Hong Kong United Securities pointed out that on Tuesday, the stock index fell back after being blocked in the area around 3320 points, and there was a slight dive in late trading. However, the index shrank and closed down slightly, the downward killing force was significantly weakened, and the power of the short side was exhausted, so there was not much room for short-term continuous adjustment. At the moment when heavyweight stocks are under pressure, theme stocks have also seen a large-scale differentiation, especially high-end stocks with hot themes such as media, games, and education that have performed strongly in the early stage have made up their losses, and the sector has shown a trend of weakening. Active funds in the market Risk appetite is suppressed, and the persistence of short-term hot topics may be unsustainable. In contrast, sectors such as photovoltaics, new energy vehicles, and chips that have been fully adjusted in the mid-term are relatively resilient, and the switch between high and low market styles may continue. In terms of operations, attention can be paid to the overall rhythm.
Hong Kong Union Securities believes that since the beginning of this year, the characteristics of the dual main lines of special estimates in the market TMT+ have been relatively clear, and a relatively obvious rotation law has emerged, which is more similar to the market rhythm in 2014. The main reason is that effective demand is insufficient under the background of weak recovery. The trend of the TMT industry and the restoration of China’s special valuations are working in parallel, resulting in continuous catalysis for both main lines. Simultaneous adjustment of the dual main lines will not last for too long. Breaking the situation requires incremental policies or new catalysis of industrial trends. After the TMT sector has experienced a retracement since April, the price/performance ratio has begun to appear. The configuration value of the market is still prominent, and the follow-up market is likely to continue to rotate around the dual main lines.
Hong Kong United Securities pointed out that on Tuesday, the A-share market hit a high and encountered resistance, and the stock index basically showed the operating characteristics of a small shock and consolidation throughout the day. The current average price-earnings ratios of the Shanghai Composite Index and ChiNext Index are 12.95 times and 35.88 times respectively, which are below the median level in the past three years. The market valuation is still in a relatively low area, which is suitable for medium and long-term layout. The trading volume of the two cities on Tuesday was 866.3 billion yuan, which was in the median area of the average daily trading volume in the past three years. Recently, the industry sector has shown a strong 28th effect, the financing funds on the market have rebounded significantly, and the activity of funds has obviously rebounded. The overseas banking crisis has been dealt with in a timely manner by all parties, and the impact on the market has been reduced. In the future, the overall stock index is expected to maintain a volatile pattern. At the same time, it is still necessary to pay close attention to changes in policy, capital and external factors. It is recommended that investors maintain 60% of their positions and focus on short-term investment opportunities in industries such as new energy, semiconductors, consumer electronics, and pharmaceuticals.