On Friday, the big and small indices were weak in the morning**, and in the afternoon, they rose impulsively under the stimulus of the positive, and the Shanghai Composite Index and the ChiNext Index both stubbornly closed in the red. The total turnover of the two cities was 834.1 billion, an increase of 60.6 billion from the previous trading day. On the disk, the Internet, short drama games, cloud games, AIGC concepts, Huawei computing power, data elements, Huawei Hongmeng and other technology growth directions led the rise, while liquor, home appliances, automobiles, aquaculture and other sectors performed weakly. The two cities rose more and fell less, of which more than 70 rose by more than 9%. Overall, although the index continued, the sentiment picked up significantly, and the money-making effect was enhanced.
On the news side, according to China Securities reports, a state-owned capital operation company entered the ETF products of a number of public offering companies today. Most of the ETF products purchased are tracking the index of central enterprises. Judging from the intraday trading on December 1, the turnover of a number of central enterprise index ETFs has increased significantly. In the afternoon, the Zhongzitou plate index once rose in a straight line, driving the ** to turn red. Previously, Chinese Life and Xinhua Insurance planned to invest 25 billion yuan respectively to set up a private placement **investment**, which has a term of 10+n years to invest in high-quality listed companies**. The entry of large-scale life insurance funds into the market, with a maturity of more than 10 years, is a measure to implement the regulator's efforts to encourage long-term funds to enter the market. The entry of state-owned capital and insurance funds into the market will bring long-term incremental funds to the market, which is conducive to the stability of the capital market.
The investment research team of Yuesheng Financial Management believes that looking forward to the market outlook, A-shares will tend to be the first in December, with no systemic risk, and mainly grasp structural opportunities. In the context of a series of events to improve Sino-US relations, the weakening of the Federal Reserve's interest rate hike, the US dollar index**, and the appreciation of the RMB exchange rate, the market environment in December was still relatively moderate. Although the market's confidence in economic repair is still insufficient, and the macro capital at the end of the year is relatively tight, to a certain extent, the height of the interpretation of the country, but the country's attitude towards the stability of the capital market remains unchanged, and there is a possibility of interest rate cuts in December, so the index interpretation is more likely to maintain a "space, bottom" of the bottoming of the medium-term momentum.
Based on our prediction of the index, in terms of configuration and operation, we should downplay the index and focus on structural opportunities. In December, there are many catalysts for events, such as the Huawei V2X Conference, the Artificial Intelligence AICC Conference, and the ** Economic Work Conference, which will bring catalysts to the structural interpretation of the theme, and we should actively grasp it. In terms of direction, considering that the current funds still lack the main direction of attack, and the operation of the market sector is still dominated by rotation and impulsiveness, which is relatively chaotic, we recommend that we still have both offense and defense, and pay attention to big technology and some low-level directions. In terms of big technology, we focus on: intelligent driving, semiconductors, consumer electronics, data elements, AI (computing power, short dramas, etc.);In terms of low position, we mainly focus on the pharmaceutical industry (including gene editing, CXO, traditional Chinese medicine, devices and other subdivisions) that are fully adjusted and have exhausted the shorts.