Since March, under the influence of multiple factors, the A-share market has retreated greatly. As of the closing on March 31, the three major A-share indexes fell by more than 6% during the period. Among them, the Shanghai Composite Index fell by 6.07% during the period, reaching the lowest point of 302330 on March 16; The Shenzhen composite index fell by 9.94% and the gem index fell by 7.70%. Despite the market correction, the market trading remained active, with an average daily turnover of 101491 billion yuan in March.
In terms of shenwanyi industry, only five industry indexes such as coal (10.81%), real estate (9.52%), agriculture, forestry, animal husbandry and fishery (2.94%), comprehensive (2.08%) and medicine and Biology (0.87%) rose, while the other 26 industry indexes fell. Among them, the cumulative decline of seven industry indexes such as electronics, non-ferrous metals, household appliances, petroleum and petrochemical, computer, automobile and national defense and military industry exceeded 11%.
From the perspective of capital, the northbound capital showed a net outflow in 16 of the 23 trading days in March, with a net outflow of RMB 45.083 billion, which is also the first monthly net outflow since October 2020.
With regard to the performance of the A-share market in March, Hu Bo, the manager of Rongzhi investment fund of private placement paipai.com interviewed by the reporter of Securities Daily, said that under the joint action of various factors, the A-share market experienced great fluctuations in March, but the information released at the meeting of the financial committee of the State Council had a lot of positive effects on the overall market sentiment, and the market also hit the bottom and rebounded. With the gradual implementation of policies and optimistic about the changes of the overall market in the future, the overall market will show a relatively positive attitude in April, and the style of the market will also tend to value stocks with stable growth.
Zhu Liang, chief investment officer of Dan Yi investment, told reporters that after the fall in March, the market bubble has been greatly digested. Most of them are in the historical average or even below, except for very few other sectors.
The cost performance of A-Shares is also favored by institutions. Galaxy Securities said that it paid attention to important meetings and economic and profit indicators in April. In the long run, A-Shares have been in a position of high cost performance. Earnings side, April is also the annual report of listed companies and the intensive disclosure period of a quarterly report. With the gradual disclosure of earnings reports, the prosperity of various industries will be further confirmed. At present, the valuation bubble of A shares has been squeezed. In the long run, it has already been in a relatively high price performance position. The importance of value investing is uplifting, coincides with the intensive disclosure period of financial reports, and it can be used to configure high-quality stocks with high valuation and profitability. However, the transmission effect of steady growth and the continuous upward price of upstream resource products need more time to determine the degree of profit damage to the listed companies in the middle and lower reaches.
Looking forward to April, Wanlian Securities said that the impact of overseas fluctuations on the A-share market is expected to be weakened. China’s first quarter economic data will be released soon, and the disclosure of enterprise annual reports is coming to an end. Combined with the operation from January to February, the industry leaders with performance support are in an advantageous position. It is expected that the macro liquidity will remain stable, the liquidity of the A-share market will be worry free, and the pressure of foreign capital outflow will be reduced. As the market expectation warms up and the risk appetite is expected to improve, investors can pay attention to the sectors with upward landscape.
China Merchants Securities Co.Ltd(600999) pointed out in his research report that after the meeting of the finance committee, the market sentiment has rebounded significantly, the main risks have been significantly alleviated in March, and the probability of the recurrence of the sharp decline in the market in the early stage is small, so there is no need to be too pessimistic about the future market. In April, investors need to pay attention to the evolution of core variables such as the implementation of China’s steady growth policy, the resonance between external political risks and financial risks, and the progress of China’s anti epidemic. The market style will be further balanced under the environment of intertwined long and short factors, and the main line of trading will be carried out along steady growth, consumption repair, boom track and global inflation.
In terms of investment opportunities, Zhao Yuanyuan, investment director of Jianhong times, said in an interview with the reporter of Securities Daily that in the short term, we can pay attention to the high dividends and performance exceeding expectations related to the annual report and quarterly report, and in the medium term, we can pay attention to the large cycle sectors related to steady growth, such as the downstream of real estate, building materials, industrial raw fuels, water conservancy pipe network, old area reconstruction and so on. In the future, under the co shock of multiple factors such as the remarkable effect of stimulus policies, the improvement of the epidemic situation and the warmer weather, the large cycle may become the sector with the most obvious excess benefit.
Table: performance of shenwanyi industry index in March p align = “center” prepared by Chu Lijun
\u3000\u3000
