On Tuesday (February 20), the Shanghai Composite Index shrank by 002%, the GEM index fell 062%, Wind All A fell 018%。Banks soared in the afternoon, multimodal AI themes continued to be active, and the pharmaceutical and biological and coal industries were among the top gainers; The automobile, semiconductor industry chain weakened, liquor and other consumer stocks performed sluggishly.
On the news, on February 20, the People's Bank of China authorized the National Interbank Lending Center to announce that the one-year LPR was 345% compared to 3 last time45%；LPR for more than 5 years is 395% compared to 4 last time2%。The 5-year LPR** was lowered again after 8 months, exceeding market expectations. The policy is intended to promote the stabilization of real estate sales and stabilize economic growth, and the actual effect of policy accumulation will take time to appear, and from an emotional point of view, it will help boost market confidence in the short term and gradually reverse the pattern of weak expectations and insufficient demand. After the policy was introduced, the market reflected a positive reaction, and the exchange rate did not depreciate significantly due to the implementation of monetary policy, which also reflected the gradual accumulation of market confidence. It is expected that there will still be positive policies to support the operation of the index in the future.
The trend diverged in the morning, with the index in a narrow range**, in line with market expectations. In the previous index ** and the general rise of the retaliatory trend, some ** short-term accumulation gains are higher, and there is a need for technical consolidation. At the same time, from the perspective of supervision, the supervision of financial statements and other regulations will become stricter in the future, as well as the policy of improving the quality of listed companies and guiding medium and long-term funds to enter the market will be gradually implemented, and the future trend will be highly likely to diverge.
As a result, the market may take on the characteristics of structural opportunities, allocatedOn the one hand, it is suggested that we can continue to seek the allocation of high dividend targets, and the current logic of high dividend allocation is still continuing, although after the previous increase, the excess return of the current allocation or a significant decline, but it does not mean the end or reversal of the trend. On the other hand, you can continue to choose stable targets and growth targets for allocation. Pay attention to the specific industry theme direction of the morning train.
Risk factors: economic recovery and policy weaker-than-expected economic recovery, Fed-tighter policy than expected, intensifying geopolitical risks, etc.