Today, the three major A-share indexes made a slight correction, with the Shanghai index falling 0.47% and the gem index falling 0.46%. The transaction volume of the two cities exceeded 1.4 trillion yuan, breaking trillion yuan for the 10th consecutive trading day. The northward capital continued to enter the market for scavenging at the end of the trading day, with a net purchase of 1.799 billion yuan throughout the day, which has been a net purchase for five consecutive days.
Individual stocks were mixed, showing a pattern of plate differentiation and high-low switching as a whole. High hot track stocks fell across the board, semiconductor chips, lithium batteries and photovoltaic fell sharply all day, and salt lake lithium, lithium ore, energy storage, photoresist, rare earth permanent magnet, new energy vehicles and other sectors fell by the limit in a large area, dominating the list of declines on the screen; Low level policy friendly track stocks continued to break out, many stocks in industrial software and intelligent manufacturing sectors rose, while automobile chips and game stocks were heavily hit, and the two sectors plunged rapidly in the afternoon. Affected by the repeated epidemic, pharmaceutical stocks broke out in an all-round way, and cro and antiviral concept stocks rose sharply. In addition, steel and coal continued to fall, while tourism, catering, building materials and construction machinery continued to rebound. On the disk, Xinguan testing, medical devices and biological vaccines led the rise, while salt lake lithium extraction, photoresist and sodium ion battery led the decline.
For the current market trend, Guosheng Securities pointed out that the current market sentiment has warmed up and is expected to continue to seek an upward breakthrough after being tamped by shock. Throughout the current market, the differentiation between the old and new forces is extremely extreme. The game between “Mao index” and “Ning concept” represents tradition and emerging, but its essence is the periodic rotation of style. Under the Changyang index on Monday, the contribution points of traditional infrastructure and banks were large, while some new energy and semiconductors rose and fell. There were signs of style switching in the market, and there was a suspicion of pulling the index to cover the retreat of semiconductors and new energy. The trading volume of the two cities has reached a new high, and the Kechuang 50 index and the gem index have not reached a new high simultaneously, which is a noteworthy signal or represents that the market is about to usher in a new turning point of plate switching. In terms of market focus, if the growth in emerging industries such as semiconductor and new energy is too large, or enters the final stage of drum beating and flower passing, it can not be ruled out that it can be flushed again, but the risk and income are asymmetric at this time, and there is an end risk at any time. In terms of operation, it is suggested to focus on the core supporting varieties with interim report performance, and gradually layout the relatively traditional fields such as consumption, pharmaceutical sector, infrastructure and intelligent manufacturing with sufficient current valuation adjustment in advance.
Guosen Securities said that as of August 1, nearly 40% of A-share companies had disclosed information related to the interim report (including formal interim report, performance express, performance forecast, etc.), and the performance forecast disclosure rate of some industries had reached a high level. By analyzing the financial report data of listed companies under comparable caliber, it is obvious that the economic recovery continues, and the performance prediction rate of most industries is far ahead. It is expected that the performance of Pro cyclical industries represented by iron and steel, chemical industry, mining and nonferrous metals is expected to be significantly improved in the first half of 2021. The midstream manufacturing industry represented by electrical equipment, electronics, national defense and military industry will continue to maintain a high degree of prosperity. The overall performance of agriculture, forestry, animal husbandry and fishery, public utilities and other industries may be in a phased trough. Looking back, the most clear investment direction of the market is the industrial upgrading of China’s economy. There are broad investment opportunities in the fields of “domestic demand, science and technology and green”. The future performance of the most growing companies in these fields is more worthy of expectation.
Societe Generale Securities pointed out that in August, the market turbulence period will continue, but there is no danger, and the systemic risk is small. However, the structural market will continue to differentiate in the interim report performance period, and beware of the risk that strong stocks with too high early expectations and crowded trading may fall. On the one hand, in August, the A-share market still needs time to release risks. The next month is a risk intensive release period. On the other hand, there was little systemic risk in August. The market tamped the bottom, and the structural market still focused on the long bull of science and innovation. In the second half of the year, as the policy focus shifted to medium and long-term problems, long-term opportunities such as scientific and technological innovation and advanced manufacturing are still worth bargain hunting.