SMM5 month 6: three major indexes opened low, quickly pulled up after the opening, and then maintained a concussive trend, on the disk, the RETIs plate broke out, the data center concept was strong, near the morning close, the index was steadily stronger, all three indexes turned red, the index rose more than 1%, technology stocks, agricultural plate performance strong. In the afternoon, the three major indices rose in the afternoon, the gem index rose more than 2%, semiconductor chips, agriculture led the rise, science and technology board stocks rose sharply, on the whole, the market atmosphere is more active, stocks rose more and less, but the number of falling families is not small, the money-making effect is improved.
By the end of the day, the Prev index was up 0.63 per cent at 2878.14 points, the Shenzhen Composite Index was up 1.51 per cent at 10883.22 points and the gem index was up 1.97 per cent at 2110.27 points.
Plates and individual stocks
In early trading today, the rare earth permanent magnet plate pulled up, the plate rose nearly 3%. In terms of stocks, the leading steel Tianyuan, Jinli permanent magnet rose by the limit, Galactic magnet, Sheng and resources, Minmetals rare earth, Zhenghai magnetic materials rose by more than 5%.
Net inflow of major funds into the top 10 today
Scenic spots and tourism concepts led the decline, Tengbang International fell by the limit, Tianmu Lake, Xi'an Tourism, Zhangjiajie and so on fell by more than 3%.
Semiconductor and component plate pulled up, Ju Chen shares rose 5%, long electric technology, the World Games circuit, Datang Telecom, North Huachuang and so on.
Car plate continued to pull up in early trading, Valin star horse pulled up the touch plate, Changan car rose more than 3%, Lifan shares, China heavy truck, FAW car, SAIC Group and so on.
The concept of data center is strong, Ningbo construction seal board, halo new network, data port, Longyu fuel and so on.
Photoresist concept rose, large photosensitive limit, Jingrui shares, Tongyi shares, Nanda Optoelectronics, Feikailin materials and so on.
Agricultural planting plate quickly pulled up, new agricultural development straight up the limit, Dabei agriculture, Honghui fruits and vegetables, Beidahuang and so on.
The rare earth permanent magnet plate pulled up and strengthened, the gold force permanent magnet rose by the limit, Sinosteel Tianyuan, Galactic magnet, northern rare earth and other collective rose.
Division board continued to strengthen in early trading, Anji technology rose by the limit, Juchen shares, core source micro, Walter gas, Shanghai silicon industry rose more than 10%.
Cobalt plate change pull up, cold sharp cobalt industry rose by the limit, Rongbai science and technology rose more than 7%, Huayu cobalt industry, Dow technology, Luoyang molybdenum industry, medium color shares rose.
[the United States is considering extending the tariff exclusion of some Chinese goods for one year]
The Office of the US Trade Representative said it was considering extending the exclusion of some products from Chinese tariffs for up to 12 months.
[class 1 trillion market! Public offering REITs open gate fund industry "hi"! ]
The public fund industry has ushered in an epoch-making new product. A few days ago, the Securities Regulatory Commission issued a notice to openly solicit opinions on the guidelines for the Public offering of Infrastructure Securities Investment funds (for trial implementation). The public offering of RE-ITs products is approaching. The draft guidelines for the Public offering of Infrastructure Securities Investment funds (for trial implementation) has aroused widespread concern in the industry. Some organizations predict that with reference to the size of the US market, the birthplace of REITs, and the proportion of the size of GDP, the size of China's public REITs market can reach 6 trillion yuan.
[special debts may be declared for shed reform projects]
According to a number of market participants, it was previously stipulated that special bonds could not be issued for shed reform projects, but can now be issued. A market person told reporters that the reason for allowing shed reform projects to declare special debts is that projects in previous years have not been completed and need to continue to declare funds to be completed, which cannot be broken down.
[Shanghai Municipal Commission of Commerce and others issued the "opinions on promoting the Innovation and Promotion of the City's State-level Economic and technological Development Zone to create a New Highland for Open economy"]
The "implementation opinions" put forward to support the implementation of pilot reforms related to the free trade pilot area. We will support state-level economic and development areas to replicate and promote the reform and innovation system of the free trade pilot area in accordance with the procedures. We will support the Jinqiao Comprehensive Free Trade Zone in implementing relevant policies such as financial reform and innovation in the free trade pilot zone. Encourage the development and operation of state-level economic development areas to implement open and market-oriented reorganization according to the needs of development, improve the vitality of enterprises, and strengthen and optimize enterprises. We will encourage state-level economic development zones to target artificial intelligence, cloud computing, big data, and so on, and focus on developing high-growth services such as information services. We will speed up the transformation and upgrading of the traditional service industry enabled by new technologies, and promote the transformation and application of new technologies such as 5G, the Internet of things, block chains, and so on.
[the Financial Commission has said three times in a month that it will crack down on counterfeit capital markets to meet the strongest supervision.]
On May 4, the 28th meeting of the Financial Stability and Development Board of the State Council (hereinafter referred to as the "Financial Commission") stressed the need to resolutely safeguard the interests of investors, strict market discipline, and "zero tolerance" for capital market fraud. This is the third time the Finance Commission has focused on capital market fraud since April 7.
Institutional point of view
Citic Jiantuo said that as the epidemic in China was fully brought under control, economic activity returned to normal. We expect the economy to pick up further in May than in April, especially with the convening of the two sessions on 22 May, policy support measures will be further implemented to support economic recovery. Monetary policy remains neutral and flexible, and fiscal policy will dominate the market. After the uncertainty of the first quarterly report has been completely eliminated, the second quarter will be the biggest month-on-month improvement in the whole year, and it will also be the best window for investment in 2020. From the performance of large categories of assets, stocks and convertible bonds are the best assets, profits will lead stocks upward, will also determine the prosperity of the industry. From the perspective of industry comparison: first of all, after the recovery of the economy, the prosperity of the science and technology industry will improve, the pre-market will fall sharply, and the allocation value of the science and technology industry will reappear. We first push the electronics, communications and computer industries; secondly, the counter-cyclical adjustment benefits from the construction, building materials, transportation and other industries also have considerable flexibility; Third, the early damaged late recovery of catering tourism and other industries will also be restored.
Guotai Junan Securities believes that the market shock pattern in May is expected to continue. The key factor affecting the market is that the market lacks sufficient momentum upward and downward and will remain volatile in May. Among them, the upward support of the market is four: (1) the valuation is more attractive; (2) the liquidity is loose; (3) the profit inflection point has already appeared; (4) the policy expectation. There are four downward pressures: (1) the inflow of short-term foreign capital will slow down; (2) the pressure of market supply increases; (3) the supply of market funds decreases; (4) the market lacks the main line.
Haitong Securities: at present, it is the bottom period after the adjustment of bull market and 2 waves.
The Sell in May effect in overseas markets is obvious, and the positive return probability of A shares in May is the lowest in history. Fundamental data is weak, overseas stock market pullback, A shares may withdraw from the bottom again. Medium-term perspective, is now the bull market 2-wave adjustment late stay-up period, similar to the first half of 14 years, the trend rose and other two major signals: fundamentals rebounded, market sentiment hit bottom. Steady and far away, step by step, external demand is insufficient to make up for domestic demand, first focus on new infrastructure and consumption.
China Merchants Securities pointed out that in May 2020, despite the disturbance of external risks in May, A shares are still expected to remain resilient, driven by policy expectations, marginal improvement in fundamentals and abundant liquidity. In May, although the current domestic resumption of production and work is relatively smooth, the economy shows many signs of marginal improvement, but the impact of the epidemic has not been eliminated, internal and external demand has been suppressed. The pressure for stable growth is still great. At the meeting of the Politburo on 17 April, it was clearly proposed to increase the construction of traditional infrastructure and new infrastructure, which is expected to remain a hot topic at the two sessions in May. In particular, the "new infrastructure" is expected to introduce more supporting policies. Domestic travel restrictions are gradually lifted, Europe and the United States gradually open to return to production and work, the ban will be gradually cancelled, out of consumption will gradually resume, pay attention to airports, hotels, air transport, cars; theme pay attention to the general direction of automotive intelligence.
According to the analysis of Societe Generale Securities, the stock game of market funds is dominated at the present stage, and incremental funds are needed to break the deadlock Since the middle and late March, the market has been in a stock game situation. In April, the new mixed and stock funds were only more than 50 billion yuan, far lower than the 100 billion yuan in March and February, and far lower than the capital demand of the market. At this stage, valuations such as electronics and computers are still high, with valuations in historical quantiles of about 70%-80%, about the same as in the first quarter of 14 years. For institutional investors, or focus on performance and valuation match the quality of the segment, the overall growth stock time to digest valuation, time for space.
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