Affected by the fluctuation of peripheral markets and other factors, the volume of A-share market fell sharply.
Affected by the fluctuation of the overnight peripheral market, the A-share market continued to open lower in the morning of January 25. After the opening, the Shanghai and Shenzhen stock markets fell violently. The Shanghai index soon fell below the 3500 point mark, and the three major stock indexes fell more than 1% at the noon closing. In the afternoon, the two cities fell further, the three major stock indexes fell by more than 2%, and the gem index fell below the 3000 point mark for the first time since May last year.
By the closing on January 25, the Shanghai Composite Index fell 2.58% to 3433.06 points; The Kechuang 50 index fell 2.35% to 1277 points; The Shenzhen composite index fell 2.83% to 13683.89 points; The gem index fell 2.67% to 2974.96 points.
Wind statistics show that 266 in the two cities rose, 4399 fell and 27 were flat.
On January 25, the total turnover of Shanghai and Shenzhen stock markets was 936.8 billion yuan, an increase of 72.6 billion yuan compared with 864.2 billion yuan on the previous trading day. Among them, 383.7 billion yuan was traded in Shanghai, an increase of 25.7 billion yuan over 358 billion yuan in the previous trading day, and 553.1 billion yuan was traded in Shenzhen.
A total of 33 stocks in Shanghai and Shenzhen rose by more than 9%, and 161 stocks fell by more than 9%.
The total net outflow of northbound funds was 3.574 billion yuan on January 25. Among them, the net outflow of Shanghai Stock connect was 1.372 billion yuan and that of Shenzhen Stock connect was 2.202 billion yuan.
the air transport sector bucked the trend and rose
In terms of sectors, the air transport sector rose against the market, Juneyao Airlines Co.Ltd(603885) (603885), China Eastern Airlines Corporation Limited(600115) (600115), Air China Limited(601111) (601111) and other sectors rose by more than 2%.
The performance of the gold sector was eye-catching, Hunan Gold Corporation Limited(002155) (002155), Beijing Kingee Culture Development Co.Ltd(002721) (002721) rose by the limit, Western Region Gold Co.Ltd(601069) (601069) rose by more than 6%, and China National Gold Group Gold Jewellery Co.Ltd(600916) (600916), Chifeng Jilong Gold Mining Co.Ltd(600988) (600988), Shandong Gold Mining Co.Ltd(600547) (600547) rose by more than 1%.
The digital currency sector led the decline, Guangzhou Kingteller Technology Co.Ltd(002177) (002177), Chutian Dragon Co.Ltd(003040) (003040), Zjbc Information Technology Co.Ltd(000889) (000889) fell by the limit, Global Infotech Co.Ltd(300465) (300465), Xgd Inc(300130) (300130) fell by more than 7%.
Media stocks led the decline in the two markets. More than 10 stocks such as Tangel Culture Co.Ltd(300148) (300148), Rastar Group(300043) (300043), Guangdong Brandmax Marketing Co.Ltd(300805) (300805), Qitian Technology Group Co.Ltd(300061) (300061), Everyday Network Co.Ltd(300295) (300295), Inly Media Co.Ltd(603598) (603598) fell by more than 10%.
the “policy bottom” has been made clear, the “emotional bottom” is coming, and the “market bottom” is gradually approaching
Guotai Junan Securities Co.Ltd(601211) believes that overseas stock markets are still in a high wave stage and remain cautious in the short term. Affected by external news, overseas financial markets fell collectively. The A-share index also opened lower in the morning, and the Shanghai index lost 3500 points in the afternoon. At present, the market’s impact on the Fed’s expectation of raising interest rates and the continuous negative feedback of the overvalued industry, combined with the pre holiday effect and the tension in Russia and Ukraine, makes it difficult for the market to digest various adverse factors in the short term under the current market trading volume. The Fed will hold an interest rate meeting on Wednesday and Thursday. The market generally expects that the interest rate will remain unchanged at this interest rate meeting, but whether it will accelerate the pace of tightening has become the biggest concern of the market.
Guotai Junan Securities Co.Ltd(601211) said that the current index point does not need to be too pessimistic. The Fed has been expected to tighten monetary policy in the market, and the pace of China is not consistent with that of overseas countries. The State Council meeting proposed to strengthen cross cycle regulation and strengthen the implementation of macro policies. The central bank said it would open the monetary policy toolbox wider. More stable growth policies are expected to be introduced in the future, and the signal of “policy bottom” in the market is obvious. In addition, the valuation of heavyweight sectors such as finance and real estate is at a low level, and the decline space of the index is relatively limited. It is expected to gradually find out the “market bottom” in the follow-up.
Operationally Guotai Junan Securities Co.Ltd(601211) it is recommended to control the position and wait for the index to stabilize. In the short term, the overseas stock market is still in the stage of high volatility. In addition, as the Spring Festival holiday is approaching, the market sentiment before the festival will be generally cautious, and it is still necessary to avoid catching up in operation. We can pay appropriate attention to the low and undervalued blue chip sector. Subsequently, under the condition of gradual warming of stable growth expectation, infrastructure, real estate and large finance with low value are expected to be favored by market funds. In addition, due attention can be paid to the low-level dilemma reversal industries with full correction in recent two years, including power, pork, aviation, etc.
Citic Securities Company Limited(600030) recently, it is believed that the “policy bottom” has been made clear, the “emotional bottom” is coming, and the “market bottom” is gradually approaching. It is suggested to continue to focus on the “two low” layout of blue chips to meet the starting point of the market in the first half of the year. First of all, the data show that the time point of the greatest downward pressure on the economy has passed, but the dependence on policies is still strong. The local “two sessions” show that there is an obvious trend of stabilizing the economy with investment, and after the monetary force is stronger than expected, the policies of other ministries and local governments are forming a joint force, and the “policy bottom” has been clear. Secondly, the emotional catharsis caused by the collapse of high-level groups is coming to an end. The short-term adjustment of the market deviates from both the trend of monetary easing and the fundamental trend of policy support. The differentiation of internal and external capital behavior is also evidence that the “emotional bottom” is coming. Finally, with the continuous improvement of the consensus on the main line of stable growth and the end of emotional catharsis, it is expected that market funds will resume inflow, and the “market bottom” is gradually approaching. It is suggested to stick to the main line of “stable growth” and continue to layout high-quality blue chips around the “two low positions” to meet the starting point of the market in the first half of the year.
Galaxy Securities believes that the market worries have been continuously released recently, the A-share valuation has fallen below the mean value – one standard deviation, and the expectation of global liquidity tightening is superimposed. Although the recent sharp decline of the NASDAQ has had a certain impact on the A-share market, the overseas market risk has mainly affected the investor sentiment of the A-share market, which is short-term, and the recent northward capital inflow is rapid, In fact, it does not have much impact on the overall liquidity of a shares. At present, the expectation of interest rate increase has gradually responded, and the valuation of A-Shares has also fallen to a lower position. In the future, the spring market driven by steady growth may gradually open after the investor sentiment stabilizes and some track risks are gradually released.
