Overall, yesterday’s stocks fell more or less, and more than 3100 stocks fell. The turnover of Shanghai and Shenzhen stock markets was 119.59 billion, 76.2 billion more than that of the previous trading day. On the disk, data security, coal, airport shipping, banking, green power, underground pipe network and other sectors rose at the forefront. Covid-19 testing, medical devices, traditional Chinese medicine, prefabricated dishes and other sectors led the decline. As of yesterday’s close, the Shanghai index rose 0.8%, the Shenzhen Composite Index rose 0.19% and the gem index fell 0.82%. The net inflow of northbound funds throughout the day was RMB 2.335 billion, including a net inflow of RMB 4.295 billion from Shanghai Stock connect and a net outflow of RMB 1.96 billion from Shenzhen Stock connect.
The three major U.S. stock indexes closed lower, with the NASDAQ down 2.6%, the Dow down 1.51% and the S & P 500 down 1.84%. Most sectors such as banking stocks, chip stocks and steel stocks fell. Biontech fell more than 13%, Novavax pharmaceutical fell more than 11%, Moderna fell more than 8%, Goldman Sachs fell nearly 7%, and the performance in the fourth quarter of last year was lower than expected. Activision Blizzard soared by more than 25%. Microsoft will buy Activision Blizzard in full cash at $95 per share, with a total transaction value of $68.7 billion. Some Chinese concept stocks closed up, with shell up nearly 5%, futu holdings up nearly 4%, tiger securities up nearly 3% and pinduoduo up nearly 2%.
At today’s morning meeting of securities companies, Central China Securities Co.Ltd(601375) said that heavyweights performed in turn to boost the stock index to stabilize and rebound; In terms of sector opportunities, Guotai Junan Securities Co.Ltd(601211) proposed that the expected reversal is coming, and the dark time of coal has passed; Galaxy Securities believes that real estate fundamentals continue to bottom out, and the first quarter is the best configuration window period.
Central China Securities Co.Ltd(601375) : heavyweights performed in turn to boost the stock index to stabilize and rebound
On Tuesday, the A-share market rebounded from the bottom and rose slightly. In the morning, the stock index fell rapidly, the pharmaceutical, Internet and new energy sectors fell in turn, and the intraday hot spots changed again. With the rise of weighted stock indexes such as engineering construction, electric power, banking, wine making and real estate, the stock index stabilized and rebounded, and the Shanghai index has rebounded slightly for two consecutive days after breaking through the annual line. In the afternoon, the Shanghai index was blocked by the 60 day moving average, showing a sideways shock. Due to the frequent conversion of leading hot spots recently, poor profit-making effect and heavy wait-and-see mentality of OTC funds, the Shanghai index is more likely to fluctuate and consolidate around the annual line. It is suggested to pay attention to the changes of policies and funds.
Guotai Junan Securities Co.Ltd(601211) : it is expected that the reversal will come, and the coal dark time has passed
The resumption of the sharp decline in coal prices in late October 2021 is mainly divided into two stages: 1) after the national development and Reform Commission conducted multiple regulation and control on coal prices led by the price law, coal prices fell sharply and stabilized in early November. This decline mainly hit some traders who hoard goods and made coal prices return to the position that can reflect the fundamentals of supply and demand; 2) The decline started in mid December. Due to the accumulation of reserves in the peak season, the market expects that the supply of coal will exceed the demand after the off-season. This expectation appears under the common background of the record high coal output in a single month, the arrival of cold winter and the dual control of energy consumption.
Guotai Junan Securities Co.Ltd(601211) judge that the coal price at the end of December is the bottom of the coal market at the dark time.
After January, due to the superposition of the limited impact of Indonesia’s imported coal, the national development and Reform Commission required some power plants in northern provinces to replenish the storage, and the coal price rebounded. With the gradual clarity of the supply guarantee node after the Spring Festival, the coal market is expected to reverse. In addition, the general secretary proposed that “it is impossible to achieve carbon peak and carbon neutralization in one service”. The coal reduction process during the 14th Five Year Plan period will reduce the one size fits all phenomenon in combination with the actual national conditions. It is expected that the coal demand during the 14th five year plan will still be strong.
Galaxy Securities: real estate fundamentals continue to bottom out, and the first quarter is the best configuration window period
In the short term, the warmer policy promotes the valuation of the real estate industry. At present, it is in the combination of “bottom of fundamentals” + “bottom of policy”. The fundamentals are still on the way of accelerating the downward trend, the prosperity is the worst in history, and there is still room for policy game,
Galaxy Securities believes that the first quarter of this year is the best window period for configuration. in the medium and long term, under the expectation of increased concentration and stable profits, the “three good real estate enterprises” with excellent management, smooth financing and diversified development will enjoy a higher valuation premium.
