Today (January 25), the three major A-share indexes were overcast. After shaking and falling in the morning, they plunged continuously in the afternoon. Finally, the Shanghai index, Shenzhen Composite Index and gem index all fell by more than 2.5%. The gem index fell below the integer mark of 3000 points and ushered in a new low since this round of adjustment.
On the disk, the industry and concept sectors showed a general downward trend, with more than 4400 falling stocks. In terms of industries, gold, airport shipping and other industries rose against the trend, while cultural media, black household appliances, coal, games, traditional Chinese medicine, automobile services and other industries fell ahead. The theme of the whole line stalled, and cloud games, digital currencies, virtual digital people, ice and snow industry fell sharply.
In terms of capital, the people’s Bank of China announced on January 25 that in order to maintain stable liquidity before the Spring Festival, on January 25, 2022, the people’s Bank of China carried out 150 billion yuan 14 day reverse repurchase by means of interest rate bidding, and the bid winning interest rate was 2.25%. In view of the maturity of 100 billion yuan of reverse repo today, a net investment of 50 billion yuan per day.
hot sector
Top 10 gainers in industry sector
Top 10 industry sector declines
Top 10 gainers in concept sector
Top 10 decline in concept sector
individual stock monitoring
Top 10 net inflow of main forces
Top 10 net outflow of main force
northbound funds
southbound fund
message plane
1, according to surging news reports, in January 25th, from the global health drug research and development center, it was learned that its own research and development of New Coronavirus 3CL protease targeted preclinical candidate specific drug molecule GDI-4405 accelerated a number of clinical trial research and drug production, and is expected to enter clinical practice in the second half of 2022.
2. According to the securities times, Vice Minister of Finance Xu Hongcai said at the press conference of the State Information Office held on the 25th that new and more vigorous combined tax and fee reduction measures will be implemented in 2022 according to the needs of market subjects. We will strengthen the retention, deduction and refund of value-added tax, improve the policy of adding and deducting R & D expenses, promote investment in equipment upgrading and technological transformation of manufacturing enterprises, and promote industrial transformation and upgrading. Continue to implement the tax reduction and fee reduction measures to support small and micro enterprises and individual industrial and commercial households that expire at the end of 2021, so as to further alleviate the operating pressure of small and micro enterprises. The central government will continue to increase transfer payments to local governments, promote the sinking of financial resources to the grass-roots level of cities and counties, and avoid local discounts on tax cuts and fees due to lack of financial resources. We will resolutely crack down on tax evasion and tax fraud, and resolutely stop arbitrary collection of fees.
3. According to surging news, on the afternoon of January 25, China Telecom Corporation Limited(601728) announced the official commercial use of 5g news at the 5g news commercial press conference. Tang Ke, deputy general manager of China Telecom Corporation Limited(601728) , said that 5g message, as an upgrade of traditional SMS, can become an important basic service for operators on 2B and 2C.
4. According to the Beijing business daily, on January 25, the State Information Office held a press conference to introduce the business operation in 2021. Chen Chunjiang, director of the foreign investment management department of the Ministry of Commerce, introduced that this year, the catalogue of industries encouraging foreign investment will be revised and expanded to give full play to the effects of preferential policies such as land and taxation, and guide more foreign investment in advanced manufacturing, modern services, high and new technology, green and low-carbon, digital economy and other fields and the central and western regions.
institutional perspective
For the current market, Shanxi Securities Co.Ltd(002500) said that the performance of A-Shares today was very “dismal”. In addition to being still affected by the Chinese epidemic, the main reason for the sharp decline of A-Shares today may come from the fermentation of geopolitical crisis. The surge of external panic led to the surge of short power in the A-share market. Recently, the relationship between Russia and Ukraine has intensified and deteriorated, and the atmosphere of tension has become increasingly intense. Under the background that the Federal Reserve is about to raise interest rates, it has further pushed up the uncertainty and risks in the global financial market, which has led to a significant shock in the global stock market.
The agency further analyzed that the willingness to go to war in Europe is low, and the energy supply bottleneck is seriously restricting the repair of the European economy. Under this background, another conflict with Russia may exacerbate the energy shortage and further push up Europe’s inflation, so it is not “cost-effective”. The Russian side has a strong attitude towards safeguarding its homeland security, and the dispute with Ukraine may continue, but the probability of the full outbreak of the geopolitical crisis in the United States, Europe and Russia is small. The sentiment in the A-share market is also expected to be gradually restored, but we still emphasize that the risk of uncertainty still exists. It is recommended to pay attention to the statement made at the FOMC meeting of the Federal Reserve. At the same time, it is suggested to maintain the defensive play, reduce the position of growth stocks on the track, focus on the undervalued sectors such as compulsory consumption and defense and military industry, and wait for the opportunity to counterattack.
In addition, Boc International (China) Co.Ltd(601696) mentioned that recently, the downward momentum of funds and the spread of pessimism on the emotional side are the main reasons. China’s interest rate cut triggered differences in market style, leading to the diversion of funds. Historically, TMT technology and countercyclical infrastructure real estate have obvious excess returns. From the logic that monetary easing has high odds and financing costs are conducive to capital expenditure, science and technology will undoubtedly win in the medium and long term. The short-term pressure on the gem should be viewed positively. The stability of the defense stage of the value sector is conducive to reducing the risk of sharp fluctuations in a shares. The space and sustainability of the whole year’s perspective sector should not be expected too much.
Cinda Securities said that the tactical rebound will occur after the Spring Festival. In February, the centralized performance of the annual report and the first quarterly report has not yet come, and the worry about the performance of semiconductor, new energy and other tracks in 2022 will come to an end temporarily. At the same time, the period from the Spring Festival to march is the highest time for residents’ capital activity over the years.
The agency further pointed out that there will be a technical rebound in February, which may be the best stage in the first half of the year. First, in February, the centralized performance of the annual report and the first quarterly report has not yet come. From the progress of annual report disclosure over the years, the time is mostly concentrated in March to April. Investors are worried about the performance growth in 2022, which brings the adjustment of track stocks represented by semiconductors and new energy from December 2021 to January 2022. The adjustment caused by this worry does not need to look at the performance at the initial stage, but if the adjustment continues, it is necessary to determine whether there is a problem with the performance. There is no need to worry in February. So the time window in February is safe. Second, the capital pattern from the Spring Festival to march is often good. Although since the end of last year, many investors have been discussing spring agitation and cross year market, the agitation time with the highest real certainty in history is often only February.
