The sharp rise of U.S. stocks overnight prompted the Shanghai and Shenzhen stock markets to open higher today (May 18), and the stock index fell rapidly at the beginning of the session. At one time, there was a slight dive in the session. With the strength of subject stocks, the index also received a boost in the afternoon. Then it rebounded and continued to rise, and the tail index fell again.
As of the day's close of Shanghai and Shenzhen stock markets, the Shanghai index fell 0.25% to 308598 points; The Shenzhen composite index fell 0.2% to 1120808; The gem index fell 0.16% to 236538 points.
From the disk point of view, the light index focuses on individual stocks, led by growth stocks such as new energy and computer equipment. The rise and fall of industry and concept sectors are different, and the local profit-making effect still exists. In terms of industry, textile and clothing, transportation equipment, education, automobile, photovoltaic, commercial department stores, shipbuilding and other industries led the increase, while in terms of theme stocks, outdoor camping, rescue concept, lottery concept and aircraft carrier concept led the increase.
In terms of capital, the central bank announced on May 18 that in order to maintain the reasonable and abundant liquidity of the banking system, the people's Bank of China carried out RMB 10 billion reverse repurchase operation by means of interest rate bidding on May 18, 2022, and the bid winning interest rate was 2.10%. As 10 billion yuan of reverse repo expired today, the open market operation of the people's Bank of China realized zero delivery and zero return.
hot sector
Top 10 gainers in industry sector
Top 10 industry sector declines
Top 10 gainers in concept sector
Top 10 decline in concept sector
individual shares monitoring
Top 10 net inflow of main forces
Top 10 net outflow of main force
northbound funds center / center
southbound funds
message surface
1. According to the China Securities News, on May 18, Weng Jieming, member of the Party committee and deputy director of the SASAC of the State Council, said at the special promotion meeting on deepening the reform of state-owned holding listed companies and striving to be a three-year action model for the reform of state-owned enterprises that we should strengthen and refine the main business, realize the clear ownership of the sector, focus the main business and develop the real economy. We should continue to increase the injection of high-quality assets into listed companies. The group company shall systematically sort out the unlisted and listed resources, and gradually inject the existing unlisted high-quality assets into the listed company in a planned way in combination with the actual situation. If necessary, it can also be listed separately.
2. On May 17, the National Energy Administration released the statistical data of national power industry from January to April. By the end of April, China's installed power generation capacity was about 2.41 billion kw, a year-on-year increase of 7.9%. Among them, the installed capacity of wind power was about 340 million KW, a year-on-year increase of 17.7% Cecep Solar Energy Co.Ltd(000591) installed power generation capacity was about 320 million KW, an increase of 23.6% year-on-year.
3. According to the National Bureau of statistics, in April 2022, among the 70 large and medium-sized cities, the sales price of commercial housing decreased, the number of cities increased, and the sales price of commercial housing in the first, second and third tier cities showed an overall downward trend month on month and continued to decline year on year.
4. According to the news on the website of the Ministry of Finance on the 18th, from January to April 2022, China issued 1690.9 billion yuan of new bonds, including 289 billion yuan of general bonds and 1401.9 billion yuan of special bonds. China issued 417.9 billion yuan of refinancing bonds, including 168 billion yuan of general bonds and 249.9 billion yuan of special bonds. In total, 2108.8 billion yuan of local government bonds were issued nationwide, including 457 billion yuan of general bonds and 1651.8 billion yuan of special bonds.
institutional views
For the current market, Rongwei Securities believes that it takes time for A-Shares to bottom, but the resistance of periodic long is less than that of short. At present, the valuation of the A-share market has been at an all-time low, and the stocks of most sectors are Beijing Zhidemai Technology Co.Ltd(300785) in. Although the position level of some 10 billion yuan private equity funds is not high, they have high expectations for the future market. The index is expected to usher in an inflection point in the third quarter, when the position level of private equity funds will be greatly improved.
China International Capital Corporation Limited(601995) said that at present, the policy, valuation, capital, behavior and other indicators of the A-share market all show some characteristics of the bottom. The market already has the value of the middle line. In the future, we will focus on the fundamental repair under the background of the gradual implementation of China's steady growth policy. There is still some uncertainty in the short term of the market. The lower than expected social finance this week may partly reflect the characteristics of weak current demand. The "steady growth" will continue to face challenges such as real estate, epidemic and overseas environment. We suggest to continue to wait patiently for more positive catalytic factors.
In addition, how long can growth lead to growth? Huaxin Securities pointed out that the core contradiction of A-Shares in the first half of the year is external inflation and internal stagnation, and the value stocks are dominant in stages. Of course, there will be an oversold rebound in growth. There are three main supports for growth led growth: from the perspective of macro policies, the epidemic situation in Shanghai has improved significantly, and the high-end manufacturing industry in the Yangtze River Delta has resumed work and production in an orderly manner, boosting the improvement of growth expectations.
From the perspective of meso prosperity, the valuation of most growth industries is at a low level. After the announcement of the quarterly report of the annual report, the expectation of profit growth is increased, and PEG agrees to give growth rebound momentum. Tracking from the micro capital level, there is still a large space for leveraged funds to make up, the capital sentiment is in the early stage of rebound, and the growth rebound market will continue.
Gf Securities Co.Ltd(000776) mentioned that combing four investment clues for small cap growth. Clue 1: US bond interest rate benefits from phased downward (medicine / new infrastructure / new materials). Clue 2: repair of supply and demand structure after resumption of work and production (semiconductor / medicine / new energy vehicles). Clue 3: potential benefits from "steady growth" of new energy consumption chain / tariff expiration (photovoltaic module / Internet media). Clue 4: benefit from the periodic decline in the price of materials upstream of the emerging industrial chain (wind power / new energy vehicles).
In addition, Western Securities Co.Ltd(002673) said that with the recent overseas disturbance and the end of exchange rate concerns, the market will return to the main line of epidemic repair. For the market, the choice of style will be more important than the overall judgment of the market. From the perspective of structure, focus on four main lines: 1) with the gradual rise of inflation expectations, the CPI related agricultural and other essential consumer goods sector is still the main line of the year; 2) The industries related to offline economy such as express logistics, catering, tourism, airport aviation and media are expected to be repaired; 3) Textile and clothing, home appliances, light industry, electronics, communication, automobile, shipping and other industries that benefit from the depreciation of RMB exchange rate; 4) Traditional consumption sectors such as food and beverage, household appliances and medicine, which are less disturbed by the epidemic, are also expected to usher in a turnaround.
