On Tuesday, the three major A-share indexes weakened collectively. As of the close, the Shanghai Composite Index fell 0.73% to 3567.44 points; The Shenzhen Component Index fell 1.27% to 14223.35 points; The gem index fell 1.28% to 3056.15; The total turnover of Shanghai and Shenzhen stock markets was 1055.7 billion yuan, breaking trillion yuan for the eighth consecutive trading day; The net sales of northbound funds were 4.026 billion yuan; Overall, stocks in the two cities fell more and rose less.
undervalued plate strength
The industry sector rose less and fell more. From the perspective of shenwanyi industry, only six industries rose, and the banking industry led the increase, up to 1.14%, followed by the pharmaceutical and biological, textile and garment, transportation, real estate, steel and other industries; In addition, industries such as national defense and military industry, agriculture, forestry, animal husbandry and fishery, electronics, media and household appliances all fell by more than 2%.
Recently, undervalued banking, real estate and other industries continued to strengthen.
In this regard, Everbright Securities Company Limited(601788) analysts believe that the banking sector is expected to remain strong in the future. The main investment logic includes three main lines: 1) the rebound theme brought by the weakening of real estate risk suppression, such as Industrial Bank Co.Ltd(601166) , Ping An Bank Co.Ltd(000001) , China Merchants Bank; 2) The main line of sound operation of high-quality regional local banks, such as Bank Of Chengdu Co.Ltd(601838) , Bank Of Jiangsu Co.Ltd(600919) , Bank Of Nanjing Co.Ltd(601009) , Bank Of Hangzhou Co.Ltd(600926) , Bank Of Ningbo Co.Ltd(002142) ; 3) At the beginning of the year, the main line of “Touyan” bank with stable credit supply, such as Postal Savings Bank Of China Co.Ltd(601658) , China Construction Bank Corporation(601939) .
covid-19 detection and Chinese medicine plate meeting the limit tide
In terms of specific hot spots, covid-19 detection sector led the rise strongly on Tuesday. As of the close, the virus detection sector rose by 3.03%, including the collective trading limit of 8 concept stocks such as Jiangsu Skyray Instrument Co.Ltd(300165) and Anxi biology. Pharmaceutical business, phosphorus chemical industry, assisted reproduction, traditional Chinese medicine and other sectors were active.
It is noteworthy that on Tuesday, the traditional Chinese medicine sector rose sharply again, up 2.37%, including the “20cm” limit of Ji Yao Holding Group Co.Ltd(300108) , and the collective limit of 10 individual stocks such as Shanghai Kaikai Industry Company Limited(600272) , Guangdong Zhongsheng Pharmaceutical Co.Ltd(002317) , Kpc Pharmaceuticals Inc(600422) , Dong-E-E-Jiao Co.Ltd(000423) , Dali Pharmaceutical Co.Ltd(603963) . It can be seen that the concept of Shanghai Kaikai Industry Company Limited(600272) of traditional Chinese medicine has realized seven connected boards. In addition to new shares, Shanghai Kaikai Industry Company Limited(600272) is one of the stocks with the largest increase in the A-share market in 2022, with a cumulative increase of 76.98% since 2022.
On January 11, Shanghai Kaikai Industry Company Limited(600272) said on the interactive platform that the company does not have any R & D and production of products related to covid-19 repair fluid, let alone any relevant orders. The company’s pharmaceutical sector leiyunshang is mainly engaged in drug circulation, traditional Chinese medicine and pharmaceutical services with the Chinese time-honored brand “leiyunshang” as the brand and the sales of high-end tonics of its own brand “shanglei”. It is a pharmaceutical retail and wholesale enterprise.
on Tuesday (January 11)
prepared by: Zhang Ying
institutional view
For the recent shock consolidation of the market, where is the future of a shares? Major institutions hold different views.
China International Capital Corporation Limited(601995) : after the indicators gradually improve, the market may reverse the downturn and gradually turn to positive, focusing on bank credit, social financing, project approval of the national development and Reform Commission, increased financial support, housing related policies, etc. In terms of style, we believe that “stable growth” will still be the main line of the market in the near future, while the manufacturing growth style may continue to be suppressed, and we still need to wait for the opportunity. Suggestions on industry configuration: continue to take “steady growth” as the main line, and manufacturing growth is waiting for a turnaround. 1) Areas potentially supported by marginal change or development of policies, including industrial chains related to stable demand for infrastructure and real estate (construction, building materials, household appliances, home furnishings, real estate, etc.), potential consumption support areas, securities companies, etc; 2) For the middle and lower reaches consumption that has been adjusted this year, the valuation is not high, and the medium – and long-term prospects are still clear, choose stocks from the bottom up, including household appliances, light industrial homes, automobiles and parts, Internet and media, agriculture, forestry, animal husbandry and fishery, food and beverage, medicine, aviation and hotels; 3) The short-term share price of the manufacturing growth sector with a large increase last year may be restrained, including new energy vehicles, new energy and technology hardware semiconductors. The potential turnaround depends on the change of market style again. The potential time point may be at the end of the first quarter and the beginning of the second quarter.
Haitong strategy: in the beginning of the year, the height of the plate is switched, and the four plates are compared horizontally: the overvalued value of new energy is high, the boom is high, the valuation digestion needs and other changes in the market environment. The valuation of financial real estate is at the bottom and the institutions are low, and the space for valuation repair in history is also considerable. The counter cyclical sector benefits from the steady growth policy, which is already in force. The industry in trouble is expected to reverse this year, and the performance is clear. The inflection point needs to wait for “April decision”. Referring to history, after the decline in the beginning of the year, the market can still be expected in the spring. It is structurally balanced and underestimated big finance + new and old infrastructure powered by policies.
China Industrial Securities Co.Ltd(601377) : continue to be optimistic about the undervalued repair market. For the “new half army” and other hard science and technology plates, combined with the five crowding index and previous callbacks, the current adjustment space has been relatively adequate. In the short term, on the one hand, grasp the phased opportunities for the repair of undervalued real estate chain, infrastructure chain and securities companies, on the other hand, lay out “small high-tech” with long fighting short and bargain hunting. Focus on three directions: 1) real estate chain and infrastructure chain: on the one hand, benefiting from marginal changes in policies, “steady growth” is expected to rise. The economic work conference called for “moderately advanced infrastructure investment” and “promoting the construction of indemnificatory housing”. On the other hand, the subsequent monetary and credit is expected to be further relaxed, which will also bring about the valuation repair of infrastructure, real estate and other sectors. 2) Securities companies: the economic work conference proposed to “fully implement the stock issuance registration system”, which is expected to support the long-term performance of securities companies. At the same time, with the continuous deduction of the cross-year market, as a plate with strong linkage with the market, securities companies β Attributes will also be fully interpreted and released. 3) The scientific and technological growth represented by “small high tech” is arranged on a bargain hunting basis. Recently, the scientific and technological growth plate has been adjusted, which is mainly disturbed by factors such as position, mood and style. However, in combination with the five congestion indicators and previous callbacks, the space for subsequent adjustment may be limited. In the medium and long term, scientific and technological growth is still the inevitable choice for high-quality development and bigger cake under common prosperity.
Lang Chengcheng, general manager of the research department of Furong Fund: there is a significant “high cut low” in the market, and there is no macro information and industrial information causing a sharp decline in the growth track in the short term. Possible reasons: from a macro perspective, the downward pressure on economic growth is increasing and may exceed expectations, especially after the “six guarantees and six stabilities” was mentioned again in the annual economic work conference, Investors “sell high and buy low” from the perspective of performance certainty and risk avoidance. If this is the case, we will focus on the December economic data to be released this week and the subsequent monthly data in the first quarter, wait for the bottom recovery of the economy, and be patient with the high boom track. Although the overall differentiation, there are still opportunities to make money in the industrial chain.
On the whole, under the background of relatively abundant liquidity, the market systemic risk is low, so be patient. Short term recommendations for relatively balanced allocation: 1. The “real estate chain” sector, the “new and old infrastructure” sector, and the undervalued consumption and financial sector based on the expectation of fiscal policy; 2. High growth track after macroeconomic stabilization, such as automotive electronics, military industry, photovoltaic, etc.
Liu Youhua, research director of private placement network: today, the three major indexes of the market closed down again, the gem index approached 3050 again, individual stocks fell more or less, and the transaction volume of the two cities is still more than trillion. On the disk, the index showed no resistance and fell unilaterally, especially the concept of chip semiconductor and new energy. Some stocks have fallen by more than 40% compared with last year’s high. For the future, the index has basically entered the short-term bottom area, and the gem should have greater support near 3000 points. After continuous decline, the Shanghai index has entered a slow decline state, the sharp decline has entered a slow decline, and the volatility has decreased, which are good signals on the disk. After the market oversold, there should be a strong rebound and repair market in the later stage, which can be expected.
Liu Yan, investment and trading director of Honghan: in view of the differences between major indexes and industry structure, the important feature of judging the overall bottom of the market is trading volume; As long as it is stable at the trillion transaction level, it shows that long and short will reach a balance, then the market is likely to find the focus. The market has been adjusted for 20 consecutive trading days and is at the end of the adjustment in terms of time. The huge difference in the position between the structures makes the major indexes in different historical regions. The blue chip varieties represented by CSI 300 and CSI 100 index are in the box in the past year, and the macro negative data have been fully expected. The market has shrunk to trillion for two consecutive days, It is possible to balance long and short funds. It is very possible that the current region is the bottom.
(source: Voice of Securities Daily)
