[stock market recovery] the Shanghai index rebounded. The concept of six Lianyang Tesla was active in the afternoon.

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. In the afternoon, the index rebounded again and the index rose again to 1 per cent. On the disk, the sugar plate continued to pull up in the afternoon, the fuel cell plate is also more active, funds began to favor low stocks. In late trading, the index rose again and the Tesla concept was strong. Overall, the afternoon funds were active again, stocks fell more or less, the overall atmosphere of the two cities improved again, fried board rate fell back.

As of press time, the Shanghai Composite Index reported 2890.49 points, up 0.51%, the Shencheng Index reported 10728.46 points, up 1.10%, and the Chuang Index reported 2042.18 points, which continued to hit a new high of 1.31%. Statistics show a total net outflow of 3.272 billion yuan to the north. Of this total, the net outflow of Shanghai shares was 1.173 billion yuan, and that of Shenzhen shares was 2.099 billion yuan.

Net inflow of major funds today

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.

White sugar plate pulled up in the afternoon, Guanong shares rose, Guangdong Gui shares, Cofco sugar industry rose, Guangdong Ganhua, Chinese-funded industry and so on.

Medical waste treatment plate once again strengthened, Runbang shares, overseas Chinese silver environmental protection back to the limit, high-energy environment, Yuhetian and so on.

Tesla concept change pull up, Xu Sheng shares, Tianqi mold rose by the limit, Wen can shares, Chang aluminum shares and so on.

Extractive services plate pulled up, CNOOC rose more than 8%, Bacon energy, Zhongman oil, Tongyuan oil and so on.

Gold plate late change pull up, Chifeng gold rose, China Baoan, Yuancheng gold, Hengbang shares followed by pull up.

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)

[China's development of new coronavirus du vaccine to start animal trials as soon as 4 months into clinical]

A few days ago, the Chinese scientific team announced that the newly developed vaccine for the new coronavirus has begun animal trials. This comes only two weeks after the Chinese Centers for Disease Control and Prevention successfully isolated the first new coronavirus strain in China on January 24. The reporter learned from many sources that the vaccine was jointly designed and developed by the Chinese Centers for Disease Control and Prevention, the Medical College of Shanghai Tongji University and the Shanghai Biotechnology Company. Sri Lanka microorganisms provide vaccine samples for production. Samples of the new vaccine were injected into more than 100 healthy mice on Sunday. Officials from the Chinese Centers for Disease Control and Prevention confirmed the progress of the new coronary disease du vaccine to zhe, but stressed: "this is still a very early stage, and there are still a lot of 'steps' to go before people can use it."

[Ministry of Commerce: we are closely monitoring the possible impact of the epidemic on foreign trade, "said Gao, a spokesman for the Ministry of Commerce. We are closely monitoring the possible impact of the epidemic on foreign trade. At present, relevant departments and local governments are actively helping enterprises, and some local governments have introduced support policies. Some qualified foreign trade enterprises are resuming production.

[Ningde time "power supply" domestic Tesla is expected to pull down the price by 20%] Cui Dongshu, secretary-general of the National passenger Association, said, "with the improvement of Tesla's domestic production rate and production capacity climbing, there is still a lot of room for the price of Tesla's domestic models to descend in the future." He expects the price of the domestic Model 3 to fall to 250000 yuan in the second half of this year, a drop of nearly 20 per cent.

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.

Citic Securities said the "gold pit" in February was the bottom of the market in 2020. First of all, the negative impact of one-off pulse on the market and fundamentals has gradually become a consensus; second, behind the short-term fluctuations is the policy timely and comprehensive expected management; third, the loose macro liquidity support valuation, short-term difficult to repeat; finally, "two financing" and equity pledge risk can be controlled, forced sell risk is low. Focus on the subject matter that benefits from a return to work. Considering the negative impact, we sort out the opportunities and rhythms of A-share allocation in 2020, including three categories: the main line throughout the year; trading opportunities before bearish mitigation; the varieties of positions can be built step by step after bearish mitigation; and collated the relevant investment portfolio. It is suggested that while continuing to grasp the trading opportunities brought about by the bad, we can also pay attention to the sub-industries with faster progress.

Guangfa Securities: the bottom is already present, beware of fluctuations in the beneficiary plate

Guangfa strategy team believes that industry configuration pays more attention to medium-term industrial logic. (1) the plate supported by short-term event benefit and medium-term industrial logic: a. Media (video, game); b. Internet medicine, online office; c. IT infrastructure (IDC, server, storage). (2) the impact of the event is limited, and the upward logic is stable in the medium term: a. Electronics (consumer electronics, semiconductors, panel); b. New energy vehicle industry chain (middle reaches lithium battery and parts-upstream lithium electric materials-middle reaches motor electronic control-electric vehicle); c. 5G software.

The bottom of A shares has emerged, after the resumption of work, we need to closely track the inflection point of the epidemic and beware of fluctuations in the beneficiary plate. The "slow cow on the financial supply side" driven by the downward discount rate will not be undermined by the epidemic. A shares in the experience of a sharp fall in the odds have been more attractive, the bottom of the impact has emerged. If the inflection point of the epidemic situation is further clarified after the resumption of work, the rotation of the A-share industry will return to the main line in the medium term along the sequence affected by the epidemic situation from small to large. The current higher gains in the beneficiary plate, pure event-driven strong stocks to make up for the decline, the plate with medium-term industrial logic even if facing a certain adjustment still has the upward momentum, and the event impact is limited, the medium-term industrial logic stable plate will also gradually return. Configuration grasps two main lines: (1) short-term event benefit, medium-term logic support; (2) event impact is limited, medium-term upward logic is stable. Recommended configuration: Internet medicine, games, new energy vehicles, consumer electronics.

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