On Tuesday (April 26), the three major A-share indexes fell across the board. Nevertheless, there are still hot and active sectors in the market - affected by favorable policies, accommodation, catering, tax-free concept and other sectors have bucked the market and strengthened one after another. Some institutions shouted that the current point is this year's golden pit. Another private placement said: the evolution of epidemic prevention and control is the most critical factor determining the market. What is the future market and where are the investment opportunities?
In terms of individual stocks, on Tuesday, the A-share market rose less and fell more. A total of 744 stocks rose and 3906 stocks fell. Among them, 46 stocks closed at the daily limit and 305 stocks fell by the limit.
Table: trading limit of individual stocks on Tuesday (April 26): p align = "center" prepared by Zhang Ying
For the future market of a shares, institutions generally said that the market is close to the bottom, and this stage is the best time to allocate stock assets.
China Securities Co.Ltd(601066) Securities chief strategist Chen Guo pointed out in the latest research report that this year's gold pit is near 2900. Investors can consider first bargain hunting, then repair and steady growth, and then expand the growth stock market on the right side of the market recovery. In the next quarter, the improvement trend of the whole internal and external environment is a high probability event, but the process is likely to be repeated. Strategically, we should no longer be pessimistic, but gradually turn to optimism. Give priority to post epidemic repair + steady growth overweight, including food and beverage, social services, real estate chain, infrastructure chain, etc. when the market rebounds and the external liquidity environment is further improved, we can seize the opportunity for growth stocks to fight back.
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. Once the future economy is expected to stabilize, the potential return of the market will be 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.
Lang Chengcheng, general manager of the research department of Furong fund, believes that with the emergence of the inflection point of the epidemic, the worst stage of the industrial chain may have passed. The impact of the epidemic may accelerate the pace of economic bottoming to a certain extent, and bargain hunting will bring medium and long-term investment opportunities under the short-term "pain". At present, the annual report and the first quarterly report are intensively disclosed. It is suggested to gradually shift from bargain hunting to growth in terms of configuration: 1 Focus on the growth track, such as semiconductor, photovoltaic, pharmaceutical and other stocks with better than expected performance. 2. "Real estate chain" and "new and old infrastructure" based on the expectation of fiscal policy.
Xia Fengguang, manager of Rongzhi investment fund under private placement paipaipai.com, said that in terms of valuation, after the decline in April, the PE and Pb valuations of all broad-based indexes are below the median, and the Shanghai Composite Index and China Securities 50 are at a very low position in valuation history. Falling below 3000 points breaks the psychological anchor point, which is equivalent to breaking the window paper, which helps to find the bottom of the market faster. Policies are often reverse regulation. When supportive policies are introduced, the market is often at a low level in the cycle. Looking back on history, the policy bottom has played a role every time, and there has never been an exception. Therefore, the market bottom will appear soon after the policy bottom, so this stage is the best time to allocate stock assets.
Liu Yan, chairman of anjue assets, believes that the two markets went out of the positive line this morning, but they were killed again in the afternoon, mainly due to concerns about future uncertainty. Next, it mainly depends on the national judgment on the economic situation and the policy support that can be implemented in time. In the medium term, the market confidence is expected to rise steadily. Of course, we should closely observe the evolution of epidemic prevention and control in China.
Huang Yi, director of Hongfeng asset investment, said that at present, the market is infinitely close to the bottom position in terms of transaction characteristics, technical indicators and overall valuation level. It is expected that a better long window will be opened after May Day.
In terms of hot spots, fentanyl sector led the rise on Tuesday, while hair medicine, duty-free stores, hepatitis concept, super brand, underground pipe network, REITs concept, water conservancy and other sectors rose; Textile manufacturing sector led the decline, with genetically modified, clothing and home textiles, coal mining and processing, metal zinc, securities and other sectors leading the decline. Today, aibulu landed on the gem, up 52.53%.
Hot spot 1: accommodation and catering sector rose against the market Zhejiang Ssaw Boutique Hotels Co.Ltd(301073) rose nearly 9%
On Tuesday, the accommodation and catering sector rose strongly against the market trend. As of the close, the sector rose by 0.6%, with Zhejiang Ssaw Boutique Hotels Co.Ltd(301073) and Tongqinglou Catering Co.Ltd(605108) rising by 8.79% and 7.14% respectively.
In this regard, according to the analysis of AVIC securities, as the May Day tourism peak season approaches, with the stability of epidemic prevention and control, the pace of industry recovery is expected to accelerate, which is good for the leading enterprises of the subdivided track. Hotel sector: the epidemic disturbs short-term performance, leading hotels expand against the trend, continue to open stores in large quantities, constantly consolidate their internal strength, and highlight the head effect. Once the travel demand is released, it will directly benefit from the recovery of the industry, the cycle reversal is in sight, and the performance elasticity is expected; Catering sector: the epidemic has brought structural subversion to the traditional catering industry, and we are optimistic about catering enterprises with innovative formats and excellent single store model that meet the changing needs of the current audience.
Hot spot 2: excellent performance of tax exemption concept and collective trading limit of 3 shares
On April 26, the tax-free concept sector performed well, with an increase of 0.33% as of the closing. Among them, three concept stocks, including Nanning Department Store Co.Ltd(600712) , Zhongbai Holdings Group Co.Ltd(000759) , Fujian Dongbai (Group) Co.Ltd(600693) and Fujian Dongbai (Group) Co.Ltd(600693) , collectively rose by the limit.
The general office of the State Council recently issued the "opinions on further releasing consumption potential and promoting sustainable recovery of consumption", involving a number of consumer industries. The opinion points out that consumption is the final demand, the key link and important engine to smooth China's great cycle, has a lasting driving force for the economy, and is related to ensuring and improving people's livelihood. It is proposed to improve the policy of duty-free shops in the city and plan to build a number of duty-free shops in the city with Chinese characteristics.
For the investment opportunities in the tax-free sector, AVIC Securities believes that due to the impact of the epidemic in the short term, it is optimistic about the potential of Hainan as an international tourism consumption city in the medium and long term, which is also conducive to promoting China to form a new development pattern with China's big cycle as the main body and China's international double cycle promoting each other.
Freezing point: the brokerage sector fell by more than 5%, and 4 shares fell by the limit
On Tuesday, brokerage stocks fell sharply. As of the close, the brokerage sector fell by 5.68%, dragging down the Shanghai stock index. Among them, Huaxi Securities Co.Ltd(002926) , Hongta Securities Co.Ltd(601236) Guoyuan Securities Company Limited(000728) , Nanjing Securities Co.Ltd(601990) and other four securities companies collectively fell by the limit.
On the news, on April 25, Guoyuan Securities Company Limited(000728) and Huaxi Securities Co.Ltd(002926) successively disclosed the first quarter report of 2022. Dragged down by proprietary business, the two securities companies turned their net profit from profit to loss in the first quarter China Merchants Securities Co.Ltd(600999) a quarterly report shows that the company achieved an operating revenue of 3.696 billion yuan in the first quarter, a year-on-year decrease of 38.01%; The net profit attributable to the shareholders of the listed company was 1.49 billion yuan; A year-on-year decrease of 42.99%. The company said that in the first quarter of 2022, the market volatility was intensified, the epidemic situation was still severe, the company's business activities were facing challenges, and the company's performance was under pressure.
In this regard, according to the analysis of China Post securities, under the background of the increasing market concentration of head securities companies, the head performance is still not optimistic. Combined with the continuous decline of the stock market and the impact of external negative factors, it is expected that the performance of the securities industry in the first quarter of this year will be under overall pressure, and individual stocks may have performance differentiation.
