概要
[EightpicturesperdayoverviewAshares:underpolarization!Howshouldsmallandmedium-capstocksfallintoadilemma?】OrientSecuritiespointedoutthatatthisstagethedegreeofdifferentiationoflargeandsmallcapindexeshasreachedhistoricalextremelevelsEvenifgroupvarietiesarestillintrendthebalanceofvalueisgraduallyslidingtotheothersideInourviewmanysmallandmediumcapstockshavealreadyWiththedualadvantagesofvaluationandgrowththemid-to-long-termallocationvaluehasbeguntobecomeprominent;intheallocationdirectionitisrecommendedthatinvestorsdiluteshort-termdisturbancesandpreferlargefinancialproductswithhighermarginsofsafetyandhigherelasticpost-epidemicproducts
Today (February 5), the three major A-share stock indexes opened higher across the board, maintaining a turbulent consolidation pattern at the beginning of the market. After the afternoon, the stock index continued to oscillate and then gradually declined. Near the end, the market continued to fall, and finally each index closed green.
As of the close of the Shanghai and Shenzhen stock markets throughout the day,Shanghai IndexA slight decrease of 0.16%, to close at 3496.33 points;Shenzhen Component IndexFell by 0.65% to close at 15007.30 points;Growth Enterprise Market IndexIt fell 0.21% to close at 3193.71 points.
From the perspective of the disk, the stock index reversed in the early trading, but unfortunately the pull up strength and continuity were not strong. The industry and concept sectors were up and down, and the market sentiment was still cautious. Among the industry sectors,bank、Tourist Hotel、Civil Aviation AirportIn the concept sector, the medical beauty, rental and sale of the same rights and other sectors rose sharply.
Financially, the peoplebank5thannouncementSaid that in order to maintain stable liquidity before the Spring Festival, todayinterest rateThe bidding method carried out a 14-day reverse of 100 billion yuanRepurchaseoperating. The period is 14 days,Win the bidinterest rateIt is 2.35%.Given that 100 billion yuan of reverse repurchase expires today, the peoplebankAchieve zero release and zero return.
Hot section:
Top ten industry sector gainers (click the picture to see details)
Top ten industry sector decliners (click the picture to see details)
Top ten gainers in the concept sector (click the picture to see details)
Top ten decliners in the concept sector (click on the picture to see details)
Individual stock monitoring
Main forceNet inflowTop ten (click on the picture to see details)
Top ten main net outflows (click the picture to see details)
Northbound funds
Northbound funds (click on the picture to see details)
Southbound funds
Southbound funds (click on the picture to see details)
News side
1. According to the Securities Times website, Pi Liuyi, deputy director of the Market Department of the China Securities Regulatory Commission, stated on February 5 that he approved the merger of the main board of the Shenzhen Stock Exchange and the SME board.Pi Liuyi said that the arrangement for merging the main board and the small and medium board of the Shenzhen Stock Exchange is “two unified, four unchanged”, that is, unified business rules, unified operation and supervision mode, and maintains the same issuance and listing conditions and the investor threshold. The trading mechanism remains unchanged, securitiesCodeAnd the short term remains unchanged.The Securities Regulatory Commission will guide the Shenzhen Stock Exchange to integrate the system and rules of the main board and the small and mediumproduct, Index names, etc., and perform technical system adjustment tests to ensure the smooth implementation of reforms.
2. According to Xinhua Finance, the Securities Regulatory Commission responded to DeloitteaccountingAccording to the incident, the China Securities Regulatory Commission has carried out inspections of the reported matters and requested Deloitte to conduct self-inspection.
3. According to Securities Times, the Hang Seng Index is limitedthe companyAnnounced today that if the Shanghai Stock ExchangeScience and Technology Innovation BoardThe listed securities meet the candidate criteria of the relevant index, and the science and technology innovation board securities will be included in the selection of stocks related to A-shares, cross-market and interconnection related indexes. The changes will be implemented from the quarterly review of the index as of December 31, 2020, and the constituent stocks of the science and technology innovation board will be included in the relevant index from March 15, 2021.
4. According to the central bank’s website, recently,People’s Bank of ChinaPresident Yi Gang,Bank of ChinaInsuranceSigned by Guo Shuqing, Chairman of the Regulatory Commission, Yi Huiman, Chairman of the China Securities Regulatory Commission, Pan Gongsheng, Director of the State Administration of Foreign Exchange, Yu Weiwen, President of the Hong Kong Monetary Authority, Lei Tianliang, Chairman of the Hong Kong Securities and Futures Commission, and Chen Shouxin, Chairman of the Macau Monetary Authority “About the implementation of cross-borderFinancial management“Memorandum of Understanding on the Pilot Business”.
Institutional perspective
Regarding the current market situation, Bairuiying said that from today’s market rush and fall, it can be seen that the back pressure resistance near the 3550 and 6-day moving average above the index is still relatively strong. After all, the previous adjustment has caused a certain amount of backlog in the market. In the short-term, short-term shocks are needed to absorb the selling pressure. However, the current index is also in a relatively low shock range, with support from the next market. Therefore, the recent market risk is not large, but there is a need for repeated shocks and consolidation.
Huaxin Securities analyzed that under the background of the downturn in investor trading sentiment before the holiday, micro-liquidity was not sufficient, and the funds on the market would be held to the extreme. Since investor participation sentiment is not high before the holiday, the overall situation will be weak and volatile. With the end of the holiday, investors’ enthusiasm for trading will increase, which will once again boost the A-share market. It is worthy of active layout.
Guosheng Securities said that although there is a repair after the sharp drop, the chance of certainty may have to wait until after the holiday.In terms of operation, although the recent index adjustment efforts are not large, individual stocks have fallen into a downturn, especially withoutPerformanceMost of the supporting small and medium-cap stocks have fallen into a dilemma due to lack of capital attention. The polarization of the structural bull market has made many investors very passive.The institutional group market will only switch among the leaders of various industries, but will not collapse. Therefore, the early adjustment of technology, military industry andBrokerageThe sector is expected to get the attention of mainstream funds again.
Orient SecuritiesIt is pointed out that the degree of differentiation between the large and small cap indexes at this stage has reached the historical extreme level. Even if the grouped varieties are still in trend, the balance of value is gradually sliding to the other side. In our opinion, many small and medium cap stocks already have valuations. With the dual advantages of growth and growth, the value of mid-to-long-term allocation is beginning to highlight; in the allocation direction, investors are recommended to play down short-term disturbances and prefer large financial products with higher margins of safety and higher elasticity post-epidemic products.
In terms of operating strategy,Dongxing SecuritiesSaid that looking for a definite recovery trend amidst changes, the structural market continues, and the focus is on the sectors with upward economic growth. The fourth-quarter performance forecast shows that the industries that are booming include: pro-cyclical industries (machinery, basic chemicals and steel) that are highly related to recovery and electric new, pharmaceuticals and military industries, which have been expected before; in addition, due to the dislocation effect of the Spring Festival And the low base effect of the impact of the epidemic last year,food and drinkThe performance may improve significantly. Look for treasures that have not been fully explored, and focus on small and medium-sized companies with excellent performance and quality.
From the perspective of prosperity, economic recovery andindustryTwo dimensions of trend. First, the manufacturing industry has entered a new upswing cycle.Pay attention to construction machinery; second, the logic of transaction recovery has not changed, looking for external demandIndustry chain.Can followmade from metal, Nonferrous Metals, Rebar, Petroleum, etc.; Third, after the resumption of overseas work and production, inflation will rise, and the layout of the “early inflation” benefits. Including automobiles, medicine, etc.
(Article Source:Oriental wealthResearch center)
(Editor in charge: DF150)
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