Author |Ding Zhenyu, editor|Yu Xiaoming.
*: Jufeng Investment Advisory, good ** application.
Brief description of the plate
On Wednesday, A-shares opened low and went high, and the Shanghai Composite Index fell after approaching the 3,000-point integer mark for 6 consecutive days. On the disk, the industry sector showed a general rise pattern, with wine, decoration, building materials, insurance, household light industry, real estate, automobiles, auto parts, automobile services, batteries, transportation, software, education, environmental protection and other industries leading the rise. In terms of theme plates, micro-cap stocks, e-paper concepts, automotive integrated die-casting, generator concepts, building energy conservation, rental and sales of the same rights, shell resources, sharing economy, geothermal energy, beer concepts, etc. were among the top gainers, and **medicine, memory chips, etc. went against the market**.
Hot Plates
The liquor sector led the gains: Shede Liquor, Yingjiagong Liquor, Lanzhou Yellow River, Chongqing Beer, Golden Seed Liquor, Drunkard Liquor, Luzhou Laojiao, Shuijingfang, Wuliangye, Shanxi Fenjiu and other stocks rose more than 5%.
The concept of new quality productivity is active: Kelai Electromechanical 9 boards, Deen Seiko 20cm daily limit, Heforging Intelligence, Claus daily limit, Tanaka Seiki, Haozhi Electromechanical and so on.
The big financial sector is higher: Hongta**, Ping An Bank's daily limit, Bank of China, Agricultural Bank of China hit a new high, Capital **, Bank of Ningbo, Bank of Chengdu, China Merchants Bank, Qilu Bank, Xinhua Insurance, etc.
Message plane
The quantitative strategy has recorded the largest drawdown in history, and many quantitative institutions have re-examined their "original intentions".
In the first two weeks of the Chinese New Year, the A** market staged a rare large swing**, and the sharp decline in micro-cap stocks caused an unprecedented shock to the quantitative industry. It is reported that the net value of quantitative private placement before the holiday has been significantly larger, and many products have recorded the largest drawdown in history. In addition, many quantitative "big manufacturers" have also suffered heavy losses in their self-operated products and DMA products, with some self-operated losses as high as 20%-50%. Since February 19, Lingjun, Century Frontier, Hangzhou Longqi and many other private placements of 10 billion yuan have issued product operation instructions, reviewed and reflected on the incident, and apologized to investors.
Since the beginning of this year, more than 350 billion yuan of funds have entered the market through ETFs
Since 2024, hundreds of billions of funds competing for ETFs have detonated market enthusiasm, and as of February 19, the total net inflow of A-share ETFs has reached 3,5544.5 billion yuan. In recent years, China's indexed investment has developed rapidly in a posture of riding the wind and waves, and the scale of ETFs has expanded against the market, with a total market value of 205 trillion yuan, of which the market value of equity ETFs reached 173 trillion yuan, a record high.
Overnight external trading: The three major U.S. stock indexes closed down, and popular Chinese concept stocks fell
Eastern time on Tuesday, the three major U.S. stock indexes collectively closed down, as of the end of **, the Dow fell 017%, the Nasdaq fell 092%, and the S&P 500 fell 060%。Large technology stocks fell, Nvidia and AMD fell more than 4%, and Netflix and Amazon fell more than 1%. Most of the popular Chinese concept stocks**, the Nasdaq China Golden Dragon Index fell more than 1%. Xpeng Motors fell more than 5%, JD.com fell more than 4%, Weilai fell more than 3%, Pinduoduo and Tencent** fell more than 2%, and Vipshop, Bilibili, and Alibaba fell more than 1%.
Jufeng view
In early trading, the three major indexes opened low and went high, and the main boards of Shanghai and Shenzhen both **175%, the half-day turnover of the Shanghai and Shenzhen stock markets was 552.1 billion yuan, the two cities exceeded 5,000 shares**, and the northbound funds had a half-day net of **104$8.3 billion. On the theme of the plate, SORA concept stocks continue to be active, large financial sectors such as banks and insurance are collectively strengthened, and the automobile industry chain is substantially strong.
In the afternoon, the stock index inertia rushed higher, the three major stock indexes rose by more than 2%, the Shanghai Index approached the 3000 integer mark after the impact of the profit order, the stock index narrowed, ** decreased to about 4100, and the market volume returned to the trillion level. The inflow of northbound funds slowed down in the afternoon, with a net inflow of more than 12 billion yuan throughout the day, setting the largest single-day net ** record of the year.
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 announced the cancellation of housing purchase restrictions, and issued an additional 1 trillion yuan of treasury bonds to support post-disaster recovery and reconstruction and improve disaster prevention, mitigation and relief capabilities. Multiple 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.
Investment advice
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 short term,** it is mainly affected by exchange rates and external geopolitical factors. In the medium and long term, the market is expected to return to activity, and investors can deploy state-owned enterprise reform targets with expectations of increasing holdings or buying back; As well as grasp the opportunity of the active varieties in the market: artificial intelligence, robots, new energy vehicles and other sectors.
Author: Ding Zhenyu Practicing Certificate: A0680613040001).
Disclaimer: The above content is for reference only and does not constitute specific operation advice, and you shall operate at your own risk and profit and loss.