[stock market close] the three major A-share indexes closed down and silicone and other sectors bucked the trend.

The index accelerated to weaken in the afternoon, the gem index fell more than 2%, individual stocks rose more than fell less, rose more than 9% and nearly 100, the short-term atmosphere of the market is better. On the plate, lithium electricity, military industry and other high-level hugging plates continue to adjust, science and technology plates such as semiconductors have not gone out of continuity, funds continue to switch between high and low levels, low-level subject stocks are substantially active, e-cigarettes, horse racing, sports, masks and other themes have been pulled up one after another, and undervalued weights such as real estate and banks with a margin of safety have been performed. on individual stocks, the highest standard is Bingyi Paper Co., Ltd., which is out of 10 continuous boards at the end of the day. Oversold rebound has spread to the previous provincial group and other demon stocks, TCL technology, COSCO sea control and other holding stocks fell sharply. On the disk, horse racing, e-cigarette, silicone and other plates led the increase, while super brands, shipping, carbon fiber and other plates led the decline.

As of the close, the Prev index fell 0.83% to close at 3566 points; the Shenzhen Composite Index fell 1.74% to close at 15003 points; and the gem index fell 2.05% to close at 3084 points. The Shanghai stock market has a net inflow of 1.139 billion, while the Shenzhen stock market has a net outflow of 221 million.

Anxin Securities has concluded that the "institutional clubbing" of the current market is a phenomenon and result, not a means and purpose. From the medium-and long-term point of view, the trend of A-share racing and dragon head will continue. In the short term, the current A-share industry differentiation and individual stock differentiation has been at a high level, while some of the fundamentals of marginal improvement of the track leading companies began to show a new performance-to-price ratio. Therefore, it is expected that the future market will show the following characteristics: the leading effect is still a long-term trend, high-quality companies in a good track will still receive a valuation premium for a long time, and share prices will remain strong despite a short correction. The current market sentiment and configuration style make the variety face differentiation, and the market spreads to the plate with high performance-to-price ratio and short-term rebound power. Some previously weak sectors have been able to rebound and catch up, but without a key improvement in their industry logic, their valuations still cannot be permanently improved, and their upward flexibility will be greatly weakened after rising to a reasonable valuation level.

China International Capital Corporation judged that with the Shanghai Composite Index, Shanghai and Shenzhen 300 and other key indexes have recently reached new stage highs, the overall market valuation has risen to a historically medium-to-high level, and the price-to-earnings ratio of Shanghai and Shenzhen 300 has been close to 75 quantiles since 2006. however, the differentiation between industries is still obvious. while the valuation of military industry, food and beverage and other industries is higher than the historical range, the valuations of real estate, banking and upstream raw materials and other industries are still low. The number of A-shares that have risen since the beginning of the year is still only more than 1,000, and the structural characteristics of the market are more obvious. Judging from the trading activity of the market, trading volume shows that sentiment in the market is still relatively positive. the relatively abundant capital side at the beginning of the year, the continued northbound capital inflows and the large number of new fund issuance may mean that the time has not yet come for the market to turn to caution in an all-round way. However, taking into account the valuation of the market as a whole, the market has more full expectations for the follow-up economic recovery, while China's policy is gradually changing, and investors should prevent the increase of market volatility in the medium-term dimension. it is suggested that both A-shares and Hong Kong stocks should continue to pay attention to the structure. combined with the degree of industry prosperity and valuation and other factors to choose.

Guangfa Securities believes that historical experience shows that before the liquidity environment deteriorates, the current round of restless market will continue, but short-term fluctuations will intensify. Liquidity remained loose at the beginning of the year, the probability of liquidity tightening significantly under the disturbance of the epidemic is limited, and the restless market will continue. In terms of configuration, the industries with medium-and long-term logic in the past few rounds have not significantly lost in the later stage, but the leading industries will rotate and spread, and the effect of making money will be more broad-spectrum. At present, the line of sight can be gradually extended to other economic directions. If financial conditions do not tighten sharply in a clear earnings rise cycle, A shares will still be in "spring restlessness". However, the need for further easing of short-term monetary policy has declined, the rapid valuation rise based solely on liquidity is not sustainable, and volatility has intensified. In the later stage, the market will spread, and the layout demand will lead the superimposition of short-term supply and demand gap "price increase" main line: 1. Optional consumption of export chain and "domestic demand" resonance (cars / household appliances); 2. The pro-cycle of the main line of "price rise" and science and technology (non-ferrous metals / semiconductors / panels / new energy); 3. The business inflection point confirmed the undervaluation of the low allocation of large finance (banks, non-banks). Theme investment focuses on the reform of state-owned enterprises.