On the 25th, the three major stock indexes opened low and went low. They fell sharply during the session, with a decline of more than 2% in the afternoon; The Shanghai index fell 3500 points, the Shenzhen composite index fell 14000 points, and the gem index fell below 3000 points; The turnover between the two cities was about 930 billion yuan, which was enlarged compared with yesterday; The net sales of northbound funds exceeded 3.5 billion yuan.
As of the close, the Shanghai index fell 2.58% to 3433.06 points, the Shenzhen composite index fell 2.83% to 13683.89 points, and the gem index fell 2.67% to 2974.96 points; The total turnover of the two cities was 936.8 billion yuan, and the net sale of funds from the North was 3.574 billion yuan.
On the disk, the sectors of the two cities are almost green across the board, and the concepts of online games, digital currency, meta universe and cloud computing have fallen sharply. The decline of coal, electricity, food and beverage, wine making and medicine has exceeded 4%. Only the tourism, hotel and catering sectors have strengthened against the market. In terms of individual stocks, more than 100 stocks fell by more than 10%, and more than 250 stocks fell by more than 8%.
Citic Securities Company Limited(600030) recently said 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 pointed out that recently, market concerns have been continuously released. The valuation of A-Shares has fallen below the mean value - one standard deviation. The expectation of tightening global liquidity 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. It is relatively 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.
In the first quarter, the macroeconomic downturn and some track trading congestion were important factors restricting the upward market, but the abundant market liquidity and the relatively loose money credit cycle supported the market. In terms of industry, the recent risks of new energy related industries have been released; Some industries with poor early performance, such as big finance, have no significant signs of improvement in fundamentals, but their valuation is low and defensive. It is suggested to allocate them in a balanced manner: 1. Semiconductor, military industry, green power, individual consumer goods and other high prosperity segments can be configured for a long time. 2。 Electronics, home appliances, building materials, computers and other sectors with good performance during the spring market. 3。 Large finance, large infrastructure and other sectors with valuation and repair power and both attack and defense are allocated in a balanced manner.
