[stock market midday review] the index rose higher and fell back. The Prev index fell 0.39%. Pharmaceutical stocks rose and fell back.

SMM2 10: the morning index rose and fell differently, then the stock index continued to strengthen, the Prev intraday red, the index rose more than 1%. On the disk, the virus prevention and control plate began to divide significantly, funds gradually fled; Tesla, cement concept continued to strengthen, the market money-making effect is poor. Near the close of the morning, all the three major stock indexes fell back, the division of plate stocks was obvious, the early hot mask, disinfectant concept of many high stocks sha fell, brokerage, semiconductor concept dived. On the disk, agriculture, cement, non-ferrous plates are more strong. By midday, the Shanghai index closed at 2864.63 points, down 0.39 per cent, the Shenzhen Composite Index closed at 10588.32 points, down 0.22 per cent, and the index closed at 2009.95 points, down 0.29 per cent.

Abnormal review

Satellite navigation concept is high, Quanxin shares, Huali Chuangtong, China Satcom, Tianyin electromechanical, digital Zhengtong collective bidding limit.

The concept of medical waste treatment strengthened, Yuhetian, Runbang shares rose by the limit, overseas Chinese silver environmental protection, Donghua science and technology, snow wave environment rose more than 8%.

Influenza medicine plate rapid dive, Haiwang biology, people Tongtai, Lukang medicine, Tai long pharmaceutical industry collectively fell by the limit, Yangtze River Health, Yan'an will fall more than 9%.

Cloud office plate pull up, will be smooth communications, 355 interconnection limit, 263 impact limit, Beixinyuan, Rongji software pull up.

Agricultural planting plate quickly pulled up, Dabei farmers rose 7%, Honghui fruits and vegetables, Jinjian rice industry, Tsuen silver high-tech and so on.

The concept of satellite navigation has fallen, China Satcom has turned green, and Yaguang Technology and Chinese satellites have followed suit.

Cement plate continued to pull up, Fujian cement rose more than 7%, Sichuan Jinding, Jidong cement, Huaxin cement rose.

The concept of liquor rose slightly, Shunxin agriculture rose more than 4%, this world fate, Shuijingfang, mouth cellar, willing to wine industry and so on.

Non-ferrous tungsten plate pull up, Xianglu tungsten industry straight line seal plate, Zhangyuan tungsten industry, Xiamen tungsten industry, medium tungsten high-tech and other collective strength.

Message surface

[a total of 40171 new 3062 confirmed NCP cases have been confirmed in China]

From 0 to 24:00 on February 9, 31 provinces (autonomous regions, municipalities directly under the Central Government) and the Xinjiang production and Construction Corps reported 3062 new confirmed cases (2618 in Hubei), 296 new severe cases (258 in Hubei), 97 new deaths (91 in Hubei, 2 in Anhui, 1 each in Heilongjiang, Jiangxi, Hainan and Gansu), and 4008 new suspected cases (2272 in Hubei).

[China's CPI growth in January from a year earlier is expected to be 4.9 per cent]

In January 2020, consumer prices across the country rose 5.4% from a year earlier. Of this total, cities rose 5.1 per cent and rural areas 6.3 per cent; food prices rose 20.6 per cent and non-food prices rose 1.6 per cent; consumer prices rose 7.7 per cent and service prices rose 1.5 per cent. Consumer prices rose 1.4 per cent in January from a month earlier. Of this total, cities rose 1.4 per cent and rural areas 1.4 per cent; food prices rose 4.4 per cent and non-food prices rose 0.6 per cent; consumer prices rose 1.6 per cent; and service prices rose 1.0 per cent.

[Ministry of Commerce: actively help foreign-funded enterprises to resume normal production and operation in an orderly manner] actively help foreign-funded enterprises to resume normal production and operation in an orderly manner. On the premise of doing a good job in prevention and control work, in accordance with the unified arrangements of the local government, assist in the preparatory work before the resumption of work, and vigorously support the orderly resumption of work and production of foreign-funded enterprises. For the production of medical protective clothing, masks, goggles and other protective equipment foreign-funded enterprises, in accordance with the unified deployment of special services, quickly organize the resumption of work to meet the demand. (website of the Ministry of Commerce)

Institutional point of view

Tianfeng Securities said that the negative in the "situation" before the inflection point, online office, online education, medical information, games and other sectors may continue to dominate. And after the bad side really subsided, the main line of the technology plate will return to the 5G industry chain, software security controllable, cloud services, new energy vehicles and other industry main line.

New era Securities: the emergence of Deep V, the short-term impact of the epidemic on sentiment is over

In the first week after the festival, the stock market fluctuated sharply and the index moved out of the deep V, a trend rarely seen in the history of A shares. Deep V is a common volatility pattern in mature markets, especially in the face of short-term extreme events. Deep V itself does not represent the bull bear of the market, but represents the promotion of the long-term allocation of capital voice. With the emergence of deep V, the short-term impact of the epidemic on mood and position has come to an end, and the medium-and long-term effects need to be discussed. On this basis, the further upward momentum of the index comes from the progress of resuming work after the festival. If the reworking progress is faster, the rising speed will still be relatively fast, and if the reworking speed is slow, it will fluctuate upward. We tend to think of it as an oscillatory uplink.

If purely based on the impact of the epidemic, medicine, games, computer plate is a small number of sectors that benefit from the epidemic, but the probability of rising is no longer large, the follow-up will be based on long-term logic, to remove false and save the truth. The previously recommended alternative consumer opportunities will be significantly delayed and are expected to wait until the second half of the year. Among them may not be much affected optional consumption is the new energy vehicle sector, it is recommended to continue to pay attention to. The financial sector (banks, real estate) can appropriately increase positions, on the one hand, valuation has an advantage, on the other hand, the reverse policy of stabilizing the economy is conducive to these sectors.

Yue Kai Securities: technology stocks lead the rebound, there will be a lot of money to move from bonds to the stock market

Affected by events, the market has adjusted, but the Prev hit 2700 points in one fell swoop, which is obviously irrational in the short term. In terms of valuation, liquidity and emotion, the rebound after February 4 should be.

From the perspective of market valuation, the Shanghai and Shenzhen 300 valuation on February 3 is only about 11 times, in the 35% quantile level since 2011, the market valuation is on the low side. From the point of view of the performance-to-price ratio of stock bonds, it can more highlight the superiority of stock market valuation. At a time when the stock market is adjusting, bond interest rates are falling. The 10-year bond rate has fallen 40bp.3 since late December, and the equity-to-bond ratio reached 2.3, back to the level it was at the end of 2018. Historical experience shows that once the equity-bond yield ratio reaches 2.3-2.5, it means that the stock market is very attractive to bonds, from the perspective of capital allocation, there will be a lot of money from bonds to the stock market.

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