After falling back in the afternoon, the Shanghai Composite Index fell below 3,600 points.

The three major A-share stock indexes opened on December 6 with mixed changes. The Shanghai and Shenzhen stock markets are still showing a trend of differentiation between large and small indexes. Refers to a short-term red in early trading and then drops again. In the afternoon, due to the weakness of the theme stocks, the two markets fluctuated and fell, and the Shanghai Index fell to the 3600 mark.

To the close of December 6, the Shanghai Composite Index fell 0.5% to 3,589.31 points; the Science and Technology 50 Index fell 2.7% to 1,405.77 points; the Shenzhen Component Index fell 0.93%, reported 14752.96 points; ChiNext index fell 2.09%, reported 3405.93 points.

Wind statistics show that 950 companies in the two cities rose, 3,520 companies fell, and there were 79 companies in the flat market. On December 6, the two cities had a turnover of 123.6 billion This was an increase of 68.3 billion yuan from the 1,135.3 billion yuan on the previous trading day, and it exceeded 1 trillion yuan for the 32nd consecutive trading day. Among them, the Shanghai stock market turnover was 528.2 billion yuan, an increase of 34.6 billion yuan from the previous trading day’s 493.6 billion yuan, and the Shenzhen stock market turnover was 675.4 billion yuan.

A total of 54 stocks in Shanghai and Shenzhen stock markets have increased by more than 9%, and 25 stocks have fallen by more than 9%.

The total net inflow of northbound funds on December 6 was 395 million yuan. Among them, the net inflow of Shanghai Stock Connect was 2.123 billion yuan, and the net outflow of Shenzhen Stock Connect was 1.728 billion yuan.

Securities stocks failed to defend the market with all their strength

In terms of sectors, the stocks of brokerage stocks once soared sharply in the intraday market, leading the two markets, but they fell back in the afternoon, and Xingye Securities (601377) once had a daily limit, with CITIC Securities (600030), GF Securities (000776), Soochow Securities (601555), and Huatai Securities (601688) rising at the top.

The real estate sector has strengthened due to the good news. Jinan High-tech (600807), Guangyu Development (000537), China Communications Property (000736), New Huangpu (600638) and other daily limit , Investment surplus (001914) once daily limit.

Most of the theme stocks are weak, and the lithium battery and semiconductor industry chains have fallen. Dingsheng New Materials (603876) has a lower limit, Penghui Energy (300438), Huayou Cobalt ( 603799), Leon Micro (605358), Drylight Optoelectronics (300102), etc. fell more than 6%.

Agriculture, forestry, animal husbandry and fishery sector performed poorly, Jiawo Foods (300268) fell more than 10%, China Pet Stock (002891), Wanchen Biological (300972), Petty Shares (300673) and SDIC Zhonglu (600962) fell more than 4%.

Limited index callback space

Guotai Junan believes that the index callback space is limited. Today, the two cities have weakened again, mainly due to concerns about the overseas epidemic. The new energy sector, which has relatively high valuations, has experienced a larger decline overall, which has dragged down the performance of the ChiNext Index. There is no need to worry too much about the impact of overseas epidemics. On the one hand, domestic epidemic prevention and control are better. On the other hand, if the Omicron disease strain causes the epidemic to occur beyond expectations, it may drive many central banks to postpone interest rate hike guidelines and further strengthen easing expectations. The New Year’s Eve market is still worth looking forward to. The trend of the A-share market depends more on domestic policies and economic factors. Under steady growth, easing expectations will continue to intensify and will become an important driver of the new year’s market. The follow-up opportunities for supplementary gains in the financial sector are highlighted, and the index is also expected to continue to fluctuate upwards. There is no need to be too pessimistic about the market outlook.

Guotai Junan recommends taking advantage of the index correction to make a bargaining layout. The easing is expected to ease the valuation pressure of the high-prosperity sector to a certain extent. The certainty of the development of new energy next year is still strong. Lithium battery, photovoltaic, energy storage and other topics can still be deployed on dips; the lack of core background superimposes domestic substitution, and the semiconductor sector can also be appropriately paid attention. In addition, defensively, we can pay attention to the military industry and large consumption directions whose performance will usher in a turning point.

CICC believes that the market is facing relatively more internal and external worries in the near future. On the external side, the A-share index fluctuated upward in the context of external corrections. Based on the four major advantages of China’s better prevention and control of the epidemic, a better economic system, relatively favorable growth and policy cycles, and a more reasonable market valuation, the Chinese market may continue to perform better than overseas.