Today (January 18), the opening of Shanghai and Shenzhen markets fluctuated, and the pattern of strong Shanghai and weak Shenzhen was obvious. With the large financial market pulling up, the Shanghai index rose, and then the Chinese prefix, resource stocks and other targets continued to exert force, boosting the performance of the Shanghai index again; However, a number of high-level stocks fell sharply, which dragged down the index. The gem fluctuated downward, with an intraday decline of more than 1%.
As of the close of Shanghai and Shenzhen stock markets all day, the Shanghai index rose 0.80% to 3569.91 points; The Shenzhen Component Index rose 0.19% to 14391.39 points; The gem index fell 0.82% to 3144.33.
From the disk point of view, the industry and concept sectors fell more or rose less, and the local profit-making effect is general. In terms of industry, aviation airport, coal, banking, electric power, wine making, insurance and other industries led the rise. In terms of subject stocks, network security, digital currency, pumped storage parts and other industries led the rise.
In terms of capital, the people’s Bank of China announced on January 18 that in order to maintain the reasonable and abundant liquidity of the banking system, the people’s Bank of China carried out RMB 100 billion reverse repurchase operation by means of interest rate bidding on January 18, 2022. Today, 10 billion yuan of reverse repurchase is due, so today, a net investment of 90 billion yuan in the open market is realized.
hot sector
Top 10 of industry sector increase
Top 10 of industry sector decrease
Top 10 of concept sector increase
Top 10 of concept sector decrease
individual stock monitoring
Top 10 net inflow of main force
Top 10 net outflow of main force
northbound funds
southbound fund
message plane
1. According to CCTV news, on the 18th, the State Information Office held a press conference to introduce the financial statistics of 2021. Liu Guoqiang, vice president of the people’s Bank of China, said that the total amount of money and credit will grow steadily in 2022. We will make comprehensive use of a variety of monetary policy tools to maintain reasonable and sufficient liquidity, enhance the stability of the growth of total credit, guide financial institutions to effectively expand credit, and maintain a basic match between the growth of money supply and social financing scale and economic growth.
2. According to chinanews.com, on the 18th, China Academy of information and communications released the analysis report on the operation of China’s mobile phone market in mid December 2021. The report shows that in 2021, the total shipments of China’s mobile phone market totaled 351 million, a year-on-year increase of 13.9%. Among them, the shipment of 5g mobile phones was 266 million, a year-on-year increase of 63.5%, accounting for 75.9% of the mobile phone shipment in the same period.
3. According to the news from the National Bureau of statistics on January 18, Dong Lihua, director of the trade and Foreign Economic Statistics Department of the National Bureau of statistics, said that in 2022, with the normalization of the epidemic, the prevention and control will be more accurate and effective, the residents’ income level and employment situation will continue to improve, the consumption promotion policies will gradually take effect, the consumption upgrading trend is expected to continue, and the scale of the consumer market will continue to expand.
4. According to the China Securities News, on January 18, Li Yunqing, director of the economic operation regulation Bureau of the national development and Reform Commission, said at the January press conference of the national development and Reform Commission that through comprehensive research and judgment, it is expected that the national power consumption and maximum power load will still grow rapidly in 2022. At the same time, we will coordinate economic and social development, clean and low-carbon transformation of energy, “carbon peak” and “carbon neutralization”, It puts forward higher requirements for power supply guarantee. The national development and Reform Commission will work with relevant parties to ensure power supply and provide strong support for the stable operation of economy and society.
institutional view
For the current market, Caixin Securities believes that the most dangerous period of the market has passed, and there is no basis for A-share market to go down sharply in the short term. However, as the Spring Festival is approaching, the market risk appetite is reduced and the willingness of capital transaction is low, it may be difficult for the index to regain the upward trend. It is expected that the A-share index will mainly fluctuate or slightly lower before the year. In February 2021, marked by the decline of institutional group stocks, the A-share market showed two characteristics of “sinking market value and style overflow”. After our current round of track stocks go down, it is expected that the internal differentiation of track stocks will accelerate, and the market style may further shift from mainstream track stocks to marginal track stocks.
YueKai Securities pointed out that the policy expectation will be the main driving force of the market before reiterating the restless period in spring and the effective stage of steady growth. At present, monetary easing has been gradually realized and the effect of credit easing has yet to be shown. Therefore, in the recent configuration, the main line is still steady growth and pay attention to the blue chip investment opportunities of the low-level infrastructure real estate chain, But at the same time, the market interpretation is not achieved overnight. We also need to be vigilant against the callback risk caused by over full expectation. In the medium and long term, at the stage of steady growth and remarkable effect, we should pay attention to the investment direction that is not expected to improve relative to profit growth.
Sealand Securities Co.Ltd(000750) as mentioned earlier, the market adjustment has basically ended, the core contradiction has been alleviated, and the agitation in spring has gradually started. There are two main reasons for the early adjustment of the market: one is the upward interest rate of overseas US bonds, and the other is the doubts about China’s steady growth and structural adjustment. Recently, the rapid upward trend of US bond interest rate has eased, and the transaction congestion in the pan new energy sector has eased. The interest rate cut has opened up the space for loose monetary policy. The resistance to raising valuation in the market in the first quarter is the smallest. The time node of restlessness in spring is the moment.
In addition, the overall valuation level of the market is not high, and some segments of growth have begun to have cost performance. In 2022, PEG dropped to less than 1, opening up room for rise for the subsequent spring agitation. From the follow-up interpretation, the core of market transactions before the Spring Festival lies in the change of liquidity. In addition, we need to pay attention to the formulation of growth objectives and the layout of key tasks and investment projects at the local two sessions, which will form some guidance for the national two sessions.
In terms of operation strategy, Huaan Securities Co.Ltd(600909) said that the higher than expected interest rate cut is expected to become the east wind of this round of turbulent market in spring, and grasp four investment main lines: first, the growth main line, the growth sector with high valuation flexibility will bear the brunt, benefit from loose liquidity, and the growth main line has higher cost performance after the early valuation correction, The third stage of growth style is expected to be fully interpreted under the restless market in spring.
Focus on three subdivided directions: ① green power, photovoltaic, energy storage, wind power, nuclear power, hydrogen energy, new energy and new energy vehicle chain related to “double carbon”; ② The middle and upper reaches of semiconductors and national defense industry in the boom direction; ③ Dilemma inversion superposition growth diffusion, such as computers.
Second, the main line of steady growth. After the interest rate reduction is implemented, the expectation of steady growth policy is more clear, focusing on two sub directions: ① power for infrastructure construction, such as power grid construction, power grid operation, transmission and distribution, UHV, etc; ② The traditional direction of capital construction, such as building materials.
Third, the wind vane of restless market, such as securities companies.
The fourth is the follow-up and layout of the consumer sector, mainly focusing on the price increase lines, such as food processing, dairy products, condiments, as well as pharmaceutical and biological products with valuation repair demands. The theme investment direction focuses on digital currency and the reform of state-owned enterprises.
