Comments on the highlights of the week: the financial committee held a special meeting and the A-share policy was basically established
At the beginning of this week, the credit and social financing was lower than expected, the capital flowed northward, the local epidemic accelerated and spread, the sharp decline of Hong Kong stocks and China concept stocks had a resonance impact, and the A shares were significantly adjusted. Only the economic data from January to February exceeded expectations, which brought a short boost. After that, various ministries and commissions held a strong policy meeting, and the A-share market rebounded actively.
Macro highlights: 1. PPI in the United States increased by 10% year-on-year in February, a 40 year high; 2. The Bureau of statistics released economic data from January to February, which significantly exceeded market expectations; 3. The financial commission of the State Council held a special meeting to study the current economic situation and capital market issues; 4. The Federal Reserve raised interest rates by 25 basis points at the FOMC meeting in March, suggesting that the table could be reduced as soon as may.
Resumption of A-share market: A-share rebounded from deep decline and closed down as a whole
Index and style: A shares fell, dominated by big finance and midstream manufacturing. Gem index and SSE 50 ranked first, with weekly increases and decreases of 1.81% and – 0.77% respectively. From the perspective of individual stock new highs, the proportion of individual stocks with stock prices reaching 60 and 250 new highs fell month on month. From the absolute performance of style, big finance and midstream manufacturing, the market, high P / E ratio and loss making stocks are dominant.
Industry performance: most fell, with real estate, non bank finance and pharmaceutical biology leading the gains. From the perspective of individual stocks, the proportion of individual stocks in the building decoration, communication, pharmaceutical and biological industries is high.
Leading index: the gem index has dominated in the past 20 days, led by medicine, biology, coal and power equipment.
Valuation tracking: the valuation of A-Shares fell, and the degree of differentiation of Industry Valuation converged.
Overseas market review: most global stock markets rose
Most of the world’s major stock indexes rose, dominated by Nasdaq, German DAX and Nikkei 225.
US stock market: the three major indexes rose in an all-round way, most industries rose, led by optional consumption, information technology and finance, and dominated by growth and small cap style. The overall index valuation is upward, and most industry valuations are upward.
Hong Kong Stock Market: the index rose sharply, the industry rose in an all-round way, led by the information technology industry and real estate construction industry.
The valuation of the index is comprehensively upward, and most of the industry valuations are upward.
Performance of major categories of assets: RMB devaluation, China’s risk appetite fell
The global market rose this week, dominated by developed markets. Commodity prices fluctuated, copper and industrial metals rose, and gold and crude oil fell. In terms of interest rate debt, the long-term and short-term interest rates of US debt and Chinese debt have rebounded; In terms of credit bonds, the credit spreads of 3-year and 5-year AAA + medium note narrowed; In terms of convertible bonds, the convertible bond index rose. In terms of exchange rate, the US dollar index fell, the RMB depreciated and the euro appreciated. In terms of volatility, the VIX Index fell.
In terms of the relative performance of commodities, the copper gold ratio rose, while the oil gold ratio and London gold / CRB industrial metals fell. In terms of the relative performance of the bond market, the interest rate spread between China and the United States narrowed and that between Germany and the United States widened. In terms of the relative value of stocks and bonds, the revised risk premium under Wande’s full a caliber has rebounded, and the risk premium of S & P 500 has fallen.
Leading assets: crude oil, bitcoin and industrial metals dominated the performance on the 20th.
Risk warning: Overseas volatility intensifies; Macroeconomic policy changes beyond expectations; Regulatory policies exceeded expectations.
