The large and small indexes have diverged today. The Shanghai stock index fluctuated upwards. The ChiNext index once fell by more than 1% during intraday trading. The yellow and white lines of the index separated again. Concept topics were active. Tobacco and papermaking sectors soared throughout the day. Nearly 10 stocks such as Shaanxi Gold Leaf and Zhongke Information were closed; ST stocks set a daily limit again, and the stocks exceeded the daily limit of 30 stocks. The energy sectors such as natural gas, oil and gas, coal, and hydrogen energy rose collectively, the meta-universe, environmental protection, and green power sectors rose in the afternoon, while the pharmaceutical and photovoltaic sectors pulled back. In general, individual stocks continued to rise, with more than 3,200 listed companies. The turnover of the Shanghai and Shenzhen stock markets exceeded one trillion for the 29th consecutive trading day. The new popular stock Tuoxin Pharmaceutical plunged in the afternoon, and the photovoltaic leader Longji shares fell nearly 4% with a turnover of more than 10 billion yuan. On the board, the tobacco, paper, natural gas, and agricultural machinery sectors were among the top gainers, and the cultivated diamond, medical equipment, HIT battery, and CRO sectors were among the top losers. As of the close, the Shanghai Composite Index rose 0.36%, the Shenzhen Component Index fell 0.01%, and the ChiNext Index fell 0.64%. The net purchase of northbound funds exceeded 3 billion yuan throughout the day.
US stocks continued to weaken. The A-share market was unaffected, and continued to move out of the independent market. In contrast to the past situation where there was a slight turmoil in the past, it fell in a hurry. When weak is not weak, it is strong. A-shares are now ready to move, and the new year market is brewing.
The energy sector is taking the lead today, and the coal, natural gas, and oil sectors are all at the forefront of gains. In the early stage of coal, after window guidance, commodity futures prices and stock prices plummeted. The climate is abnormal. The season for coal demand throughout the year is approaching. The daily consumption of power plants will continue to rise. Some customers such as unguaranteed supply and cement chemical companies still have replenishment needs. In addition, the structural coal shortage in ports is difficult to improve, and the supply and demand gap has not narrowed. Coal prices are still supported. This sector has undergone substantial adjustments in the early stage, and the current valuation is only 6 times, and some institutions have suggested that the value of the allocation has already appeared. After a substantial adjustment in stock prices in the previous period, leading companies have become very attractive. As far as the current valuation is concerned, regardless of the price difference in the secondary market, just looking at dividends, the income is quite good.
Among the three major financial industries, banking and insurance have been dragged down by real estate and business transformation. The fundamental changes remain to be seen. Securities are the most promising products. On the one hand, the trading volume of the capital market has increased significantly this year, and the performance of securities firms has improved; on the other hand, the opening up of the securities industry has accelerated, and foreign counterparts have continued to flow in. In order to enhance competitiveness, securities firms are likely to accelerate their capital operations next year. The current valuation of brokerage firms is not high, and they have both defensive and offensive functions, which can be used as the layout varieties for next year. After the market surged in July last year, it has been volatile in this area for a year and a half, and the volatility center has slowly moved up. A breakthrough may require monetary policy signals.
An Economic Daily article pointed out that my country is in the process of industrialization and energy demand will continue to grow. Recently, the power shortage caused by coal shortage reminds us that energy supply is the foundation of economic development. As my country is accelerating the construction of a new development pattern with domestic and international double cycles as the main body and mutual promotion of domestic and international double cycles, it should adhere to the system concept, coordinate development and security, coordinate domestic and international, and improve the independent supply of energy and minerals and the supply chain. The resilience of the industrial chain, the ability to allocate resources globally, and the security protection of overseas interests. It is necessary to strengthen the unified planning of the investigation, exploration, development and utilization of strategic minerals, establish a safe and reliable energy mineral reserve, supply and guarantee system, and improve the adaptability of the energy mineral supply system to domestic demand. Improve the efficiency of energy and mineral utilization, and establish a scientific and reasonable recycling model. At the same time, we will strengthen the ability to guarantee energy and mineral resources and create a core area for the stable supply of strategic mineral resources.
The current operating idea is to revolve around the logic of “dilemma reversal”. The first main line to recommend is the midstream manufacturing industry, which is mainly represented by new infrastructure. Internet + smart driving super-catalysis), military industry (small increase and high prosperity), new energy auto parts, innovative drugs, wind power and low-valued green power construction operators; the second main line waits for the policy wind to grow stronger and stronger, the end of the year In the counterattack, the short-term pressure caused by the new strain will only make the mid-term rebound stronger. Now it can start to be deployed. The large financial real estate chain, the first to promote the brokerage real estate bank. In the fifth week of November, we will focus on adding anti-epidemic products to the midstream pharmaceutical manufacturing field (innovative drugs and insulin, vaccines and testing, and Internet medical care).
(The content and opinions are for reference only, and do not constitute investment advice, and investment risks entering the market need to be cautious)
(The author is Zhu Yijun, Chief Investment Officer of Qian Kun Securities)
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