On April 26, the stock index rose and fell in the session, and then rebounded at the bottom driven by wine making, real estate and other sectors, once rising by more than 1%, and fell again in the afternoon, losing 2900 points; The Shenzhen Component Index and the gem index rebounded strongly during the session. The Shenzhen Component Index rose by more than 1% at one time, and the gem index rose by more than 2% and fell lower in the afternoon; The turnover of the two cities shrank compared with yesterday, with a full day turnover of nearly 840 billion yuan and a net purchase of about 1.5 billion yuan from the north.
As of the close, the Shanghai index fell 1.44% to 288643 points, the Shenzhen composite index fell 1.66% to 1020664 points, and the gem index fell 0.85% to 215051 points; The total turnover of the two cities was 838.8 billion yuan, and the net purchase of northbound funds was 1.543 billion yuan.
On the disk, the sectors of textile and clothing, coal and securities companies fell sharply, while the sectors of military industry, automobile, petroleum, nonferrous metals, chemical industry, semiconductor and insurance all fell; The concepts of Baijiu, tax exemption and hepatitis are active against the trend.
For the recent market performance, Sealand Securities Co.Ltd(000750) pointed out that the market ushered in a cathartic sharp decline yesterday, but with the substantial adjustment of the market, the indexes gradually entered the value range and should not be overly pessimistic. First, after yesterday's decline, the valuation quantiles of major indexes have been in a relatively cheap position. Among them, the Shanghai stock index and gem index are located at about 20% of the valuation quantiles in recent 10 years, and Wande A is located at about 30% of the valuation quantiles in recent 10 years. Second, after effectively controlling the epidemic, stick to economic construction as the center, and steady growth is still the focus of policy. The implementation of stronger macro policies to hedge the impact of the epidemic and make the economy return to more than 5% in the second quarter is the basis for achieving the annual target of 5.5%. Third, from the perspective of overseas disturbance factors, the strongest tightening expectation of the Federal Reserve is from May to June. It is almost certain to raise interest rates by 50bp in May. The market tends to set prices in advance. The actual rate increase range and frequency of the Federal Reserve in the second half of the year will probably be lower than the most extreme expectation at present.
The agency said that bargain hunting layout, structural optimistic about consumption, focusing on three segments. 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.
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
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