Key investment points:
Review of gold stocks last month
Central China Securities Co.Ltd(601375) Research Institute's top ten gold stocks in March 2022: Changsha Jingjia Microelectronics Co.Ltd(300474) SZ Changsha Jingjia Microelectronics Co.Ltd(300474) China Molybdenum Co.Ltd(603993) . SH China Molybdenum Co.Ltd(603993) Zhejiang Huace Film And Tv Co.Ltd(300133) . SZ Zhejiang Huace Film And Tv Co.Ltd(300133) Chongqing Fuling Zhacai Group Co.Ltd(002507) . SZ Chongqing Fuling Zhacai Group Co.Ltd(002507) Inner Mongolia Baotou Steel Union Co.Ltd(600010) . SH Inner Mongolia Baotou Steel Union Co.Ltd(600010) Jiangsu Provincial Agricultural Reclamation And Development Co.Ltd(601952) . SH Jiangsu Provincial Agricultural Reclamation And Development Co.Ltd(601952) Mianyang Fulin Precision Co.Ltd(300432) . SZ Mianyang Fulin Precision Co.Ltd(300432) Shanghai Athub Co.Ltd(603881) . SH Shanghai Athub Co.Ltd(603881) Tongkun Group Co.Ltd(601233) . SH Tongkun Group Co.Ltd(601233) Shenzhen Sunline Tech Co.Ltd(300348) . SZ Shenzhen Sunline Tech Co.Ltd(300348) 。 In March 2022, the yield of the top ten gold stock portfolios was - 11.14%, the Shanghai stock index rose by - 6.31% in the same period, underperformed the Shanghai stock index by 4.82pct, the gem index rose by - 8.15% and underperformed the gem index by 2.99pct in the same period.
Current market research and judgment
In terms of economy, the economic data in the first two months performed better than expected, but due to the expansion of the epidemic in China, the future economic development momentum remains to be observed. In particular, the epidemic in Shanghai has a great impact on the economy, and the PMI fell below the boom and bust line again in March. In terms of policies, the financial Commission responded to market concerns in a timely manner and greatly boosted market confidence. The national Standing Committee called for the introduction of policies to stabilize the economy as soon as possible. Overseas, the situation between Russia and Ukraine has fallen into a stalemate stage, with negotiations and battles going hand in hand. It is difficult to win or lose in the short term, and there is great uncertainty; Inflation in the United States is high, and the Fed says it will continue to raise interest rates. In terms of market, the bottom of A-share policy has appeared. In the next stage, we may look for the bottom of the market; There is a high probability that the market will fluctuate at the bottom of the stage in April. The epidemic in March may lead to weak consumption, more need to increase investment to stabilize the economy, the real estate tax will not be introduced within the year, and the purchase restriction policies in some cities will be relaxed, which is conducive to infrastructure and real estate. Contractionary policies that have a greater impact on the industry will be introduced more carefully, which will be beneficial to pharmaceutical and Internet enterprises. The situation in Russia and Ukraine has led to rising food prices and rising risk aversion. We can pay attention to construction, real estate, medicine, agriculture, forestry, animal husbandry and fishery, non silver, precious metals and other industries.
Risk tips: (1) the market trend is less than expected; (2) The company's performance is lower than expected; (3) Past performance does not represent future performance; (4) The risk that the market expectation on which the portfolio is based is inconsistent with the actual operation of the market; (5) The market expectation on which the portfolio is based takes month as the operation cycle; (6) It is not excluded that the stock prices of individual stocks in the portfolio fluctuate sharply.
