On July 26, the three major A-share stock indexes opened lower and then moved lower. The Shanghai stock index rebounded after falling below the 3,500-point mark. However, the overall market sentiment was not good. The two markets continued to fall. Shanghai and Shenzhen fell 2.5% in early trading. The ChiNext Index fell more than 3.4% at one time. At the close of noon, the Shanghai Composite Index fell 2.18% , Reported 3473.13 points; Science and Technology 50 Index fell 2.48% to 1524.76 points; Shenzhen Component Index fell 2.5% to 14653.32 points; ChiNext Index fell 2.82% to 3372.04 points.

Wind statistics show that 983 of the two cities rose, 3301 fell, and 96 were flat.

The turnover of the two cities was 872.6 billion yuan, and the total net outflow of northbound funds was 6.455 billion yuan. A total of 54 stocks rose by more than 9%, and 54 stocks fell by more than 9%.

Liquor stocks continue to tumble

In terms of the sector, the momentum of liquor stocks’ tumble has not diminished. The leader Kweichow Moutai (600519) fell 5.24%. It continued to hit a new low during the year, with the lowest falling to 1,800 yuan per share; Wuliangye (000858) fell 8.05%. In addition, Shuijingfang (600779), Shede Winery (600702), etc. dropped their limits, Jiuguijiu (000799), Shanxi Fenjiu (600809), Gujing Gongjiu (000596), and Jinshiyuan (603369) fell more than 8%.

Medical aesthetics continued to make in-depth adjustments, Huaxi Bio (688363), Amec (300896), Betteni (300957), Aier Ophthalmology (300015), Lang Zi shares (002612) and other shares may fall by more than 10%.

The UHV sector saw a sharp pull near the close of the afternoon market. Yongfu (300712), China Xidian (601179), Tongguang Cable (300265), The daily limit of Pinggao Electric (600312) may rise by more than 10%.

The military industry sector bucked the trend and became popular. Shanghai Hanxun (300762), Great Wall Military Industry (601606), etc. rose by more than 10%, and Guanglian Airlines (300900) rose more than 9%, China Shipbuilding Defense (600685), Beimo Hi-Tech (002985), etc. rose more than 6%.

Some consumer and pharmaceutical industries have the left-side layout value

CITIC Securities said that market liquidity has begun to tighten, and it is expected that the extreme differentiation of the sector will end early. However, the overall market correction risk is very low, and the macro-fundamental support structure is rebalanced in a stable and positive way. The growth sector is rotated from a high position to a low position. Some consumer and pharmaceutical industries have the left-side layout value. First of all, the recent increase in capital inflows in the market has slowed down, and the positions of active investors on the market are rapidly approaching the high point at the beginning of the year. The stock funds are adjusted panic, and the effect of subsequent adjustments tends to weaken. Allocation-oriented foreign capital continues to flow out of the new energy sector for the first time this year. Consumer sector. Second, the macro-level liquidity is still loose, and the market impact of the collapse of the group is weaker than in the first quarter. In the second half of the year, the macroeconomic driving force and bright spots still exist. The fundamentals support the rebalancing of the market structure. The negative expectations of traditional core assets have been fully reflected, and the rebalancing process There is room for valuation repair in China. At the allocation level, the “high cut to low” will become the main feature in the process of structural rebalancing, and some of the booming consumer and pharmaceutical industries currently have the value of left allocation.

CICC pointed out that, looking forward to the market outlook, although high structural valuations may increase volatility and lead to internal differentiation in growth styles, the policy is stable while loosening and liquidity Relative abundance may temporarily increase the market’s tolerance for valuation. It is still recommended to light index, heavy structure, and partial growth. At the same time, some cyclical segments are supported by supply-side logic, and the market may show the characteristics of “growth-oriented, taking into account cycles”. In the context of lower interest rates, it is recommended to pay attention to REITs and stable high-dividend stocks. 1) Highly prosperous, competitive or growing industrial chains in China: electric vehicle industrial chains, photovoltaics, technological hardware and software, electronic semiconductors, and some manufacturing capital goods, etc. The valuation is getting higher and the short-term volatility is increasing, but it may still be positive in the medium term; 2) Pan-consumer industry: In the pan-consumption industry, including daily necessities, light industrial home furnishings, hotel and tourism, home appliances, automobiles and parts, medicine and medical equipment, etc. Select stocks from the bottom up; 3) Gradually reduce the cycle allocation but pay attention to some cycles with favorable structure or structural growth characteristics: non-ferrous metals such as lithium, chemical industry and financial leaders benefiting from the development trend of wealth and asset management. Some stable high-dividend assets or individual stocks are also worthy of attention.