On Monday, the three major A-share indexes bottomed out in the morning and rebounded in the afternoon. The disk continued the characteristics of structural differentiation, "undervaluation" and "dilemma reversal" became two strong main lines, and the rise of representative plates such as construction, real estate and aquaculture was prominent. In contrast, the hot new energy sector last year continued to be cold.
As of yesterday's close, the Shanghai composite index was reported at 3593.52 points, up 0.39%, and the Kechuang 50 index was up 0.98%; The Shenzhen Component Index rose 0.44% and the gem index fell 0.04%. The total turnover of Shanghai and Shenzhen stock markets was 1051.4 billion yuan, a sharp reduction of about 150 billion yuan compared with last Friday.
real estate infrastructure industry chain strengthened
Recently, investment expansion, tax reduction and fee reduction and other steady growth policies have been intensively implemented. In this context, the undervalued sector represented by the real estate infrastructure chain is expected to change, driving the strength of relevant stocks.
Shenwan building decoration index remained strong all day yesterday, and the subdivided housing construction sector rose 1.99%. In terms of individual stocks, the industry leader China State Construction Engineering Corporation Limited(601668) rose 2.48% yesterday, with a cumulative increase of more than 7% since the new year, constantly approaching last year's high; The real estate sector rose rapidly yesterday afternoon, and the Shenwan real estate index closed up 1.26%, Macrolink Culturaltainment Development Co.Ltd(000620) , Shanghai Shimao Co.Ltd(600823) and other stocks rose by the limit.
the sustainability of the undervalued market remains to be seen
For the undervalued market led by the current round of real estate infrastructure chain, institutions generally believe that the periodic valuation repair can be expected, but the sustainability remains to be observed.
Citic Securities Company Limited(600030) believes that "steady growth" is the continuous main line in at least the first quarter, which will drive the market to strengthen the consensus on low-level blue chips. At the same time, the starting point of the market in the first half of the year will be delayed. "Infrastructure first, real estate later". The steady growth policy in the first quarter is expected to move from relay to joint force, and the relevant main lines are highly sustainable. It is expected that the disclosure of economic data in the fourth quarter of 2021 will confirm the economic recovery trend, and there is sufficient guarantee for stabilizing the economy and the market.
Chen Guo, chief strategist of China Securities Co.Ltd(601066) said that the improvement of fundamental expectations and relatively low valuation level have made the real estate and infrastructure sector achieve phased relative returns, and investors can also carry out phased allocation. However, based on the actual fundamentals and future improvement range, the absolute income space for the rise of real estate chain and infrastructure chain may be relatively limited.
In Chen Guo's opinion, after the real estate sector obtains obvious valuation repair, the marginal improvement of fundamentals is expected to be realized in the industry data, and the medium, micro and high-frequency data released after February will be confirmed or falsified; For the infrastructure chain, we need to pay attention to the relevant report in March, which will cover this year's economic growth, deficit ratio, fixed asset investment and so on.
the new energy sector continues to retreat
Compared with the underestimated value, the main line heat continued to rise, and the hot new energy sector continued to retreat. Shenwan power equipment index fell 0.63% yesterday, ranking the bottom in all primary industries, with the two popular tracks of photovoltaic and wind power falling ahead.
Zhang Qiyao, chief strategist of China Industrial Securities Co.Ltd(601377) said that from the previous callback ranges and times since 2019, the adjustment time of this round of new energy sector has exceeded the median and average level of previous adjustment days, and the callback range is basically close. The transaction congestion of growth tracks such as new energy, semiconductor and military industry has dropped significantly. On the premise of confirming the economic direction, the subsequent adjustment space may be limited, and may gradually enter the bottom consolidation stage.
(source: Shanghai Securities News)
