On the first day of the Year of the Dragon, A-shares closed in the red. However, on February 20, judging from the performance of indexes, sectors, and trading volumes, the morale of A-shares decreased slightly, and the overall performance was moderate. In terms of market highlights, the SORA concept has set off a strong tide of price limits.
In an interview with the International Financial News, several investment analysts said that after several consecutive days, A-shares are currently experiencing small selling pressure, but there is no big negative or risk, so the market can bottom out and rebound today. During the Spring Festival, the margin is generally warm, and then the market may rebound and then ** trend, and the medium-term upward need to wait for the emergence of marginal changes in the direction of policy or economic expectations.
A-shares opened lower and went higher.
In early trading today, A-shares opened low and dived, and soon after**, the afternoon rose, and the Shanghai Composite Index closed up 042% at 2922At 73 points, the GEM index fell to 001% at 174618 o'clock. The trading volume of A-shares decreased from yesterday's 964.7 billion yuan to 798.5 billion yuan.
The sectors rose more and fell less, with liquor, beverages, automobiles, batteries, and AI chips leading the decline, while communication equipment and pharmaceuticals performed well. In terms of Shenwan's primary industry, household appliances rose nearly 2%, and light manufacturing, agriculture, forestry, animal husbandry and fishery, media, and pharmaceutical and biological sectors rose more than 1%; Food and beverages, power equipment, and automobiles fell by no more than 1%.
In terms of market highlights, the SORA concept is very popular, and the Year of the Dragon has caught the "splashing wealth" after the market opens. The sector rose nearly 5% today, and related concept stocks generally rose sharply, with 10 ** daily limits. Huichang Communication, Danghong Technology, and Insai Group 20cm daily limit; Tianyu Digital, Guomai Culture, Gravity Media, Hanwang Technology, Xinhuanet, etc. **10cm daily limit.
How to see the performance of A-shares opening low and moving high today?
In an interview with the International Financial News, Bi Mengjiao, a financial researcher at Grid Finance, said that the money-making effect of A-shares today is good, the market bottomed out and rebounded throughout the day, and the Shanghai Index was relatively strong. At present, A-shares have encountered some small selling pressure after a few consecutive days, but there is no particularly big negative or risk, which is why today's market can bottom out and rebound.
Tong Diyi, general manager of Longying Fuze Assets, said that the market has gradually recovered in the context of several days of small sunshine, market confidence has been restored, and investors' confidence in the future has gradually been established. High dividends** blue chips will be the mainstay of the market, AI-related** can be a catalyst for the market, in short, the market will be more and more favored for stable performance**.
Or there is a "step back again**".
From the point of view of the wealth of the network, today's A-share low opening and high move is a continuation of the irrational killing and falling before the holiday, and the recent determination of the regulator to care for the market is very obvious, which has greatly boosted investor confidence. However, the physical part of today's yang line has been significantly shortened compared with the previous few trading days, and the trading volume has shrunk, indicating that after the market has been in a row for 5 consecutive days, the selling pressure of profit-taking orders and hedging orders has begun to increase, and the wait-and-see funds have increased. Therefore, the market may come out of a retracement and then ** trend.
Yu Chao, chairman of Qingdao Anxin Investment, believes that under the unexpected credit demand in January, the optimization of capital market supervision and the care of liquidity in the active capital market, A-shares ushered in the first and are still in the first place. In terms of overall turnover, market confidence remains cautious. In the current ** cycle, it is often the rhythm of "weight on stage, growth and singing", if you participate, the current direction should pay attention to TMT and other growth directions.
Combined with the current market factors, Mao Yu, general manager of Dingcheng Investment, told reporters that the release of negative risk factors in the early stage of the market such as the shortage of liquidity in small and medium-sized caps is relatively thorough; Regulators actively respond to market demands and improve the trading system; **Huijin expands ETF holdings to maintain the market. In addition, the central bank cut interest rates to replenish liquidity in the market. Various factors are superimposed, market information has recovered, trading activity has increased, and the trading volume has increased significantly.
Mao Yu is firmly optimistic about the technology, innovative drugs and mid-to-high-end manufacturing sectors, especially the subdivisions and ** that can go overseas or can be deeply bound to the global industry leaders.
AI and high dividends** are in the spotlight.
Last year, the overall downturn and lack of market confidence. How to invest in the Year of the Dragon?
After the holiday, the AI direction came out strong**. Paipaiwang Fortune believes that many ** in the AI concept have been in a state of over-falling, and the superposition concept continues to be hot, so it is optimistic that the AI concept is expected to come out of sustainability**. From the perspective of valuation, the valuation of the new energy sector has been at a low level, and the negative effects of the sector have been fully released, with the possibility of overfalling. In addition, the recent direction of high dividends is still showing an upward momentum, and the valuation of related ** is still at a low level, which is also expected to be favored by funds.
Furong** believes that with the end of the negative feedback of small-cap stock trading, and the subsequent gradual stabilization of the macro economy and the continuous development of policies, the bottom area of the medium-term market may be present. During the Spring Festival, the marginal is generally warm, and the short-term ** is expected to continue, while the medium-term upward needs to wait for the emergence of marginal changes in the direction of policy or economic expectations. In terms of structure, it has gradually grown from equilibrium to tangential growth, focusing on growth tracks such as semiconductors, communications, pharmaceuticals and other sectors; new energy for power equipment that is expected to bottom out this year; High dividends, revaluation of assets of state-owned enterprises such as coal, electricity, telecommunications, etc.
The current favorable policies and the obvious intention to maintain stability will help improve investors' market confidence, and the current valuation of A-shares as a whole has been in the historically low range, which has certain investment value. Zhang Xiaodong, manager of Gecko Capital, believes that market confidence has been significantly improved. Recently, the regulators have issued intensive policies to strengthen the supervision of securities lending business, support Huijin to increase its holdings, cut the reserve requirement ratio and interest rates, improve the quality of listed companies, and appoint new leaders, all of which show that the state attaches great importance to the financial market. Artificial intelligence, innovative drugs, large consumption, high-end manufacturing, information innovation, etc. have development potential, investors can choose the company's fundamentals, and in this wave of high-quality listed companies that have fallen in the first wave, for medium and long-term allocation.
Bi Mengjiao emphasized that high-dividend assets have strong certainty and investors can see them as a better choice. In the future, it is expected that the monetary policy will remain moderately loose, there is still some room for RRR and interest rate cuts, and high-dividend assets will have a higher cost performance during the downward period of interest rates due to the characteristics of "debt-like". And the current valuation of high-dividend assets is still at a historically low level, with a high margin of safety. Among them, the theme of central state-owned enterprises has more potential. "Central state-owned enterprises have high dividend characteristics and relatively high certainty. In addition, the profitability stability and profitability of central state-owned enterprises are outstanding, and they have lower valuation characteristics than private enterprises. With the new round of deepening and upgrading of state-owned enterprise reform and injecting new impetus into central state-owned enterprises, the investment value of central state-owned enterprises has become increasingly prominent."