On January 21, the stock index fell by more than 1% due to weak intraday shocks; The Shenzhen Composite Index and the gem index both fell, down more than 1%; The turnover of the two cities has shrunk significantly, and the daily turnover is less than trillion yuan; The net inflow of northbound funds bucked the market, with a net purchase of nearly 9 billion yuan throughout the day.
As of the close, the Shanghai index fell 0.91% to 3522.57 points, the Shenzhen composite index fell 1.19% to 14029.55 points, and the gem index fell 1.02% to 3034.68 points; The total turnover of the two cities was 984.5 billion yuan, and the net purchase of northward funds was 8.758 billion yuan.
On the disk, coal, tourism, wine making, lithium mining and other sectors rose against the market, covid-19 drugs and covid-19 detection concepts fell sharply, Anxi biology, Zhejiang Orient Gene Biotech Co.Ltd(688298) , Xinxiang Tuoxin Pharmaceutical Co.Ltd(301089) , Andon Health Co.Ltd(002432) fell by the limit, Beijing Hotgen Biotech Co.Ltd(688068) , Hangzhou Biotest Biotech Co.Ltd(688767) , Frontier Biotechnologies Inc(688221) , Hybio Pharmaceutical Co.Ltd(300199) fell sharply; Agriculture, military industry, semiconductor, food and beverage and other sectors all weakened.
For the recent market trend, Guosheng Securities pointed out that since stepping back on the front-line support of 3520 on January 14, the Shanghai index stabilized and started a restorative rebound, and the trading sentiment was further repaired. However, the market sentiment differentiation was obvious, and it was difficult to choose the direction in the short term. On the whole, under the general stable tone of market liquidity, the short-term market may still be dominated by low absorption, so we can actively pay attention to the hot topics related to digital economy in the current market and look for individual stock opportunities. Operationally, with the end of 2021, the market may be able to open the industry valuation improvement expectations with clear lines of annual report performance, accumulate market opportunities after the festival, and be more cautious about the risks caused by market fluctuations before the year.
Minsheng Securities said that at present, the year-on-year growth rate of M2 – social finance has rebounded for 9 months (historically, the growth rate of social finance has stabilized and rebounded after 10-19 months), and the absolute value of the difference is close to the level in April 2020. According to the historical law, in the stage of social finance rebounding again, from the median rate of return, the value style will prevail in an all-round way. Of course, wide credit is not the whole problem, but the next marginal change in the market. We recognize that the rhythm is uncertain, but investors who need to stay in the market do not have a better choice. There is no difference between long inflation and long demand at present. Don’t hesitate, the prelude to the market switching from growth style to value is about to open. Recommended: nonferrous metals (copper, aluminum, gold), banking, coal, real estate, steel and electricity. In terms of style index, dividend and value style still need to be switched quickly. At the level of broad-based index, Shanghai Stock Exchange 50 and China Stock Exchange 500 are more dominant. In particular, the weight of small and medium-sized value style is the leading factor of CSI 500, and the profit contribution of the cycle is the reason for its “undervaluation”, in which investors need to select the right structure.
