Viewpoint: according to PMI data for two consecutive months, the economy has rebounded, but on the whole, it is still anti pumping, and the downward pressure is still large. However, the data recovery may boost the market in the short term. In addition, with the support of relatively stable fundamentals and liquidity, the market as a whole has maintained a good foundation. After the central bank cut the reserve requirement and LPR in the fourth quarter of last year, the central bank cut the MFL and reverse repo interest rate in the beginning of the year, the monetary easing cycle gradually opened, and the market as a whole was still boosted under the expectation of abundant liquidity. in the short term, the monetary policy was released again, and the overall support and boost of the market remained. At the time of consolidation, a new configuration window was opened again.
Today, both Shanghai and Shenzhen stock markets opened higher. After the opening, the financial sector once pulled up and led the index upward, and then the Chinese prefix, semiconductor and other sectors once made efforts to continue to boost the performance of the index. However, since then, many high-level stocks have fallen sharply, which has dragged down the index, and the gem once fell by more than 1% in the downward shock. Overall, the performance of the Shanghai index was eye-catching, while under the suppression of the gem, the Shenzhen Composite Index turned green in the afternoon. On the disk, the building decoration sector led the rise, with coal, banks and real estate leading the rise, while the media led the decline, while textile and clothing, medicine and biology, social services and so on fell.
After yesterday’s overall rebound, today’s market ushered in greater differentiation. Among them, the performance of blue chips was eye-catching, while high-level theme stocks fell sharply. For example, the intraday limit of Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) , China National Chemical Engineering Co.Ltd(601117) , China Communications Construction Company Limited(601800) and China Railway Group Limited(601390) , China State Construction Engineering Corporation Limited(601668) , Metallurgical Corporation Of China Ltd(601618) , China Railway Construction Corporation Limited(601186) increased by more than 5%. Obviously, these Chinese prefix targets carry the banner of upward index. On the news front, the Information Office of the State Council will hold a press conference at 3 p.m. tomorrow. Peng Huagang, secretary general and spokesman of the state owned assets supervision and Administration Commission of the State Council, introduced the economic operation of central enterprises in 2021 and answered reporters’ questions. The afternoon limit of “demon king” Andon Health Co.Ltd(002432) 14 times directly led to the decline of high-level stocks, and the sharp decline of pharmaceutical stocks also directly dragged down the decline of gem.
Obviously, the market style has been gradually changing since December last year. At least so far, it is good for undervalued blue chips as a whole. Among them, both financial stocks led by banks and infrastructure sectors represented by Chinese characters actually outperform the Shanghai index as a whole. The growth sector is relatively inferior. The logic behind this is, on the one hand, the expectation and boost of infrastructure and other sectors under the background of steady growth; On the other hand, with the opening of the monetary easing cycle, the valuation of the undervalued sector increased and the expectation of make-up rise.
In addition, as the central bank lowered the MLF and reverse repo interest rate yesterday, the substantial interest rate fell, and in fact, the expectation of loose liquidity increased again, which directly supported and boosted the stock market. With the release of last year’s good economic report card, it has actually brought new confidence and support to the market.
Therefore, the economic stage bottomed out and monetary policy also ushered in a loose signal. Under the support and boost of the market, the logic of the overall improvement has not changed. The stock market is a barometer of money. The monetary easing policy has been started, and the release signal is also obvious. Therefore, there is no need to worry about liquidity in at least the first quarter, which will also support and boost the spring market to a certain extent. Although the adjustment since the beginning of the year has slightly exceeded expectations, it is still a good allocation opportunity under the positive trend in the medium term.
