The Shanghai Stock Exchange recovered at 3,200 points, and individual stocks in Shanghai and Shenzhen rose less and fell more, with a net inflow of 5.03 billion yuan of northbound funds against the market.

Affected by the bad news, the three major A-share stock indexes opened lower collectively on March 28. Under the smashing of heavy-holding stocks in lithium batteries, liquor and other institutions, the two markets expanded deeply. Amplitude bottom. The rise of financial and real estate stocks directly drove the Shanghai index to turn red in early trading, while the ChiNext index remained weak and fluctuated. In the afternoon, the two cities maintained a weak and volatile pattern, and the two cities were mixed by the close. To close on March 28, the Shanghai Composite Index It rose 0.07% to 3214.5 points; the Science and Technology 50 Index fell 1.46% to 1090.73 points; the Shenzhen Component Index fell 1.02% to 11949.94 points; the ChiNext Index fell 1.66% to 2594.13 points.

Wind statistics show that 1,795 companies in the two cities rose, 2,796 companies fell, and 153 companies were flat.

On March 28, the total turnover of Shanghai and Shenzhen stock exchanges was 870.4 billion yuan, a decrease of 47.9 billion yuan from 918.3 billion yuan in the previous trading day. Among them, the Shanghai market turnover was 374.5 billion yuan, a decrease of 15.3 billion yuan from the previous trading day’s 389.8 billion yuan, and the Shenzhen market turnover was 495.9 billion yuan.

A total of 68 stocks in Shanghai and Shenzhen stock markets rose by more than 9%, and 34 stocks fell by more than 9%.

The total net inflow of northbound funds on March 28 was 5.03 billion yuan. Among them, the net inflow of Shanghai Stock Connect was 2.866 billion yuan, and the net inflow of Shenzhen Stock Connect was 2.164 billion yuan.

Financial real estate rose, liquor adjusted in depth

In terms of sectors, banking and non-bank financial stocks surged in the morning, Xiamen Bank ( 601187) once reached the daily limit, China CITIC Bank (601998) and others rose more than 5%, and Guolian Securities (601456), Nanhua Futures (603093), and Qingnong Commercial Bank (002958) rose more than 3%.

Real estate stocks strengthened, Kaaba Development (600322), Sunshine City (000671), Yuehongyuan A (000573)), CCCC Real Estate (000736), Cinda Real Estate (600657), Yu Kaifa (000514) and more than 10 stocks daily limit.

Liquor stocks led the declines in the two cities. The leading Kweichow Moutai (600519) once fell by more than 5%, Wuliangye (000858) once fell by more than 4.2%, Shanxi Fenjiu (600809), Shede Wine (600702) and Luzhou Laojiao (000568) fell more than 5%.

The depth adjustment of the lithium ore sector, Yongxing Materials (002756), Jiangte Electric (002176), China Mining Resources (002738), Tianqi Lithium (002466), etc. Down more than 5%, Shengxin Lithium Energy (002240), Tianhua Chaojing (300390), etc. fell more than 3%.

Wait for a clear signal of market stabilization before actively adding positions

Guotai Junan believes that the index will continue to fluctuate and consolidate. In addition to the situation in Russia and Ukraine, the recent market attention has also come from foreign interest rate hikes. Overseas, the Federal Reserve is expected to expand the rate hike again, and many developed economies have entered the rate hike cycle before and after, and need to be alert to asset price fluctuations caused by the dislocation of monetary policy. Short-term eventual factors in the market have suppressed the broader market. While the valuation of the broader market is relatively cost-effective, the time point for the rise still needs to wait for the favorable drive after the eventual factors subside.

Therefore, Guotai Junan suggested to remain cautious and wait for a clear signal of market stabilization before actively adding positions. You can pay attention to the varieties with low valuation and strong profit certainty, and varieties with stable growth direction, such as infrastructure, real estate, building materials, etc., benefiting from the policy support, it is expected to gradually step out of trend opportunities. In terms of thematic investment, you can pay attention to the digital economy, East and West calculations, etc.

CICC believes that the short-term market may still be repeated, but the more targeted efforts of the “steady growth” policy may also gradually bring about an improvement in fundamental expectations , the stage similar to the sharp decline some time ago may have ended, and the market may still be in the bottom grinding stage in the short term. Combining with the recent market-adjusted valuation, it has gradually approached the level at the bottom of December 2018 and March 2020. From the medium-term perspective, market opportunities outweigh risks. In the future, if it cooperates with market transactions, it may further shrink to about 700 billion yuan and other transaction sentiments. Cooling indicators may be more helpful in judging the emergence of the market’s stage bottom.