[stock market recovery] the three major stock indexes fluctuated throughout the day, the Prev index rose 0.03%, and there was a large net inflow of foreign capital in late trading.

By the close of trading, the Prev index closed at 2907.10, up 0.03%; the Shenzhen Composite Index closed at 9677.23 points, up 0.53%; the index closed at 1679.08 points, up 1.04%; the net inflow of northward funds reached 50 billion yuan at one point, and the net inflow of northward funds totaled 21.429 billion yuan after the close, the largest one-day net inflow in history. After today's session, MSCI will implement the third step of raising the weight of China's A-shares: raising the inclusion factor of existing A-shares from 15 per cent to 20 per cent, and for the first time into mid-market stocks.

Plates and individual stocks

Shipments of Apple's popular wireless headset AirPods are expected to double to 60 million units this year, thanks in part to more expensive AirPods Pro demand that "far exceeded expectations", according to recent news. Contact interactive limit, Runxin Technology, Endeavour Technology, Xin Wanda, Heng Mingda, Pengding Holdings and other stocks rose.

Net inflows into the top 10 stocks today

Abnormal review

China Shipbuilding concept stocks strengthened collectively, Chinese ships rose 6%, China Shipping Defense, China Shipping Science and Technology, China Emergency response followed the rise.

The concept of iron and steel was weakened, Xining Special Steel fell more than 5%, Liugang shares, Shougang shares, Linggang shares fell collectively.

Coal mining and processing plate dived, Zhengzhou coal power once fell by the limit, cloud coal energy, Shanxi coking, Hongyang energy, Yongtai energy and so on.

Consumer electronics plate strengthened, Vico technology quickly pulled up the seal board, electric company technology, Lixun precision, Xinwanda and other collective rise

The intellectual property plate rose in early trading, Guangyi science and technology rose by the limit, Jinghua laser rose, Xinhua Wenxuan and Chinese media holding rose slightly.

OLED plate changed and pulled up, Huaying science and technology rose by a straight line, Changxin science and technology rose more than 6%, BOE A, TCL Group, Dazu Laser, Deep Horse A and so on.

Gold concept stocks rose, Lao Fengxiang, Jinzhou Cihang, Dongfang Jinyu all rose more than 3%, Hunan gold, Hengbang shares rose slightly

The pharmaceutical plate pulled up, Xianji Pharmaceutical pulled up the touchpad, Xingqi eye medicine rose by the limit before, Karen Pharmaceutical, Aoxiang Pharmaceutical followed the rise.

The concept of gold strengthened slightly, Jinyi culture and Lao Fengxiang rose 3%, Dongfang Jinyu, Hengbang shares and Jinzhou Cihang rose.

The military industry plate continued to weaken, Longxi shares fell by the limit, Shennan shares approached the limit, Dewei Xincai, Hua Changda and so on fell slightly.

Aquaculture stocks rose rapidly, probiotics shares, Shunxin agriculture rose 3%, Lihua shares, Minhe shares, Xiantan shares, Xin Wufeng and so on.

Lithium battery plate continued to strengthen, Cangzhou pearl straight up the limit, 100 million latitude lithium energy, Ningde era, star source material, pilot intelligence rose

Message surface

[phone call between leaders of China-US High-level Economic and Trade consultations]

On the morning of November 26, Liu he, member of the political Bureau of the CPC Central Committee, vice premier of the State Council, and Chinese leader of the China-US Comprehensive Economic Dialogue, spoke with US Trade Representative Lightheitzer and Treasury Secretary Mnuchin. The two sides discussed the resolution of each other's core concerns, reached consensus on resolving the relevant issues, and agreed to maintain communication on the remaining issues of the first phase of the agreement consultations. Zhong Shan, minister of commerce, Yi Gang, governor of the people's Bank of China, and Ning Jizhe, deputy director of the National Development and Reform Commission, attended the call.

[China Shipbuilding Group Co., Ltd., the largest shipbuilding group in the world, established]

Approved by the CPC Central Committee and the State Council, China Shipbuilding Industry Group Co., Ltd. and China Shipbuilding heavy Industry Group Co., Ltd. formally implemented a joint reorganization at the end of last month. This morning, the reorganized China Shipping Group Co., Ltd. held its inaugural meeting and unveiling ceremony in Beijing. After the reorganization, China Shipbuilding Group Co., Ltd. will become the largest shipbuilding group in the world.

[Zhejiang Commercial Bank A shares fell below the offering price on the first day of listing]

Zhejiang Bank A shares fell below the issue price of 4.94 yuan on the first day of trading, the trading volume quickly enlarged, the stock price was as low as 4.88 yuan. As of the close, the company's shares were up 0.61% at 4.97 yuan.

[the amount of special debt approved in advance in 2020 has been issued, but the issuance time is uncertain.]

A few days ago, the Ministry of Finance has issued to the provincial financial departments some of the new special debt quota for 2020, but the issuance time is uncertain. "We have received the quota and need to be examined and approved by the Provincial people's Congress and its standing Committee before it can be announced to the public." "We mainly allocate quotas to cities and counties according to factors such as the maturity of the project, and the issuance may not be until January next year," said a person in the debt department of the finance department of a southern province. "

[MSCI the largest expansion of the year after the effective of about 47.1 billion funds today will scramble to raise A shares! ]

At the close of trading today, MSCI's last expansion of A shares this year took effect. So far, MSCI has included hundreds of A-share large-cap stocks and mid-market stocks with a 20 per cent inclusion factor. BlackRock, which has $6 trillion under management, predicted in a research note that the inclusion would bring about $6.7 billion (47.1 billion yuan) in passive incremental capital to A shares, twice the amount of MSCI expansion in August.

Institutional point of view

Everbright Securities said that the current undervaluation style shows that the market sentiment is cautious, the previous increase is larger, and the valuation increase is much higher than the expected performance growth, pay attention to avoid the risk of concentrated cash gains at the end of the year; for some of the early stage has fully released the risk, and the fundamentals close to the bottom inflection point of the industry need not be overly pessimistic.

Guoxin Securities: although the market fluctuated in intraday trading yesterday, it did not extend Friday's adjustment, but the Shanghai index recovered the previous day's loss. Near the end of the year, the early strong stocks may be subject to short-term capital flows and appear some volatility, but the overall valuation of the market is on the low side, the downward range of the stock index is relatively limited. Strategically, it is appropriate to maintain a balanced allocation between underestimated performance and innovative growth.

Huatai Securities: looking forward to 2020, recommend "stick to the core assets" and "game cycle elasticity" two main lines. Hub airport is a A-share core assets, still has long-term investment value; e-commerce express and Beijing-Shanghai high-speed railway as quasi-core assets, need to refer to the valuation of selected stocks. Aviation supply and demand is in a weak balance in the short term, demand improvement is expected to pull profits higher than expected; oil transportation boom upward judgment remains unchanged, low sulfur oil convention is good for supply and demand.

Haitong Securities: yesterday, the trend of the Shanghai and Shenzhen stock markets has been divided, and the market style has also continued the performance of last Friday, the Prev index in the periodic stocks, infrastructure and other sectors led by the strong performance is significantly better than the Shenzhen Composite Index dragged down by technology stocks, at the same time, affected by the recent market adjustment, investor confidence is still insufficient, and the shrinking energy makes the index close hastily after recovering the short-term moving average. However, investors need to understand that today is the last expansion of MSCI this year, northward funds will further intervene in the market, and is expected to promote the gradual stabilization of the market, including biomedicine, household appliances, finance, consumption and other sectors are the focus of foreign investors. As a result, even if the index still has volatile demand for adjustment in the short term, the medium-term market is still worth looking forward to.

Xiangcai Securities believes that most of the time today, the Prev index runs above 2900 points, and the shrinking trading volume is obviously one of the factors with weak disk moneymaking effect. In order to change the short-term trend, we need to focus on whether 2930 points can be broken, and the pressure is still moving down dynamically. In the future, the Prev index has a higher probability in the range of 28702930 points, until this deadlock is broken.

UBS Securities China Equity Strategy team said on the 26th that the agency's target for the CSI 300 index by the end of 2020 is 4400 points, about 14 per cent higher than the current level, corresponding to a static price-to-earnings ratio of 12.1 times. UBS Securities stressed that the upside of the A-share market next year will be mainly driven by corporate earnings growth.

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