The three major indexes differentiated throughout the day yesterday, the Shanghai index fluctuated and adjusted, and the gem index rebounded from the bottom, up more than 1%. On the disk, the chicken sector rose sharply and the Shandong Xiantan Co.Ltd(002746) limit rose. The auto parts sector was strong throughout the day, and individual stocks in the sector lifted the limit tide. In terms of decline, the large financial sector made collective adjustment, Orient Securities Company Limited(600958) fell by the limit, China Merchants Bank Co.Ltd(600036) fell by more than 7%. In addition, the market’s short-term sentiment was poor, with many early high-level popular stocks falling by the limit, and three stocks staged “sky floor”. Overall, individual stocks rose more and fell less, with more than 2800 stocks rising in the two cities. The trading volume of Shanghai and Shenzhen stock markets yesterday was 778.3 billion, a decrease of 132.9 billion compared with the previous trading day. The trading volume of the two markets shrank sharply yesterday. In terms of sectors, chicken farming, auto parts, pork, auto chips and other sectors led the increase, while coal, real estate, securities, banking and other sectors led the decline. As of the close, the Shanghai index fell 0.49%, the Shenzhen Composite Index rose 0.37% and the gem index rose 1.11%. Shanghai and Shenzhen stock exchanges were closed yesterday due to Hong Kong public holidays.
The three major US stock indexes closed down slightly overnight, with the Dow down 0.11%, the S & P 500 down 0.02% and the NASDAQ down 0.14%. The oil and gas sector led the gains, with us energy up more than 4%, Western oil and Murphy oil up more than 3%. The anti epidemic and aviation sectors led the decline, with Moderna falling by more than 6%, China Southern Airlines Company Limited(600029) , and American Airlines falling by more than 2%. Popular stocks twitter rose more than 7%, Tesla rose nearly 2%. Most of the popular Chinese concept stocks fell, Didi fell by more than 18%, iqiyi fell by more than 11%, BiliBili, Zhihu and Huya fell by more than 6%, Weilai and Baidu fell by more than 2%, and JD rose by more than 1%.
Pay attention to the policy of paying attention to the profit of today’s morning meeting or better dividend of today’s morning meeting; Guosheng Securities believes that social zero in March decreased by 3.5% year-on-year, slightly lower than expected; Open source Securities believes that the new strategy turns to “preferred stocks”, and the new income in 2022q1 is still considerable.
China Securities Co.Ltd(601066) : Art of balance: resumption of work and production vs. epidemic prevention and control
China Securities Co.Ltd(601066) believes that the “white list” of the first batch of key enterprises to resume work and production in Shanghai involves a number of listed pharmaceutical companies such as Wuxi Apptec Co.Ltd(603259) , Yaoming biology, Tofflon Science And Technology Group Co.Ltd(300171) , Shanghai Pharmaceuticals Holding Co.Ltd(601607) . The Shanghai Municipal Commission of economy and information technology issued the guidelines for the prevention and control of the epidemic situation of industrial enterprises returning to work and production in Shanghai (the first edition) on the 16th, which aims to effectively promote the return to work and production of enterprises in a strong, orderly and effective manner and ensure the safety and stability of the industrial chain and supply chain. The guidelines are divided into five parts: “enterprises implement main responsibilities, implement site zoning and classification management, strengthen enterprise employee management, strengthen logistics management and epidemic prevention material reserve, and do a good job in emergency response plan and work guarantee”.
Under the current tightening epidemic prevention policies in various regions, enterprises still need to overcome many difficulties in resuming work and production. We suggest to choose ① the main line with strong policy dividend or industry logic, the upstream of traditional Chinese medicine and biopharmaceutical industry chain and the leader of CXO sector; ② On the main line of recovery, we should fully consider the difficulty and twists of recovery and select the target with better profit realization according to the laws of the industry.
Guosheng Securities: social zero in March decreased by 3.5% year-on-year, slightly lower than expected
In March 2022, the epidemic situation in many places had a great impact; We expect that it will take some time for the production and operation of Shanghai and other places and the recovery of urban travel. Even if it is liberalized, the epidemic will still have a certain impact on subsequent consumption and travel data. 1) Continue to recommend the leading supermarket sector.; 2) Pay attention to the medium and long-term configuration value of takeout catering companies; 3) Continue to recommend the recovery sector. The current valuation of tax-free faucet is cost-effective and flexible; The hotel still benefits from both pattern and recovery; Once the recovery expectation is optimistic enough, the scenic spots and catering targets are expected to release flexibility. 4) It is suggested to focus on the leading targets with long-term growth and relatively low current valuation.
open source Securities: the new strategy turns to “preferred stocks”, and the new revenue in 2022q1 is still considerable
Kaiyuan Securities believes that under the downturn of the market, new shares are frequently broken, and the amount of fund-raising and winning rate are two-way to ensure stable and new income. Since 2022, affected by the repeated epidemic situation and the turbulent situation in Russia and Ukraine, the overall market has fluctuated downward. In addition, there are many unprofitable, overvalued and premium companies in new shares, which makes the batch of breaking of registered new shares appear on the first day. As of March 31, 2022, the number and rate of breaking of science and innovation board and gem in 2022 have exceeded the level after the new regulations in 2021. At the same time, in the context of the overall volatile market in 2022, the first day increase of non broken new shares also decreased significantly, resulting in a further decline in the first day increase of 2022q1 science and innovation board and gem. However, the listing of China Mobile on the main board and the large-scale over raising of mass entrepreneurship and innovation sector have doubled the initial fund-raising amount in 2022q1 month on month and year-on-year. The significant decline in the number of new accounts and the shortlist rate remain below 70%, keeping the success rate of registered new shares at a high level. Under the combined effect of the month on month rise of fund-raising amount and the high success rate, the new class a account with a scale of 300 million in the first quarter can still achieve an enhanced income of nearly 1%.
The new strategy has changed to “optimizing individual stocks”, and the low price and small market value strategy has a better return. With the breaking of the new rules on inquiry gradually becoming normalized on the first day after the implementation, offline institutional investors began to selectively participate in the breaking of new shares in order to ensure the winning rate. The number of participating accounts and the shortlist rate of the registration system sector on the breaking of new shares are significantly lower than those on the non breaking of new shares, indicating that investors are more cautious about the participation and quotation of new shares with breaking risk, and the strategy of breaking new shares is gradually changing from “playing every new” to “selecting individual shares”. Among them, the winning rate and yield of new share projects with low issuance price, low issuance PE and low issuance market value are relatively better.
