the construction of modern circulation system, promote consumption upgrading, and enhance the basic role of consumption in economic development in 2022. In terms of industry configuration: 1) it is recommended to pay attention to the required consumption with strong risk aversion and bottom rebound in the main line of “stable growth”; 2) Around the main line of “manufacturing power and scientific and technological innovation”, 5g innovative applications, Internet of things, network equipment and other fields in line with the general trend of industrial development are arranged.
Risk factors: the epidemic situation is repeated, the macro-economy is less than expected, and the regulatory policy is tightened.
