Confidence is back! On the last trading day of April, the feeling of bull market came back. A shares and Hong Kong stocks both rose on the hot search.
At noon, after the Political Bureau of the CPC Central Committee held a meeting, the funds ran into the field. Northward capital rose sharply, from a net outflow of 2.5 billion yuan in early trading to a net inflow of more than 4 billion yuan. A shares also rose in a straight line.
The Shanghai Composite Index closed up 2.41%, recovering 3000 points; The gem index rose 4.11%. The trading volume of the two cities is 0.97 trillion yuan, approaching 1 trillion yuan.
The heavyweight meeting boosted bull confidence. Among them, the Internet, real estate, brokerage and semiconductor sectors rose sharply in the afternoon, and the home appliance and automobile sectors also strengthened.
252 shares rose by the daily limit.
Internet sector straight up
rose more than 6.5%
The first boiling is the Internet section. In the afternoon, the Internet sector rose sharply, closing up 6.55%.
Among them, e-commerce concept stocks lifted the tide of daily limit. Aoki shares, Shanghai Kaytune Industrial Co.Ltd(301001) , Hangzhou Onechance Tech Corp(300792) , Beijing Zhidemai Technology Co.Ltd(300785) and other 20% limit rise, Shanghai Lily&Beauty Cosmetics Co.Ltd(605136) , Focus Technology Co.Ltd(002315) , Nanji E-Commerce Co.Ltd(002127) and other collective closure.
The software index also rose by more than 6.78%.
Hang Seng technology rose by more than 8.8%
jd.com, meituan.com and Alibaba rose more than 13%, and Tencent rose more than 10%
As of the draft, Hang Seng technology shares were still up by 8.8%.
Jingdong rose by more than 14%, meituan, Alibaba, B station and other giants rose by more than 13%, while Tencent rose by more than 10%.
"ningwang" rose nearly 6%
semiconductors, new energy, lithium ore surge
Contemporary Amperex Technology Co.Limited(300750) rose nearly 6%, and the share price returned to the 400 yuan mark to 409 yuan.
The semiconductor index rose more than 4.5%.
Among them, the lithium sector continued to be strong in the afternoon, with the index rising by more than 5.5%. The Youngy Co.Ltd(002192) Sanlian board returned to the top of 100 yuan, and Tianqi Lithium Corporation(002466) also rose by the limit.
The new energy vehicle sector rose 5%.
securities sector continues to rise
Chinalin Securities Co.Ltd(002945) daily limit
The brokerage index also continued to rise, with the index closing up 4.82%.
Chinalin Securities Co.Ltd(002945) limit, China stock market news rose by more than 8%, led by Gf Securities Co.Ltd(000776) , Xiangcai Co.Ltd(600095) , etc.
On April 29, Chinalin Securities Co.Ltd(002945) announced that the company signed technical and commercial cooperation agreements with Beijing volcanic Engine Technology Co., Ltd. and Zhejiang Juliang engine Network Technology Co., Ltd., with a cooperation amount of 500 million yuan. At the same time, Chinalin Securities Co.Ltd(002945) said that the company had recently started planning to acquire the equity of Hong Kong stellar securities and negotiated with the counterparty on relevant matters. So far, no letter of intent and other formal agreements have been signed, and the transaction is uncertain.
real estate recovery
home appliances soared
In the afternoon, the real estate sector rose sharply, Cccg Real Estate Corporation Limited(000736) , Shanghai Jinqiao Export Processing Zone Development Co.Ltd(600639) limit, the real estate sector returned to the intraday high, Seazen Holdings Co.Ltd(601155) , Greenland Holdings Corporation Limited(600606) followed the rise.
The household appliance sector made persistent efforts, with Midea Group Co.Ltd(000333) rising by more than 7%, and more than 10 shares including Joyoung Co.Ltd(002242) , Bear Electric Appliance Co.Ltd(002959) and Bear Electric Appliance Co.Ltd(002959) have risen by the limit.
The film and entertainment sector continued to rise, with Mango Excellent Media Co.Ltd(300413) rising by more than 13%, and Beijing Enlight Media Co.Ltd(300251) , Wanda Film Holding Co.Ltd(002739) , Guangzhou Jinyi Media Corporation(002905) strengthening one after another.
Kechuang 50 up nearly 5%
Beijing Kingsoft Office Software Inc(688111) soared nearly 20%
Kechuang 50 rose nearly 5%.
Beijing Kingsoft Office Software Inc(688111) soared by nearly 20%, Qi An Xin Technology Group Inc(688561) , Dbappsecurity Co.Ltd(688023) rose by more than 10% Semiconductor Manufacturing International Corporation(688981) , Advanced Micro-Fabrication Equipment Inc.China(688012) , Shenzhen Transsion Holdings Co.Ltd(688036) all rose by more than 5%.
latest interpretation of Organization
stock market periodic rebound window gradually opens
Hang Seng former harbor stock connect selected hybrid fund manager Xing Cheng: the attitude or shift of regulatory policies has greatly boosted market confidence
Today, Hong Kong stocks saw a strong rally in the afternoon, and platform economy Internet companies generally rebounded significantly, mainly due to the resonance between news and Valuation:
(1) the attitude or shift of regulatory policies has greatly boosted market confidence. Today's meeting of the Political Bureau of the CPC Central Committee stressed the need to promote the healthy development of the platform economy, implement normalized supervision, and introduce specific measures to support the standardized and healthy development of the platform economy. The high-level statement basically dispelled the market's concern about the uncertainty of economic supervision of Internet platforms. The strong supervision trend of Internet platforms for two years may turn, which greatly boosted the market capital's confidence in investment in the Internet industry.
(2) the supervision of zhonggai shares may be expected to improve. Since the high-level statement of the Financial Committee on March 16, the regulators of the two sides have maintained good communication and made positive progress, and are committed to forming a specific cooperation plan. Recently, the chairman of the CSRC also said that the CSRC is resolving the differences between the two sides in the audit and supervision of China concept shares, reducing the pessimistic expectation of the market for the delisting of China concept shares to a certain extent, and reducing the transmission of the stock price fluctuation of China concept shares to Hong Kong technology stocks.
(3) Internet technology stocks have investment value after the return of valuation. After a year of adjustment, the valuation of Internet technology companies has been fully digested. Taking the Hang Seng technology index as an example, it has fallen by more than 62% since its peak last year. At present, the index valuation is only 32.83 times, which is significantly lower than the historical average valuation level. With the change of policy orientation, the growth of relevant companies may continue to show, the profit expectation may improve, and the investment value will appear.
We believe that although the platform economy has some problems of non-standard development and inadequate supervision in the past rapid growth process, it is undeniable that the platform economy has played an important role in meeting people's consumption needs, absorbing employment, epidemic prevention and control, and helping to overcome poverty.
Platform economy has significant coverage and service long tail effect. In social networking, e-commerce, payment, short video and other fields, it is difficult to meet the needs of hundreds of millions of long tail customers only relying on traditional service industry. The emergence of platform economy not only makes long tail service possible, but also makes corresponding contributions to China's economic growth and promotes the improvement of production efficiency. In addition, the rapid development of platform economy also provides a large number of new employment opportunities, including operating e-commerce online stores, riders, logistics personnel and so on. Looking at these employment opportunities, they are generally characterized by flexible working hours, low entry threshold and large number of jobs, which not only provides an important supplement to China's labor market, but also contributes to improving China's employment rate.
Looking forward to the future, with the national high-level setting the theme of future platform economic supervision for many times and following the principle of healthy development, it is expected to alleviate the risk of over correction of regulatory policies previously worried by the market. On the other hand, while promoting the legal, compliance and healthy development of the industry, the consistency and stability of security policies are expected to help maintain the stable development of the capital market. At present, the policy is expected to underpin the platform economy. After a long period of adjustment, the valuation of some platform economy companies with core competitiveness and growth has been at the bottom, and the medium and long-term investment value is prominent.
Luo Shuixing, chief Macro Analyst of ChuangJin Hexin Fund: the three major goals of epidemic prevention, stabilizing the economy and ensuring safety remain unchanged, and the periodic rebound window of the stock market gradually opens
First of all, the decision-making level has made it clear that the current focus of work should focus on the three objectives of "preventing the epidemic, stabilizing the economy and ensuring development". This is the clear requirement of the Party Central Committee. These three objectives are firm and unshakable, which is the basic framework for us to understand the current and future policy layout.
The meeting made it clear that on the basis of ensuring the operation of urban core functions, we should adhere to dynamic clearing. Unswervingly adhere to the people first and life first, adhere to dynamic clearing, and effectively coordinate epidemic prevention and control and economic and social development to ensure the operation of urban core functions. The high infectivity of Omikron has brought great pressure to the epidemic prevention and control in the past period of time. However, by constantly summarizing the experience and lessons, an effective, rapid and accurate static management and prevention model has been gradually constructed, and the panic of epidemic prevention and control has been significantly improved.
Although challenges have increased, the determination to stabilize growth remains unshakable, and policy efforts should be strengthened. The pressure of epidemic prevention and control has increased and external challenges have increased. Recently, some people in the market are worried about the government's determination to stabilize growth. The Politburo meeting made it clear that we should strengthen macro-policy adjustment, strive to achieve the expected goal of economic and social development throughout the year, and reassured the market. In addition to accelerating the implementation of the existing policies, the decision-making level is still "stepping up the planning of incremental policy tools", and a series of policies are still issued in the follow-up. With the easing of the epidemic, enterprises will quickly return to work and catch up with work, residents' consumption will be gradually repaired, and the policy effect will be more substantive.
Stabilizing domestic demand, market players and people's livelihood are the core of steady growth. By giving full play to the key role of effective investment, we will comprehensively strengthen infrastructure construction and give play to the traction and driving role of consumption on the economic cycle. Recently, a large number of major projects have been approved, started and constructed. Local governments have also stimulated consumer demand by issuing consumption vouchers and consumption subsidies, so as to tap the potential of domestic demand under the background of the marginal slowdown of external demand. At the same time, we will implement a package of relief and assistance policies for industries, small, medium-sized and micro enterprises and individual industrial and commercial households seriously affected by the epidemic to stabilize the market players. We will strive to stabilize and expand employment, ensure supply and prices, organize the supply of important commodities for people's livelihood, and ensure and improve people's livelihood.
Under the general tone of no speculation in real estate, improve the autonomy and flexibility of local government real estate policies. Support local governments to implement policies based on the city, support rigid and improved housing demand, optimize the supervision of commercial housing pre-sale funds, and promote the steady and healthy development of the real estate market. The bottom line is to effectively control key risks and keep the bottom line of no systemic risks. At present, the real estate policies in most cities have been gradually relaxed, the expected improvement of the policies is obvious, and the prosperity level is still difficult to verify in the short term.
The policy platform for economic development has gradually ushered in a double bottom. It is clear to promote the healthy development of the platform economy, complete the special rectification of the platform economy, implement normalized supervision, and introduce specific measures to support the standardized and healthy development of the platform economy. This continues the policy statement of the financial commission on March 16, which is a double bottom policy of the whole platform economy, gradually changing from setting red lights to giving consideration to traffic lights. The development of platform economy should be in line with the national digital strategy. The recent meetings of the central comprehensive Deepening Reform Commission (Shenzhen Reform Commission) and the finance and Economic Commission also stressed the importance and urgency of digital strategy and digital infrastructure construction. Platform economy should play an important role in this.
Pay attention to the smooth operation of the capital market, and the short-term rebound window gradually opens. Timely respond to market concerns, steadily promote the reform of the stock issuance registration system, actively introduce long-term investors, and maintain the smooth operation of the capital market. Recently, the CSRC has just issued the opinions on accelerating the high-quality development of the public fund industry. China Clearing has reduced the charging standard of stock transaction transfer fee, and a lot of policies favorable to the equity market have been issued. With the easing of the pressure on the follow-up epidemic prevention and control, favorable policies, the guidance of the first quarter results and the landing support of the Federal Reserve's interest rate meeting in early May, the stock market is expected to usher in a phased rebound window in May. There may be some opportunities for both the steady growth sector and the oversold growth sector with performance support.
Hengyue Fund: the enthusiasm of the full text of the meeting exceeded expectations
Key concerns include:
First, it emphasizes that epidemic prevention should take into account the impact on the economy. It was mentioned that according to the new characteristics of virus variation and transmission, we should coordinate the epidemic prevention and control and economic and social development, adhere to dynamic zeroing, and minimize the impact of the epidemic on economic and social development.
Second, we should emphasize the unshakable economic objectives. The meeting mentioned "stabilizing the economy, striving to achieve the expected objectives of economic and social development throughout the year, and maintaining the economic operation within a reasonable range", "fully expanding China's demand and giving full play to the key role of effective investment" and "comprehensively strengthening infrastructure construction". These are expected to have a significant effect on guiding and stabilizing the market.
Third, there will be new policy tools to stabilize growth in the future. In addition to "accelerating the implementation of the determined policies... Making good use of various monetary policy tools", it also mentioned "stepping up the planning of incremental policy tools, increasing the intensity of contingent regulation, and grasping the advance and redundancy of policies under the guidance of objectives". With regard to "grasping the advance and redundancy of the policy under the goal orientation", we believe that if the "goal orientation" is a strong constraint and the existing policy is insufficient, the key word of this sentence is "advance" rather than "redundancy", which should be treated positively.
Fourth, the marginal of real estate should be relaxed again. Continue to mention "housing without speculation", but also mention "supporting all localities to improve real estate policies based on local conditions", supporting rigid and improved housing demand, and optimizing the supervision of commercial housing pre-sale funds, which is equivalent to the support for the loosening of local policies in the past. It is expected that more and more cities will follow up and relax in the future.
Fifth, the attitude towards the Internet platform economy is more positive. The expression of platform economy is to "promote the healthy development of platform economy, complete special rectification of platform economy, implement normalized supervision, and introduce specific measures to support the standardized development of platform economy".
Subsequently, with the improvement of the epidemic prevention and control situation in Shanghai and even the whole country, the acceleration of resumption of work and production, and the landing of the United States in May, A-Shares are expected to usher in phased opportunities under the guidance of the policy area pole. It is suggested to pay attention to the infrastructure, building materials, chemical industry, nonferrous metals, machinery and equipment sensitive to the macro economy, as well as the high growth sector with more early adjustment but strong certainty, and the consumer category whose fundamentals may reach the bottom and stabilize.
Finally, I wish you all a happy may day and continue to eat meat after the festival.
