SMM4 March 27: early trading index opened slightly higher after concussion higher, the creation index rose more than 1%, the Shanghai Stock Exchange 50 rose more than 1.3%. On the disk, banks, digital currency and UHV are relatively strong. The bulls continue to make efforts, and the market sentiment is positive, but the money-making effect is general. Near midday, the index fluctuated at a high level, and the continued strength of the banking sector led to the strength of the index. On the market, individual stocks rose and fell by half, the rate of exploding board continued to rise, the theme differentiation of the market plate was obvious, and the rotation of funds was significantly accelerated. As of press time, the Prev Index was at 2828.13 points, up 0.70%, the Shenzhen Index at 10512.37 points, up 0.85%, and the Chuangshi Index at 2032.26 points, up 1.42%.

Abnormal review

The new crown detection plate opened low, Changhong technology fell by the limit, Mingde biology, master biology fell 6%, Mike biology, Daan gene opened low one after another.

Agricultural products processing plate changed and fell, Beijing Grain holding fell more than 9%, Chinese-funded industry, Jinjian rice industry, Daoquan, Cofco sugar industry and so on.

UHV plate change pull up, Jinlihua electric seal rose by the limit, gold cup electrician rose more than 9%, access shares, Hangzhou electric shares, Dalian electric porcelain, Siyuan electric and so on.

Chip stocks continued to weaken, Tongfu micro electric hit the limit, Jijie micro electric, Huiding technology, Fu Hanwei and so on fell more than 7%.

Pharmaceutical plate fell sharply in early trading, North China Pharmaceutical, Sihuan biology fell by the limit, Tailong Pharmaceutical, Haizheng Pharmaceutical, Haite Biology, Yongtai Science and Technology weakened.

Bank plate change pull up, Pudong Development Bank, Ningbo Bank, China Merchants Bank, Industrial Bank rose more than 2%, related stocks all floating red.

Rural e-commerce plate continued to pull up, supply and marketing closed up, agricultural products rose more than 6%, Youa shares, Lutong sight letter, Desheng science and technology, Dabei agriculture and so on.

Communications equipment plate continued to pull up, Gaohong shares rose, Tianfu Communications rose more than 5%, Tianfu Communications, Keller Technology, Wanma Science and Technology, Desheng Technology and so on.

The banking sector continued to strengthen, Qingnong Bank rose by the limit, Ningbo Bank, Changshu Bank, China Merchants Bank and so on followed the rise.

Message surface

[total profits of industrial enterprises above the national scale fell 34.9% in March from the same period last year]

National Bureau of Statistics: in March, the total profits of industrial enterprises above the national scale fell 34.9% from the same period last year, a decrease of 3.4 percentage points from January to February, and the cumulative profit from January to March fell by 36.7%, 1.6 percentage points less than that of January to February.

[the second batch of state-organized centralized drug procurement has implemented a comprehensive drop in the prices of 32 selected drugs in Guangdong.] compared with the "4X7" pilot and encirclement expansion, the second batch has more varieties, more purchases, and a more obvious reduction in prices. The 32 selected drugs include diabetes, hypertension, antibiotics, antipyretic analgesia and other drugs. According to statistics, the annual purchase volume of the second batch of centralized drug procurement in our province is about 516 million pieces / tablet, and the total agreed purchase amount is 149 million yuan. Compared with the lowest price of Guangdong purchasing platforms in 2019, the average drop is 71.87%, and the highest drop is 93.33%. It is estimated that the annual medical cost can be saved by 835 million yuan, and the medical insurance fund by 603 million yuan.

[the third batch of 1 trillion special debt line was officially issued at the end of May] Local stable investment and then welcome the good! It is reported that the third batch of 1 trillion yuan of local government special bonds (hereinafter referred to as special bonds) used to stabilize investment and make up for weaknesses has been issued to some provinces and cities.

Institutional point of view

Haitong Securities: the phased rebound in late March is the bottom of the shock

1 the market has only rebounded in stages since late March and is still at the bottom of the volatility in the bottom area, similar to the first half of 14 years. 2 signs of future trend opportunities: fundamental data rebounded and market sentiment indicators fell to historic lows. (3) strengthen confidence in the medium term, maintain patience in the short term, make up for domestic demand when external demand is insufficient, and first focus on sound new infrastructure and consumption.

Daikang of Guangfa Securities: a shares are neither humble nor high, priority allocation of science and technology after "top risk premium"

The main line of the market is still the struggle between performance writedowns and counter-cyclical policies, performance writedowns and overseas secondary disasters still have a negative impact on A shares, but in the context of continued loose liquidity, the possibility of A shares hitting a "market bottom" after the "bottom of profit" is very small. Because the probability of this round of fiscal stimulus policy is a mixture of investment / consumption, so the possibility of A shares to reproduce the V-type inversion at the end of 2008 is also small. Maintain the view of "neither humble nor arrogant", and the configuration still revolves around the main line of domestic demand and domestic supply.

With the imbalance between the allocation and valuation of "performance comparative advantage", it is suggested that the allocation should gradually turn to "policy hedging direction" and "performance repair elasticity": (1) benefiting from the technological growth of "risk premium top" (IDC/ medical information / new energy vehicle); (2) the boom and configuration both hit the bottom, and the marginal repair is expected to increase the "retaliatory consumption" (leisure service / airport); (3) countercyclical policy to promote the expansion of infrastructure chain (building materials / electrical equipment).

Southwest Securities: second quarter "when the structure is in progress, when the investment is sunny"

Southwest Securities Zhu Bin stressed that in the second quarter, "when the structure is in progress, when the investment is sunny." The report holds that: (1) in terms of the epidemic situation, the domestic epidemic situation basically subsided in the second quarter, and the inflection point of the overseas epidemic situation appeared. (2) in terms of policy, the policy environment in the second quarter is still soothing and friendly. (3) in the aspect of resumption of production, the resumption of work in the second quarter will be promoted smoothly. In terms of allocation, the report believes that liquidity is abundant, various industries are gradually recovering, and the opportunity for rotation is obvious.

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