panel overview
On Tuesday, the contraction of A-Shares fluctuated narrowly, and the gem rebounded slightly. On the disk, shipbuilding, tourism hotels, games, airports, wine making, logistics, real estate, coal, beauty care and other sectors led the increase; Glass fiber, chemical fertilizer industry, aerospace, agriculture, animal husbandry, feeding and fishing, decoration, photovoltaic, wind power, electric power, chemical raw materials, pesticides and veterinary drugs, comprehensive, Internet services, engineering construction and other industries led the decline. In terms of subject shares, cloud games, online travel, e-sports, mobile games concept, Baijiu, industrial aircraft, Binhai New Area, oil price and other related gainers are among the top gainers. The concept of prefabricated vegetables, glyphosate, the concept of civil explosion, covid-19 drugs, locust control, photovoltaic building integration, agricultural planting, building energy conservation, transgenic, etc. led the decline.
message surface
Li Keqiang: study and take more vigorous policy measures as needed
On November 11, Li Keqiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, presided over a symposium for the main heads of some local governments on the economic situation in Jiangxi. Li Keqiang pointed out that we should enhance the sense of urgency, pay close attention to the implementation of the spirit of the central economic work conference and the measures of the government work report, and the implementation of policies such as tax rebate, tax reduction and fee reduction, financial support for the real economy, issuance and use of special bonds, commencement of construction of key projects and support for enterprises to stabilize their posts should be arranged and accelerated. In the first half of the year, we should implement them in a large way to form more physical workload. We should grasp the key and effectively deal with the prominent contradictions faced by economic operation. Pay close attention to spring farming production and agricultural materials to ensure supply and stabilize prices. Ensure the stable supply of electricity, coal and other energy sources, and accelerate the release of China’s advanced coal production capacity. Ensure the orderly operation of transportation backbone networks and ports, smooth international and Chinese logistics, and maintain the stability of industrial chain and supply chain. We should strengthen the tracking, study and judgment of the situation, study the response plan in time, and study and take stronger policies and measures as needed.
three departments issued a notice on further supporting the healthy development of listed companies
The CSRC, SASAC and all China Federation of industry and Commerce jointly issued a notice on further supporting the healthy development of listed companies. The circular pointed out that we should improve the system and mechanism conducive to the participation of long-term institutional investors in the capital market, encourage and support social security, pension, trust, insurance and financial institutions to allocate more funds to equity assets, and increase capital market investment, especially the stock investment of high-quality listed companies.
far exceeded the market expectation, and the social finance increment in March was 4.65 trillion yuan
The people’s Bank of China released the first quarter financial data on April 11. In the first quarter, RMB loans increased by 8.34 trillion yuan, an increase of 663.6 billion yuan year-on-year; According to preliminary statistics, the cumulative increment of social financing scale in the first quarter of 2022 was 12.06 trillion yuan, 1.77 trillion yuan more than the same period of last year; At the end of March, the balance of broad money (M2) was 249.77 trillion yuan, a year-on-year increase of 9.7%.
Jufeng viewpoint
Pre market judgment: the steady expectation and steady growth policy will accelerate the construction of the market bottom. After yesterday’s trading, the central bank released the first quarter financial data, and the social finance increment in March was much higher than expected; The three departments issue a notice to further support the healthy development of listed companies; The senior management pointed out that the news such as studying and taking stronger policy measures as needed will provide support for a shares. It is expected that A-Shares will bottom out on Tuesday.
On Tuesday, the three major A-share indexes opened almost flat, the game sector opened significantly higher, coal, medical devices and photovoltaic rose slightly, and cement warehouse reduction, chemical fertilizer, agriculture, animal husbandry, feeding and fishing, engineering construction, decoration and other small low opening. After the opening, A-Shares rose and fell: chemical fertilizer, cement, engineering construction, decoration and other sectors made up the decline, and tourism hotels, coal, wine making and shipping sectors rebounded.
Recently, we have repeatedly stressed that the hope of stopping the decline in the market is still on technology stocks and track stocks. Relying on defensive sectors such as banking, real estate, agriculture, coal and steel, we pushed up the Shanghai stock index, and the willingness of OTC funds to enter the market is low. Judging from the trend in early trading today, this judgment is still true. Brokerage, wine making and real estate sectors rose successively, which failed to reverse the weakening trend of the market. The gem index rebounded slightly due to the promotion of heavyweights such as Contemporary Amperex Technology Co.Limited(300750) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Pharmaron Beijing Co.Ltd(300759) , Imeik Technology Development Co.Ltd(300896) and so on.
Investment advice: at present, the main factors that suppress the sentiment of A-share investors have changed, from the situation in Ukraine in the early stage and the Fed’s interest rate hike to the epidemic in China and the slowdown of economic growth. The steady expectation and steady growth policy will accelerate the construction of the market bottom. The deployment of the national standing committee to make timely use of monetary policy tools and the establishment of the financial stability guarantee fund by the central bank will provide strong support for a shares. At the time of market adjustment, there are three main lines to focus on bargain hunting: first, companies whose quarterly growth exceeds expectations; Second, new and old infrastructure benefiting from steady growth; Third, aviation, airport, tourism and other sectors facing the inflection point in the post epidemic era. For some of the sectors that have risen sharply, the short-term can be cashed at high prices.
