Up to now: the Shanghai index is down 0.23% to 3006.23; the Shenzhen composite index is down 1.74% to 11649.66; the growth enterprise market index is down 3.23% to 2213.67.
In terms of sectors: military industry, steel, real estate and other sectors were the top gainers, while photoresist, digital China, anti influenza, chip concept and other sectors were the top gainers.
Haitong Securities believes that yesterdays growth enterprise market index fell 4% from the morning to the end of the market, with the market still in a very strong state. But at present, the market differentiation is very great. Some technology stocks have begun to reach a new high, and are no longer bound by valuation. They have completely entered the stage of emotional game, while the vast majority of non-technology sectors are in a downturn, and many sectors are still at the bottom of history. With the gradual rise of science and technology stocks, they began to attract funds, and then continued to rise to attract more funds. But technically, the trend is still not finished, and may be in this trend for some time in the future, but investors still need to focus on the short-term huge shock risk. In terms of specific operation, it is still recommended that investors start to gradually switch between high and low level, and transfer some technology stocks that have been separated from the fundamentals to some low-level technology stocks. At the same time, due to the huge support of policy, investors are still advised to dig 5g in depth in technology stocks. It is a high probability event that 5g construction strength exceeds the expected estimate this year.
Guosen Securities and finance business unit said yesterdays market V-shaped recovery reflected a strong relay. The trading volume of the two cities has been maintained at the level of trillion yuan for five consecutive days, and is increasing day by day. With the continuous rebound of the market, the market has accumulated certain profit resistance, and there are differences. Short-term fluctuations may increase to digest and consolidate. Nevertheless, the market trend is still strong, the liquidity is good, and the characteristics of active structure are expected to continue. In terms of strategy, it is necessary to continue to control the pace, and in the later stage, it can gradually use the market shock callback to carry out the optimal configuration.
Guosheng Securities pointed out that, after the huge shock, fear of heights and profit taking will inevitably increase, which will add to the uncertainty of the global spread of the epidemic. The market is expected to be dominated by shock consolidation, not excluding the continued rise of technology stocks. However, from the perspective of valuation, it is particularly important to treat the markets high sentiment rationally and stand near the export point. Maybe its time to reduce some positions.
Source: editor in charge of Finance and economics of Netease: Yang qian_nf4425