The three major indexes of Lianhua**A-share expanded widely** today, and the Shanghai Composite Index recovered 2,700 points in intraday trading. As of the end of **, the Shanghai Composite Index fell 146%, and the Shenzhen Component Index fell 224%, the GEM index fell 243%。The turnover of the Shanghai and Shenzhen stock markets exceeded 800 billion yuan, and the northbound funds went against the market with a net of more than 2 billion yuan today.
The industry sector is the first, and the environmental protection industry, electronic components, decoration, engineering consulting services, instrumentation, aerospace, automotive services, and software development sectors are among the top decliners.
Today's news. Ministry of Finance: This year, we will continue to maintain the necessary intensity of fiscal expenditure and vigorously develop new productive forces.
Wang Dongwei, Vice Minister of Finance, said at a press conference of the State Council Information Office on February 1 that in 2024, the basic trend of China's economic recovery and long-term improvement has not changed. From the perspective of fiscal revenue, with the continuous release of the effect of macroeconomic control policies and the solid progress of high-quality development, it will lay a solid foundation for the growth of fiscal revenue, and fiscal revenue will continue to recover growth. From the perspective of fiscal expenditure, the necessary intensity will continue to be maintained, and transfer payments to local governments will also maintain a certain scale. In 2024, the Ministry of Finance will focus on the upgrading of residents' consumption, promote the expansion of new growth points such as culture, tourism, education, and pension, increase social security, transfer payments and other adjustments, increase the income of urban and rural residents, and improve the willingness and ability to consume. In addition, in 2024, the financial department will take more powerful and effective measures to promote the construction of a modern industrial system led by scientific and technological innovation, and vigorously develop new quality productivity.
More than 300 companies issued an announcement on the repurchase of holdings in one night! The chairmen of a number of listed companies publicly "shouted" to convey confidence.
The wave of buybacks by listed companies and increased holdings by major shareholders continues to rise. On the evening of February 1, more than 300 listed companies issued relevant announcements on buybacks and holdings. Not only new buybacks and shareholding plans emerge one after another, but more than 240 companies have announced the latest developments of buybacks and holdings, expressing confidence in the market and the company's future development with practical actions. What is noteworthy is that the chairman of more than 20 listed companies publicly "shouted": optimistic about the development of the industry and the company itself, and proposed to carry out large-scale repurchases. There are also a number of chairmen and executives of listed companies have taken action to increase their holdings with practical actions, and use real money to boost investors' confidence in the company's development.
The probability of large-scale liquidation of the two financial institutions is not large, and the future trend is the key.
According to the data, on January 31, the financing balance of the Shanghai and Shenzhen stock markets hit the largest single-day "shrinkage" in nearly a year and a half, down nearly 20 billion yuan from the previous trading day to 14,9942.4 billion yuan, falling below 1 for the first time since mid-September last year5 trillion yuan. However, looking forward to the market in February, some institutions said that the bottom of A-shares is nearing the end, and there is little room for continued downside.
Shanghai state-owned assets: In 2024, the deepening and upgrading of state-owned enterprise reform will be the main line to highlight the value of high-quality listed companies.
Shanghai fired a new round of state-owned assets and state-owned enterprise reform. The reporter of Shanghai ** Daily learned from the 2024 Shanghai State-owned Assets and State-owned Enterprises Reform and Development and Party Building Work Conference held on February 1 that in 2024, Shanghai state-owned assets and state-owned enterprises will take the deepening and upgrading of state-owned enterprise reform as the main line, and achieve deepening and upgrading in seven aspects, such as promoting the implementation of reforms and strengthening value creation. Among them, it is proposed that Shanghai should highlight the value of high-quality listed companies.
Institutional perspectives. Galaxy**: Market value management is included in the performance assessment of central enterprises, and pays attention to low-valuation and high-quality central enterprise targets.
China Galaxy pointed out that the State-owned Assets Supervision and Administration Commission (SASAC) recently proposed to include market value management in the performance appraisal of the person in charge of the enterprise. State-owned listed companies in the machinery industry are mainly distributed in the field of traditional equipment such as rail transit, construction machinery, shipbuilding and marine engineering, and the overall market value is still small compared with world-class enterprises, and the average market value of state-owned enterprises in various subdivisions is only 1 10 to 1 2 of the benchmark enterprises. The proposed market value management assessment will further improve the assessment system for central enterprises, which is expected to promote central enterprises to strengthen market value management and enhance their investment value. In the field of rail transit equipment, the leading central state-owned enterprises have high dividend yields, sustained and stable profitability, and their valuations are at a historically low level.
Donghai**: Industry valuations are at historically low levels.
Donghai ** research report pointed out that in the future, the first industry will show a differentiated development path under the guidance of supervision, the head brokerage through business innovation, group management, mergers and acquisitions and other ways to become better and stronger, small and medium-sized institutions combined with shareholder background, regional advantages and other resource endowments and professional capabilities to do fine. At present, the valuation of the industry is at a historical low, and it is recommended to grasp the sector catalyzed by the policy**. It is recommended to pay attention to: Zhongtai**, CITIC**, Everbright**, etc.
Everbright**: The market style in February may be in equilibrium and pro-cyclical.
Everbright** research report pointed out that the market style in February may be in equilibrium and pro-cyclical. In January, the market was in a "weak reality, weak sentiment" scenario, and the market style was obviously defensive. Looking ahead, in the short term, "reality" may show a weak repair, and "sentiment" is also expected to strengthen after the Spring Festival, so the market may be in a "strong reality, strong sentiment" scenario in the future, and the market style may be more balanced. In addition, a "strong reality, weak sentiment" scenario may also occur, in which the market style may be pro-cyclical. Among the primary industries, in February, the focus was on petroleum and petrochemical, non-bank finance, medicine and biology, media, basic chemicals and electronics. The industry scoring system takes into account both top-down and bottom-up perspectives. Among them, the top-down part includes two dimensions: market style and liquidity, while the bottom-up part includes four dimensions: policy, prosperity, valuation and chips. Judging from the actual scoring, among the first-class industries in Shenwan, petroleum and petrochemical, non-bank finance, medicine and biology, media, basic chemicals and electronics have the highest scores, and it is worth paying attention to in February.
Huaan**: The market will continue to show a ** trend.
In February, the market will face many tests, before the key confidence of investors has not significantly reversed or improved, the market is facing great uncertainty in time and space, so the overall tendency is that the market will continue to show a trend, waiting for the fundamental improvement verification or macro policy strength to increase the confirmation. The key to the most influential allocation ideas and direction lies in the sustainability of this round of market. If time and space are limited, you should still focus on stable or deterministic assets. While the core concerns of the market have not been resolved and the market is also facing many tests in February, the allocation idea should not be too aggressive or pursue flexibility, and the allocation value and necessity of stable assets or deterministic theme direction are still very important.