The turnover of the two cities exceeded 1.3 trillion yuan, a two-year high, more than 5,000 stocks fell, and the high-level board stocks collectively ebbed
On February 28, the Associated Press of Finance reported that the market rose and fell in early trading, accelerated its dive in late trading, and the micro-cap stock index fell nearly 10%. High-level stocks fell across the board, and many stocks such as Kelai Electromechanical, Aonong Biotechnology, and Hanma Technology fell to the limit. On the disk, financial stocks such as brokerages were active in the intraday, Jiuding Investment rose by the limit, and COFCO Capital and Huajin Capital rose by more than 5%. Artificial meat concept stocks opened stronger, with Dongbao Biological, Shuangta Food, and Suobao Protein up and down. Agricultural stocks moved at the end of the session, with Qiule Seed Industry and Agricultural Development Seed Industry rising by more than 5%. In terms of decline, the semiconductor sector adjusted, and Lanying Equipment and BIWIN Storage fell by more than 10%. More than 5,000 stocks in the market fell, and more than 200 stocks fell to the limit. The turnover of the Shanghai and Shenzhen stock markets today was 1,356.7 billion, an increase of 366.7 billion from the previous trading day, and the turnover hit a new high in more than two years.
Sector
On the plate, the direction of big finance is partially active, Jiuding Investment, COFCO Capital, Southwest Securities, Huajin Capital rose by more than 5%, Bohai Leasing, Western Securities, and CNPC Capital followed suit. On the news side, the central bank held a symposium on the work of five major articles in finance on the 26th, and the meeting pointed out that the central financial work conference emphasized that it is necessary to focus on science and technology finance, green finance, inclusive finance, pension finance, and digital finance, and effectively strengthen high-quality financial services for major strategies, key areas and weak links.
Shanxi Securities pointed out that with the implementation of the relevant measures of the Central Financial Work Conference by the China Securities Regulatory Commission, the measures have been implemented, which will promote the improvement of capital market activity. At the same time, the capital market has been further reformed from the financing side, the investment side and the trading side, and the securities industry is expected to benefit from the introduction of relevant policies to activate the capital market. From the perspective of the market, the differentiation within the big finance is more obvious, the brokerage stocks as a whole are still dragged up and down by the index, the more typical is the western securities board lower, and like Jiuding Investment, COFCO Capital, Huajin Capital market value is small, the concept of multiple finance is in the end of the encounter with funds scrambling, then after the initial release of the short-term risk of the index, whether the funds will choose to return to the direction of big finance is still the focus of the game of short-term funds.
Agricultural stocks rose at the end of the session, Jinjian Rice rose by the limit, Qiule Seed Industry and Nongfa Seed Industry rose by more than 6%, and Kangnong Seed Industry, Fengle Seed Industry, Dunhuang Seed Industry, and Shennong Science and Technology were among the top gainers. Haitong Securities released a research report saying that the previous 2024 Central Document No. 1 announced that the "Opinions of the Central Committee of the Communist Party of China and the State Council on Learning and Using the Experience of the "Thousand Village Demonstration and Ten Thousand Village Renovation" Project to Effectively and Effectively Promote the Comprehensive Revitalization of Villages" proposed to promote the expansion and acceleration of the industrialization of biological breeding. Genetically modified policies continue to advance, safety certificate issuance and variety approval or have become normalized, the promotion of genetically modified will enter an accelerated period, the industry will usher in new opportunities, and leading companies will benefit from technical and financial strength will benefit the most.
From the perspective of the market, if the follow-up index continues to fall, the market's risk appetite may be further reduced, and the defensive sector will still be sought after by funds, while the agriculture and consumer sectors may still have local opportunities.
In terms of individual stocks
Today's market loss effect has intensified significantly, the rate of individual stocks has surged by more than 6 percent, and the high-level shares are even more in today's large-scale killing, before 13 boards of high-standard leader Clay Electromechanical rushed high and fell back in the afternoon to stop the board, Aonong Biological, Kangni Electromechanical, Nanfang Jing staged the "sky floor" market, Ruineng Technology, Yashi Optoelectronics, Hanma Technology also suffered a tragic fall limit. Since this round of rebound, the direction of high-level board stocks has always maintained a strong positive feedback of funds, so it has also accumulated a large number of profit-taking and selling pressure, and when the short-term sentiment encounters a low tide, it is reasonable for funds to flee quickly. The market feedback of the above stocks tomorrow is still worth paying attention to, and if it goes further A, the cover of the high-priced stocks may be further extended. At that time, it may be safer to wait patiently for the concentrated release of short-term panic selling pressure before entering the market.
Market outlook analysis
At the close, the Shanghai Composite Index fell 1.91%, the Shenzhen Component Index fell 2.4%, and the ChiNext Index fell 2.51%. Northbound funds bought a net of 1.34 billion yuan throughout the day, including a net purchase of 1.692 billion yuan in Shanghai-Hong Kong Stock Connect and a net sale of 352 million yuan in Shenzhen-Hong Kong Stock Connect.
Today's market rose and fell, and the end of the day accelerated diving, and finally the Shanghai Composite Index fell below the 5-day moving average, and there was a weakening signal again. In the process of this round of continuous high-angle rebound, the market has not encountered a more obvious pullback, and has accumulated a lot of cash-out selling pressure, so today's large-scale decline may be regarded as a concentrated cash-out of short-term profits. Tomorrow's trend is more critical, if it cannot usher in a quick and strong repair (with volume to re-stand on the 5-day line), the short-term probability will return to consolidation. However, with the continuous rebound of the previous index, the medium-term bearish trend has been reversed, and after the short-term cash-out selling pressure is fully released, it is expected that the market will still have a certain amount of momentum, and which direction will be the first to obtain the return of funds is the focus of the market outlook.
With the collective ebb of high-level stocks, the market sentiment indicator fell rapidly from the active zone all the way to below freezing.
Market news focus
1. Brokerages tighten DMA: the stock of raised funds will be gradually withdrawn
On February 28, the Financial Associated Press reported that there are two DMA news rumors in the market today: one is that only self-operated funds are allowed to operate, and the funds raised are gradually withdrawn (the contract cannot be renewed after expiration); In this regard, the reporter of the Financial Associated Press learned from a number of private equity and brokerage firms that some brokerages began to tighten the DMA business last week, "there is indeed a requirement that only institutions are allowed to operate their own funds, and the funds raised before will be gradually withdrawn." Overall, the current DMA is small in scale and has a controllable impact on the market.
2. China Academy of Information and Communications Technology: In January, the domestic market shipped 31.778 million mobile phones, a year-on-year increase of 68.1%
Finance Associated Press, February 28, data from the China Academy of Information and Communications Technology show that in January 2024, the domestic market shipped 31.778 million mobile phones, a year-on-year increase of 68.1%, of which 26.165 million 5G mobile phones, a year-on-year increase of 59.0%, accounting for 82.3% of mobile phone shipments in the same period.
(Finance Associated Press, Fenglin)