The main indexes of A-Shares rose and fell: from January 10 to January 14, the main indexes of A-Shares rose and fell, of which the Shanghai Composite Index fell 1.63% to close at 3521.26 points, the Shenzhen Component Index fell 1.35%, the gem index rose 0.73%, the Shanghai and Shenzhen 300 fell 1.98% and the Kechuang 50 rose 0.52%. This week, most of the shenwanyi industries fell, including building materials, household appliances and building decoration, while medicine, biology, power equipment and non-ferrous metals increased significantly.
Market sentiment is cautious: the market heat this week dropped compared with last week. The average daily trading volume of the two cities during the week was 1075.185 billion yuan, a decrease of about 12.65% compared with last week. The turnover rates of the main broad stock indexes fluctuated downward compared with last week, investors were depressed and the trading was cautious. In terms of turnover by industry, affected by the rebound of China's epidemic situation, the pharmaceutical and biological sector significantly surpassed other industries at Shenwan level this week, ranking first in turnover for three consecutive weeks, with a turnover of 675.77 billion yuan that week.
Investment suggestion: since 2022, in the market where the liquidity of A-Shares is less than expected and there is no main line, the market sentiment has remained depressed. Combined with the recent sharp rise in US bond yield and the spread of epidemic in China, A-Shares have shown a downward trend. It is worth noting that, first, the series of policies of "steady growth" and "wide credit" are expected to continue to work, and the pessimistic expectation of the market on enterprise profits is expected to gradually ease. Recently, the pace of issuance of special bonds and the pace of examination and approval of infrastructure projects have accelerated, and the landscape of infrastructure industry chain continues to pick up; Second, the A-share liquidity environment is improving. On January 17, the people's Bank of China simultaneously lowered the MLF and reverse repo interest rates by 10 BP in anticipation of the Fed's interest rate hike, reflecting the idea that monetary policy is dominated by China. The policy focus remains the same in the direction of steady growth, cost reduction and structural adjustment. Further monetary easing will improve the liquidity environment of Panasonic A-share market, which may boost investor sentiment and benefit the undervalued financial sector. Third, the successive convening of the two sessions will strengthen the market's expectations for steady growth. At the same time, with the determination of policy ideas, the relevant industrial support policies are expected to provide the market with the main idea of allocation, and the industries supported by the policies deserve close tracking and attention. It is expected that there will be a round of rebound in short-term A shares. In terms of industry allocation: 1) in the near future, industry allocation opportunities with annual performance forecast exceeding expectations can be explored; 2) Under the favorable interest rate cut, continue to pay attention to the undervalued banks and securities companies; 3) The logic of "steady growth" remains unchanged. Under the goal of carbon neutrality, green infrastructure in the infrastructure field is expected to accelerate the expansion, and UHV, 5g and other fields also deserve continuous attention.
Risk factors: the epidemic situation is repeated, the macro-economy is less than expected, and the regulatory policy is tightened.
