SMM5 March 25 News: all the three major indices turned green after the opening, and then the index bottomed out and rebounded and turned red. On the disk, affected by the news, photoresist, biological vaccines and food plates continue to strengthen, UHV fell in early trading, pork stocks strengthened collectively. Near midday, market sentiment picked up somewhat, the index bottomed out after the shock strengthened. On the disk, the photoresist plate continued to strengthen, leading technology stocks to pick up. In addition, the liquor concept stock market is strong. On the whole, the market mood has improved slightly, and the money-making effect has gradually improved. As of press time, the Prev Index was at 2812.96 points, down 0.03%, the Shenzhen Index was at 10561.07 points, down 0.41%, and the Chuangshi Index was at 2042.94 points, down 0.18%.

Review of changes

The UHV plate opened weaker, the light cable fell by the limit, the sun cable fell by 7%, and Shenma Electric, Han Cable shares, and Protective Electric fell one after another.

Rare earth permanent magnet plate pull stronger, Jiaozuo Wanfang, Boyun new materials trading, Jintian Copper, Galaxy magnets and so on rose.

Photoresist plate abnormal pull up, Yingtang Zhi control up more than 5%, Zhangjiang Hi-Tech, Nanjing University Optoelectronics, sail new materials, Rong Da photosensitive and so on.

The concept of liquor collectively weakened, Shunxin agriculture fell by more than 2%, Wuliangye, Kouzi cellar, old white dry wine, Shuijingfang and so on fell.

The concept of biological vaccine rose, the limit of Saisheng pharmaceutical industry rose, Jinlei shares rose more than 7%, Haili biology, Renfu medicine, Haiwang biology and so on rose.

Photoresist plate continues to rise, Nanjing University photoelectric limit, sail new materials, Rongda photosensitive, Yingtang intelligence control and so on.

The food processing and manufacturing sector continued to rise, with the new dairy industry rising by more than 6%, while Guangming Dairy, Xianle Health, Youyou Food and Tianrun Dairy rose.

The concept of liquor rebounded and rose, Jinhui liquor rose by more than 5%, Shanxi Fenjiu, Yanghe shares, Guizhou Moutai, alcoholic spirit and so on.

Message surface

[Bancassurance Regulatory Commission: it will further open up in terms of market access, business scope, business environment, etc.]

It has been learned from the Bancassurance Regulatory Commission that in 2020, the CBIC will continue to vigorously promote the landing of opening-up measures to the outside world, so as to provide more convenience for foreign bank insurance institutions to operate in China. In 2019 and the first quarter of 2020, the Bancassurance Regulatory Commission approved a total of 27 preparatory applications and 26 business applications for foreign banks and insurance institutions.

[incremental funds are coming! FTSE Russell announced that A-share expansion arrangements for northward net inflows for nine consecutive weeks] in the early morning of May 23, FTSE Russell announced the quarterly changes of its flagship index series (FTSE GEIS) in June. According to the adjustment, this A-share adjustment is very small, and no individual stock has been deleted. Zheshang Bank and Yu Nong Commercial Bank are included in the large-cap stocks, and the change will take effect before the opening of trading on June 22nd. At the same time, FTSE Russell decided to increase the A-share inclusion factor from the current 17.5% to 25%. At this point, the first phase of FTSE Russell "taking A" is nearing completion.

[Xi Jinping: policies in support of Hubei should be well implemented] on the afternoon of the 24th, General Secretary Xi Jinping participated in the deliberations of the Hubei delegation. Deputy Yan Zhi reflected: at present, Hubei and Wuhan are in a critical period of recovery after the epidemic, and some enterprises are still facing great difficulties in their survival and development. Xi Jinping pointed out that the central government has just introduced relevant policies and measures to support Hubei, which will be well implemented. What other shortcomings and gaps need to be studied and solved, and the relevant departments should pay attention to them.

Institutional point of view

Guosheng Securities said that the shock period should still maintain long-term thinking, and technological growth will be the main line of the medium-and long-term market. On the one hand, in the face of the complex internal and external situation, easing will still be the medium-and long-term policy tone. Structural policy benefits such as fiscal and monetary relief and new infrastructure will continue to be released. Therefore, we do not believe that the index has a greater risk, nor do we recommend a systematic reduction of positions. On the other hand, the pace of capital market reform such as the gem registration system is accelerated, and institutional change will provide a long-term driving force for transformation and upgrading and scientific and technological innovation. Therefore, it is still recommended to maintain long-term thinking, in the shock period to select the structure, layout of the future, scientific and technological growth will be the medium-and long-term main line.

Citic Securities: the market driving force remains unchanged, and the impact of external disturbances on A-shares is limited.

The government work reports of the two sessions are in line with expectations in terms of fiscal expenditure and the trend of monetary easing, the scale of tax and fee cuts is slightly higher than expected, and the wide credit measures related to the bail-out of small and medium-sized enterprises have been significantly increased. The absence of a GDP growth target in the work report does not mean that there are no policy targets, and the realization of the "six guarantees" itself implies a GDP growth target of 3% to 3.5% for the whole year. Although internal policy trends continue, recent external disturbance events have begun to increase.

The capital structure of Hong Kong stocks has changed significantly in the past year. The amount of capital flowing into Hong Kong stocks southward is more than three times that of foreign capital outflows out of Hong Kong stocks. The proportion of southward capital transactions has risen to about 20%, and the pricing power has increased significantly. Even if foreign capital flows out of Hong Kong stocks in the short term, the impact on the market is limited.

Haitong Securities: the market has entered the pullback stage, and the bottom shock has built up the momentum for the bull market.

The end of the rebound that began in 1319 entered the pullback phase, with the bottom interval concussion gaining momentum for the bull market with three waves rising, and other fundamental data rebounding, with the first verification window at the end of the second quarter. (2) from the medium-term perspective, the growth style has not changed in the 2-3 years since the beginning of 19 years. This year, the structural differentiation is mainly at the industry level, with some consumption overvalued, high allocation and high growth rate, while bank real estate mining is on the contrary. (3) currently focusing on domestic demand, such as new infrastructure (technology), cars and household appliances, the advantages of securities firms will be highlighted when the three waves restart, underestimate the repair of the industry and other catalysts, pay attention to Q4.

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