On April 25, the stock indexes of the two cities opened low and went low. The stock index fell by more than 5% and fell to 3000 points, the Shenzhen composite index fell by more than 6%, and the gem index fell by more than 5.5% and fell to 2200 points; The three major stock indexes hit new lows in the year; The turnover of the two cities has been enlarged, with a full day turnover of nearly 900 billion yuan and a net sale of more than 4 billion yuan from the north.
As of the close, the Shanghai index fell 5.13% to 292851 points, the Shenzhen composite index fell 6.08% to 1037928 points, and the gem index fell 5.56% to 2169 points; The total turnover of the two cities was 891.5 billion yuan, and the net sale of funds from the North was 4.397 billion yuan.
On the disk, the sectors of the two cities were green across the board, with the decline of military industry, nonferrous metals, semiconductors, chemical industry, coal, oil and other sectors, and the decline of wine making, medicine, automobile, insurance, real estate and other sectors. Nearly 2000 stocks in the two cities fell by more than 9%.
YueKai Securities said that at present, the market is in the downward stage of profitability, and the surging and repeated epidemic is the main reason for constraining the economy. At present, the yield of 10-year Treasury bonds is still low, hovering between 2.7% - 2.8%. The so-called fist cannot be hit on cotton. Before the epidemic improves, there will be a rhythm for the implementation of policies. Therefore, A-Shares are still in the bottom grinding period.
China International Capital Corporation Limited(601995) pointed out that the current market characteristics are as follows: 1) from the transaction level, the corresponding turnover rate of recent market transactions has been close to about 2%, which is at a historical low, and the scale of net reduction of industrial capital has also decreased significantly; 2) In terms of valuation, after adjustment, the equity risk premium of CSI 300 is close to twice the standard deviation above the average again, and the valuation close to the low point in March 2020 is more extreme; 3) From the perspective of market behavior, the stable growth style with relative performance in the early stage showed signs of making up for the decline; 4) In terms of policies, the central bank, China Securities Regulatory Commission, China Banking and Insurance Regulatory Commission, safe and other departments have recently made positive statements on the recent economic situation and capital market environment, and resolutely maintained economic and market stability.
The agency believes that at present, the bottom characteristics have been partially shown in terms of policy, valuation, capital and behavior signals. Combined with the current growth environment, it may take time to wait for a more clear inflection point. We still maintain the judgment that the current market is in the "bottom grinding" period. Although there may still be repeated in the short-term market, the opportunities are gradually greater than the risks in the medium and long term, and there is no need to be too pessimistic about the future performance. Structurally, we believe that the undervalued "steady growth" field still has a certain allocation value. We pay attention to the bottom-up stock selection opportunities in the consumption field, and we may still need to wait for the opportunity to create growth style.
At present, we pay attention to three directions: 1) in the "bottom grinding" stage of the market, the stable growth sector with relatively low valuation may still have relative benefits in the current macro environment, such as the industrial chain related to the stable demand of traditional infrastructure and real estate (real estate, building materials, construction, household appliances, home furnishings, etc.); 2) For the consumption in the middle and lower reaches with many early adjustments, low valuation and clear medium and long-term prospects, choose stocks from bottom to top, including household appliances, light industry and household appliances, automobiles and parts, agriculture, forestry, animal husbandry and fishery, medicine, etc; 3) The manufacturing growth sector, including new energy vehicles, new energy and technology hardware semiconductors, has released some risks, but the turnaround lies in the marginal improvement of "stagflation" risk, global liquidity and market sentiment
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