Author |Ding Zhenyu, editor|Wang Jinxi.
*: Jufeng Investment Advisory, good ** application.
Jufeng view
Last week, the market continued to fall, and the three major indexes closed down across the board. The Shanghai Composite Index fell 094%, the Shenzhen Component Index fell 175%, the GEM index fell 1 week23%。Compared to the previous week, the market fell narrower, and after the three major stock indexes all hit new lows for the year**, the market turned lower on Friday afternoon due to the heavy fall in the gaming sector.
From the perspective of industry performance, the industries in the two cities showed a pattern of falling more and rising less, among them, coal, food and beverage, home appliances, power equipment and new energy, banking, non-ferrous metals, petroleum and petrochemical industries, media, comprehensive finance, computers, trade and retail, real estate, communications, consumer services, comprehensive, automobile and other industries fell greater.
Last week, northbound funds continued to show a net selling state, with a net selling of 223.7 billion yuan. Industries such as power and public utilities, automobiles, basic chemicals, electronics, transportation, and power and utilities had more net inflows, while communications, media, non-bank finance, banking, computers, pharmaceuticals, food and beverages and other industries had more outflows.
Since August, the A-share adjustment has been mainly affected by the depreciation of the RMB exchange rate and geopolitical factors. Recently, the market has released a lot of good news: the financing margin ratio has been lowered, and the central bank has reduced the deposit reserve ratio;A number of cities have announced the lifting of housing purchase restrictions, and a number of economic data since August have further proved the recovery of the domestic economyAn additional 1 trillion yuan of national bonds will be issued to support post-disaster recovery and reconstruction and to enhance disaster prevention, mitigation and relief capabilitiesMultiple positive news positively stimulates A-shares. In the medium term, with the implementation of various counter-cyclical adjustment policies and measures, the domestic economy has entered a recovery cycle, and A-shares will find the bottom of the market and go up, so it is an opportunity to lay out the dip.
Jufeng Investment Consulting believes that under the expectation of economic recovery, A-shares are expected to enter a medium and long-term bull market**. In the past three months, domestic counter-cyclical adjustment measures have been intensively introduced, indicating that the bottom of the policy has been confirmed, and ** is moving from the bottom of the policy to the bottom of the market. Externally, the three major U.S. stock indexes rose for eight consecutive weeks. Domestically, the relevant person in charge of the National Press and Publication Administration said that the draft of the "Measures for the Administration of Online Games" is based on ensuring and promoting the prosperity and healthy development of the online game industryThe Ministry of Finance said that in 2024, it will strengthen the counter-cyclical and cross-cyclical adjustment of macro policies, moderately strengthen strengthening, improve quality and efficiency;It is expected that A-shares will rise after consolidating the bottom. Investors can pay attention to the trading opportunities of popular concept stocks such as semiconductors, consumer electronics, intelligent driving, and robots, as well as the best opportunities driven by short-term sentiment in sectors such as state-owned enterprise reform and games.
Message plane
Ministry of Finance: In 2024, it is necessary to strengthen the counter-cyclical and cross-cyclical adjustment of macro policies, moderately strengthen strengthening, improve quality and efficiency
From December 21 to 22, the National Financial Work Conference was held in Beijing. The meeting pointed out that in 2024, it is necessary to strengthen the counter-cyclical and cross-cyclical adjustment of macro policies, continue to implement active fiscal policies, and moderately strengthen and improve quality and efficiency. Moderate afterburner, mainly to maintain appropriate expenditure intensity, release positive signals;Reasonably arrange the scale of investment and give full play to the amplification effectIncrease the intensity of balanced transfer payments, and firmly adhere to the bottom line of the "three guarantees" at the grassroots level;Optimize and adjust tax policies to improve accuracy and pertinence.
National Press and Publication Administration: The Measures for the Administration of Online Games (Draft for Solicitation of Comments) aims to promote the prosperity and healthy development of the industry
On December 22, the "Measures for the Administration of Online Games" (draft for comments) drafted by the National Press and Publication Administration was released to the public for comments. The relevant person in charge of the State Press and Publication Administration said that the draft for comments is based on ensuring and promoting the prosperity and healthy development of the online game industry, clarifying the solution to issues such as the access of online game business units, setting up a special chapter on "protection and rewards", and proposing a series of incentive measures. At the same time, provisions are made for the protection of the rights and interests of minors and consumers.
U.S. stocks were mixed, Chinese game stocks were among the top decliners, and NetEase fell more than 16%.
U.S. stocks were mixed, with the three major indexes all recording eight consecutive weekly gains, and as of **, the Dow Jones Industrial Average was 18 from the previous trading day38 points, closed at 3738597 points, a decrease of 005%；S&P 500 Index 788 points, closing at 475463 points, an increase of 017%；Nasdaq Composite Index**29At 11 o'clock, it closed at 1499297 points, an increase of 019%。This week, the Dow rose 022%, the Nasdaq rose 121%, the S&P 500 index rose 075%。
Author: Ding Zhenyu Practicing Certificate: A0680613040001
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