Eight pictures a day overview of a share: medical “veteran” launched! Where is the new main line? Provide two clues based on history

U.S. stocks adjusted overnight, and the shock correction of A-Shares today (March 24) is also expected. In early trading, the stock index maintained a green disk shock, and occasionally an upward attack was also quickly suppressed; In the afternoon, the stock index once ushered in the rise, especially the gem index took the lead in turning red. Unfortunately, the sustainability of the upward attack was poor, and the index fell again, showing a weak consolidation pattern throughout the day.

As of the day’s closing of Shanghai and Shenzhen stock markets, the Shanghai index fell 0.63% to 325026 points; The Shenzhen composite index fell 0.83% to 1230550; The gem index fell 0.36% to 270621.

From the disk point of view, covid-19 industrial chain has an unprecedented popularity, while other industries and concept sectors have more or less declines, and the local profit-making effect has plummeted. In terms of industries, precious metals, chemical pharmaceuticals, biological products, traditional Chinese medicine, medical services, chemical fertilizer and other industries led the increase; In terms of subject stocks, CRO, covid-19 drugs, super fungi and Helicobacter pylori led the rise.

In terms of funds, the central bank announced on March 24 that in order to maintain the reasonable and abundant liquidity of the banking system, the people’s Bank of China launched a 20 billion yuan reverse repurchase operation by means of interest rate bidding on March 24, 2022, with a bid winning interest rate of 2.1%. As 80 billion yuan of reverse repo expired today, the people’s Bank of China realized a net recovery of 60 billion yuan in the open market.

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

North Fund

southbound funds

message surface

1. According to the securities times, on March 24, the Ministry of Finance and the State Administration of Taxation issued the announcement on the exemption of small-scale VAT taxpayers from VAT. The announcement makes it clear that from April 1, 2022 to December 31, 2022, small-scale VAT taxpayers apply the taxable sales income with a collection rate of 3% and are exempted from VAT; The prepayment of value-added tax applicable to the prepayment rate of 3% shall be suspended.

2. According to the securities times, the scheduled disclosure time of quarterly reports of listed companies on Shanghai Stock Exchange in the first quarter has been released, and Zhongnongfa Seed Industry Group Co.Ltd(600313) has won the first place and will be disclosed on April 8 Shandong Jinjing Science And Technology Stock Co.Ltd(600586) , Jiangsu Kanion Pharmaceutical Co.Ltd(600557) , Zijin Mining Group Company Limited(601899) , Shanghai Putailai New Energy Technology Co.Ltd(603659) , Zhuzhou Kibing Group Co.Ltd(601636) will be disclosed on April 12.

3. According to the China Securities News, Shu jueteng, spokesman of the Ministry of Commerce, said in a regular press release on March 24 that according to customs statistics, China’s imports from January to February this year reached 2.73 trillion yuan, a year-on-year increase of 12.9%. In the next step, the Ministry of Commerce will, in accordance with the unified deployment of the CPC Central Committee and the State Council, further expand market opening, give full play to the role of important import trade platforms such as China Import Expo, consumer Expo, import exhibition area of Canton Fair and import trade promotion innovation demonstration area, make global high-quality products and characteristic commodities efficiently connect with the Chinese market, and vigorously promote the import of energy and resource products, Shenzhen Agricultural Products Group Co.Ltd(000061) and high-quality consumer goods, Continue to inject new momentum into the development of the world economy.

4. According to surging news, on March 24, at the regular press conference held by the Ministry of Commerce, the spokesman of the Ministry of Commerce Shu Jue Ting said that the construction of characteristic service export base is an important measure to promote the high-quality development of China’s service trade. Based on the preliminary work, seven departments including the Ministry of Commerce recently reviewed and identified a new batch of 40 export bases of professional and characteristic services, focusing on four fields: human resources, geographic information, intellectual property rights and language services.

institutional views

For the current market, Rongwei Securities said that the Shanghai index is facing great pressure near 3280 to 3300 points, and it is difficult to break through directly with the current trading volume level. In the near future, the stock index will launch in the form of shock rebound. The rhythm is very important. If it rises more, it can not catch up with it. If it falls more, it can throw it high and absorb it low. It will focus on the differences and low absorption opportunities of core leading varieties in real estate, infrastructure related sectors and pharmaceutical sectors. In terms of operation, if individual stocks of subject matter cannot be connected to the board, we should pay attention to selling at high prices. Investors with stable midline will bargain hunting and participate in institutional track varieties that have fallen too far, and their holdings are waiting to rise.

In addition, Shenyin Wanguo Securities mentioned that there are still many long-term problems pending, and event shocks are inevitable from time to time. Before clear fundamental highlights appear, it is necessary to carefully discuss the medium-term risk clearing. There is still no possibility of repeated “hot spots” in the total market and the “hot spots” in Q2 (there is still no possibility of repeated “hot spots” in Q2). In the second quarter, technology + consumption may usher in the left layout opportunity. The opportunity for the overall recovery of the market starts from 22q3: molecular end, width will eventually have an effect + the highlights of new economic fundamentals will increase.

For the new main line, the agency further analyzed and provided two clues based on the historical resumption: (1) after the adjustment of the first industry in public offering positions, most of the new main lines will appear in other directions of public offering positions (other directions of new economy). In this regard, we are focusing on price increases (profitability may usher in upward turning points, Baijiu, condiments), digital economy (computer industry fundamentals have improved power, theme intensive catalysis provides valuation clues). Medium term opportunities for electronics (power semiconductors are still in high prosperity in the first half of the year, and the possibility of a boom inflection point in consumer electronics in the second half of the year) and pharmaceutical segments (covid-19 epidemic prevention has the highest prosperity and is scarce).

Macroscopically, deppon Securities pointed out that under multiple factors such as policy stability, epidemic prevention and control and external situation, the market has undergone positive changes, but the rebound is not a reversal. From the perspective of China, the most important thing at present is when the demand reflected by economic and financial data can improve, and the “steady growth” policy still needs to continue to work hard in order to usher in a new round of credit cycle and profit cycle.

Overseas, the restriction of risk appetite caused by short-term impact has come to an end temporarily, and the period with the greatest impact may have passed. However, after the rebound, we should not expect the rapid entry of incremental funds and the rapid rise of the market. The changes in the market may still need to be verified in time. After the expectation is completely stable, the positive feedback spiral can be truly formed.

In terms of operational strategy, the agency further suggested that high winning industries should be selected in the bottom grinding period: the short-term rebound force period, focusing on the two areas of “confidence recovery” and “wrong killing”. The “confidence recovery” includes the areas potentially supported by the policy force, including the industrial chains related to the stable demand of infrastructure and real estate (banking, building materials, construction, etc.) and the dilemma reversal sectors such as catering and tourism benefiting from the gradual relaxation of epidemic prevention and control;

“Wrong killing” includes bottom-up selection of manufacturing growth sectors with more recent adjustments but still high prosperity, including new energy vehicles, new energy and technology hardware semiconductors; In the medium term, it is still recommended to choose sectors with inflation theme and business cycle independent of the economic cycle, such as upstream resource products and pig cycle.

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