Jufeng investment adviser: the record index fell 2.3%, and the logistics sector lifted the limit tide, and the cyclical stocks rose sharply

panel overview

On Wednesday, A-share shock callback, disk differentiation was serious, and the gem fell below the integer mark of 2500 points. On the disk, logistics and coal rose sharply, while energy metals, mining, nonferrous metals, wine making, precious metals, petroleum and other industries rose slightly; Engineering construction, cement building materials, traditional Chinese medicine, education, games, cultural media, decoration, communication services, software development, wind power equipment, power supply, social security, tourism hotels and other industries led the decline. In terms of subject shares, the unified market, express concept, scarce resources, industrial aircraft, Import Expo, Baijiu and other major gainers were among the top gainers. Horse racing concept, NFT concept, digital currency, cloud game, East number and West calculation, electronic ID card, Hongmeng concept and meta universe concept decreased by nearly 4%.

message surface

Ministry of Finance: take grain storage and logistics facilities as the focus of special bond support

Song Qichao, head of the budget department of the Ministry of Finance and director of the government debt research and evaluation center, said that 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.

Beijing vigorously promotes green and energy-saving consumption and issues consumption vouchers of more than 300 million yuan

On the 12th, Beijing issued a policy to promote green energy-saving consumption: from April to September this year, more than 300 million yuan (RMB) of green energy-saving consumption vouchers were issued to consumers in Beijing, so as to accelerate the formation of a simple and moderate, green, low-carbon, civilized and healthy lifestyle and consumption mode, so that green consumption can enter thousands of households.

Nearly 180 billion yuan of funds “through” ETF admission

In April, the Shanghai and Shenzhen stock markets fluctuated and adjusted, and some funds entered the market through ETF, showing a trend of “buying more and buying more against the market and bottoming out against the market”. According to statistics, since this year, the total share of ETF has increased by nearly 180 billion. The share of ETF in semiconductor, finance, real estate, infrastructure and other industries has increased significantly. The recently adjusted science and innovation ETF has also been favored by some funds.

Jufeng viewpoint

Pre session judgment: the European and American stock markets continued to consolidate overnight, the international oil price rebounded sharply, and the gold and US dollar strengthened. It is expected that the A shares will open slightly lower on Wednesday. Confirm the rebound on Tuesday, and resource stocks are expected to lead the rise. In addition, Beijing vigorously promotes green consumption and forms a positive stimulus for household appliances and consumer electronics, which can be played in stages.

The three major A-share indexes collectively opened low, with the Shanghai index opening down 0.42%, the Shenzhen Composite Index opening down 0.74%, and the gem index opening up 0.97%. The concept of unified big market opened actively, led by real estate stocks. After opening, the Shanghai index saw around 3200 points, and the gem index fell 2% in the session, almost completely reversing yesterday’s gains. Logistics, port, oil, coal, gold, automobile, wine and other sectors performed strongly; Medicine, media, cement building materials, engineering construction, games, education, communications, photovoltaic, lithium battery, wind power and other sectors have been significantly callback. Near midday, the decline of industrial machines, lithium batteries and other sectors stopped and picked up, and the decline of gem narrowed.

In the afternoon, the rise of coal stocks expanded, oil, mining, nonferrous metals and steel rose simultaneously, and the Shanghai Composite Index took the lead in turning red; Subsequently, securities, real estate, covid-19 detection and other sectors stopped falling and rebounded. However, the situation of market differentiation has not been improved. The gem index continued to decline. After 14:00, the real estate sector weakened again, the architectural decoration, retail and other sectors plunged, the Shanghai stock index fell, the gem decline expanded to 2% again, and the track stocks continued to fall.

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. At present, there is still no sign that track stocks will stop falling. It is expected that the market will continue to interpret the structural market, mainly box shock.

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, the Fed’s interest rate increase to the epidemic in China and the slowdown of economic growth, the steady growth policy will provide support for A-share. The market has just made a second bottom. From the perspective of market style, blue chips that underestimate low prices still have prominent defensive attributes, while growth stocks that overestimate high prices are still unstable factors in the market. A-share box shock can focus on three main lines of bargain hunting: first, companies whose quarterly growth exceeded 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, they can be cashed at high prices.

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