Afternoon review: Shanghai stock index bottomed out, rebounded by 0.25%, agricultural medicine and other sectors strengthened, the concept of new crown detection broke out

Early trading on January 10,Shanghai IndexThe intraday dips and rebounds, with a slight rise; Shenzhen Component Index,Growth Enterprise Market IndexAt one point, it fell sharply by about 1%, and then stabilized and rebounded; early transactions in the two cities reached nearly 700 billion yuan, and net purchases of northbound funds exceeded 1.4 billion yuan. On the disk, the new crown testing, generic drugs, biological vaccines, agricultural sectors, etc. are trending actively, software, chemical, automotive, home furnishing,food and drinkOther sectors are strong, while oil, power, wine, and real estate sectors are weak.

As of midday’s close, the Shanghai Index rose 0.25% to 3588.4 points, the Shenzhen Component Index rose 0.51%, and the ChiNext Index rose 0.3%; the total turnover of the two markets was 687.9 billion yuan, and the net purchase of northbound funds was 1.459 billion yuan.

　　Guotai JunanSecuritiesIt is believed that since the beginning of 2022, the A-share market has undergone certain adjustments, with the ChiNext Index and the China Securities 1000 Index falling 6.80% and 4.09% respectively. Behind the analysis of market volatility, the core lies in the valuation pressure caused by changes in liquidity expectations at the denominator end. On the one hand, what we see is the further establishment of the demand for stable growth, and the expectation of economic growth has shifted from the original worry about stalling to the expected stabilization; on the other hand, what we see is the market’s consensus judgment on the 22Q2 profit decline. Therefore, the “poor” of molecular profit is not the dominant factor in the current market. In contrast to the denominator, domestic easing expectations tend to be consistent, with a smaller marginal increase.Overlay overseascurrencyThe policy bias has accelerated the market’s adjustment of liquidity expectations, and the investment focus has been switched from high growth to low valuations. On the whole, with steady growth as the anchor, as fundamentals are expected to improve, the valuation restoration channel is opening. In the future, on the basis of grasping the high economy, we should face up to the matching degree of profit and valuation, and grasp the investment opportunities of value style.

　　Haitong SecuritiesSaid that in the beginning of the year, the high and low sectors are switched, and the four sectors are compared horizontally: new energy is highly valued and prosperous, and valuation digestion needs to wait for the market environment to change. Financial real estate valuations are at the bottom and institutions are underweight. Historically, there is also considerable room for valuation restoration. The countercyclical sector has benefited from the policy of stabilizing growth, which is already in force. The troubled industry is expected to reverse this year,PerformanceIt is necessary to wait for the “April Decision” to clarify the turning point. With reference to history, the spring market is still expected after the beginning of the year’s decline, with balanced structural allocation, underestimated big finance + policy-driven new and old infrastructure.

(Article Source:SecuritiesTimes Network)

Article source: Securities Times

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Original title: Afternoon review: Shanghai stock index bottomed out and rose 0.25%, agricultural medicine and other sectors strengthened, and the concept of new crown detection broke out