Early comments: the three major stock indexes all opened lower, and the Shanghai index fell 0.21percent

 Early comments: the three major stock indexes all opened lower, and the Shanghai index fell 0.21percent

Soochow Securities: after the adjustment from mid to late November to December, combined with the Spring Festival effect, it is expected that the market will usher in a new round of main rising wave after the Spring Festival, and the market may gradually enter the bottom shock rising stage in mid to late December. Structurally, a new round of market main waves or reflected in large cap stocks set up a platform, technology stocks sing.. Specifically, first, the improvement of the bottom of PPI has formed a certain support for the fundamentals of undervalued large cap stocks with high economic relevance. However, compared with the traditional industry, the growth stocks represented by electric vehicles and TMT will usher in a boom year in 2020, which is more medium-term logic, and will take over the large cap stocks as the main line as the main wave gradually unfolds; second, with the gradual deduction of the market, risks Preference for warming up will favor highly elastic growth stocks such as electric vehicles and TMT.

Shanxi Securities: for the market in December, we still judge that the pattern of index shocks remains unchanged. As a whole, the market is defensive, and the plates and individual stocks will have opportunities, but their sustainability and earning effect are limited, and the operation difficulty is increased. Close to the assessment node, the organization has made more profits this year, and it is a high probability event to keep on the defensive in December. At similar times in the history of vertical comparison, the organization will pay attention to two aspects at the end of the year: one is the defensive sector with strong performance certainty, the logic is to keep the undervalued value, with small fluctuation, and to play the game for style change and performance improvement next year; the other is to continue the operating style of this year, continue to choose the target among the sectors that are familiar with and profitable, and stick to the technology sector unwilling to withdraw u3002 Therefore, it is suggested that investors pay attention to defensive and technological sectors.

Dongguan Securities: as a whole, with the continuous promotion of policies, the economy may be moderately stable at the end of the year, which helps to stabilize market confidence, and the external environment is expected to be moderately clear. At the end of the year, capital nodes, financing and reduction of holdings still pose a certain suppression on the market, but the net inflow of capital from the North continues, and foreign investment increases the allocation of a shares, which helps to stabilize the capital surface, and the market has experienced repeated shocks, The release of selling pressure is relatively sufficient, and the annual line still constitutes the medium and long-term support. It is expected that the market will be stable gradually in December with the release of risk. The core fluctuation range is 2850-3000 points.

Shenguang finance and Economics: at present, what the A-share market lacks is investment confidence, and the increase and decrease of investment confidence is directly proportional to the effect of making money. Since this year, the bull market of core assets has been unlimited, but quite a number of stocks are in a volatile trend or even a bear market, and quite a number of investors have not achieved good results. At the same time, due to the fact that the supply and demand of stocks and funds are always in a state of interlocking, and the sufficiency of funds is limited, we cant see the overall bull caused by fund promotion, which has become the normal situation. In the future, in the process of increasing economic downward pressure, investors are very concerned about the profitability of listed companies, which may exceed the focus on policies and funds. Among the existing 3000 A-share listed companies, the number of companies whose profits are reversed or continuously improved is only a part of it, which is also doomed to explore structural investment in stock selection in the future Opportunity.