Key investment points
Market adjustment continued. The Shanghai Composite Index closed at 3521.26 points, a weekly increase of - 1.63%, with a turnover of 2240.722 billion yuan; The Shenzhen Component Index reached 14150.57 points, with a weekly increase of - 1.35% and a turnover of 3128.045 billion yuan; The SSE 50 index reached 3139.05 points, with a weekly increase of - 2.61% and a turnover of 371.627 billion yuan; The CSI 300 index reached 4726.73 points, a weekly increase of - 1.98%, with a turnover of 1455.26 billion yuan; The CSI 1000 index reached 7675.37 points, a weekly increase of - 0.10%, with a turnover of 1255.663 billion yuan; The gem composite index reached 3500.39 points, with a weekly increase of 1.21% and a turnover of 1231.577 billion yuan. Shanghai Stock Exchange 50 and other weights were significantly adjusted. The transaction amount remained above trillion, the mood of participants fell slightly, and the fund position rose. On the whole, the adjustment is still continuing, but it has slowed down significantly. The market value of small and medium-sized enterprises has stabilized, and the weight has become the main force for the downward trend of the index. The market transaction has also remained at the original level, the market shock pattern has not changed, the market returns below the shock range, the downward space is limited, and the contraction process of the United States is expected to accelerate. However, the expectation of China's interest rate cut will rise after full adjustment. Therefore, we should not be too pessimistic, but we need to wait for time. We still believe that the shock is coming to an end, The upward breakthrough is only a matter of time. We can still grasp the current trading opportunities, and the strategic layout is still a good time window.
Increased risk appetite. After the rapid adjustment of the market in the previous week, the market risk appetite rebounded significantly. In terms of the rise of individual stocks, biomedicine and other stocks rose better and expanded significantly compared with the previous period. The larger decline is the large increase stocks and risk stocks in the early stage. From the concept index, it is mainly covid-19 related concepts that lead the rise. The concepts at the forefront of the decline are mainly infrastructure related concepts. In terms of industry, pharmaceutical, biological, comprehensive, non-ferrous metals and other industries led the rise, while the performance of building materials, household appliances and other industries was relatively weak. Covid-19 epidemic has become a catalyst for the low-level biomedical sector. The infrastructure related with good performance in the previous week fell rapidly, and the game characteristics of the market are still. Before the market has no obvious direction, the stock funds are still rotating, and the high-low switching is also more frequent. Although the market risk appetite has improved, there is no sector with good sustainability, which also reflects the cautious mentality, but this is only a short-term market mentality. Consumption and technology are the long-term main line of the market. Once the market confidence is restored, the capital will still return to the long-term main line. Therefore, the adjustment provides a window for strategic allocation instead. At the same time, the adjustment of the new energy track leads to the re adjustment of rare earth and lithium resources in the upstream of the relevant industrial chain, which is contrary to the industry boom. Therefore, we can continue to pay attention to the repair opportunities after excessive emotion. From the perspective of safety, we pay attention to the industry repair opportunities of emotional overreaction. Of course, since the market is still unstable, it should not be too radical. It is more from the perspective of strategic allocation.
Handle transactions carefully. On the whole, the shock adjustment of the market has not broken the market pattern, and the market is still operating within the shock range. The short-term sector of the market rotates, the game characteristics of stock funds have not changed, and the trading volume is still maintained, so there is no need to be too pessimistic. At the same time, from the adjustment of various indexes, most of them also show signs of stabilization. The overall market valuation is not high, and the downward space is limited. We believe that the strategy is cautious but not pessimistic. From a strategic perspective, consumption and science and technology are still the main line, paying attention to the allocation opportunities brought by the main line opportunity adjustment.
