Zhongxin Jingwei, January 6 (Fu Jianqing) In the first two trading days of 2022, the Shanghai Composite Index fell by 1.23%, the Shenzhen Component Index fell by 2.23%, and the ChiNext Index fell by 4.85%.
On January 5, the transportation facilities, household appliances, banks, meta-universe and other sectors rose in the front, and aviation, semiconductors, electrical equipment, military and other sectors fell in the front.
January 5 A-share closing point Source: Wind
China Mobile returned to A on the first day of difficulty to close up, and the Ningde era fell sharply
On January 5, the trillion giant China Mobile earned enough eyeballs on the first day of its return to A. However, the opening was "peak", and since then it has been a shock and fall, closing up only 0.52%, with a daily turnover of 15.3 billion yuan. According to the calculation of the first sign, the winning shareholders did not sell on the first day and only made a profit of 300 yuan.
On the other hand, the Ningde era fell sharply again. As of the close, the company's stock price fell 3.76%, and the stock price was reported at 547.50 yuan / share. Since the high point of 692 yuan / share on December 3, 2021, CATL has closed down more than 3% in 6 trading days, and it has fallen more than 7% on December 24, 2021. From the high point, the stock price of CATL has fallen by more than 20%.
Ningde times stock price trend Source: Wind
For the market to continue to fall in the past two days, Chen Li, chief economist of Chuancai Securities and director of the research institute, told Zhongxin Jingwei that at the liquidity level, on January 5, 210 billion yuan of reverse repurchase expired, and the central bank only carried out 10 billion yuan of reverse repurchase operations, and the return of funds made the market have certain concerns; at the same time, the listing of China Mobile A shares formed a certain "siphon effect" on the market.
Yi Bin, chief strategist of Western Securities, also said that the largest IPO of A shares in the past 10 years (China Mobile) landed, and from past experience, large IPOs have an impact on the market but are short-term. The last time China Telecom returned to A-shares, it also promoted a short-term adjustment in the market, and then the market gradually returned to the right track.
The sharp decline in the Ningde era also led to a general decline in stocks related to the concept of new energy. Analysts say the full year-long rally in 2021 is the main factor.
Chen Li pointed out that new energy and related concept stocks, after a full year of rise in 2021, the current valuation and stock price are at a relatively high level, superimposed on the 2022 new energy vehicle subsidy standard in 2021 on the basis of 30% of the news catalyzed, making the plate decline larger, but also led to the decline of the index. In addition, the recent Biden 2 trillion bill has been shelved again, while the expectation of interest rate hikes has also risen, the US ten-year Treasury yield has climbed to more than 1.65%, and the rise in Treasury yields has formed a certain suppression on technology stocks.
Yang Delong, chief economist of Qianhai Open Source, also believes that the internal reason for the continuous correction of new energy is that the previous increase was too large, so there was profit taking. In addition, subsidies for new energy vehicles may fall by about 30% in 2022, which will also affect short-term performance. However, Yang Delong pointed out that new energy is the main line in 2021, and it is still worth paying attention to in 2022, because new energy to replace traditional energy is the trend of the times.
Is there still a spring market? That's what the industry said
A number of securities companies released research reports around New Year's Day pointed out that they are optimistic about the spring market of A shares. However, there are still different opinions on whether blue chips or growth stocks are dominant. After two consecutive days of decline in A-shares, can the market continue in the spring of 2022?
Yi Bin pointed out that since the release of the third quarterly report in November 2021, the optimistic expectations for the growth sector have become an important catalyst for the "winter restlessness" market, and with the recent gradual entry into the release window of the performance forecast of listed companies, the re-correction of market expectations has also accelerated the adjustment of some boom tracks. With the gradual realization of follow-up performance, the varieties that truly maintain a high profit growth rate are still expected to usher in a new round of market.
Yang Delong said that the A-share market has been adjusted for two consecutive days, and the new energy sector, which has risen sharply last year, led the decline. Undervalued sectors, such as banking, real estate, home appliances and other sectors, have rebounded better. There has been a certain short-term change in the market style, and low-valued blue-chip stocks have ushered in a recovery opportunity. 2022 is a big year for value investing, which is very different from 2021. 2021 is dominated by cyclical, growth and small-cap stocks, with blue-chip stocks performing relatively poorly. In the new year, the main line of market investment has gradually shifted to performance as king. At the same time, the issuance of new funds this year may still be around 3 trillion, which will bring opportunities to high-quality stocks in A shares.
Hu Guopeng, deputy director of guohai securities research institute and chief analyst of strategy, believes that the opportunity in January is greater than the risk, and the three factors of economy, liquidity and policy resonate, of which the valuation expansion led by liquidity easing and stable growth policy is the main driving force of spring restlessness. After the market adjustment, some segments of growth have begun to have cost-effective, opening up room for subsequent spring agitation.
Chen Li said that overall, the market decline is more from the "high and low switching", not from the deterioration of fundamentals or the turn of liquidity. At the same time, northbound funds also continued to have net inflows, and it is expected that the space below is relatively limited. (Zhongxin Jingwei APP)
(The views in this article are for reference only and do not constitute investment advice, investment is risky, and you need to be cautious when entering the market.) )
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