On April 26, the three major indexes fell in the afternoon, and the Shanghai Composite Index fell below the 2,900-point integer mark. As of the close, the Shanghai Composite Index fell 1.44%, the Shenzhen Component Index fell 1.66%, and the ChiNext Index fell 0.85%. Nearly 3,900 stocks in the two cities fell.
On the disk, less than 10 sectors rose, mainly consumer medicine sector, cement building materials, engineering construction and other sectors were more active; textile and apparel, securities, coal and other sectors were among the top decliners.
Northbound funds bucked the trend and bought a net 1.543 billion yuan throughout the day, including a net sales of 278 million yuan in Shanghai Stock Connect and a net purchase of 1.821 billion yuan in Shenzhen Stock Connect.
【Organization view】
Guosheng Securities: The current market is still in the bottom-grinding stage and the verification period of the stable growth policy. The current market needs time to go to the bottom. In such an environment where the profit-making effect is sluggish, stop and calm down and wait for further clarity on the policy side. Slowly regain your confidence. It is recommended to pay attention to position control, pay attention to the infrastructure and real estate sectors related to the main line of stable growth, and the necessary consumption sectors under the post-epidemic recovery.
Sinolink Securities: From the macro and meso perspectives, we judge that the bottom of A-share earnings this year may be in the second quarter. Fundamentals are a slow variable. From a fundamental perspective, it is impossible to determine whether the short-term market has bottomed out. In the short-term, investor sentiment may disrupt the market, but the current market sentiment is overly pessimistic. In the third year of the epidemic, the Shanghai Composite Index fell below 3,000 points again. Fundamental concerns are the last factor affecting A-shares. Although the short-term is still affected by factors such as repeated domestic epidemics, the fundamental trend remains unchanged, which is an important reason why we are not pessimistic about the market in the medium term.
Galaxy Securities: In the short term, against the backdrop of the Russian-Ukrainian conflict and the Fed raising interest rates, market risk appetite has fallen sharply, risk assets have retreated sharply, and the military industry index has fallen by nearly 33% year-to-date, further releasing valuation risks. The current PE of the military sector is about 44x, which is lower than the central level of 57x, and the valuation quantile is 21%. The downstream demand of the military industry is highly planned and still strong. With the domestic epidemic situation and market sentiment gradually stabilizing, and the capacity expansion of the superimposed industry continues to advance, the linear extrapolation of the annual performance of the military industry based on the high growth in 2021 will still be established. The investment value of the sector is prominent, and the focus on performance continues to identify high-growth stocks.