The Beijing Stock Exchange 50 rose by more than 8%! The concept of short drama games continues to be strong, how sustainable is it?

Source: CBN, Wind

Today, the market weakened throughout the day, the decline in the end of the day expanded, the three major indexes all fell below the short-term moving average, and the Beijing Stock Exchange 50 continued to rise more than 8%, refreshing yesterday's high.

Has your stock gone up? Let's review today's market hotspots.

The three major indices opened lower and moved lower

The BSE 50 rose more than 8% to a new high

Today (November 22), the three major A-share indexes opened low and continued to decline in the afternoon. At the close, the Shanghai Composite Index fell 0.79%, the Shenzhen Component Index fell 1.41%, and the ChiNext Index fell 1.73%.

The Beijing Stock Exchange 50 Index is "outstanding", the Beijing Stock Exchange attracted more funds after yesterday's surge, and the Beijing Stock Exchange 50 opened again in the afternoon to accelerate the closing up of 8.43%, and the intraday turnover of individual stocks exceeded 13.1 billion and set a new historical volume.

Overall, individual stocks fell more and rose less. Nearly 4,000 shares fell in the two cities throughout the day, with a full-day turnover of about 875.5 billion yuan, a decrease of about 122.6 billion yuan from yesterday.

Wind data shows that northbound funds sold a net of 3.539 billion yuan throughout the day, including a net sale of 700 million yuan in Shanghai-Hong Kong Stock Connect and a net sale of 2.838 billion yuan in Shenzhen-Hong Kong Stock Connect.

The main funds continued to have a net inflow into the media, building decoration, computer and other sectors, and a net outflow of power equipment, non-ferrous metals, automobiles and other sectors.

In terms of individual stocks, Yawei shares, Taiji Industry, and Jierong Technology received net inflows of 1.503 billion yuan, 864 million yuan, and 560 million yuan.

In terms of net outflow, Yinbaoshanxin, Xilong Science and BYD were sold 547 million yuan, 405 million yuan and 384 million yuan respectively.

There is a lack of hot spots

The media sector, led by short dramas, bucked the trend

On the disk, Shenzhen's state-owned assets, short drama games, and scenic spots and tourism sectors were among the top gainers, while the automobile sector, CPO, and integrated die-casting sectors were among the top decliners.

Specifically, the short drama game sector performed strongly. As of the close, Haikan shares, Tianwei Video, Huanrui Century, Simei Media, and Gravity Media have daily limits.

On the news side, according to the announcement of the State Administration of Radio and Television, the number of online micro-short dramas that have obtained distribution licenses has increased from 116 in the second quarter of 2023 to 150 in the third quarter of 2023.

It is reported that the news that Douyin has opened the test of the paid function of short video content continues to ferment, and the hype about the concept of short dramas this week is still hot in the market. Recently, China Literature Group, a subsidiary of Tencent, issued a "script collection order" to enter the short drama industry. The short drama app Hongguo Short Drama incubated by Douyin's Tomato Novel will be renamed Tomato Short Drama.

At the same time, the State Administration of Radio, Film and Television is carrying out a one-month special rectification work on online micro-short dramas, and proposes to speed up the formulation of the "Detailed Rules for the Creation, Production and Content Review of Online Micro-short Dramas".

Shanghai Securities believes that the short drama market has entered the stage of a hundred flowers, and platforms with rich IP reserves and strong script development capabilities are expected to seize market share in advance, and it is recommended to pay attention to content, IP, and copyright-related sectors.

Ni Shuang, an analyst at Huajin Securities, said in a report released on November 21 that the continuous improvement and smooth implementation of regulatory policies related to micro-short dramas will help the stable development of the industry.

Fu Tianzi, an Internet media analyst at Everbright Securities, pointed out in a report on November 20 that in the future, the theme content of micro-short drama creation will be the focus of supervision, and the overall trend of high-quality short dramas will benefit the head content manufacturers, and film and television content companies/IP copyright owners who cooperate closely with Douyin are expected to benefit.

The attraction tourism sector strengthened. As of the close, Changbai Mountain rose by more than 8%, and Sante Cableway, Qujiang Cultural Tourism, and Yunnan Tourism followed suit.

According to the rating report released by Founder Securities on November 22, it maintained the "recommended" rating of Changbai Mountain. Today, Changbai Mountain rose 8.19% to 15.86 yuan, up 14.02% in the past 5 trading days and 16.62% in the past 30 trading days.

The automotive sector was lower. As of the close, BAIC Blue Valley, Haima Automobile, and Dongfeng Motor fell by more than 4%, and Zotye Automobile, Cialis, and Jiangling Motors followed suit.

Deep pullback in high-level theme stocks

Did the early hot spot go out?

Today, A-shares continue to fluctuate, high-level theme stocks have a deep pullback, and the hot spots in the early stage have been extinguished?

In this regard, Li Longlian, chief investment adviser of the Federal Reserve Securities, believes that the hype of theme stocks is too hot, and the pullback has just begun. Zhu Qi of Galaxy Securities believes that the difference between the theme ticket and the value of the large ticket has reached a high area, and whether to continue the theme ticket style depends on the level of trading volume. Li Haibin, manager of the wealth management center of Jinyuan Securities, believes that most of the theme stocks do not have substantive themes, and the hot spots are still continuing.

Shenzhen analyst Wang Zhangliang believes that dragged down by the weighted sector, the trend of the index this week is less than expected, and the overall range is maintained, and the support of 3,000 points below is more obvious, and the overall downside may not be large. At present, the market lacks the main line of weights to lead the index upward, focusing on theme operation, and the subsequent observation of the direction selection of the index.

Wang Xiaohua, an investment consultant at Orient Securities, believes that the overseas easing environment is still there, and the improvement of the denominator is still stronger than the numerator. The strength of the Beijing Stock Exchange highlights the recovery of liquidity, the recovery of market confidence, and the gradual spread of technological flexibility. The low pro-cyclical level still depends on policy efforts to drive the improvement of expectations.

On November 20, the Beijing Stock Exchange sent the first batch of market-making evaluation test pass letters to brokers who are currently applying for market maker qualifications. Last week, the China Securities Index announced that it had decided to include eligible BSE securities in the sample space of the CSI All-Index Index, and it will be implemented on the regular adjustment date of the index sample in December 2023. On the same day, the Beijing Stock Exchange launched preparations for the use of 920 code segments for the shares of listed companies.

CITIC Securities believes that in 2023, the recovery of market confidence will lag behind the policy and economic cycle that has turned around, and in 2024, market confidence will reunite, and the valuation repair driven by changes in investor behavior is the main theme of the A-share market.

CITIC Securities pointed out that GDP is expected to grow by 5.1% in 2024, and the economic structure shows the characteristics of "stability of old momentum and progress of new momentum". The growth rate of fixed asset investment will rise significantly, becoming an important support for growth, and the structure will show the characteristics of strong infrastructure, improved manufacturing industry, and real estate pressure; the trend of consumption recovery will continue; the growth rate of exports will turn from negative to positive; CPI and PPI will also be out of the low operating range; and the RMB exchange rate is expected to stabilize and appreciate slightly throughout the year.

In view of the possibility of changes in OpenAI's core personnel, its recent cyber attack led to the suspension of services, reflecting the importance of AI security in the process of AI technology and commercialization. China Securities Construction Investment believes that at present, the pilot policies of data elements in various places are frequent, and the management measures for government-guided pricing of public data are expected to be introduced at the end of this year and early next year. It is recommended to pay attention to investment opportunities in the data element and AI security sectors.

GF Securities expects demand to recover steadily in 2024, and catering supply chain/soft drink/snack revenue will continue to grow at a high rate. On the profit side, it is expected that in 2024, the profitability of food companies is expected to increase due to the decline in the price of some raw materials and cost control. In terms of sector valuation, leading companies are at a low point of valuation, and their value is prominent in the medium and long term, while the valuation of growing mass goods companies with good performance has fallen due to the impact of the macro environment and consumption power.

Duty Editor: Rainforest

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