Today’s A-Shares and Hong Kong stocks, I believe everyone has seen that they have fallen miserably, and the fund stocks have been hot searched.

It is said that the new year’s wish of investors in 2022 has changed from making a lot of money to getting back.

The Shanghai stock index opened low and went low. The intraday weakness fluctuated downward, with a decline of more than 1% and a loss of 3600 points; Both the Shenzhen Component Index and the gem index fell sharply, with the Shenzhen component index down nearly 2% and the gem index down nearly 3%; The turnover of the two cities was enlarged again, with a daily turnover of more than 1.3 trillion yuan; The inflow of northbound funds accelerated in the afternoon, with a net purchase of more than 3 billion yuan throughout the day.

As of the close, the Shanghai index fell 1.02% to 3595.18 points, the Shenzhen composite index fell 1.8% to 14525.76 points, and the gem index fell 2.73% to 3161.51 points; The total turnover of the two cities was 1305.2 billion yuan, and the net purchase of northbound funds was 3.046 billion yuan.

Gaojing track was hammered

Popular tracks such as national defense and military industry, apple industrial chain, semiconductor and new energy fell sharply across the board.

Apple’s industrial chain fell sharply. The 300 billion leader Luxshare Precision Industry Co.Ltd(002475) once fell by more than 7%, Wuhu Token Sciences Co.Ltd(300088) fell by more than 10%, Gigadevice Semiconductor (Beijing) Inc(603986) , Jiangsu Gian Technology Co.Ltd(300709) and other stocks led the decline.

The Pacific Securities Co.Ltd(601099) according to the securities strategy, they tend to think that the spring agitation has ended; Of course, if M1 bottoms Q1 as soon as possible, there will be a “market bottom” this spring and go out of the reverse market, that is another logic. We combed the positive vs negative factors of 22q1. There is only one “interest rate cut” for the good unfulfilled (and the monetary easing policy must be low-frequency); Bad news includes: 1) the rebound cycle of 1 ~ 2 months at the end of the policy has come (November ~ December); 2) Superimposed PPI downward, China’s economy will enter a “temporary recession”; 3) M1 / corporate demand deposits will continue to bottom due to the base effect and the downward impact of economic inertia; 4) The tightening frequency of overseas currencies has accelerated, and even the interest rate hike may be started as soon as March, which has a self-evident impact on 22q1 liquidity – obviously, the “policy bottom” and interest rate cut are difficult to support the index to reach a new high. Do we choose to pursue “short-term rebound” or avoid “periodic adjustment”? 5) Compared with the upward shock from 2016 to 2018 and the consolidation of the technical side for 1.5 years or more, the moving average will choose the direction after convergence and diverge downward again.

Configuration: continue defense. On the one hand, the main line of risk avoidance is consumption, and then public utilities; On the other hand, those who want to “attack for defense” can choose to grow (with the first quarter performance forecast period).

traditional undervalues are sought after

Specifically, heavyweight blue chips such as big finance and real estate strengthened, Industrial Bank Co.Ltd(601166) , Bank Of Chengdu Co.Ltd(601838) led the rise of bank stocks. In terms of real estate stocks, Sundy Land Investment Co.Ltd(600077) , Shenzhen Wongtee International Enterprise Co.Ltd(000056) and other stocks rose by the limit.

The low-level consumption sector began to rise against the trend recently. In the home appliance sector, Hisense Home Appliances Group Co.Ltd(000921) rose by the limit, Midea Group Co.Ltd(000333) , Gree Electric Appliances Inc.Of Zhuhai(000651) once rose by more than 5%.

Dongguan securities and others believe that there are signs of marginal improvement in the adverse factors caused by China’s real estate industry on home appliance sales, the price of raw materials is stabilizing or even downward, and the cost side of home appliances ushers in a marginal inflection point with the price increase mechanism.

Hong Kong stocks are bleeding

Hong Kong stock technology collapsed again, and the trillion dollar group fell nearly 10%.

On the news side, the news of Tencent’s reduction of sea and JD triggered a market reaction again, and Tencent’s affiliated shares fell collectively. In addition, on January 5, the website of the State Administration of Market Supervision announced a number of administrative punishment cases involving Tencent, BiliBili, Alibaba and other enterprises. Among them, on December 31, 2021, the State Administration of market supervision made an administrative punishment decision on the case of illegal concentration of business operators for the establishment of a joint venture between Tencent Holdings Co., Ltd. and Henan harmonious Automobile Trade Co., Ltd. without reporting according to law. According to relevant regulations, based on the investigation and evaluation conclusion, the organ decided to impose an administrative penalty of 500000 yuan on Tencent and harmony automobile respectively.

According to the Hong Kong stock strategy view of Soochow Securities Co.Ltd(601555) (Hong Kong), the Hang Seng index is at the bottom of the global stock index, and even has a rare net valuation. The main reason is that the heavyweight stocks in the Internet, education and other industries in the Hang Seng index have retreated greatly under the influence of policies. At present, the sentiment of the Hong Kong stock market is extremely pessimistic, and there are even many views that it is natural for Hong Kong stocks to break the net valuation. The institution believes that the bottom area of the current market should be more optimistic, and take the acceptable reasonable dividend rate under the condition that the stock price does not rise all year round as the value anchor to actively buy more Hong Kong stocks. In the strategic outlook for 2022, the organization gives five main layout lines, corresponding to the following five Keywords: sea going, energy, national tide, digitization and epidemic damage.

future analysis

Founder strategy: how to view the market adjustment in the beginning of the year

Dexun Zhenggu: short forces focus on the release of recent or strong rebound

Guohai strategy: there are three main reasons for today’s market decline: not afraid of adjustment and bargain hunting layout

(China Fund News)