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. In the afternoon, the index remained volatile, retail stocks pulled up, dairy and food processing plate continued to strengthen, photoresist plate fell. At the end of the day, the index was consolidated and pulled up. On the disk, pork, artificial meat and spirit plate strengthened, communications equipment, electronic manufacturing plate pulled up slightly, the market money-making effect gradually warmed up.

By the end of the day, the Prev index closed at 2817.97 points, up 0.15%, with a turnover of 202.1 billion yuan; the Shenzhen Composite Index reported 10592.84 points, down 0.11%, with a turnover of 288.5 billion yuan; and the pioneering index reported 2052.30 points, up 0.28%, with a turnover of 97.52 billion yuan.

Plates and individual stocks

In semiconductor manufacturing, photoresist is also one of the biggest weaknesses in China's semiconductor industry. At present, the localization rate of semiconductor photoresist is less than 5%. However, with the expansion of the production capacity of domestic wafer factories and the support of the second phase of the national fund, the localization process of photoresist has been accelerated and the opportunity for development has been accelerated, and the relevant listed companies have been favored by many institutions. Nanjing University Optoelectronics, Guangxin Materials, Yangfan New Materials, Jiang Huawei, Feikai Materials, strong New Materials, Rongda photosensitive and other collective strength.

There is a net inflow of main capital today.

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.

The dairy sector continued to strengthen, with Sanyuan shares and Cody Dairy rising by the daily limit in the afternoon, Tianrun Dairy up 9%, Yantang Dairy, Miaoke Lando, Manor Ranch and so on.

Agricultural planting plate pulled up in the afternoon, snow bong biology rose more than 7%, Xiamen Xiangyu, Zhongxing fungus industry, black sesame, Mogao shares rose.

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 announces A-share expansion arrangements for northward capital inflows for nine consecutive weeks]

In the early morning of May 23rd, 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 Yunong Commercial Bank are included in the large-cap stocks. 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: the policy to support 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.

[TSMC is coordinating a number of chip companies to give priority to Huawei]

According to Taiwan media reports, TSMC is trying to coordinate orders from Qualcomm, MediaTek, AMD, Nvidia and other manufacturers to transfer some of them to Huawei in order to help Huawei produce enough chips during the 120-day buffer period. If this coordination is successful, Huawei's shortage of chip capacity within this year will be partially alleviated. Previously, TSMC was granted a 120-day buffer period during which TSMC could continue to contract for Huawei, so 120 days became a critical period for Huawei, which must allow TSMC to produce enough chips within 120 days.

[this year, we will enact the Futures Law and amend the Law of the people's Bank of China]

On the afternoon of May 25, the third session of the 13th National people's Congress listened to the work report of the standing Committee of the National people's Congress. The report reveals that this year's legislative work is very arduous. In order to promote high-quality development, the Yangtze River Protection Law, the Rural Revitalization Promotion Law, the Futures Law, the Hainan Free Trade Port Law, and the Patent Law will be formulated. In order to speed up the construction of the legal system applicable outside the jurisdiction of our country, we will formulate the export control law and amend the anti-money laundering law, the people's bank of China law, the commercial bank law, the insurance law, and so on.

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.

Haitong Securities said that the end of the rebound that began on March 19 entered the pullback phase, with the bottom interval concussion gaining momentum for the bull market three waves, and other fundamental data rebounding, with the first verification window at the end of the second quarter. From a medium-term perspective, the growth style of 2-3 years since mid-2019 remains unchanged. This year, structural differentiation is mainly at the industry level, with some consumption overvalued, high allocation and high growth, while bank real estate mining is on the contrary. At present, focusing on domestic demand, such as new infrastructure (technology), cars and household appliances and other sectors, when the three waves restart, the advantages of securities firms will be highlighted, underestimating the repair of the industry and other catalysts, pay attention to the fourth quarter.

Citic Construction Investment said the market ended the previous two weeks of volatility and started a downward trend. After ending its last shock rally near 2900 in the previous two weeks on Wednesday, the market opened a downtrend and fell below the range on Friday, breaking the upward trend that began in late March and officially entering the long-awaited second wave adjustment. It is expected that with the resumption of work after the epidemic, the economy is expected to return to normal step by step in the second and third quarters, and the market is expected to return to around the January high of 3150 at the end of the third quarter. At present, the motherboard is faced with multiple unfavorable factors such as the failure of the expectation of traditional infrastructure stimulus and the re-promotion of Sino-US trade frictions and the downward shock of technology. There is downward pressure on A-shares, and whether it stabilizes depends on the speed of recovery of domestic demand after the epidemic. Judging that the short-term adjustment of the market continues but the range is controllable, it is recommended to wait patiently in medium positions. The overall trend of the gem refers to the rhythm of the motherboard, but the IPO decreased to 1 last week, indicating the willingness of policy care under short-term weakness, and it is expected that the plate will also follow the stabilization of the motherboard. Short-term recommendations also maintain medium positions waiting for a better re-intervention opportunity to remain unchanged, market capitalization style to maintain gem dominant.

Guangfa Securities pointed out that the intensity of easing in the "double width" cycle is positively related to the rise of A-shares, but only determines the rising slope of A-shares and does not change the direction of the market. Compared with history, it is expected that the strength of the currency side of this round of double wide cycle is in the middle and the strength of the credit side is weak, so the valuation is supported, but the improvement in earnings is relatively mild, maintaining the slow bull judgment that A shares fluctuate upward but have a slower slope. Profit moderate repair, pay attention to the direction of performance repair flexibility and policy stimulus, 20 years of China's fiscal stimulus "investment / consumption", potential profit margin

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