The three major A-share indexes all fell more than 1%. More than 1% of high-level popular stocks rose in late trading, such as fried board, coal and other plates. Salt Lake Lithium extraction and other sectors led the decline. [stock market closed]

The index fluctuated lower in the afternoon, and all three major indexes extended their losses. On the plate, the prefabricated food plate remained strong in the afternoon. The digital currency sector strengthened in intraday trading. In terms of decline, the liquor sector continued to decline in the afternoon. The recently active traditional Chinese medicine plate fell sharply today. In addition, a number of high-end popular stocks late fried board, before the market height board opened industrial set bidding opened the limit to close down 6.13%. On the whole, today's stocks fell more than rose less, more than 3200 stocks fell, and the number of stocks falling in the two markets increased significantly in the afternoon. Today's turnover on the Shanghai and Shenzhen stock markets is 1.0935 trillion, 32.4 billion higher than that of the previous trading day. On the plate, prefabricated dishes, hotels, digital currency, unmanned retail, coal and other sectors rose in the forefront. Salt lake lithium extraction, traditional Chinese medicine, pharmaceutical e-commerce, liquor, new tobacco and other plates led the decline. By the close, the Prev index was down 1.17%, the Shenzhen index was down 1.96%, and the gem index was down 1.71%. Northbound funds had a net outflow of 585 million yuan today, of which Shanghai stocks had a net inflow of 1.454 billion and Shenzhen stocks had a net outflow of 2.04 billion.

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

CICC Securities pointed out that the A-share market opened high and rose slightly on Wednesday, the stock indexes of the two markets jumped high in early trading, and the track stocks that continued to fall in the early days rebounded as a whole, and the industries such as new energy lithium electricity, photovoltaic equipment, automobile, food and beverage rose in turn, driving the stock index to rise steadily. In the afternoon, more industries joined the rebound, boosting the stock index to continue to rise, Prev basically showed unilateral shock rising throughout the day. The stock indexes of the two cities rebounded significantly on Wednesday, but the trading volume continued to remain at about 1 trillion yuan, and the characteristics of the stock game remain the same. At present, the hot spots in the market change frequently, the persistence of the leading hot spots is not strong, and the wait-and-see mood of over-the-counter funds is heavy, so a balanced allocation is recommended.

Citic Construction Investment believes that a wide credit signal is already in place, and the growth rate of social finance will be about 10.3% in January and will gradually increase to 10.5% by the end of the first quarter. In the first quarter of 2022, driven by government debt, especially the new special debt, the growth rate of social finance will still be guaranteed, and the possibility of gradually widening is higher. Citic Construction Investment estimates that under the neutral assumption, the growth rate of social finance will be about 10.3% in January and will gradually increase to 10.5% by the end of the first quarter.

However, it should still be pointed out that the biggest obstacle to broad credit is still the lack of high-quality projects by banks, while financing by main bodies such as urban investment is also subject to policy restrictions, which need to be further relaxed. The subsequent cuts in reserve requirements and interest rates (monetary policy), acceleration of re-lending and the introduction of new structured monetary policy instruments (structural instruments), reduce the three red lines and loan concentration (real estate financing policy) and accelerate the issuance of special bonds (government financing). Under normal circumstances, wide credit will go through three stages. The first stage is the credit contraction, the downward Synchronize economic downturn triggers policy underwriting. In this stage, social finance is characterized by a decline in growth rate, especially in the growth rate of loans for residents and enterprises. The second stage is the sustained development of policies, especially the liberalization of financing policies for real estate and infrastructure. This stage is characterized by obvious impulse of bills, or off-balance sheet financing has stopped falling and rebounded. However, the medium-and long-term loans related to economic endogenesis are still active. The third stage is the sustained policy stimulus, long-term loans to promote social finance to confirm a rebound, thus opening a new round of credit cycle. Overall, under the overall situation of stable leverage, with the support of structural policies such as carbon emission reduction support tools, support for agriculture and small re-loans, and with the support of reserve requirements and possible interest rate cuts, the possibility of credit easing will increase in 2022, but the recovery process is expected to be relatively moderate.

China International Capital Corporation said that car exports grew rapidly in 2021, with an increase in the contribution of new energy vehicles and new markets, a high increase in car exports in Europe and South America, and a significant increase in the proportion of new energy passenger vehicle exports to 19%. China International Capital Corporation believes that 2021 is the first year for Chinese brands to go out to sea, and is optimistic that China will become a global automobile manufacturing base, and exports are expected to account for more than 30% of output. Thanks to: 1) the technical reserve of core components, platform R & D capabilities and profound consumer insight empower fuel vehicle products; 2) the leading electric vehicle industry chain, more mature electric vehicle product design and Chinese manufacturing advantages promote electric vehicles to overtake at sea corners.

Taking into account factors such as market space, growth, competition pattern, logistics costs and policy risks, China International Capital Corporation believes that Russia and other European regions, ASEAN, South America, Australia and New Zealand have the potential to break through the market, while Europe is expected to become a major destination for the export of new energy vehicles. The head independent brand has laid out the overseas market for many years, and has initially constructed the sea paradigm, forming a sales scale of more than 100,000 units. In the future, along the route of focusing on the core market + dominant models + R & D / production capacity / channel multi-dimensional support, it is expected to further shape overseas brand awareness and form incremental contributions.