The three major A-share indexes rose collectively, led by the concept of automotive chips.

The three major indices of A shares rose collectively, led by the concept of automotive chips. Online travel, chemical fiber, basic metals, organosilicon and other sectors also led the rise, while medical beauty, insurance, wine, banking and other sectors led the decline.

Today's news:

1. Securities firms interpret the four major effects of the merger of Shenzhen main board and small and medium-sized board. 337 stock-earning institutions are optimistic in the past 30 days.

2. Hurun: the number of "rich families" with 6 million assets in China exceeded 5 million for the first time.

3. The Ministry of Education: vigorously strengthen the construction and application of online education and teaching resources in primary and secondary schools.

4. Shanghai and Shenzhen exchanges issued new rules to strictly inspect IPO surprise shares! Focus on restricting the abnormal price of stock ownership and stock purchase.

5. The last 3 days! How to choose before Spring Festival holiday? Holding shares during the holidays, competing to hold coins for the holidays, more than 80% of the private equity companies choose this way.

6. The anti-monopoly guide makes it clear that the judgment standard of "choose one of the two, big data kills well" refines the monopoly agreement! How big is the impact?

7, "lack of core tide" survey: the factory runs 24 hours a day! When the opportunity for domestic substitution comes, why did the stock price fall first?

8. This unpopular industry has become a hot spot for star funds to gain 14 shares of high-performance growth funds. Here comes the list of additional shares held by high-performance funds.

Here are the latest strategies of the top ten brokerages:

Citic Securities: return to slow growth after the festival, pre-festival layout of military industry, science and technology and agriculture

The tight balance of macro liquidity moved forward, and the risk aversion sentiment under the expected disorder led to the recent market differentiation even more extreme, but the subsequent slowdown in the size of newly issued funds and the general decline in small and medium-sized market capitalization stocks led to retail investors' cherished selling behavior, which will weaken the replacement of new and old funds and alleviate the extreme differentiation market. It is expected that the market will return to the equilibrium state of rotation and slow rise after the holiday. Before the festival, it is proposed to lay out cost-effective military industry, science and technology, and agriculture in the "five major security" areas.

First of all, under the pressure of excessive investment since late December and rising local asset prices, the recent net investment of the central bank is significantly lower than expected, the liquidity tight balance moves forward, and the expected disorder drives up the market risk aversion sentiment and drives investors to pour into institutional heavy positions. Secondly, the old and new capital exchange behavior of "selling stocks to buy the base" has intensified the differentiation of the extreme market, but it is expected that the capital replacement effect will weaken when the size of the newly issued fund is less than 270 billion yuan from the end of the quarter to the end of the quarter. Retail investors after the general fall of small and medium-sized stocks will also weaken this effect and alleviate the extreme differentiation market. Finally, it is expected that the post-holiday market will return to the equilibrium state of rotation and slow rise, and it is suggested that we can begin to pay attention to the medium market capitalization industry leaders mistakenly killed under the extreme differentiation market.

In terms of configuration, it was proposed a year ago to lay out cost-effective industries in the "five major security" areas, including national defense security (military industry), scientific and technological security (consumer electronics, semiconductor equipment, principal), and food security (planting chain, seed). At the same time, it focuses on the non-ferrous, chemical and agricultural sectors that benefit from rising inflation expectations, as well as the year-round high-growth and high-certainty smart driving industry chain.

Haitong Securities: the bull market pattern of A shares remains unchanged, focusing on stagflation and underestimating industries in the short term.

Looking back at the adjustments in the bull market of 05x6-07swap 10, 08Universe 10-10Universe 11 and 12Compare 12-15Compact, the index decline of 5-10% was due to emotional disturbance, and the decline of more than 10% was related to liquidity or fundamentals. The annual report forecast shows that short-term interest rates tend to stabilize during the improvement in corporate profits, and this adjustment is characterized as a small adjustment in the bull market. The A-share bull market pattern remains unchanged, short-term attention to stagflation undervalued industries, the whole year is optimistic about technology + mass consumption.

Citic Construction Investment Securities: balanced position of blue chip stocks

From the overall situation of the market, after the monetary policy turn, the market has entered a state of high volatility, and the neutral position has a significant advantage in dealing with the possible uncertainty of the market. Therefore, to maintain the judgment of "balance, position, attack and defense, manufacturing upgrade main line unchanged": it is suggested that investors should lower their overall high positions to balanced neutral positions to deal with possible uncertainties and fluctuations.

From the perspective of industry comparison, economic recovery and monetary policy adjustment will alternately dominate the market, and pro-cyclical industries such as banking and consumption will continue to dominate. However, there are also phased opportunities in growing high-end manufacturing industries such as semiconductors, photovoltaic and new energy vehicles. Therefore, it is suggested that the balanced position of blue chip stocks is the best strategy.

Guotai Junan Securities: liquidity will not tighten beyond expectations, attach importance to non-group performance blue chip

Maintain the shock pattern of 3450-3700 points, remain optimistic and grasp the structure. Liquidity will not tighten more than expected, but the focus is on good companies other than the expected adjustment. Recommend non-ferrous / petrochemical / basic / pharmaceutical, optimistic about southward investment opportunities.

With the accelerated tightening of liquidity expectations and low risk appetite, high-performance blue chips are still the direction of the next stage of trading, with an active layout of non-high-performing blue chips, especially in the booming global pricing cycle and mid-stream manufacturing industries. Recommended: non-ferrous / petrochemical / basic / machinery. Higher US bond yields may put pressure on the valuation of domestic risky assets, horizontally looking for industries with overvalued performance-to-price ratio and reasonable distribution of chips, recommended: medicine / furniture / hotel / tourism. Expected to fully adjust, return to fundamental growth, a track with strong certainty of external demand, recommended: electronic / new energy. The military industry that has long been optimistic about the transfer of transaction logic from the denominator-side risk appetite of the DDM model to the numerator-side profit during the year. In addition, southward investment focuses on three main lines: scarcity / quality cost-effective / adverse situation reversal.

China International Capital Corporation: market sentiment before the festival may still be on the low side.

The market may continue to be in a relatively "lacklustre period", with sentiment still low and trading falling during the remaining trading days before the Spring Festival, and investors may continue to focus on marginal changes in policy and the two sessions to be held after the festival.

In operation, the structure is more important than the index. 1) consumption may continue to recover from a low base throughout the year, with relatively high certainty, it is still the key direction of stock selection from the bottom up; 2) absorb new energy and new energy vehicle industry chain in the middle and upper reaches of the industry chain; 3) science and technology and industrial independence pay attention to low-tech hardware such as electronic semiconductors; 4) cyclical industries pay attention to some metal raw materials, crude oil industry chain, and so on.

Societe Generale Securities: seize the good opportunity of structural adjustment

The recovery market is still in progress, and short-term shock adjustment provides a good time to adjust the structure and layout. Economic fundamentals are still being repaired at an accelerated pace, and resonance is expected to be achieved at home and abroad. The acceleration of the 1.9 trillion more-than-expected stimulus package and vaccination in the United States is expected to accelerate the economic recovery. With the double catalysis of domestic 14th five-year Plan and fundamental inventory replenishment, the economy still has upward momentum. Liquidity has become a major factor of concern and disturbance in the market before the festival. The judgment of the overall liquidity Societe Generale Securities is "shocking without danger", and the most tense stage may have passed, and the disturbance of liquidity provides investors with a good opportunity for the layout of good performance and the spread of core assets in the direction of high performance-to-price ratio.

Plate configuration: choose the main line of recovery (mid-upstream cycle manufacturing products) + growth chain boom diffusion 2 main lines. 1) the domestic economy resonates with the global recovery, PPI upstream, focusing on the upstream cycle manufacturing, chemical, non-ferrous, machinery, home appliances. 2) growth stock policy + performance double improvement, pay attention to opportunities in the growth chain, such as military aerospace, new energy vehicle chain, semiconductor chain, computer (security, cloud), intelligent driving and so on.

Anxin Securities: a-shares are expected to get off to a good start again after the festival, and the structure continues.

In the short term, interbank liquidity has greatly improved, short-end interest rates are lower than the same period in the past five years, A shares are expected to get off to a good start again after the holiday. In the medium term, although there is still some time before a significant tightening of monetary policy, as the momentum of the recovery slows, the market is becoming more sensitive to liquidity changes and the market will be more of a structural bull market.

It is suggested that there are three major directions of active layout before the festival: first, the industry with high performance in the annual report, and the other is the white horse leader with excellent performance, clear logic and reasonable valuation, which is suitable for the new fund to build positions. Third, industries that are expected to benefit from the improvement in the epidemic and usher in recovery. The industry focuses on: food and beverage, banking, medicine, furniture, home appliances, chemical industry, military industry and so on.

Everbright Securities: pre-holiday trading of A shares tends to be flat, and the allocation value of Hong Kong shares is better.

Looking ahead, this week is the last week before the Spring Festival holiday for A-shares. Judging from the results of historical review, the A-share market represented by the Shanghai Composite Index has risen more than decreased in the last week before the festival in the past 10 years. In the past 10 years, the Shanghai Composite Index has recorded positive gains before the Spring Festival eight times. At the same time, as the Spring Festival holiday approaches, the turnover and turnover rate of A-shares tend to show a downward trend in the last week before the festival. Most of the markets show the characteristics of small fluctuations. In the short term, the market will still be mainly volatile, and it is less likely that the market will continue to fall sharply.

In terms of configuration, it is suggested that attention should be paid to: (1) the global economic recovery superimposed liquidity easing to push up the prices of resource goods, and it is recommended to pay attention to non-ferrous metals, petroleum and petrochemicals; (2) domestic consumption continues to pick up and is optimistic about the cars driven by its own electrification cycle, as well as home appliances driven by overseas exports; (3) pay attention to the allocation opportunities after Dianxin and military industry pullback with high certainty of long-term performance; (4) the market volatility has increased, and the allocation value of the banking sector with low valuation and continuous improvement in operation has been highlighted.

Overseas, Hong Kong stocks are in a positive state in terms of corporate earnings, liquidity and investors' risk preference, and have the basis to continue to go bull. At the same time, the IPO or secondary listing of new economic stocks will help to improve the ecological environment of Hong Kong stocks dominated by old economic stocks, and further enhance the trading activity and valuation center of Hong Kong stocks. After the recent sharp rise in the Hong Kong stock market, there may be fluctuations in the short term, but in terms of direction, the upward trend of volatility in the Hong Kong stock market has not changed fundamentally. It is suggested that investors should continue to tap the investment opportunities of technology, consumption, medicine and periodic products in the Hong Kong stock market.

Yue Kai Securities: it is recommended to hold shares during the festival and pay attention to the three main lines.

At present, the overall trend of the A-share market is improving, and the spring market can be expected. Investors are advised to hold shares for the holidays. From a technical point of view, at present, the Shanghai Composite Index is close to 3500 points, and in the process of continuing to climb in the future, there are expected to be three levels: a small-level 3700-point region, a medium-level 4000-point region, and a large-level trend 4300-point region. breakthroughs in different positions have different significance for the trend of strength and weakness for the whole year.

In the direction of allocation, it is recommended to pay attention to the three main lines of science and technology, pro-cyclical and big finance. At the same time, when we entered the annual report disclosure window in February, some blue-chip stocks that had overfallen in the previous period had the opportunity to make up, giving priority to high-quality varieties with relatively low valuations and better performance expectations. In addition, during the Spring Festival, the success rate of agriculture, forestry, animal husbandry and fishing, electronics and computers is relatively high, and investors can make appropriate arrangements.

Open source securities: from the pursuit of returns to the pursuit of "risk-adjusted" returns

An important turning point in the future path of the market is that the illusion of more money and less high-quality assets is gradually being falsified. No matter how much liquidity tightens in the future, the upward shift of valuation centres driven by "incremental funds" should not be the logic of subsequent transactions. The tide is receding, and really good investors should not be blindly "greedy" or "scared". The really good practice is from the simple pursuit of returns to the pursuit of "risk-adjusted" returns. If you persist in habitual thinking, the answer can only be "holding money for the holidays".

Risk-adjusted returns will become the "new consensus" of the market: (1) undervalued and high ROE sectors represented by banks, insurance and real estate; and (2) agriculture, forestry, animal husbandry and fishing, electronics and other sectors with high prosperity and "low debt" (new); (3) can enhance part of the "negative defense" configuration: construction, coal (new). Individual stocks at this stage to avoid liquidity test may be affected by the institutional heavy stocks.