Looking back on Wednesday's A-share market, with the boost of China's policies, the Shanghai and Shenzhen stock markets opened high across the board. At the beginning of the session, the stock index fluctuated, pulled up intermittently in the middle of the session, and there was a wave of diving near noon; In the afternoon, the stock index reversed the situation. With the outbreak of real estate and other sectors, the stock index gradually rose and the trend fluctuated strongly, and the gem index performed particularly well.
As Soochow Securities Co.Ltd(601555) mentioned, the current market contraction is running in shock, and the main line of the market is still concentrated in the varieties with large oversold in the early stage. Only a few sectors came near the recent high point with relatively excellent industry prosperity and performance support, most stocks' rebound momentum declined and began to consolidate horizontally . In terms of operation, investors can still participate in short-term hot spot transactions in medium and low positions, and pay attention to short-term profit and loss stop.
Technically speaking, Central China Securities Co.Ltd(601375) said that the stock index is now poised to consolidate around 3250 points, investors are actively looking for new low leading hot spots to accumulate energy for further growth in the next stage . On Wednesday, the trading volume of the two cities is still less than trillion. The breakthrough of the future market still needs new incremental funds to continue to enter the market. Heavyweights and growth stocks are expected to become an important feature of the future market. It is suggested to pay close attention to the changes of policies and funds.
In terms of the future market, the institution further analyzed that it is expected that the possibility of small short-term shock of the Shanghai index is greater, and the possibility of small short-term consolidation of the gem is greater. Investors are advised to pay close attention to the investment opportunities in new energy, communication, real estate and other industries in the short term, and continue to pay attention to the investment opportunities of undervalued blue chips in the middle line.
Dongguan Securities said that recently, the management has made an intensive voice for the capital market, stabilized expectations, enhanced market confidence, and gradually stabilized the technical side of the market, with the effective implementation of follow-up policies, the market is expected to continue to fluctuate and stabilize, focusing on the northward capital flow and quantitative energy change , and it is suggested to focus on the layout of the middle line in operation, focusing on finance, food and beverage, real estate, electrical equipment, TMT and other industries.
Guosheng Securities believes that under the general stable tone of market liquidity, it can actively pay attention to the current hot real estate sector and growth stocks that have experienced significant valuation compression. In terms of operation, with the gradual implementation of relevant policies and the rapid compression of valuation, all subjects in the market have short-term rebound space, so we can actively pay attention to the low absorption opportunities of growth stocks and the over falling rebound opportunities of individual stocks in the restorative rebound .
It is worth mentioning that deppon Securities said that the market has entered the bottom grinding period . The transaction heat of major indexes in the market has declined rapidly. From the perspective of valuation, the current valuation of major indexes in the market is below the historical 50% quantile, of which Shanghai Stock Exchange is at the historical valuation quantile of 24% and Wande quana is at the historical valuation quantile of 35.7%, all of which are at a historically low level. In terms of specific industries, compared with the rebound last week, the turnover rate of various industries has decreased significantly this week. In terms of valuation level, the historical quantile of valuation of most industries has been at a low level.
Macroscopically, 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 in economic and financial data will improve. 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 change of market may still need time to verify. After the expectation is completely stable, the positive feedback spiral can really form .
In terms of operational strategy, the agency further suggested that choose high winning industries in the bottom grinding period : short-term rebound period, focus on the two fields of "confidence recovery" and "wrong killing" "confidence recovery" includes policy development in potentially supported fields, including infrastructure Industrial chains related to stable demand for real estate (banking, building materials, construction, etc.) and 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.
Haitong Securities Company Limited(600837) mentioned that although the market still has repeated risks in the short term, there is no need to be overly pessimistic about the future performance of a shares. In the near future, the market may be in the bottom grinding period . In the future, with the accelerated improvement of new social finance and the easing of external negative factors, A-Shares are expected to usher in the starting point of a new round of upward cycle.
The agency further proposed that 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, such as 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.
In addition, Hualong Securities pointed out that at the national level, policies related to hydrogen energy and fuel cells continue to be overweight to promote the promotion and application of hydrogen energy and fuel cells. China has become the world's largest producer of fuel cell commercial vehicles. Fuel cells have the advantages of clean and environmental protection, strong endurance, fast charging speed and low noise. Hydrogen energy sources are wide. In the long run, hydrogen fuel vehicles are expected to become an important part of the future automobile market.
