Closed on April 13, the Shanghai Composite Index reported 2783.05 points, down 13.58 points, down 0.49%, and the turnover was 184.12 billion yuan; the Shenzhen Stock Exchange Index reached 10223.16 points, down 75.25 points, down 0.73%, and the turnover was 314.915 billion yuan. The total turnover of the two cities was 499.035 billion yuan; the GEM index reported 1923.08 points, down 26.8 points, down 1.37%, and the turnover was 108.061 billion yuan.

In terms of the market, the industry sector has fallen more and more, with construction materials and other sectors leading the way, and the agriculture, forestry, animal husbandry and fishery sectors are sluggish.

CICC said that in its report in late March, it had judged that the A-share market may already be in the bottom area; from the current trend of representative indexes , Our view on this judgment has not changed: the Shanghai Composite Index has experienced three complete rounds of monthly level ups and downs since 1996, and its current position is at the bottom of the three monthly line levels in the history of the index Connected to the trend line, this means that from the perspective of medium- and long-term investment, the Shanghai Composite Index may already have a high allocation value; the GEM Index, the CSI 500 Index, the CSI 1000 Index, etc. are still forming mid-term trend lines since the end of 2018 Above, and has been continuously supported at this position, so far there have been no signs of breaking.

The long-term trend line reflects the long-term upward trend of fundamentals when pessimistic sentiment compresses valuations. Usually, short-term sentiment, mid-term performance, etc. are disturbed, or not too Will change the fundamental long-term trend.

In the short term, CICC believes that from the perspective of the trend structure, the daily level callback of the A-share market starting in early March has not seen the left signal: only from From the perspective of historical law, the probability that the daily level callback will end only after a short walk at the sublevel is not high. The index usually shows a second bottoming trend. What needs to be paid attention to is the strength of the trend when bottoming again. If the downward momentum and the first touch Compared with the obvious weakening at the end, it may mean that the descending line is nearing the end.

Overall, CICC believes that the market may consolidate demand in the short-term, and the bottom of the medium-term may be consolidated in the mid-term.

Haitong Securities said that it will continue to maintain the current judgment of the wide-ranging shock market in operation, and believes that it is overly optimistic or pessimistic under the double expectation of the impact of the epidemic and domestic policy support. The emotions are not correct. Domestic stock assets are still attractive, so investors should continue to grasp the operating rhythm of high-sell and low-absorption, and low-absorption in the short-term market exploration process, but not to catch up after a continuous rebound. Consumption and infrastructureThe main means of hedging domestic economic downturn pressure is also expected to become the main line of the market in the second quarter, especially the market will have the hype driving force for the recovery of consumption before the May 1st long holiday. It is recommended to continue to pay attention. Investors lacking short-term operating conditions can continue to adhere to the fixed investment thinking on the left.

Caixin Securities said that at this stage, the main contradiction of A-shares is that earnings expectations are facing downward revision, and short-term external demand is facing a big impact. In the face of this uncertainty, the domestic policy level has entered a strong stimulus, monetary policy continues to relax, and fiscal policies continue to increase. With the basic control of the domestic epidemic situation, there are opportunities to make up for consumption. Online consumption, home consumption, food and beverage related industries are worthy of attention. Some high-quality consumer goods companies that have been killed by mistake also have the opportunity to supplement the increase.


On April 14, you should also pay attention to the following news:

1. The General Office of the Ministry of Commerce released on the 13th about innovative exhibition service model cultivation exhibition Notice on work related to new kinetic energy for industry development. The notice proposes to promote the innovation of the exhibition format, actively guide, mobilize and support enterprises to hold online exhibitions, make full use of modern information technology means such as 5G, VR / AR, big data, etc. Cloud signing. Encourage all regions to actively introduce special support policies for the exhibition industry, give play to the role of local financial funds and relevant industry guidance funds, and support the exhibition industry’s recovery as soon as possible.

2. Gimhae, director of the General Operations Department of the General Administration of Customs, said on 13th that from April 1 to April 12, the country ’s customs inspected and released major epidemic prevention measures. The value of controlled materials was 16.56 billion yuan. This not only shows the important role of Chinese-made medical supplies in the global fight against the epidemic, but also reflects the responsibility of China as a responsible big country.

3. According to the official website of the State Post Bureau on April 13, in the first quarter, the postal industry business income (excluding postal savings bank direct operating income) totaled 219.22 billion yuan, A year-on-year increase of 0.8%; total business volume totaled 347.59 billion yuan, a year-on-year increase of 7.5%. In March, the business revenue of the entire industry was 90.61 billion yuan, an increase of 13.4% year-on-year; the total business volume was 155.43 billion yuan, an increase of 23.8% year-on-year.

4. I learned from the Ministry of Ecology and Environment that the Ministry of Ecology and Environment recently sent letters to the leaders of the central ecological environment protection inspectors in various provinces (autonomous regions and municipalities) in the name of the Central Office of Ecological Environment Protection The Office of the Group requires that, under the premise of good epidemic prevention and control, actively promote the construction and production of major ecological and environmental infrastructure