Today (April 12), the Shanghai and Shenzhen stock markets opened mixed. After the stock index was shaken and sorted out at the beginning of the trading, the stock index ushered in another wave of diving near noon; However, the market situation changed suddenly in the afternoon, and the sudden start of the securities sector led the index to rise in a straight line. After turning red quickly, it continued to rise, and both the Shanghai index and the gem index recovered important levels.
As of the close of Shanghai and Shenzhen stock markets all day, the Shanghai index rose 1.46% to 321333 points; The Shenzhen Composite Index rose 2.05% to 1175638; The gem index rose 2.5% to 252369.
From the disk point of view, the general rising market reappeared, the industry and concept sectors rose more or less, and the local profit-making effect soared. In terms of industry, tourism hotels, airports, shipbuilding, wine making, shipping ports, commercial department stores, securities, games, logistics and other sectors led the increase; In terms of subject shares, the concept of unified market, securities business, concept of tax exemption, horse racing concept, cloud games, online travel, Baijiu and industrial aircraft are rising.
In terms of capital, the central bank announced on April 12 that in order to maintain the reasonable and abundant liquidity of the banking system, the people's Bank of China launched a 20 billion yuan reverse repurchase operation by means of interest rate bidding on April 12, 2022, with a bid winning interest rate of 2.1%. Since there is no reverse repurchase due today, the people's Bank of China has realized a net investment of 20 billion yuan in the open market.
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message surface
1. According to surging news reports, on April 12, at the regular briefing on accelerating the issuance and use of government bonds held by the Information Office of the State Council, song Qichao, head of the budget department of the Ministry of Finance and director of the government debt research and evaluation center, said that according to the decision-making and deployment of the CPC Central Committee and the State Council, the investment of special bonds in the field will remain stable in 2022, and optimized and adjusted in combination with the new situation in economic operation. In 2022, the Ministry of Finance reasonably expanded the scope of use of special bonds, mainly including three aspects: first, increase investment in areas such as benefiting people's livelihood and solving people's concerns. The second is to support the construction of projects to increase stamina and raise the level. Third, promote the construction of weak and strong projects.
2. According to the interface news report, recently, the Ministry of transport, the State Railway Administration, the Civil Aviation Administration of China, the State Post Office and China National Railway Group Co., Ltd. jointly issued the implementation opinions on accelerating the high-quality development of cold chain logistics transportation, so as to further promote the high-quality development of cold chain logistics transportation, better meet the people's growing needs for a better life, serve and speed up the construction of a new development pattern. It is mentioned that it is necessary to optimize the layout of cold chain facilities at hub ports and stations, improve the network of production and marketing cold chain transportation facilities, promote the application of intelligent temperature control facilities and equipment, and innovate the organization mode of cold chain transportation.
3. According to the news client of China Central Television, 11 departments including the all China Women's Federation, the Ministry of education, the central civilization office, the Supreme People's Procuratorate, the Ministry of civil affairs, the Ministry of human resources and social security, the Ministry of culture and tourism, the National Health Commission, the State Administration of radio and television, the China Association for science and technology, and the China Customs working committee recently issued the five year plan for guiding and promoting family education (20212025), Building a family education guidance service system covering urban and rural areas, improving the school family social cooperative education mechanism, and promoting the healthy growth of children are set as the fundamental objectives of family education in the coming period, so as to promote the high-quality development of family education in the 14th Five Year Plan period.
4. According to times finance and economics, on April 8, Guangdong Pharmaceutical Trading Center issued the notice on publicizing the proposed winning / alternative results of centralized procurement of proprietary Chinese medicines such as Qingkailing of Guangdong alliance. This centralized mining alliance includes six provinces (regions) of Guangdong, Shanxi, Henan, Hainan, Ningxia and Qinghai, involving 53 major varieties and 132 centralized products, including Qingkailing, Xingnaojing, bailing, Shuxuening, compound salvia miltiorrhiza and other well-known products. The results showed that a total of 124 production enterprises were selected, and 56 production enterprises entered the proposed candidate list Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited(600332) , Shenwei pharmaceutical, Xiangxue Pharmaceutical Co.Ltd(300147) , Tasly Pharmaceutical Group Co.Ltd(600535) , Sichuan Kelun Pharmaceutical Co.Ltd(002422) , Shanxi Panlong Pharmaceutical Group Limited By Share Ltd(002864) , Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) and other enterprises have products to be selected. 30 proprietary Chinese patent medicines were selected, including Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) Lianhua Qingwen granule, Tasly Pharmaceutical Group Co.Ltd(600535) Compound Danshen dripping pill, Tongji Xianling bone Bao capsule, and Huang medicine Shexiang Baoxin Pills, Jiuzhitang Co.Ltd(000989) naked flower purple bead suppository, Tonghua Baishan compound salvia miltiorrhiza spray and so on.
institutional views
For the current market, Central China Securities Co.Ltd(601375) pointed out that on Tuesday, the A-share market first depressed and then rose, rebounded significantly, and the Shanghai index closed again at the integer level of 3200 points. The trading volume of the two cities is 910 billion yuan, the characteristics of the stock game remain, the heavyweights are stronger together, the signal of market institutional support is more obvious, the shock of defense industries such as engineering construction, traditional Chinese medicine and agriculture, animal husbandry, feeding and fishery, which strengthened the day before yesterday, has fallen, and the characteristics of market institutions are still obvious.
The agency further analyzed that the current stock index is still in the shock bottom stage, and it is suggested to continue to pay attention to the changes of policy, capital and external market. It is expected that the short-term slight shock of the Shanghai index is more likely, and the short-term slight consolidation of the gem is more likely. Investors are advised to pay close attention to the investment opportunities in the Internet, military industry, engineering construction and pharmaceutical industries in the short term, and continue to pay attention to the investment opportunities of undervalued blue chips in the middle line.
In addition, Bohai Securities mentioned that in the short term, the epidemic has further raised the pressure on China's steady growth. If the macro data in March is lower than expected, there is still a game opportunity for the steady growth sector. In terms of industry allocation, based on the judgment that the market will be in the bottom building process for some time in the future, we believe that after the overall decline of all sectors in the market, the sectors with relative certainty will receive capital intervention. Therefore, we can pay attention to the construction machinery sector under the logic of stable growth, as well as the transportation and tourism sector under the logic of the medium and long-term end of the epidemic, and the market is gradually desensitized.
Western Securities Co.Ltd(002673) said that under the disturbance of the epidemic, the short-term growth pressure in China has increased, and there is still some room for loose monetary policy. With the implementation of monetary policy and the promotion of various policies, the market's focus on the value sector will return to the fundamentals.
As the decision-making level pays more attention to the epidemic situation in China, there will be high certainty that the epidemic will be effectively controlled in April. For overseas markets, the impact of repeated overseas epidemics on the economy and capital markets may be worse than the Fed's interest rate increase and contraction, which will also become a marginal variable to promote foreign capital inflows.
Structural focus: 1) express delivery, catering, tourism, airport aviation and media whose performance is expected to improve after the epidemic; 2) With the gradual warming of inflation expectations, inflation related agriculture and mandatory consumption sectors; 3) The annual report and the first quarterly report honor the phased repair of the leading boom track (new energy, semiconductor, medicine, military industry, etc.) with high certainty.
Citic Securities Company Limited(600030) mentioned that the main driver of A-Shares has switched from sentiment to fundamentals, while the negative impact of the economy on the market is weakening, and a number of pessimistic expectations in the market bottomed out in advance of the fundamental data. First, it is expected that the gradual turning point of China's local epidemic and the rebalancing of prevention and control policies will underpin the fundamental expectations; Secondly, the economic and financial report data disclosure starting in mid April is expected to further strengthen the urgency of the implementation of the steady growth policy; Finally, we expect that the steady growth policy with real estate and monetary policy as the main focus in the near future will shift from comprehensive development to centralized development, so as to promote the gradual repair of fundamental expectations.
The agency further analyzed and continued to focus on the main line of stable growth and firmly layout the varieties with low valuation and expected low price. Specifically include: 1) for the varieties with relatively low valuation, it is recommended to pay attention to high-quality developers, property management and building materials enterprises after the expected mitigation of real estate credit risk, communication operators with significantly improved cash flow, smart grid and energy storage in the field of new infrastructure, data center and cloud infrastructure benefiting from "digital computing in the East and Western", and fine chemical enterprises with the ability to develop new businesses such as new materials.
2) for the varieties whose fundamentals are expected to be relatively low, it is suggested to focus on the configuration opportunities of midstream manufacturing suppressed by cost problems after the commodity price peaked, such as smart cars and parts, photovoltaic wind power equipment, etc., and airlines, hotels and supermarkets whose fundamentals are expected to be still low. In addition, the recent focus can be focused on a quarterly expected to exceed expected varieties, and it is suggested that focus on photovoltaic, semiconductor, Baijiu, Chinese medicine and construction sectors.
