The three major A-share indexes stabilized and rebounded
Technology hot spots take turns
◎Reporter Fei Tianyuan
On Friday, the three major A-share indexes opened slightly lower and then fluctuated and consolidated. In the afternoon, driven by heavyweight sectors such as automobiles and pharmaceuticals, they rebounded and became red. As of the close, the Shanghai Composite Index was at 3,054.37 points, up 0.11%; the Shenzhen Component Index was at 9,979.69 points, up 0.25%; the GEM Index was at 1,986.53 points, up 0.43%. Individual stocks rose more than they fell, and more than 3,600 stocks in the market were in the red. The total transaction volume in Shanghai and Shenzhen stock markets was 826.7 billion yuan.
Technology themes accelerate rotation
Recently, market funds have continued to focus on topics related to Huawei’s ecological chain, but the rotation between various topics has accelerated significantly. Yesterday, the computing power all-in-one concept that led the gains on Thursday was adjusted, and the composite current collector concept derived from Huawei Automobile took over and strengthened, with Baoming Technology, Guanghua Technology, etc. reaching their daily limit.
The new team of Guotai Junan Electric believes that compared with traditional current collectors, composite current collectors can help increase battery energy density, reduce manufacturing costs, and also have the potential to improve safety. They are expected to partially replace traditional current collectors and have a broad market space.
Hongmeng Robot Concept had a sudden change in the afternoon, Collier hit the daily limit, and Shengtong Co., Ltd., Zhongjing Electronics, etc. followed suit. According to the news, the first humanoid robot based on the open source Hongmeng jointly developed by Shenzhen Kaihong and Leju Robots was officially released yesterday. The industry believes that the explosive growth of Hongmeng users may become a driving force that cannot be ignored in the robot industry chain, and the subsequent robot sector market is expected to continue to usher in driving factors.
Market participants believe that currently active funds are continuing to explore relatively stagnant subdivisions in Huawei’s industry chain. As market activity is successfully activated, subsequent exploration of related subdivisions may continue, but the rotation will also further intensified.
Market valuations return to lows
Since October, A-shares have experienced a rapid rebound from the bottom, and have continued to fluctuate recently. Coupled with the marginal improvement in the third-quarter performance of listed companies, the overall market valuation level has once again fallen to a low level.
Li Qiusuo, chief analyst of domestic strategy at CICC Research Department, said that as of November 16, the forward price-to-earnings ratio (the price-to-earnings ratio calculated based on the expected earnings of the company) of the CSI 300 Index was 9.5 times, and the corresponding equity risk premium was 1 above the historical average. times the standard deviation position. After popular sectors such as photovoltaic equipment, batteries, and medical services experienced corrections, valuation risks have also been released. “The market’s current valuation and trading sentiment are close to historical extreme levels, and the downside space is very limited.”
“Compared with major overseas markets, the overall valuation of the A-share market is already at a globally low level. Considering that the global competitive advantage of Chinese companies has not changed, the current A-share market has a relatively high investment performance-price ratio.” Li Qiusuo said.
Agency: Year-end market layout and main line of growth
As the end of the year approaches, a number of securities firms have released special research reports, taking stock of the end-of-year market trends over the years, and giving allocation suggestions based on current fundamental characteristics. Institutions generally believe that the current micro-liquidity of A-shares is gradually improving, and the market situation at the end of the year can be viewed positively. The main line of growth with clear industry trends and the main line related to financial and real estate may be the focus of the layout in the next stage.
Zhang Xia, chief strategist of China Merchants Securities, analyzed that as the current turning point for corporate profits is generally good, the stock selection idea must switch to looking for a direction with a relatively more advantageous growth rate in the next year. At the same time, the phased transition of funds to net inflows will also help increase valuations in the direction of clearer industry trends. “In this context, the defensive strategy of focusing on value and high dividends in the past two years may gradually give way to growth ideas with higher profit growth, clear industry trends, and large space.”
Li Lifeng, chief strategist at West China Securities, believes that the effects of current capital market policies are gradually emerging, and the micro-liquidity of A-shares is improving at the margin.
“The end-of-year A-share market can be viewed positively.” Li Lifeng suggested using low-valuation, high-dividend assets as ballast, while paying attention to Huawei’s industrial chain that benefits from domestic substitution and demand-side recovery, as well as the valuation adjustment to historical lows and The pharmaceutical industry, etc., where policies are expected to improve.