On Tuesday (December 26), ** opened low and went low throughout the day, the ChiNext index led the decline, the Shanghai Composite Index fell to 2,900 points again, and the turnover of the two cities was 609.9 billion, an increase of 1.8 billion from the previous trading day. As of **, the Shanghai Composite Index fell 068%, the Shenzhen Component Index fell 107%, the GEM index fell 126%。In terms of sectors, phosphorus chemicals, PEEK materials, ** and other sectors were among the top gainers, while CPO, data elements, multimodal and other sectors were among the top decliners. 
Institutions: A-shares are expected to come out of the bottom
On Tuesday, the Shanghai Composite Index continued to adjust the trend, it is worth noting that the performance of large tickets has continued to be stronger than that of small tickets in recent trading days, and whether the style can be switched in the future depends on the choice of the market. 
Xingye ** believes that under the influence of multiple factors, the A** field has come to the bottom area. At present, a series of positive signals have emerged, which is expected to drive the market gradually out of the bottom. Guoxin** research report pointed out that in 2024, the easing of overseas liquidity will first raise the valuation, and then pass on to the recovery of global fundamentals, which is good for small and medium-sized growth in the short term, and is expected to cut to blue-chip value in the long term, and the overall style is balanced from the perspective of the whole year.
Huaneng Hydropower:The stock price has reached a new all-time high for five consecutive years
This year, the overall feeling is that the theme stocks are hot, but in this context, there are also a few blue-chip big white horses out of the "independent**" on Tuesday, the 100 billion giant Huaneng Hydropower once touched 894 yuan shares hit an all-time high, ** fell slightly by 011%, transaction amount 2$8.4 billion. It is worth noting that Huaneng Hydropower will rise by 38% in 2023, and some netizens who have a heavy position in the stock said, "I eat meat when others lose money, don't go up and down, and the feeling of not stopping to rise is back." "As of September 30 this year, the company's latest number of shareholders is 7030,000 households. In terms of the long-term range, since 2019, Huaneng Hydropower has walked out of the annual line for five consecutive yangs, with a cumulative increase of more than 229%.
According to public information, the controlling shareholder of Huaneng Hydropower is China Huaneng Group Corporation, and the actual controller is the State-owned Assets Supervision and Administration Commission. The company is the largest clean power operator in the Lancang-Mekong subregion, with an annual power generation capacity of over 100 billion kilowatt hours. Since its listing in 2017, the company has continued to pay out large amounts of cash, and has paid a total of 155 dividends so far200 million yuan. In the first three quarters of this year, the company achieved a net profit of 670.4 billion yuan, a year-on-year increase of 521%, the net profit hit a new high in the same period, and it is very close to the level of 6.8 billion yuan in the whole year of 2022. 
High dividends may be the key
Among the white horse stocks that hit a new high on Tuesday, there are also SDIC Power, Yangtze River Power, Huaibei Mining, Lu'an Huaneng and other power and coal**, the main characteristics are high dividends, stable valuation, and easy to be held by institutions for a long time630,000 households. For example, Huaibei Mining, the latest dynamic price-earnings ratio is only 6 times, from 2018 to 2022, the company's annual cash distribution exceeded 1 billion yuan, and the dividend yield exceeded 5%.
According to public information, the actual controller of Huaibei Mining is the State-owned Assets Supervision and Administration Commission of Anhui Province, the company is one of the major coal production enterprises in East China, and has 4 coking coal preparation plants, of which the annual washing capacity of 16 million tons of Linli coal preparation plant (comprehensive coal preparation plant) processing capacity is in the forefront of China.
Coal stocks have also been superimposed on the industry in the near future. CITIC ** pointed out that at present, thermal coal is in the peak winter season, and non-power industries such as chemical industry and metallurgy also have short-term winter storage and replenishment needs, which supports coal prices. At the same time, the further strengthening of short-term safety supervision will also have an impact on marginal supply, which is conducive to the expected rise of coal prices. CITIC expects that the price of 5,500 kcal thermal coal at the port within the year may increase from the current 950 yuan to 1,000 yuanThe high-quality main coking coal in the production area may still have room for more than 100 yuan tons. In the fourth quarter, the average price of thermal coal in ports may reach 970 yuan tons (12% month-on-month), and the average price of coking coal in the main producing areas may rise to 2,350 yuan tons to 2,400 yuan tons (20% month-on-month).
Yinbaoshan new: intraday once fell to the limit Tuesday's defensive high dividend ticket performance was strong, the corresponding early high-level demon stocks were a little nervous, the big demon stock Yinbaoshan new intraday suddenly dived, once closed on the fall limit, the end of the pry board funds entered, and finally fell nearly 9%.
According to public information, Yinbaoshan has been involved in more popular concepts in the market this year, including Huawei's automobiles, chips, lasers and robots, which are hot concepts in the market, and since December, the stock has stepped out of the second wave of acceleration this year, with a cumulative increase of more than 35%. But on the other hand, Yinbaoshan's new performance is not good. Financial data show that the company's net profit has been in a state of loss since 2019, and from 2019 to 2022, the company has achieved a non-net profit of -32.3 billion yuan, -39.7 billion yuan, -60.3 billion yuan, -24.9 billion yuan, and the cumulative loss has reached 157.2 billion yuan. In the first three quarters of this year, Yinbaoshan's new loss situation has not changed, and the company has achieved a non-net profit of -17 billion yuan, of which the net profit attributable to the parent company in the third quarter was -08.4 billion yuan, down 8650%, down 173. month-on-month99%。
Fertilizer stocks bucked the trend
On Tuesday, agricultural fertilizer stocks represented by phosphate fertilizers strengthened against the market, with Sichuan Jinnuo 20% daily limit, Hubei Yihua, Xinnong shares, Sichuan Fa Long Python, Liuguo Chemical, etc. 
According to Baichuan Yingfu, since November, with the promotion of the winter storage market in some regions such as Northeast China, the downstream has moderately followed up with the payment and fertilizer preparation, and the confidence of winter reserves has been boosted. The inventory of nitrogen, phosphorus and potassium fertilizer varieties is relatively low, and the supply and demand are tight, and the first continues to rise. The upcoming winter wax fertilizer (December to January) and green fertilizer (February to March) are the next fertilizer cycle, and farmers' strong demand for chemical fertilizers is expected to continue, and chemical fertilizers still have a small upward space.
Everbright believes that with the continuous evolution of winter storage and the advent of the spring ploughing season, the phosphate fertilizer and phosphorus chemical industry is expected to maintain a high level of prosperity, thereby boosting the profitability of related enterprises. Among the related phosphate fertilizer and phosphorus chemical enterprises, it is recommended to pay attention to enterprises with a complete industrial chain and sufficient upstream resources. (Article**: Oriental Wealth Research Center).