SMM4 20: three major indexes opened high, after the opening of the Prev index once turned green, then shock pulled up, the index rose more than 1%. On the disk, agricultural planting, cement plate has been active, close in the morning, the overall volatility of the index rose, the market rose and fell less, the money-making effect is still OK. By midday, the Shanghai index was up 0.30% at 2847.13 points, the Shenzhen Composite Index was up 0.61% at 10591.71 points, and the Chuang Index was up 0.96% at 2040.09 points.
High-speed rail concept, new construction shares, double-ring transmission limit, Longjin science and technology rose 5%, peaceful industry, Shandong road and bridge rose.
The cement plate pulled up and strengthened, Ningbo Fidelity rose by the limit, Tapai Group, Jidong cement, Fujian cement and so on.
RCS rich media communications plate continued to pull up, Jingtianli, Zhengtong electronic limit, Zhongjia Bochuang, Dreamnet Group, Yinzhijie and so on.
Digital currency plate quickly pulled up, flying integrity rose by the limit, digital certification, radio and television express, quadrangle up 5%.
Agricultural planting plate pulled up, the sea seed industry rose, agricultural seed industry, Tsuen Yin high-tech, Fengle seed industry, Jinjian rice industry and so on.
Iron and steel plate change pull up, Yongjin shares rose 6%, Bayi iron and steel, Yongxing materials, the vast number of special materials and so on.
Data center concept change pull up, Longyu fuel touchpad, data port, American cloud, Dashi intelligence and so on.
Medical device service plate strong, Bohui innovation, Mingde biology, Huada gene, translucent life, Mike biology, da an Keyne collective limit.
[cut interest rates! One-year LPR down 20 basis points]
On April 20, LPR was released: the LPR of 1 year was 3.85%, the previous value was 4.05%, the LPR of more than 5 years was 4.65%, and the previous value was 4.75%.
[NDRC: actively stabilizing the traditional bulk consumption of automobiles, household appliances, etc.]
The NDRC said that in the case of hindered external demand, it must firmly implement the strategy of expanding domestic demand to provide support for stabilizing the basic economic market. In terms of promoting consumption, the focus is on actively stabilizing the traditional mass consumption of automobiles, household appliances, and other residents, appropriately increasing public consumption, and at the same time complying with the general trend of escalation of household consumption and the new demand emerging during the epidemic period. we will vigorously cultivate new consumption growth points such as green consumption, information consumption, digital consumption, intelligent consumption, and healthy consumption, promote the growth of online consumption, and accelerate offline consumption to make up for it.
[NDRC: the 2020 version of the negative list on Foreign Investment access will further relax Foreign Investment access]
The NDRC said it had issued the 2020 version of the negative list of foreign investment access. From 2017 to 2019, China revised the negative list of foreign investment access for three consecutive years, reducing the number of restrictive measures from 93 to 40. The revision will further relax access to foreign investment, further enhance the level of opening up in the service, manufacturing and agricultural sectors, and continue to try first in the free trade pilot area.
Institutional point of view
Anxin Securities said that although the short-term market after a certain rise will inevitably have some repetition, but firmly believe that support A shares medium-term upward economic transformation and asset allocation logic has not changed, A shares are expected to still benefit from liquidity, earnings and risk preferences of the continued marginal improvement, showing a concussive upward trend, the configuration of the recommended consumption bottom, technology is still the main line of flexible attack. Recently, the industry focuses on: new energy vehicles, computers, the Internet, electronics, communications, military, pharmaceutical, brokerage, etc., the theme focuses on the revitalization of Hubei and so on.
Societe Generale Securities: interest rate reduction expectation + Market risk preference Promotion
The policy spring breeze blows, the interest rate cut expectation + the market risk preference enhancement, the short-term market has the risk preference enhancement window period. All the economic data fell to the ground in the first quarter, and the worst period of economic activity "slamming on the brakes" as a result of the epidemic has passed. With the resumption of work and resumption of production gradually approaching the normal level, the data in March are significantly better than those from January to February. The stage market enters the data gap period, the policy spring breeze begins to expect, the investor risk preference stage enhancement window period arrives.
Industry configuration: "go at both ends", one end of the major innovation and technology growth direction, "new infrastructure", grasp the policy blessing of science and technology infrastructure and people's livelihood infrastructure related investment opportunities. The other end of the layout of low valuation, high dividends, stable performance of the core asset value leader. Window period to grasp the certainty of the "old urban transformation", B2G industry chain related opportunities.
Guangfa Securities: a shares are neither humble nor high, "risk premium top" after priority allocation of technology
Performance writedowns and overseas secondary disasters still have a negative impact on A shares, but in the context of continued liquidity easing, A shares after the "bottom of the profit" after the "bottom of the market" is very unlikely. A shares are "neither humble nor arrogant", and the allocation still revolves around the main line of domestic demand and internal supply. "risk premium top" gradually confirmed that technology stocks after pre-adjusted valuation of the attractiveness of better, up-regulation of technology stocks as the preferred recommendation, taking into account the necessary consumption to properly control portfolio volatility.
Industry configuration: (1) benefit from "risk premium top" & industry logic solid scientific and technological growth (IDC/ medical information); (2) relative performance advantage (medicine / food beverage / game); (3) counter-cyclical policy to promote infrastructure chain expansion (building materials / electrical equipment).
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