On January 10, the A-share market opened low and went high, and the Shanghai Composite Index and Shenzhen Composite Index rose for the first time since the new year. The turnover of the two cities reached 1.05 trillion yuan, exceeding 1 trillion yuan for seven consecutive trading days. Analysts said that at present, the A-share market presents a more obvious structural market. Under the background that the Fed has not yet started the interest rate increase cycle, abundant liquidity will still support the market trend, and the undervalued sector is expected to usher in a repair market.
more than 3000 stocks rose
From the stock performance, the number of rising stocks in the two cities was 3063, and 91 stocks rose by the limit; The number of falling stocks was 1393, and 15 stocks fell by the limit.
Among the Shenwan level industries, agriculture, forestry, animal husbandry and fishery, coal and beauty care industries led the increase, rising by 3.59%, 1.75% and 1.74% respectively; Power equipment, national defense and military industry and public utilities led the decline, down 0.63%, 0.53% and 0.43% respectively.
Among the leading agricultural, forestry, animal husbandry and fishery sectors, Ningxia Xiaoming Agriculture & Animal Husbandry Co.Ltd(300967) rose by more than 10%, and many stocks such as Tangrenshen Group Co.Ltd(002567) , Shenzhen Kingsino Technology Co.Ltd(002548) , Hunan Xiangjia Animal Husbandry Company Limited(002982) , Shandong Xiantan Co.Ltd(002746) , Wellhope Foods Co.Ltd(603609) rose by the limit.
In addition, the real estate sector continued to be strong, Macrolink Culturaltainment Development Co.Ltd(000620) , Shanghai Shimao Co.Ltd(600823) and other trading limits. Ping An Securities said that in the medium and long term, the real estate sector will stabilize and recover, and the leading real estate enterprises will stand out with comprehensive advantages.
overweight undervalued sector
From the perspective of capital, the data show that on January 10, the net capital inflow from the North was 4.758 billion yuan, including 2.914 billion yuan from the Shanghai Stock connect and 1.844 billion yuan from the Shenzhen Stock connect.
Since the end of 2021, northbound funds have shown a trend of accelerating inflow. According to statistics, in the 10 trading days since December 23, there have been 9 trading days of net inflow of northward funds. Among them, the cumulative net inflow of northbound funds last week was 6.203 billion yuan, significantly increasing positions in undervalued sectors such as finance and infrastructure. Last week, the number of shares held by northbound capital in 738 stocks increased, and the number of shares held in 78 stocks increased by more than 10 million shares. The largest increase in capital holdings in the North was Boe Technology Group Co.Ltd(000725) , Industrial And Commercial Bank Of China Limited(601398) , Agricultural Bank Of China Limited(601288) , with an increase of 84.9861 million shares, 77.7354 million shares and 74.5368 million shares respectively.
While adding positions to the north, the main funds still maintain a net outflow. Data show that on January 10, the main funds of the two cities had a net outflow of 18.67 billion yuan, showing a net outflow for 22 consecutive trading days.
According to the data, on January 10, only agriculture, forestry, animal husbandry and fishery, communication, beauty care and coal industries had net capital inflows, with net inflows of 1.313 billion yuan, 1.131 billion yuan, 347 million yuan and 299 million yuan respectively; Other industries have seen net outflow of main funds, with the largest net outflow of main funds in power equipment, electronics and non bank financial industries, with a net outflow of 2.949 billion yuan, 2.604 billion yuan and 1.748 billion yuan respectively.
In terms of individual stocks, on January 10, the net inflow of main funds in the two cities was 1623 and the net outflow of stocks was 2974. China Mobile, Kweichow Moutai Co.Ltd(600519) , Muyuan Foods Co.Ltd(002714) , Luxshare Precision Industry Co.Ltd(002475) , Tibet Urban Development And Investment Co.Ltd(600773) ranked first in terms of net capital inflows, with net inflows of 1.205 billion yuan, 482 million yuan, 401 million yuan, 327 million yuan and 306 million yuan respectively.
spring market is expected
For the future trend of the A-share market, Xia Fengguang, fund manager of private placement network, said that market confidence is in a cautious state. Structurally, the short-term pressure of the market mainly comes from the new energy sector, which is affected by the change of risk appetite of US stocks. At the same time, the undervalued sectors such as big finance and real estate infrastructure have strengthened, and the support for the stock index is relatively strong. Maintain the overall optimism in the first quarter.
Qin Peijing, chief strategic analyst of Citic Securities Company Limited(600030) , said that the sharp position adjustment of institutions at the beginning of the year accelerated the style switching, and the track with high valuation showed signs of capital outflow. Steady growth will be the main line in the first quarter. The market consensus on undervalued blue chips will be strengthened. The starting point of the market in the first half of the year will be delayed, and the short-term adjustment will bring a better allocation time point. On the one hand, the performance forecast of the annual report began to disclose that the performance of high-level track was difficult to exceed expectations, the performance of low-level plate was difficult to be lower than expectations, and the configuration cost performance changed one after another. The position adjustment effect of the mechanism at the beginning of the year accelerated the switching between high and low tracks. On the other hand, the steady growth policy in the first quarter is expected to form a joint force, and the relevant main lines are highly sustainable. It is expected that the economic data in the fourth quarter of 2021 will confirm the recovery trend of economic growth.
Xun Yugen, chief economist and chief strategist of Haitong Securities Company Limited(600837) , said that from the market performance since the beginning of the year, there are obvious signs of market hot spots switching from high valuation plate to low valuation plate. From the perspective of horizontal comparison, the new energy sector is overvalued and prosperous, and the digestion of valuation needs to wait for the change of market environment. The valuation of the financial and real estate sectors is at the bottom and the institutional allocation is low. The historical market shows that the space for valuation repair is considerable. In addition, the counter cyclical sector benefited from the steady growth policy; Industries with fundamentals in trouble are expected to reverse in 2022, and the definition of performance inflection point needs to wait until April. Referring to historical experience, the spring market can still be expected after the decline in the beginning of the year. Structurally, it is recommended to make balanced allocation, pay attention to the large financial sector with undervalued value and the new and old infrastructure sector benefiting from policies.
(source: China Securities Journal)
