The three major A-share indexes closed lower across the board, including coal, salt lake lithium extraction, and small metals. [stock market closed]

The three major A-share indexes remained in the doldrums in the afternoon, with the gem closing down for four consecutive days and hitting a new low. On the disk, the coal plate continued to strengthen in the afternoon, while the non-ferrous metal plate fluctuated and strengthened. In terms of decline, pharmaceutical sectors continued to be in the doldrums in the afternoon and led the decline. In addition, many high-level stocks fell sharply today, with more than 100 stocks falling more than 9% in the two markets. On the whole, today's stocks fell more than rose less, more than 3100 stocks in the two markets fell. The turnover on the Shanghai and Shenzhen stock markets today is 984.5 billion, which is 144.5 billion lower than that of the previous trading day, and the trading volume has recently fallen below the trillion for the first time. On the market, coal, tourism, airports, salt lakes to extract lithium, small metals, spirits and other plates rose in the forefront. Novel coronavirus treatment, novel coronavirus testing, medical devices, traditional Chinese medicine, aquaculture and other plates led the decline. By the close, the Prev index was down 0.91%, the Shenzhen index was down 1.19%, and the gem index was down 1.02%. Northbound funds bought a net 8.758 billion yuan today, of which Shanghai stocks bought 4.351 billion net, and Shenzhen stocks bought 4.407 billion. Northbound funds accelerated their buying trend in the afternoon, with a cumulative net purchase of nearly 30 billion yuan this week.

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

Zhongyuan Securities believes that the 28-28 pattern reappears the warming of risk aversion. The A-share market suffered a slight shock on Thursday, with the central bank cutting one-year and five-year LPR rates in the morning, boosting financial sectors such as banks, insurance, securities and real estate, with all kinds of funds chasing core assets such as the financial sector and brewing. At the same time, more than 80% of the rest of the plates and individual stocks are down in an all-round way, the market reappears the "28" pattern, and the Prev basically fluctuates in a narrow range around 3560 points throughout the day. The strength of the financial sector and core assets shows that investors' risk aversion has increased, and the Prev will repeatedly test the effectiveness of annual line support in the future. It is suggested that we should pay close attention to the changes in policy and capital.

Citic Construction Investment said that the broad credit arrow is on the line and is expected to be shot in five major directions. The downward driving force of one-year interest rates mainly comes from the reduction of 10BP by MLF, which also reflects that the financial system supports the real economy, policies make steady growth and reduce costs for small and medium-sized enterprises, and the external driving force comes from the shortening of the window of monetary easing caused by global austerity. When the 5-year interest rate adjustment 5bp is in line with the previous MLF adjustment, the 5-year adjustment is half of the historical experience of one-year period. The main reason for not reducing 10bp is that there is no housing speculation, and the second is to maintain the bank's net interest margin.

In the short term, if there are market fluctuations, the central bank will hedge the short-end fluctuations of the money market through the precise investment of OMO and MLF in the short term, so as to provide a stable monetary environment. In the medium term, the first quarter was a superimposed period before the Fed raised interest rates, low inflationary pressure, great downward pressure on the economy, and triggered by credit risk. The central bank press conference also released a strong signal of easing, and it is possible to cut reserve requirements. In terms of interest rate cuts, we will continue to observe, but the interest rate reduction window has not yet been closed, and it is possible to cut interest rates in the first quarter. With the introduction of a series of follow-up policies, especially with the cooperation of fiscal and industrial policies, the five arrows with wide credit are expected to shoot at new and old infrastructure, advanced manufacturing, carbon emission reduction, scientific and technological innovation and high-quality real estate companies (and mortgage loans).

Galaxy Securities pointed out that the pattern of dividends in the air-conditioning industry is reflected, and the profitability of the white power leader is expected to improve gradually. Both production and sales of air conditioners declined in December, with domestic sales declining compared with the same period last year, while export sales continued to grow. Throughout the year, domestic sales of air conditioners fell short of expectations under the dual pressure of rising raw material costs and weak retail sales, while exports maintained growth against a high base. Domestic sales in 2022 are expected to be similar to those in 2021, and it is difficult for export to maintain a high growth rate in the context of two consecutive years of high growth, but due to the easing of overall shipping prices and container tension, overall shipments are expected to remain stable.

Overall, the price and cost pressure of raw materials is expected to improve marginally, the dividend of the air-conditioning industry will be reflected, and the profitability of the white power leader is expected to improve gradually. White power faucet due to more adjustments in 2021, the valuation is in a relatively low position in history, and the margin of safety is high.