Affected by the poor performance of overseas markets, today (March 31), the Shanghai and Shenzhen stock markets opened low across the board, and the stock index fell rapidly at the beginning of the trading. Although the Shanghai index once rose and turned red in the morning, it was dragged down by the battered gem index and Shenzhen composite index. In the afternoon, the three major stock indexes fell consistently, and then maintained the low opening and low walking pattern, showing a low opening and low walking pattern as a whole.
As of the day's close of Shanghai and Shenzhen stock markets, the Shanghai index fell 0.44% to 3252.2 points; The Shenzhen composite index fell 1.19% to 1211825; The gem index fell 1.38% to 265949.
From the disk point of view, the real estate and pharmaceutical leaders leading the rise in the morning appeared to explode in the afternoon, the sentiment of market investors was cautious, and the local profit-making effect was poor. In terms of industry, real estate, cement and building materials, banking, coal, shipping ports, commercial department stores and other industries led the rise; In terms of subject stocks, digital currency, rental and sale rights, civil explosion concept, cross-border payment and other gains were higher.
In terms of funds, the central bank announced on March 31 that in order to maintain stable liquidity at the end of the quarter, the people's Bank of China carried out 150 billion yuan reverse repurchase operation by means of interest rate bidding on March 31, 2022, and the bid winning interest rate was 2.1%. As 20 billion yuan of reverse repo expired today, the people's Bank of China realized a net investment of 130 billion yuan in the open market.
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message surface
1. According to the interface news, the scheduled disclosure time of the quarterly report of the first quarter of the listed companies of Shenzhen Stock Exchange was released, and Anhui Zhonghuan Environmental Protection Technology Co.Ltd(300692) won the first place and will take the lead in disclosure on April 2 Hisense Home Appliances Group Co.Ltd(000921) , Guangdong Haid Group Co.Limited(002311) , Changying Xinzhi Technology Co.Ltd(002664) and others were disclosed on April 12.
2. According to the financial report of China Central Television, the reporter learned from the national development and Reform Commission that the details of the oil price adjustment are as follows: the prices of gasoline and diesel in China have increased by 110 yuan per ton. National average: 0.09 yuan per liter of No. 92 gasoline; 95 gasoline will be increased by 0.09 yuan per liter; 0 diesel will be increased by 0.09 yuan per liter.
3. According to the website of the National Bureau of statistics, in March, the purchasing manager index (PMI) of China's manufacturing industry was 49.5%, down 0.7 percentage points from the previous month, lower than the critical point, and the overall prosperity level of the manufacturing industry fell somewhat. From the perspective of enterprise scale, the PMI of large enterprises was 51.3%, down 0.5 percentage points from the previous month, higher than the critical point; The PMI of medium-sized enterprises was 48.5%, down 2.9 percentage points from the previous month, lower than the critical point; The PMI of small enterprises was 46.6%, up 1.5 percentage points from the previous month, lower than the critical point.
4. According to the report of securities firm China, the regular meeting of the monetary policy committee of the central bank in the first quarter of 2022 was held recently. The meeting analyzed the economic and financial situation outside China. Clearly strengthen the implementation of prudent monetary policy, enhance foresight, accuracy and autonomy, stabilize the macro-economic market, further dredge the transmission mechanism of monetary policy, and maintain reasonable and abundant liquidity.
institutional views
For the current market, Rongwei Securities said that the recent market volume can shrink. Considering the low valuation of the stock market, policy support and the continuous influx of medium and long-term funds, it has blocked the space for the sharp decline of the stock market, and the probability of shock and rebound in the future market is high. In terms of operation, control positions and short-term rebound can absorb fast in and fast out on bargain hunting.
Bohai Securities mentioned that the overall downward space of the current market is not large. Subject to uncertain factors, the market is still characterized by shock. Once the uncertain factors are alleviated or the micro main body is improved, the upward space of the market is large. In terms of style, since there is no polarization of valuation in the current market, we suggest weakening the style, focusing on the direction of performance growth expectations, and sector opportunities may be more dominant. Industry allocation, based on the judgment that the market will be in the bottom building process for some time in the future, after the overall decline of all sectors in the market, the sectors with relative certainty will receive capital intervention.
YueKai Securities said that it is expected that under the hedging of foreign factors in April, the A-share shock repair market is expected to continue. The change of profit expectation will lead to the differentiation of the market. It is suggested that investors should pay more attention to individual stocks than index, and focus on two main lines around the certainty of performance and the layout of policy force end.
First, the performance window is approaching, and pay attention to the pre hi sector of the first quarterly report. April will usher in a performance intensive disclosure period, and the market will return to the verification period of performance. From the perspective of industry prosperity, the performance certainty of basic chemical industry, electronics, medical biology, national defense and military industry is relatively stronger. It is suggested that investors should pay attention to the performance of the first quarter report in advance in combination with the valuation matching degree.
Second, grasp the main line of policy. As the main policy line, steady growth will remain the main market in the long run. It is suggested to continue to pay attention to new and old infrastructure and investment opportunities in the consumer industry to expand domestic demand. In addition, the recent intensive release of policies in energy, medicine and other industries is expected to usher in rapid development opportunities in relevant sectors. It is suggested to pay attention to high-quality target investment opportunities in policy beneficiary sectors.
Kaiyuan Securities believes that it is firmly optimistic about the periodic rising opportunity of "denominator end" valuation repair and even expansion brought by the liquidity shift of A-share market; The duration may be affected by the expected tightening of overseas currencies. It is expected to be as short as the end of April and as long as may.
In terms of investment suggestions, the growth style is dominant. The specific three allocation directions include: first, the growth attribute cycle, including industrial chains such as "new semi army" and high-end manufacturing. Second, TMT, especially metauniverse and other subdivided industries with clear growth lines. Third, both securities companies and real estate companies are expected to benefit from the recovery of liquidity, improve fundamentals and improve expectations.
