Today (April 18), the Shanghai and Shenzhen stock markets opened low across the board, and then gradually recovered. The growth enterprise market index took the lead in turning red, and the Shenzhen composite index also ushered in a red market, while the Shanghai index always maintained its green market position. Under the differentiation of the index, subject stocks strengthened slightly, and blue chips fell.
As of the close of Shanghai and Shenzhen stock markets all day, the Shanghai index fell 0.49% to 319552 points; The Shenzhen Composite Index rose 0.37% to 1169147; The growth enterprise market index rose 1.11% to 248777 points.
From the disk point of view, banks and real estate stocks have become the vanguard of smashing the market, the rise and fall of industry and concept sectors are different, and the local profit-making effect is general. In terms of industry, auto parts, photovoltaic, semiconductor, agriculture, animal husbandry, feeding and fishery, power supply equipment, electronic components, consumer electronics and other industries led the increase; In terms of theme stocks, the concept of chicken, aquaculture, pork, genetically modified and prefabricated vegetables rose higher.
In terms of funds, the central bank announced on April 18 that in order to maintain the reasonable and abundant liquidity of the banking system, the people’s Bank of China launched a 10 billion yuan reverse repurchase operation by means of interest rate bidding on April 18, 2022, with a bid winning interest rate of 2.1%. Due to the maturity of RMB 10 billion reverse return today, the people’s Bank of China has realized zero delivery and zero return in the open market.
hot sector
Top 10 gainers in industry sector
Top 10 industry sector declines
Top 10 gainers in concept sector
Top 10 decline in concept sector
individual shares monitoring
Top 10 net inflow of main forces
Top 10 net outflow of main force
north and South funds
According to the arrangement of the Hong Kong stock exchange, the period from April 15 to April 18 is good Friday and Easter holiday. The Hong Kong stock market is closed and normal trading resumes on April 19. During the period, A-Shares were normally traded.
In terms of Hong Kong stock connect (southbound), according to the Shanghai and Shenzhen Stock Exchange, Hong Kong stock connect service will not be provided from April 15 to April 18, and Hong Kong stock connect service will be opened as usual from April 19.
In terms of Shanghai and Shenzhen Stock connect (north direction), according to the arrangement of the Hong Kong stock exchange, Shanghai and Shenzhen Stock connect services will not be provided from April 14 to April 18, and Shanghai and Shenzhen Stock connect services will be opened as usual from April 19.
message surface
1. According to the information on the central bank’s website, on April 18, the people’s Bank of China and the State Administration of foreign exchange issued the notice on doing a good job in epidemic prevention and control and financial services for economic and social development. The circular mentioned that 23 policies and measures to strengthen financial services and support the real economy were put forward from three aspects: supporting the relief of troubled subjects, unblocking the national economic cycle and promoting the development of foreign trade and exports.
2. According to the National Bureau of statistics, according to preliminary accounting, China’s GDP in the first quarter was 270178 billion yuan, an increase of 4.8% year-on-year at constant prices and 1.3% month on month over the fourth quarter of 2021. By industry, the added value of the primary industry was 1095.4 billion yuan, a year-on-year increase of 6.0%; The added value of the secondary industry was 106187 billion yuan, an increase of 5.8%; The added value of the tertiary industry was 153037 billion yuan, an increase of 4.0%.
3. According to the 21st financial news, on April 18, Fu Linghui, spokesman of the National Bureau of statistics and director of the Department of comprehensive statistics of the national economy, said in response to the future trend of the real estate market at the press conference of the state information office that although the current real estate sales are still declining, the decline in real estate sales in some areas is narrowing with the moderate liberalization of purchase and sale restrictions in many places and the reduction of the threshold for the use of provident fund. With the improvement of the long-term mechanism of real estate and actively meeting the demand for real estate housing, the downward trend of national real estate sales will be alleviated.
4. According to the National Bureau of statistics, in March, the added value of industries above designated size increased by 5.0% year-on-year (the growth rate of added value below is the actual growth rate after deducting price factors). On a month on month basis, in March, the added value of industries above designated size increased by 0.39% over the previous month. In the first quarter, the added value of industries above designated size increased by 6.5% year-on-year.
institutional views
For the current market, Central China Securities Co.Ltd(601375) pointed out that on Monday, the A-share market opened low and went high with a slight shock and fell back. In the morning, the stock indexes of the two cities jumped short and opened low, and then fell rapidly. The Shanghai index gained support near 3166. With the continuous strengthening of the concept of resumption of production and work, such as automobile, photovoltaic, semiconductor, agriculture, animal husbandry, feeding and fishing, the stock index stabilized and rebounded, and the heavy industries such as banking, securities, real estate and coal fell with a shock, Drag down the pace of stock index rebound. The trading volume of the two cities was 770 billion yuan, significantly shrinking compared with the day before yesterday, and the characteristics of stock game are significant.
Of course, the conversion of leading hot spots is still relatively frequent, the market lacks obvious profit-making effect, and investors are in a heavy mood to wait and see with money. It still needs external support to break the market situation in the future. 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 careful attention to the investment opportunities in semiconductor, photovoltaic and automobile industries in the short term, and continue to pay attention to the investment opportunities of undervalued blue chips in the middle line.
Huaxi Securities Co.Ltd(002926) said that the aggressive interest rate hike expectation of the Federal Reserve and the Chinese epidemic restrict market risk appetite. The sustained development of the epidemic has led to short-term pressure on China’s economy, poor logistics and disturbance of the supply chain, resulting in shutdown of some enterprises and impact on Residents’ consumption. Before the epidemic becomes clear, it is expected that A-Shares will continue to grind the bottom repeatedly.
The agency further analyzed that the landing of the RRR reduction in April released the signal of “steady growth” to continue to increase, and the follow-up focused on the implementation of policies in key areas and the recovery of Fundamentals: first, both epidemic prevention and control and logistics support are expected to promote the resumption of work and production of enterprises; Second, in terms of consumption, consumption promotion policies such as consumption vouchers may be introduced one after another; Third, China’s monetary policy still has independent space, credit extension still needs to be increased, and the one-year and five-year LPR may be reduced. In terms of style, dividend strategy and stable growth value, blue chip still wins.
In addition, if the follow-up epidemic situation improves, what direction will the layout take China Industrial Securities Co.Ltd(601377) mentioned that it sorted out the important events related to the epidemic since 2020, and summarized the market performance after five rounds of the epidemic were expected to improve. Considering the elasticity of increase and the probability of increase, if the subsequent epidemic situation is effectively controlled, we can focus on the following layout: 1. Alcohol: the restoration of economic activities is expected to improve the prosperity of the industry; 2. Tourism retail (duty-free): take advantage of the dislocation of the epidemic situation and follow the trend of consumption upgrading; 3. Aviation: after a short period of pressure, the profit elasticity will eventually be released; 4. Scenic spots and hotels: normalization of epidemic prevention and control, and marginal recovery of scenic spots and hotels.
YueKai Securities believes that under the influence of the policy underpinning and the approaching heavyweight meeting, the probability of A-Shares continues the shock repair trend, and the market is dominated by structural market. It is suggested to focus on three main lines. First, pay attention to the main line of steady growth driven by policies.
Internal and external disturbances have increased the downward pressure on the economy. As the main policy line, steady growth will remain the main market in the long run. It is suggested to pay attention to the new and old infrastructure that directly benefit from counter cyclical adjustment and the targets with outstanding performance and low valuation in the real estate sector.
Second, focus on the main line of large consumption. In terms of policies, the NSC will deploy policies and measures to promote consumption and comprehensively implement policies to release consumption potential; In terms of capital, the recent recovery in the issuance of public funds with consumption theme is expected to bring incremental capital into the market; At the company level, after the cost side pressure of leading companies is gradually relieved, it is expected to enjoy the dividend of profit elasticity repair in the medium and long term.
Third, pay attention to the large financial sector with favorable RRR reduction policies. The RRR reduction helps to optimize the capital structure of financial institutions. For the banking sector, the RRR reduction helps to slow down the cost of bank liabilities, support the performance, and pay attention to the undervalued core stocks with high asset quality. For the securities sector, the loose liquidity environment helps to boost the market risk appetite, and the low-level securities sector is expected to usher in the valuation repair market.
Citic Securities Company Limited(600030) mentioned that the epidemic situation and lagging policies delayed the mid-term repair market in the second and third quarters, but did not change the trend. The pessimistic expectation has been fully released, and the market is imminent. The inflection point of the epidemic and the resumption of work and production are the most critical market inflection points. In terms of configuration, it is suggested to stick to the main line of steady growth, pay attention to the real estate industry chain, and continue the layout around “two low levels”, including: 1) varieties with relatively low valuation, it is suggested 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 grids and energy storage in the field of new infrastructure, and data centers and cloud infrastructure benefiting from “computing from the East and the west”, It is a fine chemical enterprise with the ability to develop new businesses such as new materials.
