Today, the A-share size index continues to differentiate, big finance, big consumption is strong, Ningde era and other lithium stocks fell sharply, which made the main board index outperform the gem index, and finally the Prev index closed flat, and the gem index closed down 1.31%. The turnover of stocks in the two cities exceeded 1.2 trillion, breaking through trillion yuan for the 19th trading day in a row. On the whole, the theme changed again, still maintaining the pattern of plate rotation. Low-level real estate home furnishings, medical beauty, food and beverage, and clothing home textiles performed well, while high-end and high-prosperity racing tracks were seriously differentiated, chip stocks bottomed out, MCU branches rebounded strongly, lithium electricity, energy storage, rare earths and other new energy industry chains were hammered, Ningde era fell 5%, salt lake lithium extraction, lithium ore, electrolyte, positive and negative poles plummeted across the board. In addition, low near-end new stocks rose sharply, hydrogen energy continued to rise, and more than a dozen stocks in the sector rose by the limit or more than 10%. On the disk, hydrogen energy, MCU chips, gas and water were among the top gainers, while lithium extraction from salt lakes, titanium dioxide and rare earth permanent magnets fell in the forefront. As of the close, the Prev index rose 0.03% to close at 3517 points; the Shenzhen Composite Index fell 0.71% to close at 14693 points; and the gem index fell 1.31% to close at 3301 points.
For the future market trend, institutions have expressed their views.
Haitong Securities pointed out that in operation, A shares are still in the process of balance between styles and within plates, and the market center of gravity will gradually shift from growth to value, but under the constraints of fundamental factors, style switching is expected to wait until the end of the third quarter. Investors can continue to maintain a balanced allocation of growth manufacturing and value consumption, suggesting that the growth manufacturing sector shift from a high track to a relatively low track, such as the military industry, which is expected to be driven by the medium report in the future, as well as 5G, communications equipment, and auto parts, which are expected to usher in a turning point in the fundamentals. At the same time, the left layout of the value plate in the high-boom consumption and medicine, specific industry segments, recommend automobiles, clothing, beer, sub-high-end liquor, CXO, vaccines and medical services.
Central Plains Securities pointed out that PPI recorded 9.0% in July, up 0.2% from June, mainly due to a sharp rebound in the prices of industrial products such as coal, threaded steel and glass. Basically, it can be judged that the current PPI is already in the top region, and the future may show a high-level concussion situation. CPI fell slightly year-on-year in July, pork prices are still the main reason, CPI may rise moderately in the future. The growth rate of social finance fell by 10.7% year-on-year, much lower than expected. Mainly due to lower-than-expected government bond issuance and weaker demand for loan financing, it is expected that local bond issuance will accelerate in the second half of the year, infrastructure efforts will support the economy, and social finance data are expected to bottom out and pick up. Inflation in the United States remains high, and it does not rule out the possibility that the Federal Reserve will scale back its bond-buying program. It is expected that the short-term market may be weak, it is recommended that the position be reduced to 50%, and short-term attention should be paid to defense industry, non-bank finance, power and public utilities.
Citic Construction Investment pointed out that it is recommended to pay attention to four main investment lines: first, the investment opportunities brought about by changes in the market pattern of ICT equipment. In recent days, individual stocks in this sector have made a pullback. The capital expenditure guidelines for telecom operators are fully in line with expectations, and the guidelines are the same as at the beginning of the year. In addition, for the leading situation in the industry, it is impossible for all products to have delivery difficulties at the same time. However, servers and switches do face greater challenges. For other companies in the industry, they should first pay attention to the increase of gross profit margin, and then pay attention to the increase of share. At the same time, the share improvement time of different products is quite different, especially the share change of 5G base station and router will not be obvious at the initial stage, but the gross profit margin can indeed be seen to be increasing. Second, as an important direction of 5G application, the development of the Internet of things is accelerated, especially the intelligent network-connected automobile industry chain is worthy of attention, including communication modules and controllers. Third, cloud computing as a medium-and long-term growth industry, telecom operators cloud business growth is strong, cloud infrastructure industry chain is expected to warm up, including IDC, ICT equipment, cloud communications (including unified communications) is still worthy of continuous attention. Fourth, military communications.
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