Do you want to go against the growth enterprise market? Institutional Interpretation of indexs biggest decline in recent January

category:Finance
 Do you want to go against the growth enterprise market? Institutional Interpretation of indexs biggest decline in recent January


Down 4.66%! Gem recorded its biggest decline in the past month, trading volume in two markets broke another trillion yuan

On Wednesday, gem failed to maintain its strength.

The biggest drop was still in the gem index. According to market data, the index closed down more than 100 points, down 4.66%, the largest one-day decline in the latest month.

All day trading volume of gem was 275.7 billion yuan, a sharp reduction compared with the previous trading day.

In specific sectors, the decline of early hot sectors such as electronics, Internet, medicine and so on ranked first. Shipbuilding, construction and other sectors rose against the trend. Real estate, steel, banks and other weight plates bucked the trend.

In terms of concept stocks, the 5g concept, which has been leading the rally for several trading days, stalled today, with the national securities 5g index plummeting 5.80%.

In terms of individual stocks, there are more than 100 stocks in the two markets, with the most closing limit in recent period.

Most of the stocks with the highest turnover in the two markets fell. Similar to yesterday, the turnover of Dongfang wealth, BOE A and ZTE also exceeded 10 billion yuan. However, all of the three stocks fell sharply today, with BOE a down 7.89%.

It is worth noting that before todays sharp decline in the market as a whole, northbound capital has shown continuous net sales.

Data shows that Beishang capital sold 6.727 billion yuan on Wednesday, which is the fourth consecutive trading day for Beishang capital to show a net sale, with a cumulative net sale amount of 21.384 billion yuan in four days.

On Tuesday, the three major U.S. stock indexes closed down sharply for the second day in a row, including the Dow down 3.15%. After the previous trading days sharp fall of more than 1000 points, the Dow fell nearly 900 points, a new low since October last year. The two-day sharp drop made the Dow wipe out all the accumulated gains in the previous three months, which also had a significant negative impact on other global stock markets.

Japanese stocks fell further, with the Nikkei 225 index down 0.79% on Wednesday, closing below the half year mark for the second straight session.

South Korea, Singapore and Taiwan all fell.

Hong Kong stocks also continued to fall on Wednesday.

What is the future of a shares and overseas stock markets under the impact of the epidemic?

From the strategic point of view of gzhengsheng, on the whole, the focus of monetary policy will gradually shift to the medium and long-term credit funds. In the medium term, it is suggested to focus on the targets with performance support, and continue to focus on the progress of the epidemic and relevant policies.

According to the strategic view of Tianfeng securities, the data shows that fund issuance last week reached a four-year high (2016 to date), and the report of February 19 of Tianfeng securities put forward the following views:

1. Historically, the peak of stage issuance does not correspond to the peak of market stage one by one, but may be the bottom of market stage. Moreover, the issuance of funds for explosive fund has no clear direction for the performance of the market before and after the time point of this phenomenon.

2. The current hot fund market and the stable new stock accounts actually reflect the trend of the transformation of household savings deposit moving mode: under the background of the increasing differentiation of individual stocks and the higher excess yield of equity public fund products, residents are more inclined to enter the market instead of directly speculating stocks.

3. Looking forward, in the current macro level excess liquidity environment, it may continue to maintain at least until the counter cyclical policy is fully launched (a large number of loans and bonds are issued), but as the liquidity released by the central bank in the early stage matures, the most loose time may gradually pass, and the possibility of the index to rise sharply again is low, but the stocks and themes of the technology sector may continue Active.

Huaxin Securities pointed out that under the background that the Shanghai stock index did not effectively fall below the 5-day average, the A-share market is expected to remain strong. Although it is possible that there will be pressure to adjust within a day due to the continuous rise breakthrough, the current A-share market has started a structural trend. For investors, the primary task is to continue to focus on the medium and long-term strategic allocation and ignore the short-term fluctuation of the index. In terms of allocation, Huaxin Securities believes that in the short term, although the pharmaceutical sector will directly benefit from the epidemic, 5g industry chain, new energy vehicle industry chain, media and computer sectors, which are relatively limited by the impact of the epidemic in the early stage, are still expected to be the main driving forces for the future market rise.

For the overseas market, Everbright Securities strategic point of view is that before and after the Spring Festival, Chinas A-share and Hong Kong stock markets have completed a round of volatility rebound structure market evolution, which can provide reference for the recent development of the overseas market to some extent. The capital market will be continuously impacted before and at the early stage of the rapid development of the epidemic. At present, the fluctuation of global US stocks is also at this stage. The second sharp fall of US stocks on the 25th is related to the US CDC warning about the risk of the US domestic epidemic, which is also the reason why US stocks fell more than European stocks in the same day. This also means that, on the one hand, the current market volatility is mainly linked to the epidemic situation. On the other hand, with the deployment of epidemic prevention measures and the relatively clear situation of the epidemic situation (after more active detection, investigation and isolation measures, the epidemic situation is no longer under the water development state), the market volatility also has a high probability of falling down, or even rebounding due to policy driving u3002

Everbright Securities believes that there should be no excessive panic over the intensification of short-term market volatility. On the one hand, we need to recognize that international investors have underestimated the development of the epidemic itself, as well as the risk of the epidemic and epidemic prevention measures impacting the global economy, and are currently on the rise. On the other hand, we should not forget that the impact of the epidemic on the economy cannot escape the periodic rule, and we should not ignore the hedging effect of macro policies on the impact of the epidemic. Everbright Securities pointed out that at present, the market is still in the process of reflecting the rapid upward trend of risk aversion. The risk of revaluation of the US stock market with high valuations and points at a high level can not be completely ruled out for a short period of 1-2 weeks. In the medium term, in addition to the volatility risk itself, the rising logic of the US stock market - the possibility that liquidity and economic base complement each other will be overturned, and the core potential risk of the US stock - the rise of corporate leverage has not reached a sufficiently dangerous level (although there is a deterioration trend in the two structural dimensions of large, medium and small enterprises and the industry). Source: responsible editor of Securities Times: Yang bin_nf4368

Everbright Securities believes that there should be no excessive panic over the intensification of short-term market volatility. On the one hand, we need to recognize that international investors have underestimated the development of the epidemic itself, as well as the risk of the epidemic and epidemic prevention measures impacting the global economy, and are currently on the rise. On the other hand, we should not forget that the impact of the epidemic on the economy cannot escape the periodic rule, and we should not ignore the hedging effect of macro policies on the impact of the epidemic.

Everbright Securities pointed out that at present, the market is still in the process of reflecting the rapid upward trend of risk aversion. The risk of revaluation of the US stock market with high valuations and points at a high level can not be completely ruled out for a short period of 1-2 weeks. In the medium term, in addition to the volatility risk itself, the rising logic of the US stock market - the possibility that liquidity and economic base complement each other will be overturned, and the core potential risk of the US stock - the rise of corporate leverage has not reached a sufficiently dangerous level (although there is a deterioration trend in the two structural dimensions of large, medium and small enterprises and the industry).