Changsha Evening News, Changsha, December 18 (Reporter Zhou Congxiao) Last Friday, the three major indexes all closed down, with a turnover of 733.2 billion in Shanghai and Shenzhen, and a net of more than 5 billion in the morning, and a sharp outflow in the afternoon. Overall, there are more than 3,400 media stocks in the whole market, and media stocks have collectively risen; The real estate sector opened stronger; State-owned enterprise reform concept stocks continue to be active; Cross-border e-commerce concept stocks moved at the end of the session.
On the news side, the China Securities Regulatory Commission issued the revised "Rules for Share Repurchase of Listed Companies" and "Regulatory Guidelines for Listed Companies No. 3 - Cash Dividends of Listed Companies" on the 15th. The new rules on buybacks and cash dividends lower the threshold for buybacks and encourage listed companies to increase their dividends. The state recently released the "Three-Year Action Plan for "Data Elements" (2024-2026) (Draft for Comments)", proposing that the average annual growth rate of the data industry will exceed 20% by the end of 2026, and the scale of data transactions will increase by 1 times.
In terms of institutional views, the market's expectations for the economy have a large room for upward revision relative to the policy target, the external macro environment is more moderate, and the A-share market is desensitized to positive policy changes in the short term due to the impact of investors' mentality and capital behavior, and the market clearing process is slow, but it is expected that the market selling pressure is close to clearing, and the end of the year and the beginning of the year are expected to usher in an inflection point. In terms of allocation, the current market is still in the second stage of the "three-stage allocation strategy", and it is recommended to actively deploy technology and medicine with large declines in the early stage, and short-term fluctuations provide a better layout opportunity. Among them, the technology sector includes AI industry (domestic computing power, AI chip design, application, etc.), intelligent driving (Huawei chain, domestic vehicles, etc.), terminal consumption warming (Android chain recovery, data elements, operators), robotics and satellite Internet, etc.; The pharmaceutical sector focuses on the varieties of innovative drugs going overseas (drugs, devices, etc.). The third stage of the allocation strategy still needs to wait for the signal, and the period from now to next year's "two sessions" is an important decision window for the layout of the white horse leader.
Wang Zhenhuai, chief investment adviser of the Hunan branch of the Yangtze River, said that the concept of state-owned assets reform remained high on Friday, and the party committee of the state-owned assets supervision and administration commission held a meeting on the 13th to emphasize that it is necessary to strengthen confidence and confidence, guide and promote enterprises to adhere to the value creation orientation, optimize the structural adjustment of state-owned capital layout, vigorously develop strategic emerging industries and future industries, and deeply implement the deepening and upgrading of state-owned enterprise reform. The market is looking forward to some of the content to be conveyed by the relevant responsible person meeting to be held by the SASAC, so that more and more state-owned assets concept stocks have been excavated. In addition to the popular stocks of state-owned assets in Jiangsu, Shanghai, Guangxi and other places, some central enterprise concept stocks and supply and marketing cooperatives have also attracted much attention. Overall, in the market's speculation on the reform of state-owned assets, the style of "place name + industry" is still a plus for the constituent stocks of the sector.
Wang Zhenhuai said that on the first look, the three major indexes rose and fell again, the volume of energy further shrank, and the market as a whole continued to be weak. In the short term, the net selling of northbound funds, superimposed by the redemption pressure of public offerings, the performance of short-term track stocks may still be under pressure, and the follow-up index volume is the key to effectively stand on the 5th**; In the medium and long term, as macro cycle industries such as real estate may usher in a warming cycle under the superposition of policy and supply and demand recovery, and the Fed's interest rate hike wave is unsustainable, or provide a time window and enough room for domestic monetary easing to cut interest rates, so it is not appropriate to be overly pessimistic about the index level as a whole when the macro data is expected to warm next year. The views are for reference only, the market is risky, and investment should be cautious.