Introduction to this report:
In the fourth week of April, the small and medium-sized index continued to decline and is currently at the bottom of history. In terms of theme, it is recommended to pay attention to the theme of “power exchange” starting in the second half of the year.
Summary:
Small and medium-sized stocks are located at the bottom of history. It is recommended to pay attention to the theme of “power change”. Combined with the small and medium-sized market valuation, turnover and turnover concentration index, it can be seen that the small and medium-sized market has basically reached the bottom area. For theme investment, we suggest to look for it from the perspective of policy and investment driven in 2022, and pay attention to the theme of “power exchange” starting in the second half of the year.
The national standing committee will deploy measures for agricultural production in spring, determine measures to ensure and increase energy supply, and suggest paying attention to individual stocks related to agricultural planting and nuclear power. On April 20, the national standing committee meeting was held, at which it was planned to further improve agricultural production measures in spring to ensure a bumper grain harvest and Shenzhen Agricultural Products Group Co.Ltd(000061) stable supply; Determine measures to ensure and increase energy supply, and improve the guarantee capacity of energy for economic and social development.
In the fourth week of April, the small cap index continued to decline, and the specialized Texin index fell sharply. In the fourth week of April, all indexes continued the downward trend of last week, showing a sharp decline. China Securities 1000 / China Securities 500 / Shanghai Securities 50 / Shenzhen Securities 100 / Shanghai and Shenzhen 300 fell respectively in a single week
6.11% / 5.43% / 3.97% / 4.22% / 4.19%. Trading sentiment in Shanghai, Shenzhen and Beijing is generally not high. The specialized Texin 100 index fell sharply, and its overall performance was weaker than that of the CSI 300 and CSI 1000 indexes, and the gap between them continued to widen. In the fourth week of April, northward funds accumulated in a net inflow trend.
In the fourth week of April, the capital outflow of small cap index increased, and the activity of A-share dragon tiger list decreased compared with the whole. In the fourth week of April, the net active purchases of CSI 1000 / CSI 500 were – 45.985 billion yuan / – 34.856 billion yuan respectively, and the capital outflow increased by 4.679 billion yuan / 19.037 billion yuan respectively compared with last week; The net active purchases of Shanghai Stock Exchange 50 / Shenzhen Stock Exchange 100 / Shanghai and Shenzhen 300 index were -11.090 billion yuan / – 5.134 billion yuan / – 28.618 billion yuan respectively, showing a net outflow of funds, with a change of -19.117 billion yuan / – 7.914 billion yuan / – 39.140 billion yuan respectively compared with last week. In the fourth week of April, the small and medium-sized indexes continued to show a state of net outflow, and the amount of net outflow increased compared with last week; The market index changed from last week’s net inflow to the current net outflow, and the net outflow of funds increased significantly. The net capital inflow of CSI 1000 in building decoration, media, commercial retail, computer and mechanical equipment industries and CSI 500 in public utilities, media, communications, transportation and computer industries increased significantly. In the fourth week of April, the overall activity of the Dragon Tiger list decreased compared with last week, the number of all A-Shares on the list increased, the number of CSI 1000 on the list decreased, the purchase amount and sales amount of all A-Shares on the Dragon Tiger list decreased compared with last week, and the net purchase amount of CSI 1000 / CSI 500 differentiated. The number of listing of CSI 1000 and the proportion of capital flow decreased.
Risk tips: 1) the weakening of market demand leads to the decline of risk preference; 2) Covid-19 epidemic repeatedly brings uncertainty.
