On April 18, the stock index fell into a weak shock and fell again to 3200 points. At one time, it fell by more than 1%, and the decline narrowed at the end of the day; Shenzhen Component Index and gem index rose in the afternoon, and gem index rose by more than 1%; The turnover of the two cities shrank again, with a full day turnover of less than 800 billion yuan.
As of the close, the Shanghai index fell 0.49% to 319552 points, the Shenzhen Composite Index rose 0.37% to 1169147 points, and the gem index rose 1.11% to 248777 points; The total turnover of the two cities was 778.3 billion yuan.
On the disk, agriculture, auto parts and semiconductor sectors rose sharply, while textile and clothing, food and beverage, wine making, logistics and other sectors strengthened; Coal, securities companies, real estate, insurance, banking and other sectors led the decline, while steel, tourism, petroleum, medicine, building materials and other sectors weakened; Chicken, pork, auto chips, new energy vehicles, consumer electronics and other themes were active.
Regarding the current market trend, Huaxi Securities Co.Ltd(002926) said that the aggressive interest rate hike expectation of the Federal Reserve and the Chinese epidemic restrict the market risk appetite. The sustained development of the epidemic has led to short-term pressure on China’s economy, poor logistics and supply chain disturbance, resulting in the shutdown of some enterprises and the impact on Residents’ consumption. Before the epidemic becomes clear, it is expected that A-Shares will continue to grind the bottom repeatedly. In April, the implementation of RRR reduction released the signal of “steady growth” and continued to increase the weight. 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.
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, focus on the main line of steady growth. 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
future analysis
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Yuanda: exponential differentiation, style change or halftime?
Jufeng investment adviser: how will A-Shares perform after the RRR reduction?
