The overnight sharp drop in U.S. stocks affected the mood of the A-share market on the 19th. The stock indexes of Shanghai and Shenzhen closed green, especially the gem index fell by more than 2%. The new energy industry chain suffered another market setback, with lithium mines, power batteries and other sectors leading the decline, while online games, cement and other sectors rose against the trend. Industry analysts believe that in the early stage of steady growth, the frequent introduction of policies stimulated the upward market sentiment, but the concern about the downward profitability led to the capital’s concern about the valuation pressure, so the market is prone to repeated, and the market is still dominated by structural opportunities.
overvalued track stocks welcome adjustment again
All three major U.S. stock indexes closed down overnight, with the Dow down 1.51%, the S & P 500 down 1.84% and the NASDAQ down 2.6%. US Treasury yields rose sharply, putting pressure on high-growth technology stocks. Goldman Sachs fell more than 7% and JPMorgan Chase fell more than 4%, leading the Dow. Technology stocks fell sharply, with apple down nearly 2%, Microsoft down more than 2% and Facebook down more than 4%.
Affected by this, on the 19th, A-Shares were under pressure, the sentiment of track stocks “collapsed” again, and a number of overvalued stocks such as new energy continued to “go south”. Lithium mine, salt lake lithium extraction and other indexes fell by more than 4%. Yongxing Special Materials Technology Co.Ltd(002756) fell by the limit, Tianqi Lithium Corporation(002466) fell by 5.9%, Byd Company Limited(002594) , Ganfeng Lithium Co.Ltd(002460) fell by 4.9%, Contemporary Amperex Technology Co.Limited(300750) fell by 2.86%, Eve Energy Co.Ltd(300014) fell by 7.8%, and fell by more than 30% within two months. The big white horse Changchun High And New Technology Industries (Group) Inc(000661) fell by the limit on the 19th, putting pressure on the vaccine sector. Rare earth, military industry, large aircraft, energy storage, pharmaceutical and other sectors fell one after another, of which Wuxi Apptec Co.Ltd(603259) fell 4.9%.
Microsoft recently launched the largest acquisition of overweight universe in game history and announced that it would buy Activision Blizzard, a publisher of game development and interactive entertainment content, for $68.7 billion in cash. Affected by this news, Activision Blizzard rose nearly 26%, and the A-share online game sector rose on the 19th, Sichuan Xun You Network Technology Co.Ltd(300467) , Rastar Group(300043) and other daily limits. In addition, the cement sector and digital economy concept stocks were active again, Anhui Conch Cement Company Limited(600585) rose about 7%, and Beijing Vastdata Technology Co.Ltd(603138) and Inspur Software Co.Ltd(600756) were all connected to the board.
Overall, on the 19th, more than 2300 stocks in the two cities rose and more than 2100 stocks fell, with a general profit-making effect. The Shanghai Composite Index fell 0.33%, the Shenzhen composite index fell 1.28%, the gem index fell 2.17%, and the Kechuang 50 fell 1.36%. Northbound funds bought a net 3.821 billion yuan throughout the day, for four consecutive trading days. The market turnover was 1.06 trillion yuan, breaking trillion yuan for the 14th consecutive trading day.
continue to grasp the two main lines of steady growth
\u3000\u3000 “On Wednesday, the index was adjusted again. The growth enterprise market index showed a mid Yin line adjustment under the influence of the sharp rise in the yield of US bonds, and there were many adjustments in the corresponding growth direction. Driven by the stable growth of the infrastructure industry chain, the Shanghai index fell less. The overall stock effect of the market was slightly better than that of the index, and individual stocks were almost half up and half down, still showing a structural market. From the perspective of capital, the sharp outflow of domestic capital was the same The market divergence is still obvious when the funds from the North rush to raise against the trend. ” Yuezhifang, Yuanda investment consultant, analyzed the A-share market on the 19th.
Yue Zhifang believes that the current market is still at the bottom stage, and we still need to wait patiently for stabilization in the later stage. In the early stage of steady growth, policies were frequently issued to stimulate the upward market sentiment. However, concerns about the downward profitability led to capital worries about valuation pressure, so the market is prone to repetition, which is an inevitable phenomenon. Therefore, at present, it is recommended that we continue to do a good job in position control, do not chase up and increase positions, and continue to pay close attention to the two lines of steady growth, investment and consumption. The new and old infrastructure on the investment side will perform alternately, and the overall consumption is weak, so we still need to stimulate the further development of consumption policies.
Recently, the new energy vehicle sector continues to adjust. How will the follow-up market interpret? Northeast Securities Co.Ltd(000686) the analysis of the special report on strategy points out that at present, new energy vehicles are at the end of the efficiency penetration stage, and the subsequent growth shift or lose the market. In 2020, the breakthrough of battery technology will promote the new energy vehicle industry to enter the stage of efficiency enhancement and penetration. The industrial trend characteristics are similar to those of the first stage of smart phones, both of which are brought about by technological innovation. At present, the mainstream models have reached the requirements of replacing fuel vehicles with a range of 600 km, and the marginal utility brought by efficiency has been significantly reduced. At the end of the growth penetration stage, they are faced with a high probability of growth shift in the follow-up. During this period, they are likely to lose the market, but the logic of long penetration is not over, The next round of excess return stage is whether the industry can smoothly transition from the growth shift to the price sinking stage. It mainly focuses on the cost reduction trend of power battery technology iteration and whether the sales of medium and low-end models have a growth advantage over the sales of high-end models.
