Eight pictures per day overview A shares: Contemporary Amperex Technology Co.Limited(300750) become the culprit of gem smashing! Four logics of market style from cycle to consumption

Today (April 20), the Shanghai and Shenzhen stock markets opened low across the board. At the beginning of the session, the stock index inertia fell, and the gem index showed a pulse downward pattern. The Shanghai index was relatively resistant to decline. Near noon, the Shanghai index once pulled up and nearly turned red, and then turned around and went down. The Shanghai index followed the gem index down and ushered in a sharp decline.

As of the day's close of Shanghai and Shenzhen stock markets, the Shanghai index fell 1.35% to 315105 points; The Shenzhen composite index fell 2.07% to 1139223 points; The gem index fell 3.66% to 236365 points.

From the disk point of view, the market of light index and heavy individual stocks continues, the industry and concept sectors fall more and rise less, and the local profit-making effect is general. In terms of industry, food and beverage, tourism and hotel, wine making, logistics, beauty care, airport and other industries led the increase; In terms of subject stock, prefabricated dishes, condiments, community group purchase, beer concept, dairy industry, genetically modified, tax refund shops, Baijiu, new retail sales and so on are rising.

In terms of funds, the central bank announced on April 20 that in order to maintain the reasonable and abundant liquidity of the banking system, the people's Bank of China launched a RMB 10billion reverse repurchase operation by means of interest rate bidding on April 20, 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

northbound funds

southbound funds

message surface

1. According to the website of the Ministry of finance, the stamp tax revenue in the first quarter was 156.9 billion yuan, a year-on-year increase of 20.6%. Among them, the stamp duty on securities transactions was 106.7 billion yuan, a year-on-year increase of 21.3%.

2. According to the website of China Banking and Insurance Regulatory Commission, the China Banking and Insurance Regulatory Commission and the Ministry of transport issued opinions on the banking and insurance industry to support the high-quality development of highway transportation, and encouraged insurance institutions to participate in the construction of major highway transportation infrastructure, new transportation infrastructure and other projects in the form of creditor's rights, equity, combination of equity and debt, asset support plan and private fund.

3. On April 20, the National Energy Administration released the statistical data of the national power industry from January to March. By the end of March, China's installed power generation capacity was about 2.4 billion kw, a year-on-year increase of 7.8%. Among them, the installed capacity of wind power was about 340 million KW, a year-on-year increase of 17.4% Cecep Solar Energy Co.Ltd(000591) installed power generation capacity was about 320 million KW, an increase of 22.9% year-on-year.

4. According to surging news reports, after the "official announcement" of the comprehensive reduction of the standard, the quotation for the new phase of LPR, which has attracted much attention, was officially released. The people's Bank of China authorizes the national interbank lending center to announce that the quoted interest rate (LPR) of the loan market on April 20, 2022 is: 1-year LPR is 3.7%, and more than 5-year LPR is 4.6%, unchanged for three consecutive months.

institutional views

Regarding the current market, Rongwei Securities said that the continuous record low of the gem was mainly due to the influence of Contemporary Amperex Technology Co.Limited(300750) the continuous decline of "ningwang" and the difficulty of stabilizing the gem index. Although the stock index reached a new low, compared with the panic decline in the market in January and March, the sector effect on the disk was obvious and the trend of individual stocks was active. Therefore, the current decline of the stock index is suspected of being empty, At present, it is the trend of building the bottom of the market. In terms of operation, control the position and select the varieties with excellent performance and high growth.

Guosheng securities also pointed out that market sentiment continued to be under pressure, the heat of steady growth fell, and consumer trading was repaired. On the one hand, the market profit-making effect continued to be weak, the number of new low stocks and vulnerable stocks rebounded again, the leverage sentiment continued to fall, the fund issuance and foreign investment continued to be moderate, and the market sentiment continued to be under pressure.

On the other hand, the turnover structure has seen a noticeable marginal shift recently. The steady growth and turnover rate of TMT sector generally dropped and turnover rate generally dropped. The recovery of post harvest recovery and consumption is expected to increase, leading to the warming of the income sectors such as consumer sector and delivery, including Baijiu, zero sales, supply chain logistics and other related industries. The proportion of transactions in computer and other subdivided industries fell collectively.

Sealand Securities Co.Ltd(000750) mentioned that the epidemic situation in some areas showed signs of improvement and began to organize the resumption of work and production. The consumer sector most affected by the epidemic in the early stage benefited the most. Four main logics of market style from cycle to consumption. First, judging from the deduction of market style, the cycle and consumption have a seesaw effect. Since this year, the cycle has significantly outperformed consumption. The core reason is that commodity prices are at a high level under the influence of geopolitics and other factors. However, from the subsequent deduction, the prices of industrial products will be affected by the decline of global demand. The latest global economic outlook of IMF has significantly lowered the expectation of global economic growth, The excess return of cyclical stocks is expected to converge.

Second, the transmission from PPI to CPI is still the main theme of this year. The IMF revised this year's global inflation expectations, and the consumer sector is expected to benefit from the upward CPI environment.

Third, from the perspective of valuation, the valuation of some consumer sectors such as medicine and biology, food processing and household appliances is at the bottom, and the valuation of weighted industries in the cycle sector such as chemical industry and nonferrous metals is at a high level.

Fourth, from the perspective of catalyst, the epidemic in some areas of this round will gradually enter the final stage, and the time when the impact on consumption is the greatest is about to pass. Under the background of uncertain external demand situation, expanding domestic demand and boosting consumption will be the main focus of the policy.

The agency further analyzed and focused on three sub areas. First, food and beverage, catering and tourism, hotels, automobiles, household appliances and other industries that have been fully adjusted and benefited from the marginal improvement of the epidemic situation; Second, agriculture, forestry, animal husbandry and fishery benefiting from the rise in product prices and inflation; Third, pharmaceutical and biological products with low valuation.

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