Changsha Evening News, Changsha, January 11 (Reporter Zhou Congxiao) Yesterday, the market adjusted all day, and the three major indexes continued to hit new lows in the intraday, with a turnover of 647 billion yuan in Shanghai and Shenzhen, and a net 6 billion in northbound funds throughout the day900 million. On the disk, large consumer stocks collectively bucked the trend and strengthened, and food, hotels, ice and snow, retail and other directions were active; Photovoltaic and other new energy track stocks were once **; Medical aesthetic concept stocks rose intraday. **In terms of MR, Hongmeng Concept, media, data elements and other sectors were among the top decliners.
On the news side, according to a number of local investment and financing sources, the local government is planning to reserve ultra-long-term special treasury bond projects in the near future, and the support direction is food security, energy security, industrial chain security, new urbanization, rural revitalization and other fields.
In terms of institutional views, Haitong believes that the current valuation of A-shares is at the bottom of history, the domestic central bank has restarted PSL to stabilize growth, and the overseas Fed's tightening cycle may end, and it is expected to pick up. Focus on big finance in the stage, and pay attention to the growth of white horse in the medium term. With the continuous increase in stable growth and risk prevention policies, big finance may have phased performance opportunities. Since the beginning of this year, the market's expectations for the macro environment have weakened the valuation of the large financial sector, and as of 24 1 4, the bank PB (LF, the same below) is 043 times, 13 years since 03% quantile, ** is 114 times, 08% quantile. The 23-year financial work conference proposed to "optimize the debt structure of ** and local **", "activate the capital market" and "cultivate first-class investment banks and investment institutions". We believe that if the above-mentioned relevant policies can be introduced and implemented in the first quarter of 24, the valuations of banks and brokerages that benefit from the policies may be repaired, and it is expected to usher in phased opportunities. In the medium term, the growth of white horses may be dominant, focusing on electronics-related hard technologies and pharmaceuticals. With the underperformance of the public offering in 2023, the white horse growth sector, which was widely favored by institutional investors in the past, also performed poorly. However, from a valuation point of view, the current cost performance of the White Horse growth sector is gradually highlighted.
Wang Zhenhuai, chief investment adviser of the Yangtze River ** Hunan Branch, said that yesterday, the photovoltaic sector strengthened again, and on the news side, according to PVFinfoLink statistics, the global production of photovoltaic modules was 4866GW, down 1197%, the domestic module production schedule was 42GW, down 13% month-on-month, the improvement in supply and demand was stronger than expected, the leading enterprises and second- and third-tier enterprises were significantly differentiated, the operating rate of the domestic TOP9 module factories was 68%, the industry accelerated the clearance, and the battery manufacturers began to introduce production reduction plans for PERC production lines in December, and some new N-type expansion projects were suspended and terminated. From the perspective of the market, due to the fact that the photovoltaic sector has experienced a long period of consolidation, the market is fully pessimistic about the performance of photovoltaic in Q1 2023q, and when the industry fundamentals appear marginally catalyzed, funds choose to make up for it. However, in the context of the stock game, it is still difficult for the photovoltaic sector to get out of the comprehensive market, and the follow-up can focus on the continuous volume at the bottom and the medium-term trend can be reversed.
*Look, yesterday's market failed to continue Tuesday's, along the 5-day line ** lower structure is still continuing, the two cities fell below 650 billion yuan at the same time, the number of ** is still only a little more than 1,000. New energy and large consumption have become the two leading directions in the current market, and some internal heavyweight stocks have first shown signs of stabilization and strengthening, which may be expected to support the index. However, with the current energy level of less than 700 billion, it is still unable to support the two major sectors of new energy and large consumption at the same time, and the follow-up is likely to show a trend of differentiation and rotation. The views are for reference only, the market is risky, and investment should be cautious.