Key investment points
Repeated market shocks. The Shanghai Composite Index closed at 325185 points, with a weekly increase of - 0.94% and a turnover of 1245675 billion yuan; Shenzhen Component Index reached 1195927 points, up - 2.20% on a weekly basis, with a turnover of 1569796 billion yuan; The SSE 50 index reached 292549 points, up - 0.60% on a weekly basis, with a turnover of 207105 billion yuan; The CSI 300 index reached 423077 points, up - 1.06% on a weekly basis, with a turnover of 699769 billion yuan; The CSI 1000 index was 657528 points, up - 2.91% on a weekly basis, with a turnover of 602358 billion yuan; The gem composite index was 288109 points, with a weekly increase of - 3.79%, and the transaction amount was 528199 billion yuan. The market fluctuated repeatedly this week, the weight index was still strong, the daily transaction amount fluctuated repeatedly, the mood of participants fluctuated, and the average value of fund positions fell. The market value of small and medium-sized sectors is still relatively weak in this round of repeated game growth, and the market value of small and medium-sized sectors is still relatively stable. Geopolitical conflicts are repeated, the epidemic is still under control, and short-term uncertainty still exists, but the development trend is better. The market environment is basically stable and good, so it is not suitable to be pessimistic. Of course, uncertainties still exist, so the market mentality is still cautious, and the shock recovery will be the main rhythm. In this position, we are not sad or happy. We are more involved in market transactions, pay attention to the adjustment risk of high-level theme sectors, and pay attention to the sectors with low start signs.
Steady growth continued. In the market shock, it is still a structural feature. From the perspective of individual stock growth, the larger growth stocks are still mainly infrastructure and low-cost small cap real estate stocks, and the larger decline is mainly risk stocks and stocks with better early performance. From the concept index, the western infrastructure, building materials and other sectors are strong, while the concept sectors at the forefront of the decline are mainly related to medicine, Shenzhen Agricultural Products Group Co.Ltd(000061) , and new energy. In terms of industry, construction decoration, steel, building materials and other industries led the rise, while agriculture, forestry, animal husbandry and fishery, electrical equipment and other industries showed relatively weak performance. Uncertain factors have increased the downward pressure on the economy, and the infrastructure sector related to steady growth has become the focus of capital pursuit. The characteristics of hot spot rotation remain unchanged in the game of stock funds. Capital construction began to spread to upstream materials such as building materials and steel. The performance of emerging industries and other industries is weak, and the fluctuation caused by capital flow will rise and fall. The whole is characterized by the preference of market funds for undervalued varieties, which also reflects the cautious market mentality. The repair of valuation will be the theme of the second quarter, and the repair of emerging industries is expected to come, and the stock funds will still be mainly rotating. Therefore, we should also pay attention to the avoidance of high market growth in the short term. The post epidemic sectors, such as shipping and leisure services, have gradually improved recently, and we can continue to pay attention to sustainability. In the long run, we believe that the rotation of consumption and technology is the main feature of the market, which will continue in the future.
We still need to wait patiently. On the whole, the market recovered from the shock in this region and waited for the market trend to improve. The market environment also changes repeatedly in the short term, but the good trend has not changed, so it is more patient to wait at this time. China's epidemic has increased the pressure on the economy, but it has also strengthened the expectation of monetary policy, and the expectation of future liquidity is better. It plays a strong role in supporting the market in the short term, which is conducive to easing the pressure on performance. The market is expected to maintain the shock recovery pattern, with a small range, change space with time, and the game characteristics of stock funds remain unchanged. It is still to grasp structural trading opportunities. The main opportunity lies in the valuation repair after excessive pessimistic expectations in the early stage.
