A-share review|Three bears dragged down the market, and the big white horses piled up and exploded

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——Tencent's official securities investment platform

On the news side, the A-share market is mainly facing three major negatives:

1. According to the China Securities Daily, there is a view that for the market in April, the market was expected to be "high before and then low", because there may be a thunderstorm in the performance of individual stocks in mid to late April, and the performance of A-shares is not very strong during this time period in history. So there are funds to rush or wait and see.

2. On 10 April, Fitch downgraded the outlook for China's sovereign credit rating. According to the Ministry of Finance, the indicator system of Fitch's sovereign credit rating methodology fails to effectively and forward-looking reflect the positive effect of fiscal policy on promoting economic growth and stabilizing macro leverage.

Third, Baima stocks Ping An and Vanke negatively dragged down the real estate and insurance sectors. According to Jiemian reports, Xiao Jin, general manager of Vanke Jinan, was taken away for investigation, and information about the rights protection of investors in Ping An Trust's products appeared on the Internet, and Ping An Trust officially issued a statement apologizing for the trouble caused to customers by the delay of a product.

In terms of major funds, funds fled from semiconductors, securities, batteries, communication equipment and other industries, and funds flowed into electric power, construction machinery, jewelry and other industries in a small amount.

Institutions look at the market outlook

Looking ahead, Huatai Securities pointed out that before the release of a series of economic data, the market risk appetite is relatively low, and the funds are mainly to avoid uncertainty risks, and the index is expected to be difficult to make a big difference.

1. Shenwan Hongyuan: The core logic of A-share reflation trading is on the supply side

Shenwan Hongyuan said that to maintain the volatile market in the first three quarters of 2024, the index center rose in the fourth quarter, and a down-to-earth judgment is needed in April. In the short term, "the market expects that there will be no deep fall in April" has become an investment logic, the short-term market remains active, and the long-, medium- and short-term structural opportunities are all performing in the short term.

2. Huatai Securities: Before the release of a series of economic data, the market risk appetite was relatively low

Huatai Securities pointed out that the contraction of the volume and energy of the two markets on Tuesday shows that the wait-and-see sentiment of funds has risen, and the short-term market is expected to continue to fluctuate, mainly with structural opportunities. From the analysis of the market environment, this week, the market is facing the release of some important economic data. Before the release of the series of economic data, the market risk appetite is relatively low, and the funds are mainly to avoid uncertainty risks, and the index is expected to be difficult to make a big difference.

3. Is there still room for growth in the future of gold concept stocks?

The research report of Guojin Securities believes that under the combined effect of factors such as the good release of gold stocks in the first quarter and the release of "easing signals" by the Federal Reserve, it is expected that the second quarter will usher in a rising wave of gold stocks. Based on the current market value of gold stocks, it does not reflect the expectation of more gold price increases, and may make up for the increase in the future. Based on the Fed's first interest rate cut in June, Guojin Securities expects that the Fed will release an "easing signal" in the second quarter, which will become the starting point for the rising wave of gold stocks.

As for the soaring gold prices, some brokerages have expressed a cautious attitude. Soochow Securities Research Report pointed out that gold usually falls 3 months before the interest rate cut, and as the interest rate cut cycle approaches, the gold correction will be a high probability. If we refer to the experience of gold standing above $1,000 per ounce in 2009, 20% may be a hurdle, which also means that there may be some pullback pressure near $2,400 per ounce.

The industrial machine tool sector strengthened against the market

Industrial machine tool sector

Interpretation: On the news side, the Ministry of Industry and Information Technology and other seven departments jointly issued the "Implementation Plan for Promoting the Renewal of Equipment in the Industrial Field" to accelerate the replacement of backward and inefficient equipment. Donghai Securities believes that with the support of this round of policies, the demand for advanced equipment transformation and upgrading may be further released.

Even the leading stocks

From the perspective of individual stocks, the two cities rose by 699, with a total of 31 shares. In terms of board stocks, Laishen Tongling was promoted to 7 boards.

Source: Tencent Pick-and-Greet Finance