as of the closing on April 8, the Shanghai index rose 0.47%, the Shenzhen composite index fell 0.11% and the gem index fell 0.33% some insiders suggest that investors need to make a balanced allocation according to their own risk tolerance when dealing with the A-share market
On April 8, the three major indexes differentiated in the afternoon, the Shanghai stock index rebounded in shock, and the gem index fell in shock. As of the close, the Shanghai index rose 0.47%, the Shenzhen composite index fell 0.11% and the gem index fell 0.33%. Overall, individual stocks fell more and rose less, and more than 3000 stocks in the two cities fell. The turnover of Shanghai and Shenzhen stock markets was 926.4 billion yuan, 3.4 billion yuan higher than that of the previous trading day.
Among the 31 shenwanyi industries, architectural decoration, real estate, building materials, coal and basic chemical industry led the increase, while the media, agriculture, forestry, animal husbandry and fishery, medicine, biology, computer and other sectors led the decline.
infrastructure stocks were strong all day
On April 8, the infrastructure industry chain performed strongly throughout the day. Among the 31 shenwanyi industries, the architectural decoration sector ranked first in the increase.
Specifically, the architectural decoration sector rose by 3.99% as a whole, and individual stocks in the sector surged to the limit. Among its constituent stocks, Hualan Group Co.Ltd(301027) 20cm limit, Cofco Engineering & Technology Co.Ltd(301058) , Wuhan East Lake High Technology Group Co.Ltd(600133) , Zhongyan Technology Co.Ltd(003001) , Shenzhen Mingdiao Decoration Co.Ltd(002830) and other stocks rose by more than 10%.
According to the statistics of Everbright Securities Company Limited(601788) Research Institute, as of March 31, 24 provinces and cities have disclosed the construction plans of major projects in 2022, involving an annual investment scale of 12.7 trillion yuan. Among them, 11 provinces and cities disclosed the specific investment direction, and the proportion of investment in infrastructure projects was 47%. This means that many places have prepared a large proportion of major infrastructure projects for the whole year.
real estate stocks strengthened again
Following yesterday’s correction in the real estate sector, real estate stocks strengthened again.
Specifically, the real estate sector rose 2.7% as a whole. Among its constituent stocks, Sichuan Languang Development Co.Ltd(600466) , Macrolink Culturaltainment Development Co.Ltd(000620) , China-Singapore Suzhou Industrial Park Development Group Co.Ltd(601512) , Everbright Jiabao Co.Ltd(600622) , China Wuyi Co.Ltd(000797) , Beijing Airport High-Tech Park Co.Ltd(600463) and other stocks rose by the limit.
Lang Cheng, general manager of the research department of Furong fund, told the reporter of the international finance news that the main change in the real estate industry lies in the policy. Recently, many places have relaxed supervision on purchase restrictions and loans. At the stage of undervaluation in the real estate industry, they have formed stable growth and bottom-up expectations for the market. Combined with the previous statement on the three stability of real estate, the data of the Bureau of statistics and the tone set by the financial commission, the real estate is already in the supercooling stage and there is a possibility of regression. However, from a macro perspective, there are still risk points of insufficient demand and difficult to release. At present, it is still difficult for real estate to have an inflection point, but with the marginal improvement of capital liquidity in the industry, there are problems β Sexual opportunities.
He Jinlong, general manager of Meili investment, told the reporter of the international finance news that infrastructure and real estate stocks have had a relatively strong performance recently, and the market expectation of real estate has changed to a certain extent. This is mainly based on the capital construction and real estate market brought by the recognition of the expectation of steady economic growth under the support of China’s steady growth policy. Moreover, after the downturn of the real estate market in the past period, the valuation itself has fallen. Local real estate policies have been adjusted and optimized in the near future. Based on the monetary easing policy, the increase of financial financing drives the expected repair of the real economy, as well as the wide credit policies such as reducing interest rates and land auction margin, which are good news for the infrastructure, real estate industry and related industrial chains.
pharmaceutical stocks depressed
Pharmaceutical stocks were depressed all day. Specifically, the pharmaceutical and biological sector fell 1.75%. Foxconn shares fell 35.
Zhao Yuanyuan, investment director of Jianhong times, told the reporter of the international finance news that under the policy environment of maintaining growth, the pharmaceutical sector has deviated from the market preference as a whole, and many varieties are still facing the bad situation of centralized mining. Among them, the relatively strong anti epidemic sub sectors, such as detection, special drugs, traditional Chinese medicine and cdmo, benefit from the fermentation of the epidemic, but the share price has been at a relatively high level, which needs to be verified by fundamentals, and strong prevention and control measures may reverse the daily increase at any time. Investors are advised to take profits and wait for the low level to appear again.
“Covid-19 epidemic is repeated, and some enterprises catalyzed by the epidemic are still strong in this cycle, which makes the sector show a strong differentiation market. Near the disclosure window of the first quarterly report, the performance weight of the pharmaceutical market relying on the performance report will be expanded. Based on the fundamental support, covid-19 Industrial chain pharmaceutical enterprises with rapid performance growth will show a differentiation trend in the pharmaceutical market.” He Jinlong pointed out.
Guotai Junan Securities Co.Ltd(601211) pointed out that under the influence of the epidemic, the comparative advantage of prosperity in the field of medical rigid demand is prominent. Since February 2022, the global covid-19 epidemic has remained at a high level. In particular, China has many epidemic points, a wide range and frequent outbreaks, and the impact of the epidemic may exceed our expectations at the beginning of the year. In the pharmaceutical industry, the demand for R & D, serious illness medicine and equipment, hospital construction and other products is relatively rigid, which has relatively little impact. The performance of the pharmaceutical sector still has horizontal comparative advantages. The prosperity of some racetracks, such as non covid-19 class II vaccine, has rebounded, and CXO and medical equipment have maintained a high outlook.
focus on the main line of steady growth
Recently, A-Shares fluctuated and fell. What investment areas should investors pay attention to?
“Investors need to allocate their funds in a balanced manner according to their risk tolerance.” He Jinlong told the reporter of the international finance news that at present, the risk compensation of A-Shares has a high rate of return at the historical point of time in the past, and there is still a large space for the future based on the national stable growth policy and the policy controllable upper limit. Under the macro environment with abundant market liquidity, we can grasp the opportunity of structural market. Specifically, we should grasp the growth main line of the whole market in the long term, grasp the quarterly performance report in the short term, and balance the allocation from bottom to top, so as to obtain the excess return of the portfolio.
“Although the boom market fluctuates, the structural opportunities of cyclical stocks are more obvious.” Zhao Yuanyuan pointed out that the meeting rate of the Politburo at the end of April was set to maintain growth again. Until then, the big cycle will remain strong. Decoration and home furnishings in the real estate industry chain, power grid, underground pipe gallery, steel and other building materials in infrastructure are relatively low, which is suitable for investors with late layout cycle stocks.
Lang Chengcheng told the reporter of the international finance news that on the whole, the policy side has a clear determination to maintain the stability of the capital market.
At present, the market valuation is at the bottom of the historical range, the boom track with high growth has generally been adjusted by about 20% – 30%, and the valuation has entered a reasonable range. Subsequently, with the sustained efforts of the steady growth policy, the economy has gradually bottomed out, and the recovery is expected to reverse the pessimism of the market.
Lang Chengcheng further pointed out that we maintain the judgment of the periodic bottom of the market. It takes time to repair market confidence after a sharp decline. In the market bottom grinding period, we suggest a relatively balanced layout and gradually shift from bargain hunting to growth: pay attention to the individual stocks whose performance exceeds expectations in the growth track, such as semiconductors, photovoltaic, medicine and so on; “Real estate chain” and “new and old infrastructure” based on the expectation of fiscal policy.
In the past two years, the growth trend of real estate and financial infrastructure has been relatively stable, which is the main trend of relatively stable growth in the past two years. On the one hand, the global interest rate hike suppresses the growth direction. On the other hand, the repeated epidemic in China has a great impact on consumption, the disk is active, and the funds choose the direction of steady growth. However, we should still pay attention to short-term risks. In April, the debts of many real estate companies matured, the real estate fundamentals have not stabilized, and the market speculation is on the left. In the aftermarket, the short-term growth direction needs to be carefully avoided, especially the varieties sold by institutions. At present, the market value stocks are relatively dominant. Before the Federal Reserve’s interest rate hike falls in May, the market is still repeated. In terms of operation, we can focus on the varieties that have been fully adjusted in the early stage and can not be verified, or the prosperity of the first quarter is OK and the performance is deterministic, and carry out low absorption in batches.
Northeast Securities Co.Ltd(000686) said that according to the historical resumption of trading, among the rebound after the end of the policy, the industries with improved prosperity and oversold are the main lines leading the rise; From the perspective of the current boom and the improvement of the industry’s profitability after the epidemic, the main benefit of the industry’s decline is the improvement of the industry’s profitability after the epidemic. In terms of specific industry direction, first of all, in terms of economic improvement, the steady growth policy was further introduced and implemented to enhance the profit improvement expectation of real estate, building materials and other industries; The increase of online demand under the epidemic and the increase of digital governance demand caused by scientific epidemic prevention after the epidemic have improved the profit expectation of the media and computer industries. The release of mass consumption demand after the epidemic is expected to improve the profits of relevant industries. Secondly, the growth industries such as medicine, new energy, semiconductor and military industry are oversold in the early stage, but the prosperity expectation is still high.
