The Shanghai Composite Index rose more than 1% in shocks, and resource cyclical stocks broke out across the board

On March 29, the Associated Press of Finance reported that the market rebounded throughout the day, and the three major indexes all closed up. On the disk, cyclical stocks collectively strengthened, gold stocks led the rise, Chifeng Gold, Shengda Resources, Laishen Tongling daily limit, non-ferrous metal concept stocks were active, North Copper, Zhongyuan New Materials daily limit, oil and gas stocks fluctuated higher, CNOOC rose daily limit, PetroChina rose more than 5%. Xiaomi auto concept stocks rose sharply at the open, and Hitech, China Machine Certification, and Kaizhong shares rose to the limit. 5.5G concept stocks rose in the afternoon, and many stocks such as Shuobeide, Canqin Technology, Wuhan Fangu, and Tongyu Communication rose to the limit. In terms of decline, AI concept stocks collectively adjusted, and Zhongguang Tianxue and Palmyue Technology fell by more than 5%. Overall, stocks rose more and fell less, and more than 3,800 stocks rose in the whole market. The turnover of the Shanghai and Shenzhen stock markets today was 858.6 billion, a decrease of 73.6 billion from the previous trading day.

Sector

On the plate, today's cyclical stocks collectively strengthened, of which gold stocks led the rise in the two cities, Laishen Tongling, Lao Fengxiang, Shengda Resources, Chifeng Gold limit, Yulong shares, Shandong Gold rose to the top. On the news side, the international gold price broke through the previous high of 2222.7 US dollars / ounce last night, and is now at 2254 US dollars / ounce, hitting a new record high, up 1.90% during the day. Huatai Securities said in a recent research report that the current Federal Reserve is expected to cut interest rates in the middle of the year to strengthen, while the recent acceleration of gold prices has promoted the demand in the gold consumer market to rise, and a positive feedback mechanism for gold prices is forming. Gold prices are expected to continue their volatile upward trend over the long term.

The non-ferrous sector also rose to the top, with Yiqiu Resources, Sanxiang New Materials, Northern Copper, Pengxin Resources, Haotong Technology and other stocks among the top gainers. The rebound in copper prices was driven by two factors, with the Fed widely expected to cut interest rates to address potential economic risks as the global economy becomes more complex and volatile. This expectation provided strong support for the rise in copper prices. Second, the news that Chinese smelters plan to cut production not only eased market concerns about oversupply, but also injected momentum into copper prices.

On the whole, driven by the logic of price increases, cyclical stocks represented by gold and non-ferrous metals have recently walked out of a strong continuity, and as the market is about to enter April, the market is paying more and more attention to the company's performance, and the overall style may transition from the previous thematic hype to value preference, so as a cyclical direction with high performance certainty, it is still expected to be continuously sought after by funds. However, it should be noted that the direction of cyclical stocks is still dominated by a volatile upward mode, and there is still a short-term risk if you rashly chase prices, and wait patiently for the shock pullback to find a low-buying opportunity.

5G-A (5.5G) concept stocks broke out collectively in the afternoon, and the daily limit of Shuobeide, Tongyu Communication, Sega Technology, Shenglu Communication, etc. On the news side, on March 28, China Mobile launched the world's first 5G-A commercial deployment in Hangzhou, announced the list of the first batch of 100 5G-A network commercial cities, and announced that it plans to expand to more than 300 cities across the country within the year to build the world's largest 5G-A commercial network.

Huaxi Securities analysis believes that the communication network is an important infrastructure for low-altitude development, and is the basis for providing data transmission and real-time control. The development of low-altitude economy is inseparable from the construction of new infrastructure. This mainly includes physical infrastructure (take-off and landing points) and information infrastructure (communication, navigation, monitoring), of which the communication technology represented by 5G is a key link. In the context of the high-level shock of the concept of low-altitude economy, 5G-A, as its extended subdivision, strengthened again in the afternoon, reflecting that some funds began to try to rotate between high and low cuts.

In addition, Xiaomi auto concept stocks opened higher, among which Haitaike, Zhongji Inspection, Kaizhong shares rose by the limit, Jinrong Tianyu, Shuanglin shares, Pengling shares and other stocks rose first. According to the official Weibo news of Mi Auto, Xiaomi Auto exceeded 50,000 units within 27 minutes of its launch, exceeding market expectations.

Huatai Securities is optimistic that Xiaomi will replicate the successful experience of the mobile phone, give full play to the strong advantages of synergy, channel operation and brand building in the intelligent interaction between the automobile and the mobile device, and continue to develop the market with the smooth delivery. Guojin Securities believes that in the long run, Xiaomi may use the production capacity of traditional car companies in the form of cooperation, quickly launch models and copy production capacity, and the brand is expected to usher in large-scale volume in 25 years. However, after the high opening, the concept of Xiaomi cars failed to be further strengthened, and the rear discharge also fell to a certain extent. Therefore, if the sector wants to strengthen further, it still needs a new unexpected catalyst on the news side.

In terms of individual stocks

At the individual stock level, low-altitude economic concept stocks are showing a trend of differentiation today. However, the core of the front row, CITIC Haizhi, shrank by one word again, recording 3 consecutive boards, and although Shenzhen City Exchange failed to seal the daily limit, it still rose by more than 17%. Wanfeng Aowei and Jindun shares also maintain a strong trend, so up to now, there is no obvious loss effect, in the context of the overall still maintaining a benign differentiation category, or there is still an expectation of repair, but it should be noted that with the continuous interpretation of the low-altitude economic market, it is expected that the follow-up money-making effect will rise from the previous plate, like the focus of the front row of head targets, so the follow-up response can uphold the principle of going weak and staying strong.

In addition, today's high-level board stocks are more tragic, yesterday's 3 boards or more of the board stocks, only Watson Technology one promotion, the rest of the stocks all fell to the limit, including Ningke Biology, Aili Home is staged a "sky floor". In the context of the gradual shrinking market turnover, the competition between even board stocks has intensified, and individual stocks have been ruthlessly abandoned by funds once they are broken. Therefore, the winning rate of the high-level board relay is relatively low, and the focus can be on the promotion opportunities of the low-level stocks that have just started.

Market outlook analysis

As of the close, the ChiNext rose 1.01%, the Shenzhen Component Index rose 0.62%, and the ChiNext Index rose 0.63%. Hong Kong stocks are closed today due to holidays, and trading in Shanghai and Shenzhen Stock Connect is suspended

Today's market as a whole showed a volatile upward trend, the Shanghai Composite Index rose more than 1% to regain the effective 5-day moving average, but also successfully reversed the short-term shock downward finishing structure. But the fly in the ointment is that today's volume can not increase but decrease, and it will drop to about 850 billion again. Combined with the fact that the Shanghai Composite Index will still face the double test of annual pressure and the early hedging disk, if the follow-up volume can not continue to be amplified, it is still difficult to resolve it in one fell swoop, so the market outlook is still viewed as a range-bound structure, and structural opportunities are grasped in the rotation of hot spots.

Today's short-term sentiment indicators are relatively stable, maintaining repeated oscillations below the 0 axis.

Market news focus

1. Huawei: In 2023, it will achieve global sales revenue of 704.2 billion yuan and net profit of 87 billion yuan

On the 29th, Huawei released its 2023 annual report today, achieving global sales revenue of 704.2 billion yuan, a year-on-year increase of 9.63%, the largest annual increase since 2019, net profit of 87 billion yuan, a year-on-year increase of 144.5%, net profit margin more than doubled year-on-year to 12.35%, and R&D expenditure of 164.7 billion yuan, a year-on-year increase of 2%, accounting for 23.4% of the annual revenue. In 2023, Huawei's ICT infrastructure business achieved sales revenue of RMB362 billion, up 2.3% year-on-year, terminal business revenue of RMB251.5 billion, cloud computing business revenue of RMB55.3 billion, and digital power business revenue of RMB52.6 billion, up 3.5% year-on-year. The intelligent vehicle solutions business achieved sales revenue of RMB4.7 billion, a year-on-year increase of 128.1%.

2. Shanghai is about to implement the purchase restriction policy according to price? Shanghai Real Estate Exchange Center: The purchase restriction policy has not been adjusted at present

Finance Associated Press on March 29, a few days ago, there were market rumors that Shanghai is about to implement a price restriction policy, the unit price of first-hand houses is less than 100,000 yuan/square meter and the total price is less than 14.4 million yuan, and the unit price of second-hand houses is less than 80,000 yuan/square meter and the total price is less than 11.52 million yuan. In response to this rumor, the relevant staff of the Shanghai Real Estate Exchange Center said that the current purchase restriction policy in Shanghai has not been adjusted and is still implemented according to the original policy.

(Finance Associated Press, Fenglin)