The Shanghai index fell back to 3100 in the morning and then closed higher; Shenzhen Composite Index and gem index hit new lows. The turnover of Shanghai and Shenzhen stock markets was 753.3 billion yuan, a decrease of 67.4 billion yuan compared with the previous trading day. Northbound funds bought a net 6.765 billion yuan throughout the day.
On the disk, the oil and gas sector performed strongly, the textile and clothing sector continued to attack, and the financial, real estate, large infrastructure, household appliances, coal and power sectors collectively strengthened; Adjustment of photovoltaic, lithium battery, agriculture, food, vaccine and other sectors.
on April 22, 4, Yi Huiman, Secretary of the Party committee and chairman of the CSRC, presided over the Party committee (enlarged) meeting to convey and study the deployment of the special meeting of the financial committee of the State Council on the morning of April 22 on implementing the spirit of the recent important meeting of the Party Central Committee on current economic and social work
On the same day, Zhang Xia, chief strategist of China Merchants Securities Co.Ltd(600999) issued a document in the circle of friends, saying that “now is the bottom” and saying that “the way of stock is that people abandon me”.
textile and clothing sector set off a rising tide
As of the close, the Shanghai Composite Index closed at 308692 points, up 0.23%; Shenzhen composite index reported 1105170 points, down 0.29%; Gem index reported 229660 points, down 0.69%. This week, the Shanghai Composite Index fell 3.87%, the Shenzhen composite index fell 5.12% and the gem index fell 6.66%, all falling for three consecutive weeks.
In terms of sectors, the textile and clothing sector is the most active today. As of the closing, Shenwan textile and clothing sector rose 3.38% as a whole, ranking first among 31 industries in Shenwan level. Specifically, Jiangsu Hanvo Safety Product Co.Ltd(300952) , Rumere Co.Ltd(301088) , Hangzhou Wensli Silk Culture Co.Ltd(301066) “20cm” limit, Huafang Co.Ltd(600448) , Shanghai Dragon Corporation(600630) , Ribo Fashion Group Co.Ltd(603196) , Zhejiang Yingfeng Technology Co.Ltd(605055) , Zhejiang Sunrise Garment Group Co.Ltd(605138) .
In terms of news, on April 21, the Ministry of industry and information technology and the national development and Reform Commission jointly issued the guiding opinions on the high-quality development of industrial textiles industry, proposing that by 2025, the industrial added value of industrial textile enterprises above Designated Size will increase by about 6% annually, and 3-5 Enterprises will enter the first echelon of global industrial textiles.
The performance of green power sector is also relatively strong, among which Inner Mongolia Mengdian Huaneng Thermal Power Corporation Limited(600863) , products and environmental energy, Ningbo Energy Group Co.Ltd(600982) , Fujian Funeng Co.Ltd(600483) , Fujian Mindong Electric Power Limited Company(000993) and other stocks rose by the limit.
On the news side, the national development and Reform Commission issued the letter on the continuation of the affordable Internet access policy for new wind power and photovoltaic power generation projects in 2022, which clearly continued the affordable Internet access policy, so as to fully reflect the green power value of new energy.
Oil and gas stocks strengthened in the afternoon, and CNOOC, Zhongman Petroleum And Natural Gas Group Corp.Ltd(603619) , Shanxi Blue Flame Holding Company Limited(000968) and Shanxi Blue Flame Holding Company Limited(000968) recorded five daily limits in Shanxi Blue Flame Holding Company Limited(000968) 7 days.
On April 21, Shanxi Blue Flame Holding Company Limited(000968) disclosed the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved an operating revenue of 1.978 billion yuan, a year-on-year increase of 37.24%; The net profit was 305 million yuan, a year-on-year increase of 144.36%.
In the first quarter of 2022, the company realized an operating revenue of 519 million yuan, a year-on-year increase of 19.93%; The net profit was 272 million yuan, a year-on-year increase of 168.34%.
SFC voice:
to respond to market concerns and guide market expectations
According to the website of the CSRC, on April 22, Yi Huiman, Secretary of the Party committee and chairman of the CSRC, presided over the Party committee (expanded) meeting to convey and study the deployment of the special meeting of the financial committee of the State Council on the morning of April 22 on implementing the spirit of the recent important meeting of the CPC Central Committee on doing a good job in current economic and social work, analyzed the key and sensitive issues concerned by the current market, and studied the response measures and policy reserves, Re implement and promote the recent arrangements of the financial commission of the State Council.
meeting stressed the need to respond to market concerns in a timely manner, guide market expectations, stimulate market vitality and potential, further improve market resilience and promote the stable and healthy operation of the capital market
On April 21, the CSRC held a symposium for institutional investors, which was attended by the main heads of the national social security fund and some large banking and insurance institutions. The meeting pointed out that at present, the momentum of world economic recovery has weakened, the impact of international geopolitics has intensified, China’s economy is under pressure, and risks in the economic and financial field have increased. However, from the perspective of history, general trend and the overall situation, China’s capital market has made great achievements in the reform and development of more than 30 years, achieved leapfrog development in scale, quality and governance level, and maintained a good trend in the reform and development of the capital market.
The meeting held that the long-term fundamentals of China’s economy have not changed, the ecology of the capital market has been continuously optimized, the quality of listed companies and the structure of investors have shown a good trend, the residents’ demand for wealth management has been strong, and the international attraction has been continuously strengthened. At present and in the future, the development of the capital market is still in an important period of strategic opportunities.
organization hot discussion:
market bottom or proven
For the current market, many institutions said that the market has obvious “bottom” characteristics. In the medium and long term, there is no need to be overly pessimistic.
Guosheng Securities believes that the Shanghai index has started to dip twice, and the Shenzhen index has hit a new low this year. However, the overall valuation of A-Shares has entered a relatively low range, the opportunity is greater than the risk, and the probability will still have a structural market. We can focus on the power point of the national “stable growth” policy and choose low absorption sectors such as food, clothing, housing and transportation, which are closely related to people’s livelihood.
China International Capital Corporation Limited(601995) said that the construction of individual pension system will help cultivate and develop long-term institutional investors for the capital market and improve the cautious expectations of the current market to a certain extent. At present, the cumulative correction time of the market is long and the range is not small. The valuation has been relatively low in history, and the negative factors of internal and external have been reflected in the asset price. Judging that the market is in the “bottom grinding period” after the rapid correction in the early stage, we should not be overly pessimistic about the medium-term prospect of the market, and the medium and long-term opportunities in the market gradually outweigh the risks.
Bohai Securities said that our judgment on the bottom of the A-share market in the medium and long term remains unchanged. There are more factors to be observed in the short term. On the one hand, the performance release has entered the final stage, and the pressure on investors to prevent the performance of listed companies from falling short of expectations has increased. On the other hand, the further clarification of the policy will constitute a reference for the development of the future market. Therefore, we should be patient in the allocation. The congestion of most of the short-term “stable growth” sectors has been at a high level in recent five years, and the risks are gradually accumulating, so we need to be cautious.
Investors can tap opportunities for performance exceeding expectations around the first quarterly report. For the medium and long term, after the economy stabilizes, the growth sector is still expected to return to the main line, and the long-term allocation value will be more prominent.
Haitong Securities Company Limited(600837) ‘s view is that the CSRC held a symposium yesterday to encourage long-term value investment of institutional funds, which will alleviate the pessimism of the current market to a certain extent; Coupled with the continuous adjustment of the market, the momentum of short selling has been continuously released. We expect that the market will continue to fluctuate and seek the bottom in the short term. In the medium and long term, under the background of stable growth policy and loose monetary policy, China’s economic growth trend and the factors affecting the long-term trend of A-Shares remain unchanged. After the market valuation continues to move down, we still have confidence in A-Shares and the structural opportunities of the market will last forever. In terms of operation, do a good job in selling high and absorbing low. In the short term, from the perspective of defense, the value style is still the main direction. We can pay attention to the varieties with steady growth and power, such as consumption, new infrastructure, etc; Slowly tap core assets with strong liquidity, prominent industry position and low valuation in the medium and long term.
The performance of new shares listed today makes many investors who abandoned the purchase regret it!
Among the four new shares listed, three have seen a significant rise in share prices. Among them, the nano chip micro market, known as the “most expensive new share of the year”, was quite amazing. In the atmosphere that the market generally thought it would break, after opening with 250.0 yuan, which was nearly 9% higher than the issue price of 230.0 yuan, the share price continued to fluctuate and rise. The highest intraday hit 275.02 yuan, an increase of more than 19%, and the final closing was 259.58 yuan, an increase of 12.86%.
In addition, Qingyan environment and osheng electric, which were listed on the same day, triggered the temporary suspension of trading for two consecutive times after the intraday increase reached a certain proportion. The final closing prices were 38.19 yuan and 28.20 yuan respectively, with an increase of 100.05% and 32.21% respectively.
it’s worth noting that NSM was previously abandoned by online investors, with the amount of abandoned capital as high as 778 million yuan, a record high for A-Shares
In the face of the sharp rise in the share price of nano chip micro on the first day of listing, China first signing can earn more than 20000 yuan according to the highest price, and many investors who abandoned the purchase called “regret”. However, some investors said that the short-term increase of new shares should be treated rationally.
in the first signing, the maximum floating profit exceeds 20000 yuan
According to the data, on the morning of April 22, NSM opened 8.7% higher and the opening price was 250.0 yuan. After that, it fluctuated upward, reaching a maximum of 275.02 yuan, up 19.57% from the issuance price.
According to the listing announcement of nano core micro, its issuance price is 230.0 yuan / share, which is the most expensive new share so far this year. In addition to the average p / E ratio of wechat industry, which is 107.48 times higher than that of wechat industry. In the context of “double high” issuance, many individual investors are not optimistic about its performance on the first day of listing.
According to the issuance results previously disclosed by NSW, the number of online investors giving up subscription is 3381527 shares, and the amount of giving up subscription is about 778 million yuan. The number of online giving up subscription accounts for nearly 40% of the total online issuance, and all of them are ultimately underwritten by the sponsor (lead underwriter) Everbright Securities Company Limited(601788) underwriting.
Today, the performance of the first day of listing of nano chip micro makes many buyers regret it. As of the closing on the 22nd, the share price of nano core micro closed at 259.58 yuan. Based on this calculation, online investors can earn 14790 yuan in one sign. If calculated at the maximum price of 275.02 yuan, the first signing can earn 22510 yuan. In this regard, some investors said that the one-day increase could not represent the future trend of the company, and the short-term increase of new shares should be treated rationally.
Qingyan environment and two temporary stops in oshen electric panel
In addition to nano core micro, ousheng electric and Qingyan environment, which are listed together today, also performed well. They were suspended twice due to the sharp rise in share prices.
According to the data, the issuing price of Qingyan environment was 19.09 yuan / share, and the share price continued to strengthen after opening sharply on the same day, with a maximum increase of 124.6%, triggering the second temporary stop. As of the closing, Qingyan environment reported 38.19 yuan, an increase of 100.05%. According to this calculation, online investors can earn 9550 yuan in one sign. If calculated according to the highest price of 42.88 yuan, the first signing can earn 11895 yuan.
Although osheng electric fell below the issue price of 21.33 yuan at the opening, it then rose in shock, with the highest price reaching 32.04 yuan, which also triggered the second temporary stop. As of the closing, the company’s share price was 28.20 yuan, up 32.21%. Based on this calculation, online investors can earn 3435 yuan in one sign. If calculated according to the highest price of 32.04 yuan in the session, winning the first signing can earn 5355 yuan.
In contrast, another new share, saiweidian, broke, with its closing price of 55.12 yuan, down 26.06% from the issue price of 74.55 yuan / share.
IPO pricing should be recognized by the market
Since this year, with the increase in the proportion of the number of broken new shares, the future trend of new income has attracted more and more attention of the majority of investors.
on April 21, 4, Fang Xinghai, vice chairman of China Securities Regulatory Commission, said at the sub forum of Boao Forum for Asia 2022 annual meeting that some IPO projects have fallen below the issuance price recently, not because there are too many IPOs, but because the pricing should be more appropriate, should be recognized by the market and the pricing ability should be further improved
For the relevant factors affecting the first day performance of new shares, Guotai Junan Securities Co.Ltd(601211) Research Institute’s chief analyst of new shares Wang Zhengzhi believes that the first day performance of new shares is affected by market sentiment, company fundamentals, issuance valuation, issuance price and other factors. Investors need to strengthen the investment and research of new shares and select the best stocks in combination with various factors.
Wang Zhengzhi further said that the high tick ratio of 1% is adopted for the issuance of new shares after the inquiry of the new regulations. Under the participation accounts of about 10000 households in the whole market, the actual number of high tick accounts is about 100, which is not much as a whole. This also makes some accounts shortlisted by “free riding” at high prices, which raises the overall quotation center to a certain extent, and the valuation of new share issuance has been at a high level for a long time. If the proportion of high rejection is increased, the existing quotation ecology may be changed to a certain extent.
In a market with increased volatility, what are the fund managers thinking about and planning to take next action in the face of the withdrawal of the net value of the fund? In the first quarterly report of the fund, a group of senior fund managers such as Zhu Shaoxing, Fu Pengbo and Zhang Kun, who are relatively low-key and rarely appear, also spoke out one after another. Fu Pengbo said that “we are constantly reflecting and summarizing”. Zhu Shaoxing said that “it is meaningless to be overly pessimistic about the market”. Zhang Kun admitted that he was also anxious, but “the most important thing in investment is the ability to control emotions and maintain rationality”.
It is worth noting that although the performance of the above fund managers has been poor since this year, the fund shares under their management have not been significantly reduced, and some funds even ushered in a large number of investors “bottom reading”
rich country Zhu Shaoxing:
it’s meaningless to be overly pessimistic about the market
In the first quarterly report on the growth of Wells Fargo Tianhui, talking about the market, Zhu Shaoxing gave a clear answer: “it’s really difficult for us to come to an optimistic conclusion when we analyze the short-term market environment at the current time point. The price of resource products is rising, the interest rate gap between China and the United States has narrowed, and U.S. stocks are facing interest rate hikes. However, if we focus on a longer time dimension, it’s meaningless to be overly pessimistic about the market. Now is the time for equity investors to bear fluctuations and take risks skillfully.
”
While not pessimistic, Zhu Shaoxing also saw many opportunities. He said that under the current macro background, we will still pay attention to the quality of listed companies and hope that the production and operation of investment targets will have stronger “robustness”. The favorable aspect is that in the core assets, a considerable part of the early share price of high-quality subject matter has retreated significantly, and the valuation attraction has increased significantly. In the future, we will still be committed to finding value in high-quality stocks and turning more “stones”.
“We do not have the reliable ability to accurately predict the short-term trend of the market, but focus on patiently collecting excellent companies with great prospects, waiting for the realization of the company’s own value creation and the periodic return of market sentiment, and sharing the capital market income brought by the enterprise’s own growth is the best way for growth funds to obtain returns.” Zhu Shaoxing said.
Zhu Shaoxing still maintained high position operation. As of the end of the first quarter, the stock investment selected by Fuguo Tianhui accounted for 93.26% of the total assets of the fund. From the top ten heavyweight stocks, in the first quarter, Zhu Shaoxing added Kweichow Moutai Co.Ltd(600519) , Contemporary Amperex Technology Co.Limited(300750) , Wuxi Apptec Co.Ltd(603259) , Wuliangye Yibin Co.Ltd(000858) , Luxshare Precision Industry Co.Ltd(002475) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) .
From the perspective of fund application and redemption, many investors choose to copy the bottom. In the first quarter, Wells Fargo Tianhui selected growth fund shares increased by more than 200 million.
Ruiyuan Fu Pengbo:
we are constantly reflecting and summarizing
As an “old master” in the public offering industry, Fu Pengbo reflected on the first quarterly report of Ruiyuan growth value fund, It also expounds the stock selection logic of individual stocks in detail: “In the first quarter, the fund maintained a relatively high position operation, and its net value retreated greatly, which we are constantly reflecting and summarizing. We adjusted the key companies allocated in the previous quarter, increased Walvax Biotechnology Co.Ltd(300142) , which is related to the vaccine sector, and increased the allocation of China Mobile. The latter’s relatively stable dividend provides a better safety margin for holding. From the perspective of industry distribution, the portfolio focuses on TMT, chemical industry and new energy Equipment and building materials. “
Although the net value of the fund has retreated greatly, Fu Pengbo still has a certain market appeal. In the first quarter, Ruiyuan growth value a obtained a net subscription of more than 300 million copies.
Specifically, as of the end of the quarter quarter end, at the end of the first quarter, ruifar’s growth value stock position was 92.35% with 92.35% at 92.35% at the end of the first quarter. The top 10 heavy warehouse stocks include China Mobile, ‘ Tsingtao Brewery Company Limited(600600) Caihong Display Devices Co.Ltd(600707) 03 . Among them, compared with the end of the fourth quarter of last year, Walvax Biotechnology Co.Ltd(300142) became the top ten heavyweight stocks of the fund.
Looking forward to the second quarter, Fu Pengbo said that in the process of dynamic portfolio adjustment, he would make a more prudent assessment of the company’s valuation and growth certainty, in order to control the fluctuation of net worth. Combined with the annual report of Listed Companies in 2021 and the first quarterly report of 2022, we will continue to explore new investment opportunities, eliminate companies whose business conditions and expectations do not meet, and increase the allocation when the alternative target is “killed” by the market.
e Fangda Zhang Kun: it may need when the stock falls
some time and restraint
In the first quarterly selected by e fund blue chip, Zhang Kun also treated each other sincerely, wrote more than 1300 words, and described in detail his understanding of Graham, Buffett and the brain illusion in investment.
\u3000\u3000 “In the first quarter, the net value of the fund fell significantly, which made many holders feel anxious, and I feel the same way. I think the anxiety may come not only from the decline that has been realized, but also from the fear of further decline in the future. After all, the brain naturally senses the trend, even if it does not exist. If a stock rises for three consecutive days, people will automatically predict that it will rise on the fourth day. If the stock rises on the fourth day If it does rise, dopamine will be released and people will feel satisfied. Moreover, the feeling of anticipating good and bad things is often stronger than actually experiencing them. It’s impossible to imagine the real pain. ” Zhang Kun said.
In Zhang Kun’s opinion, when the stock falls, it may take some time and restraint to calm down and then ask yourself a few questions: 1 Does my fear come from the decline of share price or from the negative change of fundamentals? 2. Does the original investment reason no longer exist? 3. The share price is lower. As a long-term net buyer, shouldn’t I be happier? To judge the authenticity of something, the most reliable way is to prove its wrongness (falsification).
Zhang Kun believes that such a way of thinking can effectively inhibit the sensory system, because the sensory system is good at dealing with vivid facts such as “what is”, and in the face of abstract concepts such as “what is not” or “why”, the rational analysis system will be forcibly invoked.
“For Buffett, temperament is the most important one” , I understand that the most important thing is the ability to control emotions and remain rational. Graham once said that the reason why most investors fail is that they are too concerned about the current operation of the stock market. For such investors, it may be better for the stock to have no market quotation at all. Because in this way, he will not suffer mental torture because of the wrong judgment of others. The human reflex system pays so much attention to change that it is difficult to notice what remains constant. The stock price, like the weather, is always changing, unpredictable and difficult to grasp, while the enterprise value, like the climate, is always changing slowly and regularly. Although in the short term, it seems that it is the weather that catches our attention and determines the environment, in the long run, it is the climate that really determines the environment of a region. ” In the quarterly report of the fund, Zhang Kun also quoted the “golden sentence” of investment masters such as Buffett and Graham to encourage investors.
Zhang Kun believes that although the short-term market faces many difficulties, it also provides quite attractive prices for long-term investors. “We believe that the daily accumulated free cash flow of enterprises will be reflected in the accumulation of their value, and the growing enterprise value will eventually be projected into the growth of their market value.”
From the position adjustment path of e fund blue chip selection in the first quarter, Zhang Kun adjusted the position structure, increased the allocation of science and technology and other industries, and reduced the allocation of Finance and other industries. As for the top ten heavyweight stocks of the fund, Zhang Kun added Luzhou Laojiao Co.Ltd(000568) , Wuliangye Yibin Co.Ltd(000858) and meituan-w.
central Europe Glan:
still optimistic about the medium and long-term opportunities in the pharmaceutical and biological sector
More concerned by the market is China Europe Fund Glenn. In the first quarterly report of China Europe medical and health, Glenn also said that he was not pessimistic. She revealed that in the first quarter of 2022, the hot spots within the pharmaceutical sector rotated rapidly, still adhered to the investment orientation of the enterprise’s long-term investment value, still selected individual stocks in strict accordance with the investment framework, and focused on the long-term promising core innovative drugs, innovative devices, medical services and consumer medicine.
From the top ten heavyweight stocks of China EU medical and health, Glenn added Aier Eye Hospital Group Co.Ltd(300015) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) and Chongqing Zhifei Biological Products Co.Ltd(300122) .
Looking forward to the future, Glenn said that on the whole, he is still optimistic about the medium and long-term investment opportunities in the pharmaceutical and biological sector, but it is difficult to avoid short-term market fluctuations.
In terms of specific investment opportunities, she analyzed that the innovation related market is far from reaching the ceiling of the Chinese market, and the overseas market is also gradually accumulating strength. Specifically, at the company level, the trend of enterprise transformation and innovation is still continuing, and the number of clinical applications for innovative drugs has reached a new high year by year. In terms of innovation quality, in recent years, the overall layout of R & D pipelines has become more rational, resources are inclined to differentiation, and even innovative varieties with global competitiveness have been born.
From the perspective of early clinical pipeline, on the one hand, relevant molecules following the latest overseas technologies are emerging rapidly; on the other hand, the variety layout is more diversified, and these changes are expected to maintain the long-term prosperity of innovation. With the gradual advancement of overseas clinical, it is expected that Chinese innovative products will gradually enter the harvest period overseas. At the same time, China’s innovative drug service enterprises have gradually formed a globally competitive industrial cluster, reaching a global leading level in some segments.
Glenn believes that the competitiveness of relevant service providers is more reflected in the technology and management ability of the platform. The market share of leading enterprises will continue to improve and maintain its high prosperity. In addition, with the rapid improvement of per capita income and cognitive level of Chinese residents, the demand for medical services and consumer medicine is still growing rapidly and not fully met, and there is still huge space in the future.
