panel overview
In early trading on Wednesday, after A-shares opened low, they were shaken and sorted out, and the rebound on Tuesday was confirmed. The gem fell sharply by 2% and the Shanghai index saw around 3200 points. On the disk, logistics, coal, energy metals, wine making, precious metals, agriculture, animal husbandry, feeding and fishing, food and beverage, shipping port, oil and other sectors led the increase; Traditional Chinese medicine, cement and building materials, engineering construction, cultural media, education, decoration, games, chemical pharmacy, real estate, pharmaceutical commerce, communication services, software development and other industries led the decline. In terms of subject shares, the unified market, express concept, industrial aircraft, Import Expo, community group purchase, Baijiu, prefabricated dishes, transgenic, aquaculture and other major sectors were among the top gainers. Horse racing concept, NFT concept, covid-19 drugs, cloud games, digital currency, East West calculation, assembly construction, rental and sale of the same right, meta universe, etc. led the decline.
message surface
Ministry of Finance: focus on grain warehousing and logistics facilities as 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 promotes green and energy-saving consumption and issues consumption coupons exceeding 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 down 0.42%, the Shenzhen composite index down 0.74%, and the gem index up 0.97%. The concept of unified big market opened actively, with real estate stocks leading the decline, while popular stocks Tianjin Tianbao Infrastructure Co.Ltd(000965) , Zhongjiang real estate, Langold Real Estate Co.Ltd(002305) , Ningbo Fuda Company Limited(600724) , China Wuyi Co.Ltd(000797) , Shenzhen New Nanshan Holding (Group) Co.Ltd(002314) , Xinjiang Beixin Road & Bridge Group Co.Ltd(002307) , etc. fell by the limit. After the opening, the market was divided. 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.
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.
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.
