On April 18, the A-share market continued to fluctuate, and the gem index hit a new low of 241086 points. As of the close, the Shanghai Composite Index fell 0.49%, while the Shenzhen Component Index and the gem index rose 0.37% and 1.11% respectively. The turnover of Shanghai and Shenzhen stock markets was close to 780 billion yuan, a significant reduction compared with the previous trading day. Analysts said that the policy bottom of this round of adjustment has appeared; The low point in mid March was formed by panic decline, which may have been the bottom of the market; At the end of the year, the performance needs to be gradually confirmed in the second half of the year. It is expected that the steady growth policy will gradually increase, and the A-share repair market is expected to start. It is suggested to firmly hold the main line of steady growth.
track stocks led gains
Most stocks rose on the 18th, with 2819 stocks rising in Shanghai and Shenzhen, of which 90 stocks rose by the limit; The number of falling stocks was 1738, and 57 stocks fell by the limit. In addition, all 36 stocks of Beijing stock exchange rose, and beiteri, the stock with the largest increase, rose 16.24%, which is the stock with the largest market value of Beijing stock exchange.
Among the Shenwan level industries, agriculture, forestry, animal husbandry and fishery, electronics and power equipment industries led the increase, up 3.43%, 2.79% and 2.24% respectively. Coal, real estate and banking industries led the decline, down 3.49%, 3.36% and 2.97% respectively. In addition to the agriculture, forestry, animal husbandry and fishery industries, the electronics, power equipment, national defense and military industry and automobile industries with the highest growth were track sectors, while the industries with the highest decline were undervalued sectors with good performance in the early stage.
In the agriculture, forestry, animal husbandry and fishery industry, Ningxia Xiaoming Agriculture & Animal Husbandry Co.Ltd(300967) rose by more than 14%, and many stocks such as Jinhe Biotechnology Co.Ltd(002688) , Fortune Ng Fung Food (Hebei) Co.Ltd(600965) , Shandong Xiantan Co.Ltd(002746) and Guangdong feed rose by the limit.
In the electronics sector, Shen Zhen Australis Electronic Technology Co.Ltd(300940) rose by more than 14%, while Wus Printed Circuit (Kunshan) Co.Ltd(002463) , Shanghai Belling Corp.Ltd(600171) , Hangzhou Silan Microelectronics Co.Ltd(600460) rose by the limit.
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The automobile sector staged a tide of limit trading, with Zhongjie (Jiangsu) Technology Co.Ltd(301072) Jiangsu Bojun Industrial Technology Co.Ltd(300926) Ningbo Fangzheng Automobile Mould Co.Ltd(300998) Ningbo Fangzheng Automobile Mould Co.Ltd(300998) rising by 20%, and Ningbo Kbe Electrical Technology Co.Ltd(300863) newtag rising by more than 16%.
gem technical rebound
The gem index hit a new low of 241086 points in this round of adjustment on the 18th. It is worth noting that the new lows of the Shanghai Composite Index and Shenzhen Composite Index in this round of adjustment were all set on March 16.
Hu Po, manager of private placement fund paipai.com, said that the current overall interest rate began to rise due to the Fed’s interest rate hike and table contraction, and there were strong upward expectations, which had a great impact on the valuation of growth stocks. At the same time, macroeconomic uncertainty and recent concerns about the industrial chain have had a great impact on the gem. Therefore, the gem has made significant adjustments this year. After the low opening on the 18th, the gem index rebounded. Considering that there has been a large adjustment in the early stage, it does not rule out the possibility of a round of technical rebound.
Regarding the policy bottom, market bottom and performance bottom of a shares, Haitong Securities Company Limited(600837) chief economist and chief strategist Xun Yugen said that after the central economic work conference in December last year, the steady growth policy was further strengthened. The meeting of the financial commission of the State Council on March 16 greatly boosted market confidence, and the policy bottom of this round of adjustment has appeared. The low point in mid March was formed by panic decline and may have been the bottom of the market. The end of performance needs to be gradually confirmed in the second half of 2022.
From the index level, Xun Yugen believes that the time and space of this round of adjustment of CSI 300 index has been relatively obvious, and the valuation is close to the level of early 2019. The time and space of the current round of adjustment of the all a index is less than that of the previous rounds, but the valuation has been at a low level. The time and space of this round of adjustment of SSE 50 index has been relatively obvious, and the valuation has reached a new low since 2019. Gem refers to the current valuation has been at a historically low level.
Xun Yugen said that looking back on the structural characteristics of the market at the bottom stabilization stage of the previous A-share market, it can be found that High Dividend Stocks take the lead in stabilizing, and then the stock index bottoms out, while the heavy position stocks of the fund will bottom out and stabilize after covering the decline. From the current microstructure characteristics, High Dividend Stocks bottomed in August 2021, the stock index stabilized in mid March this year, and the make-up decline of heavy fund stocks has also appeared recently, which is in line with the law when the market bottomed in history.
focus on the main line of steady growth
When the policy bottom and market bottom have appeared, Hu Po believes that the current mood of the whole market is relatively low. This period of time is the most frustrating for investors to be long, and the short-term market will remain relatively cautious.
Xun Yugen said that the steady growth policy has been strengthened, and positive progress has been made in epidemic prevention and control. We should have hope for the future. Since the beginning of this year, the market style is similar to that of 2012. Value stocks are slightly dominant in the whole year, and growth stocks are expected to be dominant in stages. At present, we continue to pay attention to the main line of steady growth, such as finance, real estate, new infrastructure and other sectors.
Citic Securities Company Limited(600030) co chief strategist Qiu Xiang said that it is expected that the turning point of the epidemic in Shanghai will come and the social aspect will be cleared gradually; This round of epidemic has dragged down economic growth to a certain extent. It is expected that policies related to expanding investment in the second quarter are expected to speed up, and supply chain dredging and consumption stimulation will be carried out at the same time. Affected by the epidemic, the medium-term repair market has been delayed, but the stable growth market will be more clear and lasting. At present, investors are still waiting for the emergence of the inflection point of the epidemic and the resumption of work and production of enterprises, but the pessimistic expectation has been fully released, and the repair market is expected to be imminent. It is suggested to firmly hold the main line of steady growth and lay out varieties with low valuation and low expectation.
