The Shanghai stock index continued its weak rebound trend today, basically operating above yesterday’s closing point for the whole day, and finally closed up 0.2% to close at 3140.85.A total of 430.7 billion yuan was transacted in the two cities, with the rise and fall of the industry sector mixed. It is worth noting that the concept stocks of xiong’an new area rose again today, and the plate index rose by 4%.Eight stocks, including construction investment energy, Qinglong management, baobian electric, Xianhe environmental protection, Jiayu Co., Ltd., Jidong equipment, Jinghan Co., Ltd. and Jinyu Co., Ltd., rose by the limit.
For the future market trend, institutions have expressed their views.
Haitong Securities: how to survive the late spring cold
Xunyugen team of Haitong Securities pointed out:① the recent market correction is the late spring cold, and the trigger is the strengthening of supervision by the CBRC, resulting in fluctuations due to the tightening of funds.In the medium term, the central uplift of the shock market has not changed, the core is to improve profitability.② Looking back on history, it is normal for individual stocks to differentiate in a volatile market.Even in the early stage of a bull market, 30% of the stocks fell.The key to survive the cold spring is performance.Even if the policy overshoot causes more volatility, blue chip stocks also have relative returns.③ Strategic optimism and tactical stalemate.Tracking policy should be one belt, one road and another area in the short term.
Xunyugen pointed out that the short-term capital interference has appeared, and the late spring cold has appeared in the spring.Tactically, it has entered a stalemate period.It needs to survive the tight period of financial supervision, and track the policy progress.If the policy overshoot leads to a short-term sharp drop in the market, it is a good opportunity to increase positions.Otherwise, it is better to be quiet than to move, and waiting is a strategy.
Xunyugen also said that maintaining the allocation logic that has been emphasized in the early stage, a shares have entered the era of two-dimensional investment, consumption upgrading + theme cycle + value growth, and selected certain performance growth and policy themes.As for the market’s worry about the collapse of conglomeration, first of all, we judge that the strength of consumer stocks is not a simple conglomeration, but the result of consumption upgrading.Secondly, there is no new industry attracting capital inflow at present.近13年来消费分配比例的系统性下降是由于TMT的兴起。考虑到以前期基金为代表的机构消费配置确实有所改善，个股相对回报也明显，未来分化的可能性较大，有业绩支撑的龙头股可能表现较好。
Chen Yalong’s team of Northeast Securities pointed out that the process of downsizing and consolidation was smooth, the possibility of a large-scale general decline in the market was reduced, the market turned to wait for the completion of transaction and emotional adjustment, and the short-term plate rotation focused on medicine.Fundamentals are still stabilizing; the impact of financial regulatory factors on the market will “continue for a long time, but not very strong!”
In addition, Chen Yalong said that the results of the first round of the French general election revealed that the financial market has shown resilience since brexit, and the uncertainty of the game after the first round of the election has decreased.This week, we will focus on the initial PMI of various economies in April, the euro Japan interest rate meeting, and China’s quarterly economic policy setting.
In terms of investment strategy, Northeast Securities suggests to pay attention to the pharmaceutical sector.After the xiong’an upsurge, defensive food and beverage and household appliances have become new favorites in the market.From the perspective of transaction proportion, both industries broke the low proportion of the bull market at the end of April last year and entered a new shock range.At present, although they are in a slightly higher position, they are not as extreme as the previous building materials industry, which is more safe.In the early observation list, there is a large amount at the bottom of medical biology, which is worthy of attention.Media, communication and commercial trade are still in the process of bottoming out.
Huachuang Securities: knowing constant changes and keeping value
Wang Jun’s team of Huachuang Securities believes that the internal structure and industry differentiation of the market are extremely serious.The establishment of xiong’an new area has boosted the market risk preference, which is reflected in the rebound on the way down.The siphon effect of xiong’an concept makes the structural differentiation of a shares further intensified under the game of stock funds.Under the fierce fluctuation of market sentiment, the return risk ratio of the market gradually dissipates, and finally leads to the decline The market risk has been released intensively.