Close丨The Shanghai Composite Index fell below 2,800 points again, and the three major A-share indexes were in the negative for six consecutive months
On January 31, the three major A-share indexes collectively closed down, as of the close, the Shanghai Composite Index fell 1.48%, the Shenzhen Component Index fell 1.95%, and the ChiNext Index fell 0.66%.
The three major indexes all closed out of the monthly line for six consecutive days, with the Shanghai Composite Index falling more than 6% this month, the Shenzhen Component Index falling more than 13% this month, and the ChiNext Index falling more than 16% this month.
Wind data shows that more than 4,800 shares fell, and more than 100 shares fell to the limit.
The turnover of the Shanghai and Shenzhen stock markets today was 758.2 billion, an increase of 94.5 billion from the previous trading day.
On the disk, the industry sector was nearly wiped out, with tourism, real estate services, network security, and shell resources among the top decliners. Bank stocks bucked the trend.
AIGC concept stocks dived in the afternoon, Kunlun Wanwei dived by more than 12%, Tianyu Digital Technology, 263 and others fell to the limit, and iFLYTEK fell by more than 6%.
Game stocks dived in the afternoon, Shengtian Network fell more than 11%, and Zhongqingbao, Caesar Culture, and Youzu Network fell more than 7%.
The media and entertainment sector strengthened in early trading and fell back in the afternoon, with many stocks such as Zhongguang Tianxue, Inner Mongolia Xinhua, Times Publishing, China Television Media, and Xinhua Media rising to the limit.
Huajian Group staged the "Earth and Sky Board" for two consecutive days.
Shennan Power A once fell to the end of the market, out of the "sky floor" market.
【Fund Flow】
Wind data shows that northbound funds bought a net of 3.701 billion yuan throughout the day, including a net purchase of 758 million yuan in Shanghai-Hong Kong Stock Connect and a net purchase of 2.943 billion yuan in Shenzhen-Hong Kong Stock Connect.
The main funds continued to flow into power equipment, public utilities, media and other sectors in the end of the market, and had a net outflow from pharmaceutical and biological, real estate, non-ferrous metals and other sectors.
【Institutional Perspectives】
Guosheng Securities: Recently, the market has continued to fluctuate and adjust, and the money-making effect has entered a new freezing period, mainly because investors are slightly less willing to go long. At present, we are still in a data and policy "vacuum", and there is no solid evidence to sweep away the market's previous fears, and this pessimistic expectation still needs to be boosted by more and greater policy strength. As the central bank, the National Development and Reform Commission and the Ministry of Finance and other departments actively implement the spirit of the Central Economic Work Conference, the introduction of incremental policies is expected to continue to heat up, and the follow-up policy orientation will be more active, driving the market risk appetite to rebound.
Galaxy Securities: Investor confidence is expected to regain in volatility in February. After the ups and downs of 2023, considering that the current A-share market is at the bottom of the valuation area, 2024 is expected to usher in the recovery of confidence and attract capital inflows under the favorable conditions at home and abroad, and the A-share market is expected to usher in a volatile upward recovery market in 2024. We need to be patient and wait for the catalyst on the policy side to regain investor confidence. The investment strategy allocated in February should focus on low-valuation value stocks and growth value stocks in sectors that benefit from policy assistance and have favorable policy expectations. In February, it was recommended to balance the distribution of value stocks in sectors such as aviation, banking, technology, coal, and power.
CITIC Securities: The National Energy Administration released the development of new energy storage in mainland China in 2023, and recently announced the list of new energy storage pilot demonstration projects. In 2023, the domestic installed capacity of energy storage will be 48.70GWh, higher than the previous expectation, and the domestic installed capacity is expected to exceed 65GWh in 2024, with a growth rate of more than 30%. Since 2023, the evolution of a number of policy elements has promoted the diversification of energy storage business models, the diversification of demand scenarios and the growth of regulated resource demand have promoted the development of various forms of energy storage, and the decline in power battery prices has also made energy storage economics possible. In the case of a clear long-term development trend of the energy storage industry, it is recommended to pay attention to energy storage companies that are making breakthroughs in specific markets, including key component companies, related material companies and energy storage system integrators.