[early trading strategy]
On Friday, the Shanghai and Shenzhen stock markets were mixed, with a total turnover of 926.4 billion yuan, an increase of 3.4 billion yuan over the previous trading day. On the disk, precious metals, chemical industry, architectural decoration, chemical fertilizer, real estate and other sectors led the increase; Virtual digital human, aquaculture, covid-19 treatment, traditional Chinese medicine and other sectors led the decline. In terms of funds, northbound funds sold a net 627 million yuan on April 8. On the whole, stocks in the two cities rose less and fell more, and the market profit-making effect is poor.
Technically, the Shanghai composite index rebounded from the bottom and closed at the lower shadow line and the positive line. The index still fluctuated around 3250 points. In the short term, the downward trend of the 5-day moving average will put a negative pressure on the index. At the same time, the MACD red column of the daily line will be further shortened, the index will continue to fluctuate in the range, and wait patiently for the index to stabilize.
The current market environment is still facing a big test. On the one hand, the process of interest rate increase and table reduction of the Federal Reserve has accelerated. Under the environment of tightening overseas liquidity, the valuation of growth stocks has been significantly suppressed, and it is difficult to significantly improve risk appetite; On the other hand, the rebound of China's epidemic has triggered concerns about the economic downturn. Under the pressure of steady growth, the market has entered the stage of policy game. In terms of market performance, the rotation of sectors has accelerated and the operation is more difficult. The core support of the short-term market is that China's policies are still relatively active. The central government has built a national unified market to deal with the adverse impact of the epidemic, established a financial stability guarantee fund as a reserve fund to deal with major financial risks, and Yi Huiman made a heavy speech to resolutely clear shell enterprises in order to promote the smooth implementation of the reform of the comprehensive registration system. On the whole, we maintain the judgment of the current market policy bottom, pay attention to the inflection point of the epidemic in the later stage, and patiently wait for the construction of the market bottom. Next, the quarterly report and its forecast enter the intensive disclosure period. Historically, companies with better than expected earnings season tend to perform better, while companies with poor performance also need to avoid performance thunder and pay more attention to changes in fundamentals. In terms of operation, investors still need to control positions and grasp the rotation rhythm. In terms of allocation direction, it is recommended to pay attention to the expectation of the first quarter report (lithium battery, military industry, CXO, cycle) and the direction of steady growth (nuclear power, 5g + industrial Internet, UHV, water conservancy, pipe gallery) and the real estate, building materials and other sectors that are expected to see the improvement of the prosperity margin of the industry under the continuous increase of policies. At the same time, we can actively pay attention to the high-quality targets of traditional Chinese medicine and other sectors with thickened safety margin and good prosperity in the near future.
[message side]
1. The opinions of the CPC Central Committee and the State Council on accelerating the construction of a national unified market was issued to accelerate the development of a unified capital market and build a national unified energy market
The opinions of the CPC Central Committee and the State Council on accelerating the construction of a national unified market was issued on April 10. It is clear that we should accelerate the construction of an efficient, standardized, fair competition and fully open national unified market, and comprehensively promote the transformation of China's market from large to strong. We will accelerate the development of a unified capital market and build a unified national energy market.
2. Policy optimization, strengthening the foundation and working together to promote listed companies to usher in a new stage of "strengthening muscle and fitness"
The chairman of the CSRC pointed out that the listed companies should strive to improve the quality of the first five stages of development. Experts said that since the release of the State Council's "opinions on further improving the quality of listed companies", listed companies have developed well, and their overall appearance has undergone positive changes. Improving the quality of listed companies is moving towards a new stage of policy optimization, strengthening the foundation and jointly promoting.
3. CSRC: study and formulate a new round of action plan to improve the quality of listed companies
On April 9, Yi Huiman, chairman of the CSRC, said at the third member congress of the China Association of listed companies that the CSRC will pay close attention to studying and launching a new round of independent opening-up and pragmatic measures to comprehensively improve the competitiveness of the capital market system. We will study and formulate a new round of action plan to improve the quality of listed companies to further solve the internal obstacles and external constraints faced by Listed Companies in their high-quality development.
4. The market scale of convertible bonds on old bonds and new bonds has expanded steadily
Two convertible bonds were redeemed in advance this week. If investors do not convert shares in time, they may suffer great losses. At the same time, this week, three convertible bonds were listed and one convertible bond was issued, and the scale of the convertible bond market continued to expand steadily. Insiders said that the convertible bond market has rebounded recently, but it is not appropriate to expect too much of the rising space.
