Viewpoint: after four consecutive months of recovery, the leading economic indicators fell below the boom and bust line, confirming the judgment of anti pumping we mentioned earlier. In this case, the pressure of economic growth still inhibits the market. Under the support of policy support and monetary easing cycle, the market as a whole is still a process of shock bottoming. Comprehensive RRR reduction was implemented, and the overall confidence of the market was boosted. The resumption of work and production in Shanghai is conducive to industrial restoration, and the policy continues to increase, with an obvious trend of supporting the bottom. However, it still takes time for the market to repair. Under the domestic and foreign troubles, there are still repeated shocks. In the short term, we still need to pay attention to the possibility that the index will continue to explore. Investors in the stage game will play the price difference game of high selling and low absorption, while strategic investors can still make the midline allocation every low and low absorption.
Today’s market opening continued to differentiate. The Shanghai index opened low and the Shenzhen composite index opened high. I thought that the strength of yesterday’s theme stocks would continue, but I didn’t expect that the gem would go all the way down after rising, while the financial stocks continued to go low, and the Shanghai index also showed a low performance. In the afternoon, all three indexes plunged lower, continuing the recent overall correction trend. On the disk, coal, agriculture, forestry, animal husbandry and fishery sectors led the rise, while cyclical stocks such as petrochemicals and basic chemicals performed well, while beauty care led the decline, while electronics, medicine, biology and building materials fell.
Yesterday’s China Merchants Bank Co.Ltd(600036) dragged down the financial sector, which also affected the performance of the Shanghai index. Today, however, it is China Chippacking Technology Co.Ltd(688216) and Will Semiconductor Co.Ltd.Shanghai(603501) . Especially Will Semiconductor Co.Ltd.Shanghai(603501) , as a 100 billion level semiconductor giant, this limit still puts pressure on the market. Originally, the semiconductor and other track stocks that once strengthened yesterday had continued expectations, which I’m afraid will be extinguished again. Of course, we also said yesterday that we should wait and see the sustainability of the performance of theme stocks. At first glance today, in fact, the short-term market continues to be viewed as a rebound market. If you want to reverse the trend, you still need more polishing. In this case, in fact, since yesterday, the track stock market has been another “one-day tour”, which still has a certain blow to market confidence.
Of course, in addition to the suppression of the decline of the semiconductor sector, we found that today is still the traditional “4.19 curse” day. Although this is only a market legend, we also have to pay attention to the impact of recent performance. Especially at the end of the quarterly report, we also need to pay attention to the drag on individual stocks and the market caused by poor short-term performance.
Finally, it should be reminded that do not expect the market style to change too quickly. Especially yesterday, when the track stocks made a full counterattack, the market was enthusiastic about the track stocks. In fact, this year is still a year of steady growth as a whole. In order to meet the expectations of economic growth, maintaining steady growth is still the main tone. Therefore, we should pay more attention to the benefit sectors related to steady growth, which are at least the mainstream in stages.
To sum up: we are not pessimistic about the market, especially under the continuous increase of policy support, we are full of confidence in the medium-term opportunities of the market. The current valuation is at a historical low, and the strategic allocation is at the right time. But for the phased market, don’t want the style to change quickly. After the RRR reduction, market confidence has been boosted, but the core contradiction continues. The index still has the demand for repeated shocks and bottoming, and there is even the possibility of bottoming again. For band investors, they still need to wait for the adjusted opportunity of low absorption.
