SMM4 month 2: the morning index opened low after the shock strengthened, all three major indexes turned red. On the disk, the data center-based new infrastructure plate continued to strengthen, 5G related concepts showed a strong, photovoltaic concept then changed, the early more strong car stocks collective pullback. On the disk, long and short for Jiaozuo, financial differences are more prominent. Stocks in the two cities as a whole rose and fell half each other, fried board rate is low, the market atmosphere is general. Near the end of the morning, the index continued a high consolidation trend, the index are red market volatility. On the disk, semiconductors, gallium nitride, data centers and other science and technology plates are active. Individual stocks also rose and fell less, the fried board rate is not high, the market atmosphere continues to warm. By midday, the Shanghai Composite Index was up 0.33% at 2743.64 points, the Shenzhen Composite Index was up 0.53% at 10004.25 points, and the Chuang Index was up 0.96% at 1882.72 points.

Abnormal review

The car plate opened weaker, Lifan shares fell by the limit, Great Wall, Zhongtong bus, FAW Xiali and so on fell more than 2%.

The concept of data center is active, Wanma science and technology rose 7%, Zhongtong Guomai, Guangdong Rongtai, Kexin technology and so on.

Water conservancy plate fell, Guotong shares, Gan Consulting fell 4%, Gezhouba, three Gorges water conservancy, Dayu water saving and so on.

China ship sector pulled up, China ship defense rose more than 3%, China Shipping Technology, Chinese ships, China Coastal Defense, China Power and other small increases.

The agricultural planting sector continued to weaken, with the agricultural seed industry falling 6%, while the sea seed industry, new agricultural development, and the northern wilderness fell 5%.

Photovoltaic concept change, Guangdong Rongtai, Yonggao shares, mountain coal international rose 7%, Zhongtian science and technology, San an photoelectric rose.

Mining services plate change pull up, Zhongman oil rose nearly 5%, offshore oil engineering, Bacon energy, Tongyuan oil, potential Hengxin and so on.

Semiconductor and component plates strengthened, Ziguang Guowei, Taiwan Foundation shares rose by the limit, Beijing Junzheng rose 5%, Lexin Technology, Shilanwei and so on.

Graphene concept quickly pulled up, Del future, square big carbon rose 4%, Zhongke electric, gorgeous family rose.

Message surface

[state issues 2020 photovoltaic power generation grid electricity price policy to promote the healthy development of photovoltaic industry]

In order to give full play to the role of the market mechanism, scientifically and rationally guide new energy investment, and promote the healthy and orderly development of the photovoltaic power generation industry, the National Development and Reform Commission recently issued a Circular on matters related to the 2020 Photovoltaic Power Grid Price Policy (hereinafter referred to as the "Circular"), announcing the 2020 Photovoltaic Power Grid Price Policy. The circular proposes to continue to set guidance prices for centralized photovoltaic power generation. The guidance price of the new centralized photovoltaic power station in the I~III resource area, which will be included in the scope of state financial subsidy, is 0.35 yuan per kilowatt hour (including tax, the same below), 0.4 yuan and 0.49 yuan per kilowatt hour, respectively. In principle, the feed-in electricity price of the new centralized photovoltaic power station shall be determined by means of market competition and shall not exceed the guidance price in the resource area where it is located.

[Trump says Saudi Arabia and Russia will soon reach an agreement on oil production]

U.S. president Donald Trump reportedly said at a White House news conference that he expects Saudi Arabia and Russia to reach an agreement on oil production in the coming days because the current price war is bad for both sides. (interface News)

[reply issued by the State Council on several measures to support the opening and Development of the whole Oil and Gas Industry chain in China (Zhejiang) Free Trade pilot Zone]

The State Council: agree to "some measures to support the opening and development of the whole oil and gas industry chain in the China (Zhejiang) free trade pilot zone". The Ministry of Commerce, in conjunction with the relevant departments, should strengthen guidance and services and, in accordance with the division of responsibilities, actively coordinate and solve the difficulties and problems encountered in the development of the Zhejiang free trade pilot zone, and constantly improve the development level of the Zhejiang free trade pilot zone. We will actively integrate all kinds of resources, give full play to the role of well-known international exchanges, introduce experienced exchanges in New York, London, Singapore and Dubai as strategic investors, and introduce resources from international oil traders.

Institutional point of view

Citic Construction said that although the short-term market may not need to be particularly optimistic, but investors are not recommended to be overly pessimistic, investors can appropriately increase some patience, investors participating in the short-term game can make use of the positive band of market fluctuations, the medium-and long-term perspective can be on the basis of reasonable control of the position on the basis of bargaining some chips. In the direction of allocation, we can still pay attention to the big consumption plate, the direction of policy hedging and the industries supported by the policy, adjust the more adequate technology growth stocks and the companies with low quarterly performance growth and low debt + high free cash flow.

Southwest Securities strategist Zhu Bin pointed out that although the future economy is still facing downward pressure, but this pressure has been expected by the market. With the combination of epidemic prevention and control and economic stimulus policies, market sentiment will improve. The impact of the epidemic on the market should no longer be overestimated at the moment. In the Prev around 2700 points at the bottom of the area, there are multiple shocks to the bottom is normal, investors need to overcome their fears.

Operational strategy, Guohai Securities believes that the short-term consumer plate opportunities are more certain, the medium-term pro-cyclical plate is better. When the market overfalls, it is necessary to actively allocate the pro-cyclical plate that benefits in the medium term but the time rhythm is difficult to grasp, and allocate the core assets that benefit in the long run. At present, although the market risk preference has a bottom, it is still difficult to recover. When the trading industry recovers, it is necessary to take into account the valuation pressure brought about by the rise in stock prices. Specifically, the trend opportunities for agriculture and precious metals were bullish in April. According to the epidemic situation, pay attention to the military industry, pro-cyclical plate (finance, real estate, consumption, infrastructure) trading opportunities, choose opportunities to layout science and technology and core assets.

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