Steady growth continues to exert efforts
In the afternoon, the market oscillated upwards driven by weighted stocks such as big finance and real estate, and the Shanghai Composite Index led the rise, rising more than 1%. The whole market of 3400+ shares rose, up the median 1.08%, basically outperformed the market, for 3 consecutive trading days to maintain 3400+ shares rose, the market sentiment gradually picked up.
The two cities traded 990.2 billion yuan, and the market contraction was generally rising to guard against the risk of differentiation. The recent continuous sale of northbound funds, after nearly 2 months, finally made a large net purchase, with a net purchase of 8.457 billion yuan throughout the day, of which the net purchase of the Shanghai Stock Connect was 8.293 billion yuan, the net purchase of the Shenzhen Stock Connect was 164 million yuan, and it is worth noting that the net purchase of 2.5 billion yuan in the last 1 minute of the end session. This may be mainly related to the quarterly adjustment of the FTSE Russell Index, passive funds entering.
The main driver of today's Shanghai Composite Index shock upward movement is the rise in the weights of large finance, real estate, and large infrastructure, which has driven the index to strengthen. The new energy, military, semiconductor and other collective adjustments in the track stocks have been slightly adjusted. The collective decline of electronic identity cards and digital currencies in hot topics.
[Big Finance]: In the afternoon, banks, securities, insurance successively exerted their strength, and the strong rebound of big finance, on the one hand, also catalyzed the progress of wednesday's JRW meeting, which proposed to actively introduce policies favorable to the market, as well as accountability if necessary. At the same time, with the landing of the Fed's monetary policy, the interest rate was raised by 25 basis points, which was the first time in 3 years that the Fed raised interest rates. At the same time, 75% of officials said that interest rates will be raised 7 times this year, which means that the tightening of global liquidity is the trend of the times, the global dollar will return to the United States, and the Sino-US interest rate differential will gradually narrow, increasing the pressure on foreign capital outflows. In the context of steady growth, it is necessary to maintain a moderate monetary policy, and at wednesday's financial meeting, it was said that monetary policy should take the initiative to respond, and new loans should maintain moderate growth. Therefore, the market has expectations for a reduction in the RRR over the weekend.
【Real Estate】: Today's real estate sector continued to rise sharply, and the Shenwan Real Estate Index rose by 4.58%, ranking first in the industry, with a cumulative increase of 12.20% in three trading days. Sunshine City, Rongan Real Estate, Suzhou High-tech and other 10 individual stocks rose and fell. For the main factor in the strengthening of today's real estate sector is the catalytic catalysis of the meeting of the Financial Commission on the 15th and the speeches of relevant departments, the Financial Commission said that it is necessary to study and propose a strong and effective risk prevention and resolution plan in a timely manner, and propose supporting measures for the transformation to a new development model; then the Banking and Insurance Regulatory Commission said that it will encourage institutions to carry out M&A loans in a sound and orderly manner, focusing on supporting high-quality housing enterprises to merge and acquire high-quality projects of difficult housing enterprises; the Ministry of Finance also said that it does not have the conditions to expand the pilot cities of real estate tax reform this year.
At present, multiple departments are speaking out in unison, multi-city policies are relaxed, real estate policy changes are expected to be further enhanced, real estate margins will continue to improve, and the industry will usher in valuation repair opportunities.
【Big infrastructure】: Today's construction, building materials, cement and other infrastructure industry chain is strong throughout the day, building materials set off a rising tide, Hop shares, Jianyan Design, Hualan Group, Kaier New Materials 20CM up and down, Guangtian Design, Zhengzhong Design, Zhongheng Design, Fangda Group and other 19 stocks up and down. For the strengthening of large infrastructure, the main reason is that the JRW meeting on March 15 continues to send a steady growth signal to boost market confidence. As the main way to stabilize the economy in the traditional way, large infrastructure construction will surely benefit.
Overall, the market rebounded for 3 consecutive trading days, and the panic in the early stage was basically repaired. At the JRW meeting on March 15, it was proposed to actively introduce policies favorable to the market, as well as to be accountable when necessary, and under the stricter wording, the market interpreted it as a policy protection, and the policy bottom has emerged. According to past experience, the policy bottom is followed by the market bottom. However, this time the management strongly entered the protection of 3000 points, there may not be a market bottom after the policy bottom, and the probability of 3023 being the bottom of the market is extremely large.
This round of market in, "interest rate hike cycle + economic downturn + Russian-Ukrainian situation + foreign capital outflow + epidemic counterattack" resonance, the market panic has been concentrated catharsis, the market valuation has hit a low position, nearly 2/3 of the industry valuation has been at a low level of nearly 10 years, standing at this point in time, the risk has been fully released, should be active layout of the opportunity in the second quarter.
In terms of industry configuration, in the context of the global liquidity crunch into a trend, around the style of value and growth dance, adhere to the main line of steady growth, around the "low, low valuation" layout, focusing on: lithium battery, photovoltaic, semiconductor, pharmaceutical, construction and other quarterly reports have exceeded expectations of varieties and new and old infrastructure direction under stable growth.
Automotive chip standard system
Event: On March 18, the Ministry of Industry and Information Technology released the key points of the 2022 automotive standardization work, carried out research on the chip demand of automotive enterprises and the technical capabilities of the automotive chip industry, and jointly researched and released the automotive chip standard system in related industries such as integrated circuits and semiconductor devices.
Promote the research and approval of standards including MCU control chips, sensing chips, communication chips, memory chips, security chips, computing chips and special chips for new energy vehicles. Started the pre-research of general specifications and standards such as functional safety, information security, environmental reliability, and electromagnetic compatibility of automotive chips.
The Ministry of Industry and Information Technology jointly cooperated with integrated circuits, semiconductor devices and other related industries to study and release the automotive chip standard system, the main purpose is to build a standard system for China's automotive chip manufacturing, which has a clear guiding effect on accelerating the research and development and manufacturing of automotive chips and promoting the high-quality development of the automotive industry. The standard system will focus on the pain points and difficulties of car companies and the key links and weak areas of automotive chips, implement key breakthroughs, and gradually unblock key technologies and card neck problems.
China as the world's largest traditional automobile and new energy vehicle market, the construction of automotive chip standard system, will also further enhance the international discourse power of Chinese automotive chips, in addition, foreign chip companies need to act in accordance with Chinese standards, further enhance the right to speak of mainland automotive chips, the industry will usher in a new catalysis. Attention: Quanzhi Technology, Gigabit Innovation, Fuhan Micro, Beijing Junzheng.
So what exactly is a car chip? Automotive chips mainly include MCUs (automotive microcontrollers), power semiconductors (IGBTs, MOSFETs, etc.), sensors, etc., and the semiconductor devices used in autonomous vehicles also contain a series of products such as ADAS, COMS image sensors, AI master controllers, lidar, ANDMS. (Next article Specifically, automotive semiconductor chip industry chain)
Focus on: AVIC Shenfei, Fosun Pharma, Mindray Medical, Huatai Securities, Sanan Optoelectronics, Vanke A, New Chia Tai
(Note: No matter how good the logic is, it is also necessary to combine market sentiment and the upward and downward trend of the broader market to choose the timing of intervention and exit.) The above content is only a static analysis based on the industry and the company's fundamentals, and there is no dynamic buying and selling guidance. The stock market is risky, you need to be cautious when entering the market, and you should operate at your own risk. ）