Home Business Institutional market outlook丨Blue chip market characteristics are clearer and the new year’s market is unfolding

Institutional market outlook丨Blue chip market characteristics are clearer and the new year’s market is unfolding

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This week, the Shanghai Stock Exchange Index rose by 1.22%, the Shenzhen Component Index rose by 0.78%, and the ChiNext Index rose by 0.28%. The turnover of the two cities remained active and exceeded RMB 1 trillion for the 31st consecutive trading day. In terms of sectors, rare earths, new crown pneumonia detection, and digital currencies performed well, with aviation, online games, automobiles, and semiconductors leading the decline.

How does the A-share market go? See what the agency says:

►CITIC Securities: The market is expected to enter the critical point of the new year’s blue chip market after months of silence

The CITIC Securities report pointed out that several factors waiting for the market will gradually come to fruition next week. It is expected that the central economic work conference will further confirm the trend of economic recovery, overseas epidemic disturbances and the Fed may accelerate the reduction of debt purchases. Concerns about A shares The impact is limited. With ample market liquidity, the market tends to rise but hard to fall. Incremental funds are likely to be deployed around the “three lows”. It is expected that the market will enter the critical point of the new year’s blue chip market after a few months of silence. From the perspective of institutional layout next year, it is expected that with the end of the year-end ranking, avoiding the track with sufficient expectations, and shifting to the layout of the varieties whose fundamentals are still expected to be low, the varieties whose valuations are still relatively low, and the adjusted stock prices. The relatively low-level high-prosperity varieties will gradually become a consensus. The characteristics of the blue-chip market that the leaders of each sub-industry have clearly won will also be clearer.

►Haitong strategy: A-share volatility is expected to expand and the New Year’s Eve market is unfolding

Haitong Securities released a strategic research report that pointed out that since the beginning of this year, the A-share index has little volatility. The Shanghai Composite Index has only 12.6% amplitude, a record low, but the industry has a large dispersion, which is the third highest since 2005. Drawing lessons from history, A-share volatility is expected to expand and industry differentiation will converge. The incentive is policy efforts to stabilize growth. The New Year’s Eve market is unfolding, and the allocation is more balanced, such as undervalued financial real estate and high-prosperity hard technology.

►Guotai Junan: Lithium carbonate prices continue to rise in the market outlook, cobalt sector prices are expected to pick up at the end of the year

Guotai Junan Securities issued a non-ferrous metal research report that pointed out that the price of lithium continued to rise last week, especially the rise of lithium carbonate. In the previous week, most of the transactions of industrial carbon could be 190 thousand yuan/ton, while the lowest price of industrial carbon was 203,000 yuan/ton last week. Considering that there are major electric carbon production plants for maintenance in December and January, market sentiment continues to be optimistic about the rise in lithium carbonate prices in the future. Currently, the best allocation targets are leading enterprises with guaranteed resources and deterministic production (Tianqi Lithium, Ganfeng Lithium, Yongxing Materials, etc.). The price of the cobalt sector is expected to pick up at the end of the year. The repeated epidemic in South Africa will have a greater impact on logistics and transportation. The tight supply of cobalt will continue for some time in the future. Taking into account the strong demand in Europe and the United States, the cobalt inventory will continue to be consumed, and the upward trend of cobalt prices is determined.

►Zhongyuan Securities: It is recommended to pay attention to investment opportunities in the field of vaccines and new crown drugs

Centaline Securities pointed out that the pharmaceutical industry will have the following three trends in 2022: 1) The new crown epidemic prevention and control experience has matured, the new crown drugs have been launched, and the epidemic prevention and control has entered the second half. With the emergence of the Omicron variant virus, “vaccine + new crown “Drugs” have become the main means of anti-epidemic in the future. It is recommended to pay attention to investment opportunities in the field of vaccines and new crown drugs; 2) The development of innovative drugs has entered a breakthrough innovation stage; 3) The reform and innovation of DRG/DIP medical insurance payment methods accelerate, and localized devices may replace Will accelerate.

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