[stock market close] the index collectively rose more than 1% carbon neutral, power, environmental protection and other sectors led the gains.

The market rose and fluctuated throughout the day, the index rose more than 1%, the theme of the two cities rose across the board, individual stocks rose, nearly 3500 shares rose, and more than 100 shares rose more than 9%. On the plate, the early holding stocks are still mainly adjusted, Hengli Petrochemical falls by the daily limit, the market still revolves around the major theme of carbon neutralization, power stocks set off a stop tide, branches such as environmental protection and waste heat boilers soar, short-term funds hold high bid, Shunbo alloy 9 days 8 plates, Sinopec energy-saving reverse package board, Guanzhong Ecology, Deguit and other registered sub-shares rose by the limit of carbon neutralization. In addition, Panel, banking, aviation, tourism, brokerage and other hot plates also rose one after another. On the whole, the market rebounded, but the turnover was not effectively enlarged, the persistence remains to be observed, and the operation is more important than the index. On the disk, the theme was red across the board, with carbon neutralization, electric power, environmental protection and other plates leading the rise.

As of the close, the Prev index rose 1.14% to close at 3443 points, the Shenzhen Composite Index rose 1.14% to close at 13760 points, and the gem index rose 1.00% to close at 2698 points. The net purchase of Shanghai shares is 2.406 billion yuan, while that of Shenzhen stocks is 4.757 billion yuan.

Citic Securities believes that A shares are in a quiet period of stock capital game, with bottom and pressure, and the inflection point of inflation expectation and US debt yield is the key to build a consensus on allocation; it is suggested that we should pay close attention to these two trends and lay out the inflection point of inflation expectation in advance. First of all, the liquidity of A-share market continues to be in a state of tight balance, the characteristics of stock game are obvious, and there are great differences in market structure. Second, overseas re-inflationary trading has entered the second half, and inflation expectations are expected to peak in April; 10-year US bond yields enter a slow upward period, which is expected to force the Fed to respond, with this round's peak expected to be around 2.0 per cent. Finally, the recovery in demand in the US and Europe is highly dependent on vaccines and policies, the actual recovery is likely to be very slow and uncertain, current market expectations are too optimistic and there is not enough momentum for further rapid upward movements in commodity prices.

Haitong Securities said that the market decline since February 18, similar to 07Q1, 14Q4, is a pullback in the middle and later stages of the bull market. Learn from history, this stage of the disk ice and fire double days, the market style short-term swing, the end of the adjustment will continue the early style. Adjustment will take time to digest, and the future market is expected to be led by smart manufacturing and followed by mass consumption.

Guotai Junan Securities pointed out that it will take time for the index to return to volatility and structural overvaluation to digest over time. The incremental market turns to the stock game, and it is more difficult to "pull the valuation". The investment paradigm needs to be changed, from a single emphasis on corporate texture in the past to highlighting marginal improvement and looking for new value. The main lines of investment are as follows: 1) demand and profit diffusion + extension credit dependence weakening, endogenous cash flow creativity enhanced + mid-stream cost transferable resonance direction: machinery (Niuwei shares / Bosch shares); 2) global raw material cycle: petrochemical (COSL) / Sinopec (Wanhua Chemical) / Nonferrous (Zijin Mining); 3) recovery of post-epidemic service consumption: hotels (first Travel Hotel), Tourism (Songcheng Performing Arts). 4) Finance for capital balance sheet repair: bank (Jiangsu Bank) / Insurance (China Pacific Insurance). In addition, carbon neutralization theme is recommended: iron and steel (Baosteel) / new energy (Ningde era, Yiwei Lithium Energy).