Looking back on Wednesday’s A-share market, the Shanghai and Shenzhen stock markets opened low, the stock indexes showed differentiation in the downturn, and the Shanghai index was more resistant to decline, while the Shenzhen Component Index and the gem index walked out of the pulse downward trend, especially the gem index fell more violently, rebounded in the late trading, and it was difficult to change the overall weak pattern.
As mentioned in Soochow Securities Co.Ltd(601555) , at present, the market is supported by about 3500 platforms in the early stage and enters the shock range, the overall market sentiment has not reached an agreement, the differences are still large, the rotation speed of hot sectors is fast, and the profit-making effect is general . In terms of operation, investors can keep a wait-and-see strategy, choose medium and low positions for trading in hot sectors, and increase their positions when the market effectively breaks away from the downward trend.
Technically, Dongguan Securities pointed out that the overall market fluctuated repeatedly on Wednesday, the Shanghai index hovered between the annual line and the semi annual line, and the volume of the two cities could fall slightly. considering the positive signal released by the central bank and the accelerated inflow of funds from the north, the market is expected to gradually stabilize and strengthen. Pay attention to the gains and losses of the annual line and the rotation of the sector . In terms of operation, it is recommended to pay attention to finance, steel, food and beverage, household appliances, building materials, building decoration and other industries.
In terms of the future market, Guosheng securities mentioned that under the policy expectation of stable growth, the market has limited room to fall. At the same time, it is concerned about whether the LPR quotation can be reduced synchronously with the MLF interest rate . At present, the market is still in a weak shock pattern in the bottom grinding state. Pay attention to the rhythm and should not chase up and kill down. It is recommended to pay attention to position control, pay attention to large infrastructure related to the main line of steady growth (construction, building materials and furniture), short-term active meta universe, digital economy, some pharmaceutical stocks, and individual stock opportunities expected in the annual report.
Central China Securities Co.Ltd(601375) said that the characteristics of the stock game are still the same, the hot spots are converted again, and the possibility of the stock index poised to fluctuate around the annual line is still high, it is suggested to pay attention to the changes in policy and capital . It is expected that the short-term fluctuation of the Shanghai index around the annual line is more likely, and the short-term consolidation of the gem is more likely. Investors are advised to be cautious about investment opportunities in engineering construction, power, Internet and household appliances in the short term, and continue to pay attention to the investment opportunities of undervalued blue chips in the middle line.
It is noteworthy that Huaxin Securities pointed out that the 10-year US bond interest rate is the discount rate index of the global capital market. After the continuous upward trend, there is valuation pressure on the global capital market, especially the growth style is more sensitive to the discount rate . After returning to the A-share market, the 5-year LPR probability decreased. Combined with the oversold situation of the market, pre holiday probability stabilized after digging the pit .
In addition, Everbright Securities Company Limited(601788) believes that the market is in the stage of consolidation and bottom building. Because it takes time to repair emotions and the adjustment of some sectors has not yet ended, it is inevitable that the index will differentiate in different positions . Popularity at the bottom stage will recover, but to return to the excited state, we need to wait for the landing of peripheral boots and the re cohesion of market consensus.
In terms of industry allocation, the agency further analyzed that in the case of significant differentiation of medicine, digital economy and metauniverse are still the subject speculation sectors with great sustainability in the near future. In the medium and long term, with the commencement of major projects and key projects in key provinces since January, it is expected to bring better capital construction increment in 2022, related construction machinery Cement, building materials, etc. can be paid due attention to .
Macroscopically, Shanxi Securities Co.Ltd(002500) believes that the current asset prices have partially fulfilled the loose expectations, the response of the A-share market to the implementation of subsequent loose policies is relatively “calm”, and the market “structural bull” trend remains unchanged . It is suggested to focus on the undervalued blue chip targets in the configuration, and focus on the digital economy sector with both valuation advantages and medium and long-term trend opportunities.
In terms of operational strategy, Huaxi Securities Co.Ltd(002926) mentioned that considering the current loose monetary policy in China and the overall reasonable valuation of a shares, incremental foreign capital is also expected to continue to flow into the A-share market. In terms of configuration, mainly focuses on “undervalued blue chip” : first, it is related to traditional infrastructure, such as banks and building materials; Second, the real estate and its upstream and downstream industrial chain benefiting from the marginal improvement of real estate policy. Focus on topics: digital economy, meta universe, traditional Chinese medicine, etc.
China International Capital Corporation Limited(601995) put forward configuration suggestions: 1) areas potentially supported by marginal change or force of policy, including industrial chains related to stable demand of infrastructure and real estate (construction, building materials, household appliances, home furnishings, real estate, etc.), potential areas of consumption support, securities companies , etc.
2) for the middle and lower reaches consumption that has been adjusted this year, the valuation is not high, and the medium and long-term prospects are still clear, choose stocks from the bottom up, including household appliances, light industry and household appliances, automobiles and parts, Internet and media, agriculture, forestry, animal husbandry and fishery, food and beverage, medicine, aviation and hotels .
3) the short-term share prices of the manufacturing growth sector with a large increase last year may be suppressed, including new energy vehicles, new energy and technology hardware semiconductors . The potential turnaround depends on the change of market style again. The potential time point may be at the end of the first quarter and the beginning of the second quarter.
