A week of performance against the impact of the epidemic, highlighting market confidence

A week of performance against the impact of the epidemic, highlighting market confidence
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Original title: A week of performance to withstand the impact of the epidemic, highlighting market confidence Source: Shanghai Securities News, the last trading day of the week, experienced a 3-day surge in the broader market into consolidation.During the session, the GEM index once fell more than 1.5%, the semiconductor sector strengthened in the afternoon, driving the three major stock indexes to turn red in the end.  Looking back at the performance of A shares this week, it is remarkable.After the sharp decline in the first trading day of the Year of the Rat, all major indexes continued to rebound.At the close on Friday, the GEM index increased by 4 throughout the week.57%, both recovering 无锡夜网 lost ground and setting a new high; the Shenzhen Stock Exchange Index fell slightly.66%; Shanghai Composite Index closed down 3 weeks.38%.  Including northbound funds, insurance funds, public funds, brokerage asset management, and various funds within the bank’s wealth management subsidiary collectively increase positions, which is a strong support for the strength of A shares in the past week.Behind the entry of various funds into the market is long-term confidence in China’s economic fundamentals.  Market performance is strong On Monday, the three major A-share indexes opened severely under the influence of the epidemic. The Shanghai index opened below 2800 points, opening more than 8% lower.Subsequently, the Shanghai and Shenzhen markets fluctuated throughout the day, with only 164 stocks in the two markets rising.  Subsequently, the market quickly recovered from the short-term impact of the epidemic.The broader market rebounded on Tuesday. On Wednesday and Thursday, the market sentiment changed to optimism. A shares continued to rise like a rainbow, rising unilaterally, and individual stocks rose.In particular, the GEM refers to taking the lead. In this strong rebound, it only filled the gap in two days, and reached a new high of more than two years.  On the last trading day of the week, after a three-day surge, the market began to consolidate.The Shanghai and Shenzhen stock markets rallied twice in early trading and fell.However, the enthusiasm of the market continued to rise in the afternoon, and the decline gradually narrowed. The stocks in the two cities approached 200 again.Finally closed yesterday, the Shanghai Composite Index reported at 2875.96 points, up 0.33%; SZSE Component Index reported at 10611.55 points, up 0.10%; GEM refers to 2015.80 points, up 0.18%.  Market participants believe that the recent strong growth of A-shares stems from the support of fundamentals: China’s economy has been improving for a long time, and fundamentals that can be developed can provide strong support to the stock market.The President of the International Monetary Fund (IMF) Georgieveva said on social media on February 3 that the Chinese economy continues to show “extremely strong interests” and the IMF is “full of confidence.”  Technological growth took the lead in adjusting the market hotspots since the beginning of this week, mainly around Tesla concepts, virus protection, cloud office / cloud education and other alternatives.After the broader market entered the consolidation phase, some active funds began to actively seek new attractions.  On Friday, the concepts of surface, masks, disinfectants, telecommuting, and online education continued to lead gains.However, some of the early high-end stocks have severely differentiated: many pharmaceutical stocks, such as Lukang Medicine, Sihuan Biological (rights protection), and Weiming Medicine, have dived significantly; Tesla’s concept has improved, and the Ningde era closed down 5.7%, Weitang Industrial, Dangsheng Technology, etc. fell more than 4%.Cloud computing, integrated circuit and other technology concepts have become a new direction for long capital.Among them, the science and technology board stocks performed strongly, with a high degree of capital attention.Until the close of Friday, 64 of the 80 stocks of the science and technology board floated red, which became the biggest bright spot on the disk surface.  In this round of rebound, the structural market is prominent, and the growth style of science and technology represented by the GEM and the Science and Technology Innovation Board is clearly dominant.Institutions are also generally optimistic about the main line of technological growth.Zhang Qiyao, chief strategy analyst at Guosheng Securities, said that the expected triple-advantages of repairing risks, ample liquidity, and high fundamentals will lead the growth of technology out of adjustment.Ping An Securities believes that the high-rise emerging industries will remain relatively strong, and the middle line of the technology industry is aligned with certainty.  Collective positions of domestic and foreign investors Generally speaking, the style of the market is determined by incremental funds.Since this week, various institutions including bank wealth management subsidiaries, insurance funds, public funds, brokerage asset management, etc. have helped the A-share market, and many listed companies have raised their buyback plans.The continuous purchase of long-term funds has laid the foundation for A-shares to stabilize and grow.  In addition, foreign countries represented by northbound funds also performed well.As the market fell sharply on Monday, the total net inflow of northbound funds was 181.US $ 9.1 billion, the second-largest single-day net purchase amount since the opening of connectivity.The total net inflow of northbound funds on the trading day this Friday was 300.5.9 billion yuan.  Taking a closer look at the operation of northbound funds, the overall characteristics of multiple operations are shown: the broader market opened more than 8% lower on Monday, and the northbound funds were fully rushed to raise funds. After a rebound on the 3rd, northbound funds decreased slightly by $ 3.3 billion on Friday.  At the same time, Northbound funds intervened in several blue-chip leading stocks on dips: on February 7, Shanghai Airport received another net purchase of Northbound funds2.1.2 billion US dollars, northbound funds have bought Shanghai Airport 20 this week.500 million yuan.Guizhou Maotai made a large net purchase of 35 this week.09 billion.In addition, companies such as China National Travel Service, Gree Electric Appliances, Wuliangye, etc. have all acquired large amounts of funds from the north.The leading stocks of the above-mentioned large consumer industries have been affected by the epidemic in the short term.  On February 21, the results of the FTSE Russell Global Equity Index Series (GEIS) evaluation will be released, and on March 23, the results of this quarter’s index evaluation will take effect.According to the FTSE Russell metabolism arrangement, as the first stage and the third stage arrangement for dividing the A shares, the A share split factor will be replaced by 15% to 25%.It is foreseeable that, driven by relevant positive factors, the trend of northbound capital inflow into A-shares will gradually advance in the future.  Institution: The epidemic will not change the market trend Guo Ruijun, chief macro analyst of Guotai Junan, believes that there is no need to worry too much about the impact of the epidemic on the Chinese economy.He said: The epidemic was reduced in the first quarter, and the biggest impact was consumption. However, correspondingly, investment and some consumption will be replaced and moved back. In the replacement, macro policies will help each other to overcome the epidemic, and it will be moderate.It will stimulate overall demand and ensure the steady and healthy development of the national economy.  In the view of Tongyu Gen (Jin Qilin analyst), chief strategy analyst of Haitong Securities, the outbreak will not change the bull market trend, and investors should stick to their confidence.On the whole, Shao Yugen believes that the outbreak has limited impact on the fundamentals and the medium-term layout of the bull market remains unchanged.However, the epidemic will affect the pace of the bull market, and the market needs time to consolidate in the short term, so you need to be patient.  Southwest Securities said that in general, the market is still an excellent opportunity for market layout, and a new round of slow bull market is slowly unfolding.The market’s long-term funds are still focused on the layout of its own logic and long-term development space, and the impact of the epidemic will be minimal.