To the close of March 26, the Shanghai Composite Index It rose 1.63% to 3,418.33 points; the Science and Technology 50 Index rose 3.03% to 1,26.66 points; the Shenzhen Component Index rose 2.6% to 13,769.68 points; the ChiNext Index rose 3.37% to 2745.4 points.
So far, last week the Shanghai Composite Index rose 0.4%, the Science and Technology 50 Index rose 2.06%, the Shenzhen Component Index rose 1.2%, and the ChiNext Index rose 2.77%.
On the disk, the industry sectors are all red, with electrical equipment and other sectors leading the way.
CITIC Securities said on the weekend that investors’ cautious sentiments have gradually increased after the holiday. The current pessimistic expectations have reached the peak, and the bottom of the market has been confirmed. Investor sentiment and behavior will increase in April. Tend to be calm, but it will take time for the market to form a new round of continuous rise. Fundamentals will replace liquidity as a breaking factor. Positive factors for China’s steady growth continue to accumulate. Expectations for strong overseas recovery are revised downwards. The allocation should continue to move towards the new main line. Transfer.
CITIC Securities believes that, from the perspective of configuration, before the average value of institutional stocks returns to the average value, it will continue to actively adjust positions and add four new main lines. One is this round. After the market adjustment, the growth sectors with higher cost performance, such as semiconductor equipment and military industry, etc., the second is the epidemic-affected sectors such as tourism hotels and aviation, and the third is the products that benefit from the recovery of overseas demand, such as auto parts and home appliances. The fourth is the quarterly report. Products that are expected to continue to be booming, such as nonferrous metals and chemicals.
Zheshang Securities also said that the current A-share market is an oversold rebound or a reverse? Tend to be an oversold rebound. The recent situation in China and the United States, the European epidemic, and liquidity tightening expectations have suppressed A-share risk appetite. The characteristics of the market stock game are obvious. In the future, the U.S. Treasury yield may rise at about 2%. The height is still restricted. The rise and fall of individual stocks in April has a strong correlation with the performance of the first quarter report. Investors will have higher requirements for matching valuation and performance. With the disclosure of performance, the main line of the market will be clearer; core assets will bottom out before the market. However, the trading chips are still relatively concentrated, and we still need to wait for the improvement of the market trading structure.
Guotai Junan Securities firmly believes that the rapid decline in the previous period will not repeat itself. It maintains a shock pattern judgment and structurallyThe configuration is the top priority.
Specifically, the current holding of the global raw material cycle is a defense with a relatively low valuation, and there is no profitable offense in the expected dimension. Look at long-term buy technology-based growth, look at short-term buy carbon neutral cycle. Recommendations: 1) Carbon peak and carbon neutral deployment theme: Iron and Steel (Baosteel Co., Ltd.)/New Energy (Ningde Times, Yiwei Lithium Energy); 2) Technology that is expected to fully adjust and return to fundamental growth: Electronics (Luxshare) Precision); 3) The phantom of inflation emerges, the demand and profit proliferation under the simultaneous recovery of residents and corporate sectors + weakened external credit dependence, enhanced endogenous cash flow creation ability + midstream costs can be passed on to the resonance direction: Machinery (Neway/Boshi Shares); 4) Finance for the restoration of the balance sheet: Bank (Bank of Jiangsu)/Insurance (China Pacific Insurance). At the same time, continue to recommend the scarce Internet Hong Kong stock market leaders.
China Securities Securities also maintains its judgment that the market decline will gradually slow down in April 2021, and maintains its neutral and flexible position unchanged. For investors, it is necessary to pay attention to the gradual matching process of profitability and valuation. Especially after April, changes in financial market interest rates and real economic interest rates may bring periodic rebound opportunities. Transactional investors can participate, but value Institutional investors still need to wait.
From the perspective of investment strategy, it puts forward the following suggestions: First, the core assets gradually enter the valuation profit matching range, and investors can open positions on the left or according to the investment period. Continue to wait and see; second, continue to hold the high-dividend sector since February, and hold high-speed rail operations, hotels, and attractions that benefited from the end of the epidemic; third, end PPI inflation transactions. Fourth, use the investment strategy of PEG<1 with caution.
For foreign exchange, the U.S. dollar fell 0.09% against the offshore renminbi to 6.5423 yuan; the U.S. dollar fell 0.09% against the onshore renminbi in overnight trading to 6.5418 yuan. The 10-year Treasury bond yield rose 4.28 basis points to 1.6760%.
According to the Bitcoin news website Coindesk, as of 8:00 on March 29, the price of Bitcoin was $55,787.89.
On March 29th, you should also pay attention to the following news:
1. To implement the Party Central Committee and the State Council’s proposal to promote the steady and healthy development of the real estate market To prevent the illegal flow of loans for business purposes into the real estate sector. The General Office of the China Banking and Insurance Regulatory Commission, housing and urbanThe General Office of the Ministry of Construction of the Township and the General Office of the People’s Bank of China jointly issued the “Notice on Preventing the Illegal Flow of Loans for Business Purposes into the Real Estate Sector” on the 26th.
The “Notice” focuses on strengthening borrower qualification verification, strengthening credit demand review, strengthening loan term management, strengthening loan collateral management, strengthening post-loan management, and strengthening banks In terms of internal management and other aspects, the banking financial institutions are urged to further strengthen prudent and compliance operations, and strictly prevent the illegal flow of loans for business purposes into the real estate sector. At the same time, it is required to further strengthen the management of intermediary agencies, establish a “blacklist” of violations, increase penalties and accountability and make regular disclosures.
2. The Central Bank, Development and Reform Commission and other departments publicly solicit opinions on the “Notice on Promoting the High-quality and Healthy Development of the Bond Market Credit Rating Industry (Draft for Comment).” Among them, it is proposed to strengthen the construction of the rating method system to improve the quality and distinction of ratings; for the large adjustment of ratings, the rating agencies are required to check and evaluate the rating method models; the rating agencies are encouraged to use big data, artificial intelligence and other technological means to improve risk identification ability. Encourage issuers to adopt multiple ratings, guide investors to expand the scope of application of paid ratings, and play the role of cross-validation of multiple ratings and different models of ratings. Strict supervision and management, and intensify punishment for violations. Jointly formulate unified business standards for rating agencies, strengthen regulatory coordination and information sharing, and prevent regulatory arbitrage; penalize institutions and personnel that violate regulations in accordance with relevant regulations.
3. On March 26, the CSI Small and Medium-sized Investor Service Center formally accepted the entrustment of 50 investors in the civil compensation case for false statements of listed companies, which was deeply involved in financial fraud Kangmei Pharmaceutical (ie ST Kangmei) bears the brunt and may face a large number of claims from investors. It is worth mentioning that the main claim objects are Kangmei Pharmaceutical and related shareholders and responsible persons such as Ma Xingtian and Xu Dongjin. However, the intermediary agencies such as Zhongzhong Zhujiang Certified Public Accountants, which received the highest fine of 57 million from the audit institution, were not included in the claim.
4. On March 26, the China Procuratorate issued the “Notice on Public Consultation on Revision of Prohibited Components in Cosmetics”, stating that in accordance with the requirements of national drug control management policies, It is proposed to list raw materials such as hemp seeds, hemp seed oil, hemp leaf extract and cannabidiol (CBD) as banned components of cosmetics, and the public is now seeking public opinions.
5. The accident that a large freighter ran aground caused the obstruction of the Suez Canal in Egypt, which has caused continuous global concern. As of March 27, the number of ships blocking the canal has reached 248. Foreign media analysis believes that due to the importance of the Suez Canal, the continued blockage will affect the overall production of various products such as toilet paper and coffee.Ball supply. It is understood that at least 20 of the stranded ships are cargo ships transporting livestock, most of which are from European countries. Previously, it was professionally predicted that the “butterfly effect” of the ship jam would affect the supply of industrial supplies and consumer products such as oil and natural gas on the global market.
6. This week (March 29 to April 2), 13 new shares will be purchased temporarily. Among them, Mustang Battery and Yingli Automobile are listed on the main board; Kemei Diagnostics, Lyle Technology, Hangzhou Kelin, Nuohe Zhiyuan, and New Scenery are listed on the Science and Technology Innovation Board; Hualv Biology, Common Pharmaceutical, Hengshuai shares, Xiaoming Shares, Green Precision, and Boya Precision are listed on the GEM.
7. U.S. stocks pulled up and closed up late last Friday, with the Dow and S&P 500 both hitting the highest closing record in history. Among them, the Dow rose 453.40 points, or 1.39%, to 33072.88 points; the Nasdaq rose 161.05 points, or 1.24%, to 13138.73 points; the S&P 500 index rose 65.02 points, or 1.66%, to 3,974.54 points.
In terms of popular Chinese concept stocks, iQiyi fell more than 13%, and Tencent Music fell more than 1%. The two fell 37.23% and 33.93% respectively this week. Some education stocks plummeted, GSX fell more than 40%, NetEase Youdao fell more than 13%, and New Oriental fell more than 11%. Knowing that the IPO broke on the first day, the largest intraday drop was close to 30%, and as of the close, it fell 10.53%.
After a weekend of foreign media reports, the target was directed at Bill Hwang, a Korean hedge fund manager, whose family investment fund Archegos Capital is accustomed to using high leverage. It is said Added three to four times the leverage. It has heavily stocked Viacom, Discovery, Baidu, Tencent Music and other related stocks. Viacom’s high-level issuance of new shares became the last straw to overwhelm the elephant. The plunge, coupled with high leverage, made this fund roam on the edge of margin call.
[Further reading] A major positive and negative announcement affecting listed companies on March 29
Whirlpool: Galanz offer price 5.23 yuan / share acquisition period is 3 From 31st to April 29th
CLP Motor: The actual controller of photovoltaic and wind power assets will be changed
DunAn Environment: The controlling shareholder intends to transfer 19.62% of the company’s shares through an agreement through the public solicitation of transferees.
Sinopec: Pre-profit of 16 billion to 18 billion yuan in the first quarter Year-on-year turnaround
Aonong Bio: planned to raise funds not to exceed 1.5 billion yuan
Tianrun Dairy: planned The increase in funds raised does not exceed 568 million yuan. The controlling shareholder participates in the subscription
Shanhe Intelligent: plans to invest 5 billion yuan to build an anode material and graphite ultra-high purification application project with an annual output of 100,000 tons
Global Printing: plans to invest 1 billion yuan to build a green packaging intelligent manufacturing industrial park project
Jingjizhi Agriculture: plans to invest in the construction of a 2 million pig breeding industry chain project
Dahua shares: plans to raise funds not to exceed 5.6 billion yuan to introduce strategic investment in China Mobile
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Aier Ophthalmology plans to raise funds no more than 3.65 billion yuan
Xingyuan Material: plans to sign no more than 3.34 billion yuan Yuan Li-ion Battery Separator Supply Contract
Shanghai Electric: plans to raise funds not to exceed 5 billion yuan
ST Busen: Termination of major asset restructuring matters
Hisco: Innovative drug HSK21542 injection phase III clinical trial program was approved by CDE
Great Wall Motor: Did not negotiate with Xiaomi on the use of the company’s factory to produce electric vehicles
*ST Songjiang: Creditors applied to the court for bankruptcy and reorganization of the company
Tembang International: intends to apply to the court for reorganization
Energy-saving Guozhen: Shareholder Yangtze River Environmental Protection Group and its concerted action People plan to reduce their holdings by no more than 5%