The three major A-share indexes rose together, the real estate sector led the gains in Salt Lake Lithium extraction and led the decline [the stock market closed]

The index expanded in the afternoon, and the gem index also rose in the afternoon. The real estate plate continued to strengthen in the afternoon, financial information development 8 days 7 boards, Jiakai City 3 even boards, more than 30 stocks within the plate limit. By the end of the day, 28 of the 42 connected stocks rose by the daily limit and 4 fell by the limit. Longzhou shares, Cape testing and Zhangzhou Development three shares staged the sky board, and the board stocks were still relatively strong as a whole. On the whole, individual stocks in the two cities showed a general rising pattern today, with more than 3500 stocks rising. Today, more than 3500 stocks in the two cities rose by the daily limit, of which 67 stocks were less than 6 yuan, more than half, and low-priced stocks raised the limit. Today's trading volume in Shanghai and Shenzhen stock markets has shrunk by 157.8 billion compared with the previous trading day, and the trading volume has shrunk sharply. On the market, real estate, prefabricated architecture, metasmology, tourism, education and other sectors rose in the forefront, while salt lake lithium extraction, liquor, tobacco, novel coronavirus testing and other plates led the decline. By the close, the Prev index was up 0.88%, the Shenzhen Composite Index was up 0.82%, and the gem index was up 0.53%. Northbound funds had a net outflow of 997 million yuan today, of which Shanghai stocks had a net inflow of 1.223 billion and Shenzhen stocks had a net outflow of 2.22 billion.

For the future market trend, institutions have expressed their views.

Central Plains Securities: the mainstream plate is under selling pressure, and the Prev is more likely to decline slightly in the short term.

The A-share market encountered obstacles and significant shocks on Monday, the Asia-Pacific market fell across the board in early trading, and the stock indexes of the two cities failed to rise. With the recent sharp falls in hot industries such as photovoltaic, lithium, military industry and non-ferrous metals, dragging down the stock index step by step, the Prev once again broke through the 3600-point integer mark in intraday trading, continuing the adjustment trend since December 13. At present, the market continues to show relatively obvious structural characteristics, with defense sectors such as medicine, agriculture and engineering construction strengthening against the trend, but more mainstream sectors are under greater selling pressure. Whether the stock index can stabilize and recover in the future still depends on the stopping and stabilizing of mainstream sectors such as core assets.

It is expected that the Prev short-term small downward possibility is greater, the gem short-term small downward is likely to be greater. Investors are advised to wait and see in the short term, and the middle line will continue to pay attention to the investment opportunities of undervalued blue chips.

Tianfeng Securities: an one-year LPR cut interest rate by 5bp, the policy reversal may lead to an improvement in the valuation of the banking sector.

Cut interest rates again more than a year later: the people's Bank of China announced its LPR offer on December 20th. The 1-year LPR dropped to 3.80%. The 5-year LPR remained unchanged at 4.65%.

Tianfeng Securities believes that the expansion of banks is more important than interest rate spreads. The pressure on spreads brought about by asymmetric interest rate cuts can be hedged through asset expansion on and off the balance sheet. It is the risk problem that suppresses the stagnation of Q4 bank valuations. A reversal of policy may lead to an improvement in sector valuations. It is recommended to pay attention to the target of Q1 banks with the ability to expand assets and low risk.

Galaxy Securities: switching between new and old cycles, evolution of energy storage at the bottom of real estate

In the short-term dimension, the warmer policy promotes the valuation of the real estate sector. At present, it is in the combination of "basic bottom" and "policy bottom". The policy has gradually transferred from the credit side to the demand side, and the key factors that suppressed valuation have been slowly released. the current characteristics of "low valuation, low position and high dividend" have sufficient margin of safety and flexibility.

Galaxy Securities believes that the fourth quarter of this year to the first quarter of next year is the best window for configuration. In the medium-and long-term dimension, under the expectation of increased concentration and stable profits, the "three good housing enterprises" with excellent management, smooth financing and diversified development will enjoy a higher valuation premium.