On April 29, the stock indexes of the two cities rose strongly in the afternoon. As of press time, the Shanghai index rose nearly 2% to return above 3000 points, the Shenzhen Composite Index rose more than 3%, and the gem index rose more than 3.5% to recover 2300 points. According to the data, the net purchase of northbound funds exceeded 3.5 billion yuan. In terms of sectors, education, software, automobile, retail, medicine, brokerage, logistics, chemical industry, petroleum and other sectors rose sharply.
Western Securities Co.Ltd(002673) pointed out that with the improvement signal of China's epidemic situation and the stable market expectation of the central financial and Economic Commission, the pessimistic expectation of the market on the impact of China's economy and supply chain is expected to be repaired. At the same time, after the Federal Reserve raised interest rates in May, the disturbance to the market tends to converge. Superimposed on the decline of crude oil and other commodity prices, the inflationary pressure in the United States is also expected to gradually ease. After the rise and fall of US bond yields, the valuation pressure on the A-share market is also expected to ease.
At the market level, the current equity market is in a deep value range, and the valuation levels of major indexes have returned to historical lows. The difference between the implied yield of A-Shares and the yield of 10-year Treasury bonds hit a new high since the financial crisis in 2008. The current devaluation of the RMB exchange rate is more from the reflection of short-term factors such as the differentiation of monetary policies outside China and the impact of the epidemic. It does not mean a long-term trend, and there is no need to worry too much about its long-term impact on the market. On the other hand, exchange rate adjustment will also bring structural opportunities. The beneficiary industries include textile and clothing, household appliances, machinery and equipment in traditional industries; As well as electronics and communications in the growth sector.
Huaan Securities Co.Ltd(600909) said that the steady growth sector and growth sector are expected to return to the main line. Industry configuration suggestions focus on three main lines. Main line 1: stable growth chain. Before the policy level clearly gives the reduction of the economic growth target, there are still configuration opportunities for the stable growth chain. Even the meeting of the Political Bureau of the CPC Central Committee insists that the annual economic growth is a high probability event. Therefore, we can pay attention to the building materials, building decoration, steel, cement, real estate chain (after the current round of real estate adjustment, the leaders of state-owned enterprises and central enterprises still have the opportunity to improve the concentration) and banks. Main line 2: if the U.S. bond yield periodically peaks and then falls, the growth sector will usher in the opportunity of oversold rebound. Pay attention to power equipment, electronics, military industry and other industries. Main line 3: consumer goods must be selected. The transmission of PPI to CPI is accelerated. Under the situation of epidemic prevention and control, the reserve of consumer goods must be selected is increased. Attention is paid to food processing, meat products, dairy products, condiments, grain, oil, rice noodles, small household appliances and other subdivided fields.
