Key investment points:
The spread of the epidemic continued to affect economic growth and market confidence. The main stock indexes of A-Shares fell collectively: from April 11 to April 15, the main stock indexes of A-Shares fell collectively, including the Shanghai Composite Index fell 1.25% to close at 321124 points, the Shenzhen Component Index fell 2.60%, the gem index fell 4.26%, the Shanghai and Shenzhen 300 fell 0.99% and the Kechuang 50 fell 5.25%. This week, shenwanyi industry fell more or less, among which power equipment, media and communication led the decline, while coal, food and beverage, commerce and retail increased significantly.
The central bank announced the RRR reduction, and investors were cautious under the impact of the epidemic: under the impact of the epidemic, the downward pressure on the economy increased and uncertainty increased. The RRR reduction will boost market confidence. During the week, the average daily trading volume of the two cities was 907109 billion yuan, a decrease of about 3.36% compared with last week. The market transaction this week was cautious, and the turnover rate of the main broad stock index fluctuated downward. By industry, affected by the continuous spread of the epidemic, the pharmaceutical and biological sector was active this week, with a turnover of 492908 billion yuan that week, ranking first for five consecutive weeks. The basic chemical industry and power equipment sector ranked second and third, with a turnover of 338009 billion yuan and 285078 billion yuan respectively.
Investment suggestion: overseas, the negotiations between Russia and Ukraine have reached an impasse, military actions have increased, the impact on global energy and Shenzhen Agricultural Products Group Co.Ltd(000061) supply has continued, and the prices of relevant bulk commodities are running at a high level. In China, prevention and control measures have been upgraded in many places recently, and the depth and sustainability of the impact of this round of epidemic on the economy may exceed 2020. The pressure on economic growth has increased, and policies need to be strengthened. On April 13, the national Standing Committee predicted that the reserve requirement would be reduced, and on April 15, the central bank announced differentiated measures to reduce the reserve requirement. A-share market sentiment has been boosted, but pessimistic expectations on economic fundamentals have revived, profit forecasts have continued to decline, and the market trading heat has declined. At present, the Shanghai composite index is hovering around 3200. It is expected that the demand side stimulus policies aimed at boosting consumption, boosting investment and consolidating exports will be gradually introduced in late April, focusing on the effect of policy implementation. In terms of industry allocation: 1) the infrastructure leader with rebound momentum and clear policy support under the main line of "steady growth" deserves continuous attention; 2) Upstream resource products still show the momentum of price rise, and pay attention to companies with large performance growth in relevant industrial chains.
Risk factors: increased geopolitical risks; The epidemic situation worsened; The economy fell more than expected.
