panel overview
On Friday, A-Shares opened lower and went higher. The Shanghai index approached the integer mark of 3300 points, and the Shenzhen Composite Index led the rise. On the disk, shipping ports, tourism hotels, games, airports, cultural media, real estate, banking, brewing, securities, insurance, trade, diversified finance, commercial department stores and other industries led the rise; Traditional Chinese medicine, medicine, engineering construction, biological products, decoration, medical services, power supply equipment, communication equipment, motor and other industries led the decline. In terms of theme stocks, NFT concept, tax-free concept, virtual digital man, horse racing concept, mobile game, online tourism, cloud game, film and television concept led the rise; Electronic ID card, covid-19 drugs, super fungi, heparin concept, traditional Chinese medicine concept, recombinant protein, cro and industrial marijuana led the decline.
message surface
Shanghai and Shenzhen stock exchange issues new regulations on bankruptcy reorganization of listed companies
On the evening of March 31, the Shanghai and Shenzhen stock exchanges successively issued guidelines on bankruptcy and reorganization of listed companies and other matters, which will be implemented from the date of promulgation. The guidelines regulate the introduction of restructuring investors, clarify the principled requirements for the price of shares transferred by restructuring investors and the share locking arrangement, and make provisions on the ex right (interest) arrangement of the equity adjustment scheme.
local bond issuance will be accelerated capital use efficiency is expected to improve
In the first quarter, nearly 90% of the amount of “approval in advance” has been completed for the issuance of new special bonds, reflecting the steady growth of active fiscal policy. Looking forward to the second quarter, experts believe that the pace of local bond issuance will continue to accelerate, and more infrastructure projects will start construction in time with the support of special bond funds, which is expected to play a key role in the stabilization and recovery of the economy in the second quarter.
a \49.5% steady growth policy is expected to continue to increase
Data show that in March, the Manufacturing Purchasing Manager Index (PMI) 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. Analysts pointed out that it is not surprising that PMI fell back in March and temporarily fell below the critical point, which is mainly affected by the recent epidemic. In the face of the new downward pressure on the economy, it has become the consensus of the industry to increase the weight of the steady growth policy.
Jufeng viewpoint
Compared with yesterday, there is an obvious phenomenon of rotation on today’s disk. Yesterday’s strong sector, except for bank stocks, had a sharp correction in early trading; Similarly, tourism and shipping, which fell sharply in early trading yesterday, were at the forefront of the increase list in early trading. In this way, it also confirms our previous judgment that ” current market is not sustainable. The stock index builds Hithink Royalflush Information Network Co.Ltd(300033) 00 point box and the gem builds 24502750 point box. If the individual stocks that suddenly rise do not catch up, they should dare to cash in; for the individual stocks that fall sharply but the fundamentals have not changed, they can buy low. Before the track stocks stop falling, even if the market rebounds, the upward space will not open. “
In early trading, the Shanghai index rebounded strongly driven by wine making, banking and other sectors, breaking through the rebound high in late March. In the afternoon, the real estate sector rose by 3%; Securities companies and insurance companies rose, the decline of pharmaceutical stocks narrowed, and the Shanghai index tried to hit 3300 points again. From a technical point of view, the Shanghai Composite Index failed to break through 3300 points and will continue to operate in the box. The gem index failed to hit the box on the track because of the weak trend of technology stocks.
investment suggestions: at present, the main factors that suppress the sentiment of A-share investors have changed, from Geopolitics in the early stage and the Fed’s interest rate hike to factors such as China’s epidemic and economic slowdown. The construction of A-share market will be accelerated in the form of stable growth and policy expectation in the future. It is suggested to focus on three main lines: first, companies with quarterly growth exceeding expectations; Second, new and old infrastructure benefiting from steady growth; Third, aviation, airport, tourism and other sectors facing the inflection point in the post epidemic era.
