Today (April 26), A-Shares showed an inverted V-shaped pattern of rising and falling. The Shanghai and Shenzhen stock markets opened higher across the board. At the beginning of the session, the stock index fluctuated repeatedly, and then rose and strengthened. In the afternoon, the market situation suddenly changed, and the big finance hit the market, causing the index to plunge. The three stock indexes not only turned green, but also the Shanghai index fell below the integer mark of 2900 points.
As of the day's close of Shanghai and Shenzhen stock markets, the Shanghai index fell 1.44% to 288643 points; The Shenzhen composite index fell 1.66% to 1020664 points; The gem index fell 0.85% to 215051 points.
From the disk point of view, the rise and fall of the industry and concept sectors are different. Individual subject stocks staged a decline in the limit, and the local profit-making effect is poor. In terms of industry, engineering construction, cement building materials, wine making, games, medicine and commercial department stores are relatively strong; Textile and garment, coal, securities, insurance, chemical raw materials, computer equipment, shipbuilding, auto parts, non-ferrous metals and other industries led the decline.
In terms of capital, the central bank announced on April 26 that in order to maintain the reasonable and abundant liquidity of the banking system, the people's Bank of China launched a 10 billion yuan reverse repurchase operation by means of interest rate bidding on April 26, 2022, with a bid winning interest rate of 2.1%. As 10 billion yuan of reverse repo expired today, the people's Bank of China realized zero delivery and zero return in the open market.
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North Fund
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message surface
1. According to the central bank's website, on April 26, the relevant person in charge of the people's Bank of China pointed out in an interview with the financial times on the current financial market situation that we are concerned about some fluctuations in the financial market recently, which are mainly affected by the expectations and emotions of investors. At present, China's economic fundamentals are sound, the potential for endogenous economic growth is huge, and substantial progress has been made in preventing and resolving financial risks.
2. According to the State Food and drug administration, the State Food and Drug Administration held a promotion meeting on the work related to the special rectification of drug safety and traditional Chinese medicine on the 24th. The meeting defined the next work of the national drug administration system. First, we should go all out to ensure the overall situation of epidemic prevention and control. We will continue to do a good job in the review and approval, quality and safety supervision and supply guarantee of traditional Chinese medicine for epidemic prevention and control, so as to promote the steady play of traditional Chinese medicine. Second, we should deepen the reform of the review, approval and regulatory system and mechanism of traditional Chinese medicine. We will continue to improve the system construction of laws and regulations, technical specifications and guiding principles, optimize the registration and management system of traditional Chinese medicine, accelerate the construction of the evaluation evidence system combining traditional Chinese medicine theory, human experience and clinical trials, strictly supervise the approval, filing and dispensing of traditional Chinese medicine preparations in medical institutions, promote the innovation and research and development of new traditional Chinese medicine preparations and the innovation and transformation of traditional Chinese medicine preparations in medical institutions, and comprehensively promote the inheritance, innovation and development of traditional Chinese medicine. Third, we should strengthen the quality and safety supervision of traditional Chinese medicine. Efforts should be made to strengthen the quality supervision of traditional Chinese medicine decoction pieces, urge production enterprises to implement the whole process management of traditional Chinese medicine decoction pieces, and shall not entrust production; Strict product standards and access of production enterprises to promote the stable and orderly development of traditional Chinese medicine formula particles; We will guide and promote the standardized development of traditional Chinese medicine, optimize and improve the sampling and information disclosure of traditional Chinese medicine, and further standardize the operation and online sales order of traditional Chinese medicine.
3. According to the interface news, the Ministry of transport released data on April 26. At present, 3102 expressway service areas across the country have built charging and replacement infrastructure, and about 13374 charging piles have been built, mainly in the eastern regions such as Beijing Tianjin Hebei, Yangtze River Delta and Pearl River Delta, with relatively low coverage in the western and northeast regions. Recently, the Ministry of transport and the national energy administration and other departments have drafted an action plan to accelerate the construction of charging infrastructure along the highway. At present, the action plan is soliciting opinions from all localities.
On April 26, the State Securities Regulatory Bureau approved the inactivated vaccine of the following strains of covid-19, according to covid. In the form of randomized, double-blind and cohort study, China biology will conduct a sequential immune clinical study among people aged 18 and over who have completed 2 or 3 doses of covid-19 vaccine to evaluate the safety and immunogenicity of inactivated covid-19 virus vaccine of Omicron variant.
institutional views
As for the current market, Zhongtai Securities Co.Ltd(600918) mentioned that since April, we have repeatedly stressed that "it is difficult for the market to copy the V-shaped reversal in 2020", and the market has been greatly adjusted recently. Although we cannot predict the lowest point in the ultra short term, and the "double bottom" of the market may have reached the lowest point of the market. However, we have repeatedly stressed that this year's absolute income should grasp the opportunity of "falling out". Therefore, at the current time point, we should not be overly pessimistic and panic. On the contrary, if the market continues to adjust again, we should dare to actively bargain hunting and layout the opportunity to rebound the market.
Previously, Huaxin Securities pointed out that generally speaking, the market will form a downward inertia after a sharp decline of more than 5%, the market repair will take 5-20 trading days, and the rebound space of the gem index is greater than that of the Shanghai index. "Internal stagnation and external inflation" is still the main contradiction in the current market. The short-term market shock has worn the bottom, but it has been at the bottom in the medium and long term. The inflection point of the epidemic situation in some regions was confirmed, the policies to promote consumption were introduced intensively, and the configuration window of mess reversal was opened.
Shanxi Securities Co.Ltd(002500) analysis: under the impact of the recent tightening expectation of the Federal Reserve, the severe epidemic situation in China and the increasing pressure on the performance of listed companies, the market fell sharply again in the short term, the overall valuation of A-Shares was close to the historical low, and the sentiment fell to near the freezing point. We maintain our previous judgment that the market is still in the bottom grinding stage. After panic selling, the market probability has been very close to the medium and long-term bottom position of a shares. At this stage, we still suggest to focus on large cap value stocks with better defense ability and valuation repair space. At the same time, the expectation of post epidemic recovery is taking shape. We suggest to continue to pay attention to the recovery of supply chains across the country.
Bohai Securities said that in the short term, A-Shares will still face risks such as the epidemic, the final stage of performance release and the landing of the Fed's interest rate hike boots, and the negative factors remain to be cleared. However, judging from the current risk premium, the risk return of the Shanghai index exceeding the risk-free return has reached 6.0%, close to the historical extreme level since 2015. The extremely high risk return means that once the future economic expectation stabilizes, the potential return of the market is high. It is suggested that investors actively prepare the midline layout process, and look for sectors with medium and long-term allocation value in combination with the first quarterly report and future performance expectations.
Western Securities Co.Ltd(002673) believes that the valuation adjustment is close to the limit, and the more important thing in the future is the profit expectation. On the whole, the current market valuation adjustment is close to the historical limit level. From the price comparison relationship between stocks and bonds, the difference between the current implied yield of A-Shares and the yield of 10-year Treasury bonds has also reached a new high since the 2008 financial crisis, indicating that the investment value of equity assets is prominent. With the promotion of the epidemic policy and the landing of the Fed's interest rate hike boots in May, the market is expected to usher in a rebound window in the future. In the medium term, investors need to pay attention to the change of market investment style from peg based industry rotation to pb-roe based value investment style under the revision cycle of profit expectation.
Sealand Securities Co.Ltd(000750) said that the layout of bargain hunting, structural optimistic about consumption, focusing on three sub areas. First, food and beverage, catering and tourism, hotels, automobiles, household appliances and other industries that have been fully adjusted and benefited from the marginal improvement of the epidemic situation; Second, agriculture, forestry, animal husbandry and fishery benefiting from the rise in product prices and inflation; Third, medicine and biology with low valuation.
