On the first trading day after the Qingming Festival, the three major stock indexes showed differentiation, and the Shanghai index was significantly stronger than the gem index. As of the close, the Shanghai Composite Index closed at 328343 points, up 0.02%; Shenzhen composite index reported 1217291 points, down 0.45%; Gem index reported 263391 points, down 1.24%.
On the disk, the photovoltaic sector led the decline. Affected by the bad news, "photovoltaic Mao" Longi Green Energy Technology Co.Ltd(601012) fell by more than 5%, and individual stocks in the sector weakened collectively, with Trina Solar Co.Ltd(688599) , Jingke energy, Hangzhou First Applied Material Co.Ltd(603806) and other declines taking the lead. The real estate and banking sectors rose against the trend and became the main force to protect the market.
In the real estate sector, nearly 20 stocks such as Bright Real Estate Group Co.Limited(600708) , China Enterprise Company Limited(600675) , Shanghai Chengtou Holding Co.Ltd(600649) , Nanjing Chixia Development Co.Ltd(600533) , Cccg Real Estate Corporation Limited(000736) , etc. rose by the limit. So far, the real estate sector has performed strongly for two consecutive weeks. Among them, the share price of leading stock China Vanke Co.Ltd(000002) has increased by more than 40% since March 15, and the share price of Cccg Real Estate Corporation Limited(000736) has increased by more than 150%.
Market participants believe that the recovery of the real estate sector benefits from the release of market expectations. Due to the low valuation of the real estate sector and the basic clearing of industry risks, investors expect marginal improvement in the real estate sector in the future.
Citic Securities Company Limited(600030) said that from historical experience, real estate stocks did not fluctuate with the change of fundamental price, but rose and fell with the expectation of policy tightening. At present, it seems that policy means are enough to promote the bottom rebound of fundamentals, and the willingness of policy intervention under credit risk has reached the highest point.
In addition, a number of "steady growth" theme sectors also strengthened yesterday. In the building materials sector, Zhengping Road & Bridge Construction Co.Ltd(603843) , Shenzhen Strongteam Decoration Engineering Co.Ltd(002989) and other stocks rose by the limit; The wind cement index rose by 2.55%, with Yunnan Bowin Technology Industry Co.Ltd(600883) , Jiangxi Wannianqing Cement Co.Ltd(000789) and other gains taking the lead.
Bank stocks also led the rise sharply, Qilu Bank Co.Ltd(601665) limit, Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) , Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) , Zhejiang Shaoxing Ruifeng Rural Commercial Bank Co.Ltd(601528) , etc. From the perspective of fundamentals, recently, the annual reports of A-share listed banks in 2021 have been released one after another, and the overall performance of the industry has improved, driving the rise of bank stocks.
Guotai Junan Securities Co.Ltd(601211) said that the annual reports of listed banks in 2021 exceeded expectations as a whole. First, revenue growth continued to improve; Secondly, the net interest margin rose month on month and narrowed year-on-year; Third, the margin of non-performing rate and provision coverage has been significantly improved; In addition, key risk areas such as real estate and credit cards performed better than expected. Optimistic about the investment value of the banking sector in 2022, focusing on small and medium-sized banks in high-quality areas.
Looking back on the first quarter, the main line of market allocation mainly focused on the "stable growth" policy, and the relevant sectors strengthened one after another against the trend. Looking forward to the second quarter, the "steady growth" sector is still favored by many institutions.
Haitong Securities Company Limited(600837) chief strategist Xun Yugen and others said that the factors that triggered this round of market adjustment were the US Federal Reserve's interest rate hike, the conflict between Russia and Ukraine and the rebound of China's epidemic, and the three bad news gradually disappeared. The implementation of the "steady growth" policy is expected to drive market repair. As the pit filling market is in progress, it is suggested to continue to pay close attention to the main line of "stable growth", such as finance, real estate, new infrastructure, etc.
China International Capital Corporation Limited(601995) believes that at present, the valuation of A-Shares has been at a relatively low level in history, and the long-term investment value is gradually emerging. Among them, the main line of "steady growth" may still have configuration value.
Citic Securities Company Limited(600030) it is also recommended that investors continue to stick to the main line of "stable growth" and firmly layout the "two low positions", one is the varieties with relatively low valuation and the other is the varieties with relatively low fundamental expectation.
