The three major A-share indexes all closed down, precious metals and other three plates rose, salt lake, lithium extraction and other sectors led the decline. [stock market closed]

The market continued to fall today, with all three major indexes hitting new lows for the year. On the market, only the east and west, precious metals, SMIC international concept three plates rose, the rest of the plate fell. The third child and pharmaceutical-related sectors led the decline today, lithium batteries and other track stocks led the decline, a number of lithium mining stocks fell by the limit. On the whole, today's stocks fell more than rose less, more than 4100 stocks in the two markets fell, and nearly 140stocks fell by more than 9%. Today's turnover on the Shanghai and Shenzhen stock markets is 1.1099 trillion, 95.3 billion higher than that of the previous trading day. In terms of plates, only the three plates of East and West calculation, precious metals and SMIC international concepts rose, while novel coronavirus treatment, assisted reproduction, traditional Chinese medicine, planting and forestry, salt lake lithium extraction and other plates led the decline. By the close, the Prev index was down 2.35%, the Shenzhen index was down 2.62%, and the gem index was down 1.8%. Northbound funds sold 8.699 billion yuan net throughout the day, of which Shanghai shares sold 3.151 billion yuan and Shenzhen stocks sold 5.548 billion yuan.

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

Huafu Securities pointed out that the current dilemma of global capital markets is that the environment with a similar stagflation trend has encountered geopolitical risks in important commodity producing areas of Russia and Ukraine, causing investors to worry about stagflation on the rise, increasing the uncertainty of economic recovery after the epidemic, and the panic index rose sharply. However, we can still see Monday's market, in addition to commodities, the construction, building materials and real estate in the traditional infrastructure investment industry chain are also relatively resistant to decline or even close up, which is also the intention of the market to pay for the 5.5% financial investment in GDP growth as expressed in the government work report over the weekend. With regard to the future, Huafu Securities still maintains the original verdict, suggesting that it believes in the government's ability to "guarantee supply and stabilize prices" and its "self-oriented" determination to stabilize the economy. It is suggested that we should stick to the main line of growth and build positions around "low positions and low valuations".

Northeast Securities pointed out that the industry allocation in the second quarter should focus on stable growth-oriented building materials and real estate with relatively low valuations, new infrastructure with improved profit margin, new energy, tourism hotels and so on. (1) allocation of the main line: the first half focuses on the direction of low valuation and stable profits, mainly in the value sectors such as banking, real estate and construction, while the second half focuses on profit margin improvement industries, including new infrastructure, over-falling high growth and post-epidemic recovery of mass consumption. (2) Rhythm: mid-May may be the time node, mainly considering the effect of stable growth and the confirmation of bottom profit. (3) from a top-down perspective: first of all, there are still opportunities in the first half of building materials, real estate and banks that are undervalued and profitable after steady growth; secondly, the second half of new infrastructure, some overvalued growth, communications, computers, semiconductors, new energy and tourism, which have a relatively high degree of prosperity in post-epidemic restoration, are worthy of attention. (4) bottom-up perspective: pay attention to hotels with high valuation digestion, lithium, photovoltaic equipment, real estate development and so on.

Tianfeng Securities pointed out that with the release of brokerage operation data in 2021, the industry made a big profit of 191.1 billion, with a net profit growth rate of more than 20%. On February 25, the China Securities Association released the operating data of securities companies in 2021. Data show that in 2021, 140 securities companies in the industry achieved operating income of 502.41 billion yuan and net profit of 191.119 billion yuan, an increase of 12.03% and 21.32% respectively over the same period last year. The securities sector adheres to the valuation logic from cycle to growth, and may be repaired as the capital market deepens its reform. Focus on recommending CITIC Securities, a leading securities firm that walks out of the bear market structure and continues to benefit from the improvement of the capital market environment; recommends companies with greater flexibility in asset management and large wealth management, such as Oriental Securities and Societe Generale Securities; it is recommended to pay attention to the progress of the compass as an investor in the bankruptcy restructuring of Internet Securities; it is recommended to pay attention to CITIC Construction Investment (H shares), and the insurance sector suggests to pay attention to Ping an of China.