This article comes from WeChat public account: interface news (ID: wowjiemian) , author: Ma sweet

“It may open lower when tomorrow opens, but the market may find a bottom area to stabilize later.” Some analysts predict.

On the first trading day of the Year of the Rat, A shares suffered a big drop, and smart funds made a big dip. What signal is behind this? What will happen to the stock market tomorrow?

Opening on February 3, the three major indexes opened significantly lower collectively, maintaining low volatility throughout the day. As of the close of the afternoon, the Shanghai Composite Index closed at 2746.61 points, a drop of 7.72%; the Shenzhen Stock Exchange Index closed at 979.67 points, a drop of 8.45%; The index closed at 1795.77 points, a drop of 6.85%.

The Shanghai and Shenzhen stock exchanges totaled more than 500 billion yuan in total. The industry sector fell across the board. The agricultural, securities, and real estate sectors saw the largest declines.

However, despite the sharp adjustment of A-shares, the inflow of northbound funds has reached 18.191 billion yuan, setting a single-day inflow record.

”Before the holiday, northbound funds flowed out sharply. After the holiday, the Chinese A-share market experienced a sharp opening after a sudden epidemic event. For foreign capital, it is a good opportunity for a dip, so there will be Large-scale buy-backs. “Kang Chongli, deputy director of the Yuekai Securities Research Institute, said in an interview with Interface News.

The strategy team of Huatai Securities believes that the three logics of foreign investment (risk preference, cost performance, relative fundamentals) began to switch.

The team pointed out that the Shanghai index fell 8.5% today, the AH premium jumped from 136 to 124, and the “price-performance ratio” logic opened in the A-shares oversold market.Northbound capital inflow has exceeded 10 billion yuan and continues to inflow. Midea Group, Conch Cement, which has a relatively high foreign shareholding, took the lead in opening up, which also reflects that foreign capital is the main inflow of funds into the current market.

Analog at the end of 2018, the A-shares dominated by trade friction sentiment continued to fall, the AH premium dropped to about 115, and northbound funds began to buy continuously and led a strong rebound. The logic of northbound inflows at the current stage and the height similar.

Huaxia Fund believes that from the perspectives of A-shares’ own valuation, market liquidity, the impact of the epidemic on the real economy, historical experience, and regulatory policy protection, the epidemic will impact the short-term market of A-shares, but the downside is limited A high probability will not change the direction of the market. Therefore, investors don’t have to panic too much. If there is a panic drop in the market in the short term, it will be a good time for the layout.

In terms of market liquidity, Huaxia Fund pointed out that the allocation of resident funds, institutional funds, and overseas funds to A shares is a long-term trend, and incremental funds entering the market will bring living water to A shares. At present, the valuation of A-shares still has advantages in the global market, and the allocation value is prominent. The level of foreign shareholding is still relatively low compared to other markets. The allocation ratio of foreign-invested shares to A-shares is expected to further increase.

Zheng Ri, deputy general manager of the China-Thailand Asset Management Equity Investment Department, also said that from a long-term perspective, this round of the epidemic only affected half a year or even the first quarter’s performance. If there is an irrational decline in the market, it is an opportunity to arrange high-quality assets or excellent products. Investors are advised to actively seize it.

“From an investment perspective, we should take advantage of the fluctuating opportunities brought by emotions, rather than being controlled by emotions. The current epidemic does exceed everyone’s expectations. There is some pressure after the market opens, but long-term investments such as QFII Those who continue to enter will rationally treat the epidemic, and the space for decline may not be too deep, and the duration may not be too long. “She pointed out.

Kang Chongli believes that the market direction for tomorrow can still be more optimistic.

“Today, the A-shares have fallen sharply, and the market sentiment has been vented. It may open lower when tomorrow opens, but the market may then find a bottom area to stabilize. Normally, some stocks have To some eventual interference, there will be three consecutive daily limits, but we don’t think it should happen this time. “He told an interface reporter.

Kang Chongli pointed out that the current positive factors in the market are mainly in the structurally more profitable sectors, such as medical services, medical health, biomedicine, and online education and online entertainment. Follow-up will focus on the macroeconomic data in the first quarter toAnd the upcoming two sessions.

Huatai Securities said that it still maintains four points of configuration in the short term: 1) the selection of strong varieties such as pharmaceuticals and electric vehicle industry chains during the pre-holiday epidemic escalation period and market decline; 2) the short-term impact of the general mood and the decline, The most logical logic technology manufacturing in the medium term; 3) Preferred upstream and midstream equipment and component manufacturers with overseas production capacity and in the supply chain of major overseas customers; 4) Short-term attention to online education / online shopping / games / quick freezing that may directly benefit from the epidemic And FMCG food.

Shangtou Morgan suggested that the configuration adopt a “two-pronged approach”. On the one hand, it is the layout of low-value value leaders, including leading companies in industries with low valuation and stable growth in finance, real estate and traditional cycle manufacturing; on the other hand, it is a “big innovation” in the direction of technological growth, including new energy , 5G and artificial intelligence-led technology growth stocks, such as electronic communications, artificial intelligence, blockchain, big data, cloud computing and other directions.

This article comes from WeChat public account: interface news (ID: wowjiemian) , author: Ma sweet