Daily A-share sentiment spotlight - February 16th
▍Comprehensive review
On February 16, the three major A-share indexes collectively strengthened. By the close, the Shanghai Composite Index was up 0.57%, the Shenzhen Component Index was up 0.23 percent and the ChiNext Index was up 0.07 percent. Individual stocks rose more than they fell, and the number of rising companies exceeded 3500. On the disk, engineering construction, cement building materials, fertilizer industry and other sectors ranked at the top of the increase list; precious metals, aerospace, jewelry and other sectors fell in the front. Specifically, the financial statistics and social financing data released by the central bank in January 2022 show that the credit union financing increased in January, and the early development of infrastructure construction was supported by the advance approval of 1.46 trillion yuan of new special debt in 2022 issued by the Ministry of Finance in advance. Special bonds are approved in advance to focus on transportation infrastructure construction, and considering the delay in the issuance of special bonds, infrastructure projects in various places are expected to be launched one after another. In this context, the stable growth expectation has been strengthened, the infrastructure force has been steadily advanced, and the engineering construction sector has risen strongly; recently, the National Development and Reform Commission, the Ministry of Industry and Information Technology and other four departments recently jointly issued the "Implementation Guide for Energy Conservation and Carbon Reduction Renovation and Upgrading in Key Areas of High Energy Consumption Industries (2022 Edition)", which mentions that by 2025, the proportion of clinker production capacity above the benchmark level of energy efficiency in the cement industry will reach 30%. Securities companies estimate that in 2022, the industry eliminates the supply capacity after the peak is reduced by 0.1% year-on-year, superimposed on the support of stable investment on demand, the cement boom can still maintain a high level, the cement building materials sector has risen sharply; the Lunar Lantern Festival has passed, and the later period with the rise in temperature, the first wave of domestic spring tillage fertilizer will come as scheduled, and the spring fertilizer accounts for 2-30% of the annual fertilizer consumption, equivalent to the demand is expected to be about 5 million tons, and there are data showing that the current agricultural stock in most areas ranges from 6-80%, and the gap is still 2-40%, Before the arrival of agricultural fertilizers, there is still a demand gap of 1 million to 2 million tons, the peak season of agricultural demand is gradually coming, and the fertilizer industry sector has performed; precious metals, aerospace, jewelry and other sectors have performed weakly.
▍Overview of institutional perspectives
China Merchants Securities: The current domestic stable growth policy is relatively intensive, the financial data in January exceeded market expectations, and global capital expenditure is expected to open a new round of upward cycle.
Shanxi Securities: At present, the high and low switching in the market sector rotation is more frequent, and the track growth stocks have counterattacked in stages, and the stable growth chain has performed strongly.
Founder Securities: The index may have bottomed out in stages, and it is expected to usher in a rebound later.
Zhongyuan Securities: It is expected that the Shanghai index will have a greater possibility of short-term slight fluctuations, and the short-term rebound of the ChiNext market is more likely. Investors are advised to wait and see in the short term, and the mid-term continues to focus on investment opportunities in undervalued blue-chip stocks.
Dongguan Securities: Considering the continuous development of the stable growth policy, it is expected that the market is expected to stabilize, paying attention to the annual line gains and losses and the rotation of the plate.
Everbright Securities: The volume of the market has not yet returned to the previous state, and the logic of the medium and long-term upwards remains unchanged, but in the short term, the market will still face the trend of front-row differentiation, and it is necessary to pay attention to problems such as rhythm.
▍ Market data for the day
1. Major stock index data
Note: SSE Composite Index (3 February 2020 – present)
Note: SZSE Component Index (3 February 2020 to present)
Note: GEM Index (3 February 2020 to present)
2. Statistics on the distribution of ups and downs
3. Industry capital flows
Note: Industry capital flow (billion)
4. Individual stock capital flow - main net inflow
5. Individual stock capital flow - main net outflow
Data source: Wind financial terminal, public information collation
Risk Warning: Opinions are for reference only and do not constitute any investment advice and commitment. The market is risky and investments need to be cautious.