Comments on key news of the week: the internal and external pressure has not been relieved, and the rebound kinetic energy of A-Shares has weakened
Overseas, the G7 summit said that it would be ready to take additional measures against Russia as needed. Powell hawks said that a single interest rate increase could exceed 50bp, and the US bond interest rate continued to rise. In China, the local epidemic led by Omicron continues to spread, and micro liquidity is also under pressure. The internal and external pressure has not been relieved, and the rebound kinetic energy of A-Shares has weakened significantly this week.
Macro highlights: 1. The Ministry of Finance released financial data from January to February; 2. The heads of state of China and the United States held a video call; 3. Powell hawks suggested that a single interest rate increase could exceed 50bp; 4. The United States resumed 352 tariff exemptions for Chinese imports; 5. The United States and the European Union have reached an important energy security agreement.
Resumption of A-share market: A-share fell, and upstream resources and large finance were relatively dominant
Index and style: A shares fell, while upstream resources and large finance were relatively dominant. CSI 1000 and CSI 500 fell slightly, with weekly increases and decreases of – 0.87% and – 1.01% respectively. From the perspective of individual stock’s new high, the proportion of individual stocks whose share price hit a new high of 60 days and 250 days rebounded month on month. From the absolute performance of style, upstream resources and large finance, small cap, low P / E ratio and loss making stocks are dominant.
The performance of coal, animal husbandry and forestry industries fell, while the performance of coal, animal husbandry and forestry industries fell. From the perspective of individual stock highs, the proportion of 60 day high individual stocks in coal, real estate, agriculture, forestry, animal husbandry and fishery industries is high.
Leading index: in the past 20 days, the Shanghai Composite Index dominated, with coal, real estate, agriculture, forestry, animal husbandry and fishery leading the rise.
Valuation tracking: the valuation of A-Shares fell, and the degree of differentiation of Industry Valuation converged.
Overseas market review: the global stock market fluctuated
Major global stock indexes rose and fell, with Nikkei 225, Taiwan Stock Exchange and Brazil ibov relatively dominant. U.S. stock market: the three major indexes rose in an all-round way, most industries rose, energy, materials and utilities ranked first, and growth and small cap style dominated. The overall index valuation is upward, and most industry valuations are upward. Hong Kong Stock Market: the index fell in an all-round way, most industries fell, and the raw materials industry, energy industry and health care industry led the increase. The valuation of the index declined in an all-round way, and the valuation of the industry fluctuated.
Performance of major categories of assets: RMB devaluation, China’s risk appetite fell
The global market rose this week, dominated by developed markets. Most commodity prices rose, while crude oil, industrial metals and gold rose and copper fell. In terms of interest rate bonds, the long and short end interest rates of US bonds rebounded; In terms of credit bonds, the 3-year AAA + medium note credit spread expanded and the 5-year term narrowed; In terms of convertible bonds, the convertible bond index fell. In terms of exchange rate, the US dollar index rose and the RMB and euro depreciated. In terms of volatility, the VIX Index fell. In terms of the relative performance of commodities, copper gold ratio decreased, oil gold ratio increased, and London gold / CRB industrial metals decreased. 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, industrial metals and bitcoin outperformed on the 20th.
Risk warning: Overseas volatility intensifies; Macroeconomic policy changes beyond expectations; Regulatory policies exceeded expectations.
