Shock weakening! On Thursday (March 24), the three major A-share indexes fell in shock, and individual stocks walked out of the general decline pattern. The volume of energy shrank slightly, and the transaction amount returned below the trillion yuan mark. In terms of hot spots, 19 pharmaceutical stocks bucked the market limit. In the face of the shock and bottoming of the market, how can A-Shares grasp the investment opportunities in the market of structural differentiation?
On Thursday, the three major A-share indexes fell in shock. As of the close, the Shanghai Composite Index fell 0.63% to 325026 points, the Shenzhen composite index fell 0.83% to 123055 points, and the gem index fell 0.36% to 270621 points; The total turnover of the two cities was 920.1 billion yuan, and the net sale of funds from the North was 127 million yuan.
In terms of individual stocks, on Thursday, the A-share market rose less and fell more, showing a general decline pattern. 942 stocks rose and 3658 stocks fell. Among them, 77 stocks closed at the daily limit, which was lower than the daily limit of more than 100 shares a few days ago. In addition, 20 stocks fell by the limit.
Trading limit of individual stocks on Thursday (March 24):
Prepared by: Zhang Ying
For the trend after the stabilization and rebound of a shares, institutions generally said that the market has entered the bottom grinding period, and the opportunities outweigh the risks in the medium and long term.
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 valuation compression, 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 opportunities of oversold rebound of individual stocks in the restorative rebound.
Debang 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.
At the same time, institutions such as public funds and private placement also expressed optimistic views on the future market. Hu Po, manager of Rongzhi investment fund under private placement paipai.com, believes that after the rebound in the past few days, the driving force of disk rise is gradually insufficient, the uncertainty has increased recently, the repeated epidemic has led to consumption pressure, and the market's concern is rising. From the disk, although it is weak, the recent adjustment range is also relatively small, so we think it may be a mild adjustment, and the whole market may maintain a shock pattern in the short term.
Liu Yan, chairman of anjue assets, believes that at present, the overall market has a poor profit-making effect, and confidence needs to be gradually restored. It is expected that the short-term market will continue to fluctuate and consolidate in a narrow range, the rotation of the market sector is obvious, and investors still need to be cautious. Active funds prefer undervalued and low-priced sectors. In the medium and long term, we pay more attention to the lithium extraction sector in salt lakes with resources in China, which has great certainty, controllability and future development potential.
Yang Ziyi, research director of Zhongrui Heyin, believes that the current market has more opportunities than risks in the medium and long term, but the short-term inflection point is still difficult to determine. From a long-term perspective, combined with the risk premium index and historical valuation quantile, the current market valuation level has been relatively reasonable, and some industries and companies have even been underestimated. On the whole, the market opportunities are significantly greater than the risks. It is hard to say that the market trend is reversed in the short term, and the probability is deduced by the broad shock bottom and structural differentiation of the market.
Hot spot 1: the "taking medicine" market reappeared, and 19 shares rose by the limit
The "medicine stock market" fluctuated and took medicine again on Thursday. As of the closing, cro concept (3.71%), super fungi (2.64%), APIs (2.63%), covid-19 drugs (2.61%), pharmaceutical e-commerce (2.25%) and other segments led the gains. Among them, 60062is the onlypharmaceutical stocks rose collectively.
It is noteworthy that Shanxi Panlong Pharmaceutical Group Limited By Share Ltd(002864) has been trading on the daily limit for 7 consecutive trading days; In addition, Jinghua Pharmaceutical Group Co.Ltd(002349) rose for 7 consecutive days and walked out of the strong market of 5 boards in 7 days. It is reported that Jinghua Pharmaceutical Group Co.Ltd(002349) announced on March 23 that the company signed the supplementary contract of Technology Development (cooperation) contract with Suzhou Taolue and American aspedia LLC. all parties agreed that the follow-up capital investment, R & D and commercialization of betatinib were led by Suzhou Taolue. After betatinib was listed and sold, the company enjoyed 12% of its net profit.
For the investment opportunities of pharmaceutical stocks, Sinolink Securities Co.Ltd(600109) analysis shows that the implementation of MPP authorization is optimistic about relevant enterprises and upstream industrial chains. Based on the accessibility and convenience of oral drugs, we are optimistic about the application prospect of oral covid-19 drugs and the performance elasticity brought by the subsequent landing of Pfizer oral covid-19 drug MPP to the head enterprises of API / cdmo sector (including the possible localization of Pfizer oral drugs). It is suggested to pay attention to: Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Apeloa Pharmaceutical Co.Ltd(000739) , Zhe Jiang Hua Hai Pharmaceuticalco.Ltd(600521) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , Geli pharmaceutical, etc.
Hot spot 2: the concept of hydrogen energy continues to strengthen Guangdong No.2 Hydropower Engineering Company Ltd(002060) four connecting sectors
On Thursday, hydrogen energy concept stocks continued to be strong and active. As of the closing, four concept stocks rose by the limit, of which, Guangdong No.2 Hydropower Engineering Company Ltd(002060) 4 Lianban, Citychamp Dartong Co.Ltd(600067) , Beijing Jingcheng Machinery Electric Company Limited(600860) have risen by the limit for three consecutive trading days.
On the news, for the hydrogen energy industry, the national development and Reform Commission and the National Energy Administration jointly issued the medium and long-term plan for the development of hydrogen energy industry (20212035). The plan defines the energy attribute of hydrogen, affirms that hydrogen energy will become an important part of the future national energy system, and determines hydrogen production from renewable energy as the main development direction. This is China's first medium and long-term development plan for hydrogen energy industry, which is conducive to promoting the high-quality development of hydrogen energy industry. The plan emphasizes that hydrogen energy is an important part of the future national energy system and an important carrier for energy terminals to achieve green and low-carbon development.
Everbright Securities Company Limited(601788) believes that carbon neutralization promotes energy transformation, and hydrogen energy may become a trillion blue ocean market. As a green energy with clean, low-carbon, high calorific value, diverse sources and flexible storage and transportation, hydrogen energy is known as the "ultimate energy" in the 21st century. The development of hydrogen energy industry is the only way for China to achieve the "double carbon" goal. The state has a positive attitude towards the development of hydrogen energy. Since 202, hydrogen energy related support policies have been issued frequently. The industry is expected to usher in a high boom and growth under the catalysis of policies.
