The overseas market performance was eye-catching at the weekend. Today (March 21), the Shanghai and Shenzhen stock markets opened higher, and then the stock indexes showed different performance. The Shanghai index once fell, while the Shenzhen Composite Index ran red. After repeated shocks, the stock indexes turned green and fell back again; In the afternoon, the index plunged further, and near the end of the trading, the stock index rebounded rapidly, showing a small V-shaped reversal pattern again.
As of the close of Shanghai and Shenzhen stock markets all day, the Shanghai index rose slightly by 0.08% to 325369 points; The Shenzhen Component Index rose 0.41% to 1237964 points; The gem index rose 0.46% to 272618 points.
From the disk point of view, the light index heavy stock market hit, the industry and concept sector rose more or fell less, and the local profit-making effect is still in existence. In terms of industry, agriculture, animal husbandry, feeding and fishery, medicine and commerce, batteries, traditional Chinese medicine, food and beverage, engineering construction, real estate and other sectors led the increase; In terms of subject stocks, longevity medicine, prefabricated vegetable concept, aquaculture, building energy conservation, agricultural planting, chicken concept, covid-19 medicine, power exchange concept, fluorine chemical industry and other sectors led the increase.
In terms of capital, the central bank today launched a 7-day reverse repurchase operation of 30 billion yuan, with a bid winning interest rate of 2.10%, which was the same as before. As 10 billion yuan of reverse repo expired today, a net investment of 20 billion yuan was realized.
hot sector p align = “center” Top 10 of industry sector increase p align = “center” Top 10 of industry sector decrease p align = “center” Top 10 of concept sector increase p align = “center” Top 10 of concept sector decrease
individual stock monitoring p align = “center” Top 10 net inflow of main force p align = “center” Top 10 net outflow of main force
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message surface
1. According to China Securities News, on March 21, the national development and Reform Commission and the National Energy Administration issued the implementation plan for the development of new energy storage in the 14th five year plan. The plan proposes that by 2025, the new energy storage will enter the stage of large-scale development from the initial stage of commercialization, and have the conditions for large-scale commercial application. The innovation ability of new energy storage technology has been significantly improved, the independent and controllable level of core technology and equipment has been greatly improved, the standard system has been basically improved, the industrial system is becoming more and more complete, and the market environment and business model are basically mature. Among them, the performance of electrochemical energy storage technology is further improved, and the system cost is reduced by more than 30%; Steam extraction and energy storage of thermal power and nuclear power units rely on new energy storage technology of conventional power supply and energy storage technology of 100MW compressed air to realize engineering application; Megawatt flywheel energy storage and other mechanical energy storage technologies are gradually mature; Breakthroughs have been made in long-time scale energy storage technologies such as hydrogen energy storage and hot (cold) energy storage.
2. According to the 21st Century Business Herald, the people’s Bank of China authorized the national interbank lending center to announce that the LPR on March 21, 2022 is: 1-year LPR is 3.7%, and that over 5-year LPR is 4.6%. Both were unchanged from the previous time. The expectation of LPR interest rate cut failed.
3. According to the news of Beijing Municipal Commission of housing and urban rural development on March 21, recently, the Beijing Municipal Commission of housing and urban rural development and the municipal market supervision bureau jointly formulated the pre-sale contract of housing with common property rights in Beijing (for Trial Implementation) and the sales contract of existing housing with common property rights in Beijing (for Trial Implementation), and solicited opinions from the public.
4. According to People.Cn Co.Ltd(603000) news, the State Intellectual Property Office recently issued the annual guidelines for promoting high-quality development of intellectual property (2022). The work guidelines put forward that by the end of 2022, the working mechanism for the construction of an intellectual property power will be further improved to further stimulate the vitality of innovation and provide strong support for the construction of a new development pattern of services.
institutional views
For the current market, Guotai Junan Securities Co.Ltd(601211) Securities pointed out that the short-term market is still in the repair pattern. Under the background of early oversold and emotional repair, the market shock and rebound may continue. However, considering that the rebound has accumulated a certain increase, it is necessary to be vigilant against the risk of short-term recovery.
Cinda Securities said the rebound rate is probably monthly. Based on historical experience, the end of the policy is enough to support the monthly rebound of the market. After the rebound, we need to verify whether the profit will deteriorate further before we can confirm whether it is a reversal. In almost every bear market in history, there will be a policy bottom to stabilize the stock market. After the policy bottoms in 2008 and 2018, the stock market rebounded sharply, and then bottomed twice. After reaching a slightly new low, the market completely bottomed out and entered the reversal in 2009 and 2019 respectively. After the end of the policy at the end of June 2015, the stock market rebounded for one month, followed by two risks. The important reason behind this is that the stock market valuation has not yet reached a low level. After the end of the policy period at the end of 2011, the stock market also rebounded well, but after entering Q2 of 2012, with the further decline of profits, the stock market center went down again.
In addition, Anxin securities mentioned that to maintain the judgment that it is currently in “positional warfare” (strategic stalemate stage, maintaining concentration, not suitable for switching back and forth), the market consensus will focus on the low position, looking for growth + short term (Q1 performance exceeds expectations and strong policy support). For the current four main lines: steady growth, high prosperity, post epidemic repair and global inflation. At present, we are in the process of “delivering steady growth and turning the corner of high prosperity”. Our proposed configuration is still high prosperity and steady growth post epidemic repair global inflation. In addition, in our previous communication with market investors, the order of market preference is: growth, cycle weighted blue chip old infrastructure and consumption.
AVIC Securities believes that from the current situation, the fundamentals of real estate and consumer sectors will still be at the bottom stage in the short term, but will recover in the follow-up; Investment opportunities such as new infrastructure, old infrastructure, manufacturing, undervalued and high dividends deserve attention. It is suggested to pay attention to investment opportunities in relevant sectors. In addition, investors can participate in the rebound based on medium and long-term fundamental logic, based on growth and patiently layout, including high-profile growth stocks such as semiconductor, photovoltaic and digital economy.
China Merchants Securities Co.Ltd(600999) pointed out that it is suggested to focus on two directions: first, focusing on the traditional infrastructure with steady growth and the improvement of real estate investment, upstream resource products may benefit more from this round of steady growth, including nonferrous metals, building materials, petroleum and petrochemical; Second, focus on the steady growth of new infrastructure, such as photovoltaic, wind power, energy storage and hydrogen energy; Digital infrastructure, such as IDC, big data cloud computing, etc.
