Double financing balance
As of April 27, the balance of the two financial institutions on the Shanghai Stock Exchange reported 829.5 billion yuan, a decrease of 4.412 billion yuan compared with the previous trading day; The two financial balances of Shenzhen Stock Exchange reported 703127 billion yuan, a decrease of 4.387 billion yuan compared with the previous trading day; The two cities totaled 1532627 billion yuan, a decrease of 8.798 billion yuan over the previous trading day.
Latest views
On Wednesday, the Shanghai and Shenzhen stock indexes were eager to try in the morning, and the Bulls launched a fierce attack in the afternoon. The lithium sector refueled at high altitude, and popular tracks such as semiconductors and photovoltaic swarmed up. The Contemporary Amperex Technology Co.Limited(300750) volume recorded an increase of 8%, and the gem index recorded the largest one-day increase since March 17, 2016. As of the close, the Shanghai stock index rose 2.49%, the Shenzhen Component Index rose 4.37%, the gem index rose 5.52%, the Shanghai and Shenzhen 300 rose 2.94%, the Shanghai Stock Exchange 50 rose 2.00%, and the China Stock Exchange 500 rose 3.88%. The number of gainers in the two cities was 3977, higher than the average of 1767 last week and 750 in the previous trading day. The number of daily limit was 142, higher than the average value of 71 last week and 45 on the previous trading day. The number of decliners in the two cities was 726, lower than the average value of 2897 last week and 3965 in the previous trading day. The number of drop limits was 84, higher than the average value of 75 last week and lower than 299 in the previous trading day. The net inflow of northbound funds was 4.359 billion yuan, with an average of 111 million yuan last week and 1.543 billion yuan on the previous trading day. The turnover of the two cities was 917962 billion yuan, with an average value of 797746 billion yuan last week, compared with 838944 billion yuan the previous trading day. The sharp rebound of A-Shares has driven the market enthusiasm to some extent. However, at present, the rebound momentum is mainly due to the depletion of selling. Therefore, investors still need to be cautious before the festival. Due to the delay of the economic bottom caused by epidemic factors, we believe that the effective rebound of A shares will also be postponed to mid May, waiting for the marginal improvement signal from China’s economic fundamentals data, With the impact of the epidemic in China gradually coming to an end, after the resumption of work and production, high-frequency indicators will once again confirm the resilience of China’s economy, and the A-share market is expected to usher in a real rebound.
Topic tracking
Focus today: photovoltaic equipment, lithium battery, engineering construction
1. Theme of photovoltaic equipment: Recently, according to the data of the General Administration of customs, the export volume of photovoltaic modules in the first quarter of 2022 was 41.3gw, with a year-on-year increase of 109%. According to the data released by the national energy administration, as of the end of March, the installed capacity of power generation in China was about 2.4 billion kw, a year-on-year increase of 7.8%. Among them, the installed capacity of wind power was about 340 million KW, a year-on-year increase of 17.4%; The installed capacity of photovoltaic power generation was about 320 million KW, with a year-on-year increase of 22.9%. Meanwhile, in the first quarter of 2022, the newly installed capacity of photovoltaic was 13.2gw, with a year-on-year increase of 788%. As of April 15, 29 photovoltaic listed companies have released their annual reports for 2021, and 22 have achieved profits, accounting for 75.86%. Suggested attention: Risen Energy Co.Ltd(300118) ( Risen Energy Co.Ltd(300118) ), Jolywood (Suzhou) Sunwatt Co.Ltd(300393) ( Jolywood (Suzhou) Sunwatt Co.Ltd(300393) )
2. Lithium battery theme: according to SNE research, a market research company, in the first two months of this year, global power battery shipments totaled 53.5gwh, an increase of more than 100% over the previous year. In the first quarter of this year, the cumulative production and sales of Shanxi Guoxin Energy Corporation Limited(600617) vehicles were 1293000 and 1257000 respectively, an increase of 1.4 times year-on-year. The market penetration of new energy vehicles has reached 19.3%. In March 2022, the output of power batteries increased significantly, and lithium iron phosphate increased significantly. In terms of production, the output of ternary battery was 1556820 MWh, a year-on-year increase of 167.27%, and the output of lithium iron phosphate battery was 2358170 MWh, a year-on-year increase of 332.88%. Key concerns: Eve Energy Co.Ltd(300014) ( Eve Energy Co.Ltd(300014) ), Shenzhen Senior Technology Material Co.Ltd(300568) ( Shenzhen Senior Technology Material Co.Ltd(300568) )
3. Project construction theme: on April 18, the Bureau of statistics released the investment data for the first quarter of 2022. The growth rates of fixed investment / narrow infrastructure investment / broad infrastructure investment were 9.3%, 8.5% and 10.48% respectively. The growth rate of infrastructure investment continued to increase, and the stable growth policy in the early stage showed initial results. On the same day, the people’s Bank of China and the State Administration of foreign exchange issued the notice on improving financial services for epidemic prevention and control and economic and social development, which aims to meet and ensure the reasonable investment and financing needs of financing platform companies and support local infrastructure construction. As of mid April, the national development and Reform Commission approved a total investment of 520 billion yuan in fixed investment projects during the year, which has reached 67% of last year’s investment. 20 provinces and cities plan to complete key projects this year, with an increase of about 8%. Suggested attention: Shenzhen Water Planning & Design Institute Co.Ltd(301038) ( Shenzhen Water Planning & Design Institute Co.Ltd(301038) ), Zhejiang Construction Investment Group Co.Ltd(002761) ( Zhejiang Construction Investment Group Co.Ltd(002761) )
Risk tips
The epidemic has not been effectively controlled, the macro economy has unexpectedly declined, the liquidity crunch has intensified, and the industrial policies are lower than expected.
