Nine Dragons Securities pointed out that in the short term, after the index has dived one after another, with the rebound of the oversold new energy and other sectors and the boost of the performance of financial stocks, the index bottomed out. However, in the index adjustment trend, repetition is inevitable, especially when the performance vacuum is about to enter and there are many uncertainties in the stage, the probability of expecting the index to reverse quickly is low. However, as the economic recovery in March and the first quarter exceeded expectations, the entire economy is still on the recovery path. Boosted by market confidence, the overall economic trend remains positive throughout the year. At that time, the liquidity remained reasonable and abundant, the valuation of A shares was still at a historically low level, and the mid-term allocation value was highlighted. We are optimistic about the investment opportunities of the overall rise of A shares. In the future, we can still look at the top line in the A share market.
On Thursday, the A-share market opened low and went high, rising in volatility. The stock index opened slightly lower in the morning and then rose gradually in shocks. The stock index climbed steadily. The Shanghai index hit 3299 points in the afternoon and then fell back. Growth industries such as games, media, Internet, communication equipment, and consumer electronics fluctuated lower. The stock index basically showed a slight upward trend throughout the day. At that time, the average price-earnings ratios of the Shanghai Composite Index and the Growth Enterprise Market Index were 13.67 times and 35.26 times, respectively, which were below the median level in the past three years. The market valuation was still in a low area, which was suitable for medium and long-term layout. The trading volume of the two cities on Thursday was 1,044.9 billion yuan, which was in the median area of the average daily trading volume in the past three years. In the future, the overall stock index is expected to maintain a volatile pattern. At the same time, we still need to pay close attention to changes in policy, capital and external factors. We recommend that investors keep 60% of their positions and focus on short-term investment opportunities in industries such as finance, automobiles, engineering infrastructure, and medicine.
Kowloon Securities pointed out that since this month, the turnover of A shares has exceeded one trillion yuan for 18 consecutive trading days, and the overall trading sentiment in the market is good. Judging from historical data, during the period when the turnover of the A-share market has continuously exceeded one trillion yuan (since 2015, the continuous increase time has exceeded 7 trading days), Wind’s A-index has mostly risen (probability is 65%). Within 30 days and 60 days after the end, the probability of the index rising is relatively high, 75% and 85% respectively. The market in the second half of the second quarter is worth waiting for. From the perspective of sectors, this week, the decomposition of TMT-related concept sectors has intensified, the operation is more difficult, and the overall effect of losing money is significant. However, it should be noted that as a major main theme with deep involvement of main funds, individual stocks with strong performance support and relatively low performance in the sector are still performing strongly. The core leading stocks that have been greatly affected by market sentiment before are still expected to usher in short-term corrections , You can pay attention to the grasp of the overall rhythm. In the middle line, we can pay attention to the direction of energy storage and inverters, and the leading stocks in the industry whose first-quarter report exceeded expectations, deploy on dips, and grasp structural opportunities.