[stock market resumption] the Prev index plunged on the first trading day of the year of the Rat. Stocks in the two markets fell by a large margin.

SMM2, March 3: a shares of the three major indexes fell sharply at the start of the day, the index rebounded slightly after the opening, the decline narrowed, on the disk, masks, medicine and other counter-trend. Near the end of the morning, the index fell back again, on the whole, the overall performance of the market was weak, the market mood was poor, the two cities more than 3000 stocks fell by the limit. The industry sector fell sharply across the board, while the pharmaceutical and biological sectors were relatively resistant to the decline, but the overall fluctuation was relatively large, with steel, architectural decoration, electronics, light industry manufacturing, machinery and equipment, real estate, automotive, national defense and other industries down more than 9%. By the end of the day, the Prev index was down 7.72%, the Shenzhen Composite Index was down 8.45%, and the gem index was down 6.85%. The two cities totaled 519.48 billion yuan. As of the close, the total net inflow of northbound funds totaled 18.191 billion yuan, the second largest one-day net purchase since the opening of the Internet, second only to November 26, 2019. Of this total, Shanghai shares had a net inflow of 13.592 billion yuan, while Shenzhen shares had a net inflow of 4.599 billion yuan.

Abnormal review

Securities plate fell by the limit, plate stocks Citic Construction Investment, Nanjing Securities, Tianfeng Securities and so on all fell by the limit to open.

Mask concept against the trend, Teda shares, Yangpu Medical, Nanwei shares, blue sail medical and other shares rose by the limit.

Most of the division board stocks fell sharply, Weisheng information fell 25%, square science and technology, Xingtu and other sharp decline.

Influenza plate is active, Lu Kang medicine, Tailong pharmaceutical industry, Haiwang biology and other open seal plate.

Online education plate is active, century Tianhong rose, Fang Zhi science and technology once rushed to the board, Kunlun Wanwei, 263 set pull up.

The concept of fluorine chemical industry rebounded, Yongtai science and technology straight line punching board, chlor-alkali chemical industry pulled up, Sanaifu, the new Zeus opened the limit.

Cloud office concept pull up, will smooth communication up the limit, Jinshan office, Yilian network, Suzhou Koda with the rise.

The online game plate pulls up, the electric soul network rises to the limit, Kunlun Wanwei, the perfect world, the tourist network, the gibbit and so on turns red.

The concept of colleges and universities changed to pull up, Huazhong CNC pulled up the limit, Fudan Fuhua, Jiang traditional Chinese medicine industry to follow the rise.

Jett Biology is up more than 100% in the afternoon.

Message surface

[2829 new confirmed cases nationwide 17205 confirmed cases nationwide]

From 0 to 24:00 on February 2, 31 provinces (autonomous regions and municipalities directly under the Central Government) and the Xinjiang production and Construction Corps reported 2829 new confirmed cases, 17205 confirmed cases nationwide, 186 new severe cases, 57 new deaths, 147 new cured cases and 5173 new suspected cases.

[Ma Jun, member of the cargo political Commissar of the Central Bank: open market operations will have the effect of "cutting interest rates"]

On the issue of market liquidity and interest rates, Dr Ma Jun, a member of the Monetary Policy Committee of the Central Bank, said that the decline in the winning interest rate in open market operations was the result of the central bank's excess liquidity. The people's Bank of China's open market operating interest rate was formed by inviting tenders to primary dealers in the open market business, and the over-expected liquidity investment pushed down the winning interest rate in open market operations by 10 basis points today. In fact, it has achieved the "interest rate cut" effect expected by some market participants. The decline in LPR is expected to be announced on February 20. (financial Times)

[national Health Commission: a number of clinical trials are under way for the first-line treatment of Xinguan virus]

On the afternoon of February 3, the National Health and Health Commission held a press conference in Beijing to introduce the relevant social and psychological services such as online and telephone hotlines in the prevention and control of new coronavirus infection.

[financial Times commentator article: the impact of the epidemic on China's economy and finance is temporary]

This morning, the Shanghai and Shenzhen stock markets tumbled, sparking another heated discussion about the impact of the epidemic on China's economy. In view of this, we have carried on the objective combing and analysis. It can be found that the stock market fell sharply today, there are many irrational factors, and even a kind of "herding effect" caused by panic.

[bancassurance Regulatory Commission: do not make use of the epidemic to hype insurance products, do not sell eye-catching gimmicks and insurance products]

On February 3, the Shanghai Stock Exchange newspaper exclusively learned that the property Insurance Department of the Banking and Insurance Regulatory Commission today issued to various property insurance companies a "notice on doing a good job in the settlement of Insurance claims and Insurance products related to the epidemic situation of New Coronavirus infection in the property Insurance Industry." All property insurance companies should strictly implement the relevant requirements of the Bancassurance Regulatory Commission, should not make use of the epidemic situation to hype insurance products, must not sell eye-catching gimmicks of insurance products, and must not sell single disease products without actuarial pricing basis.

Institutional point of view

Anxin strategy said that grasp the "golden pit" and seize strategic opportunities. From a series of historical experience, the epidemic situation is often only in the fastest development period may be the core contradiction of the market, from the medium-term market or according to the direction determined by the endogenous trend. Because the coronal epidemic will have a certain negative impact on the overall economic activity in the short term, it will also make the overall index platform of the market move down temporarily, and the market may quickly make up and fall after the festival to complete the expected adjustment. however, the medium-and long-term trend and structural main line logic of the market have not been destroyed by the coronal epidemic. The epidemic will always pass, and the essence of the supplementary decline in the market next week is actually to bring about a "golden hole" in the strategic layout. In particular, we should particularly cherish the rare opportunity brought about by the adjustment of high-quality technology stocks.

Citic Construction Investment Securities: suggest that investors pay attention to long-term treasury bonds and grasp short-term oversold equity assets

In the shadow of the epidemic, the economy will be more significantly affected, liquidity will remain loose. Bond assets will be relatively dominant, suggesting that investors focus on long-term government bonds. In the stock market, if there is a substantial decline in the market, we suggest that investors should pay attention to over-falling equity assets on the basis of risk prevention. From the experience of the Hong Kong market, computer, power and public utilities, national defense and other industries have been less affected. In addition, it is suggested that investors should grasp the short-term over-falling equity assets from the perspective of performance.

Cathay Pacific Securities: look at the epidemic from a different perspective, unanimously anticipate what amendments may be needed

The development of the epidemic situation is an objective fact, and the trend of the stock market depends on the expected changes of objective events. At present, the market is unanimously expected to go down first and then up, we believe that: 1) the "down" time will be shorter than expected; 2) the decline will give birth to greater opportunities. The core judgment comes from four perspectives. From the four perspectives, we think that the index adjustment space at 5% will be completed quickly and enter the bottoming stage. We suggest that we should pay attention to the opportunities conceived in the decline.

Citic Strategy said the impact of the epidemic led to the end of the rehearsal of "well-off cattle", which began in December, but also provided a rare opportunity to configure it. We still continue the annual strategic point of view, that as the second quarter of the economy gradually returned to the right track, the "well-off cow" is likely to open before and after the "two sessions." The "golden hole" dug by the market in February due to the impact of the epidemic will be the best time of the year.

New Times Securities said that after the impact of the epidemic, the market trend will not be substantially changed. If you compare the medium-and long-term trend of the economy, it is much worse than 2003, but the rise of the stock market itself depends on the matching degree of capital, valuation and profit. Although the economy was good in 2003, the valuation and capital structure were very poor, so the market center moved downwards. In 2003, the overall risk premium of A shares is very low, the stock market itself is still very expensive, the performance-to-price ratio is very low. After the last round of bull market bubble burst, brokerage self-management, large households and other problems are still in the process of digestion, the capital pattern of the stock market is very poor. None of these problems will occur in 2020. Therefore, from a longer-term perspective, because the current valuation center of A shares is much better than in 2003, the trend of continuous improvement in earnings in various industries is far from over, and the high probability of this epidemic will not change the logic of the rise of the index center in 2020.

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