More than 4,500 companies fell, but the "real price investment of A-shares" hit a record high

National Business Daily

2024-05-23 15:47Published on the official account of Sichuan Daily Economic News

Every reporter: Zhao Yun Every editor: Ye Feng

On May 23, the market opened low and moved low throughout the day, with the three major indexes all falling by more than 1%, and more than 4,500 stocks in the two cities falling. At the close, the Shanghai Composite Index fell 1.33%, the Shenzhen Component Index fell 1.56%, and the ChiNext Index fell 1.38%.

In terms of sectors, PEEK materials, AI PC, sub-new stocks, military and other sectors were among the top gainers, while precious metals, non-ferrous metals, education, short dramas and other sectors were among the top decliners.

Overall, individual stocks fell more and rose less, and more than 4,500 stocks in the two cities fell. The turnover of the Shanghai and Shenzhen stock markets today was 847.7 billion, an increase of 16.5 billion from the previous trading day.

Today's A-shares fell sharply, and after the Shanghai Composite Index stood above 3,100 points, it was the first time that such a pullback of magnitude had occurred.

On the time-sharing chart, the buying strength is far inferior to the selling order, which also leads to the collective "dumb fire" of the recent popular themes; It was not until the end of the session that the real estate sector briefly returned, but failed to drive the market to rebound.

More than 4,500 companies fell, but the "real price investment of A-shares" hit a record high

But don't be too nervous. Since this wave of rebound, there will often be a sharp rise the next day, so it is more important to know how the market chooses tomorrow.

Why is the market weakening today?

Market sentiment is under pressure, starting with the Fed's statement last night.

The minutes of the latest meeting showed that the Fed kept the target range for the federal funds rate between 5.25% and 5.50%. Fed officials discussed the need to keep interest rates stable for longer, or to lower them if the labor market weakens, while several officials at the meeting also mentioned a willingness to raise rates if necessary.

This summary directly led to pressure on the U.S. stock and commodity markets overnight, and the international gold price, silver price, and international copper main contracts all fell sharply.

Then, in early trading today, Asia-Pacific equities (excluding Japan) were largely weak. After the Hong Kong stock market opened lower, the stock index continued to decline; The same was true for A-shares in early trading, with South Korean and Australian indices also showing sluggishness.

"Real price investment of A shares"

Yangtze River Power hit a record high intraday

Yangtze River Power stock, I believe A-share investors have heard of it, this morning, the stock hit a record high of 26.34 yuan. In terms of capital, as of yesterday, Yangtze Power has received a net inflow of northbound funds for 6 consecutive trading days.

Many people even believe that it is the "real price investment stock" of A-shares.

Without him, the monthly and annual trends are long-term.

According to the data, Yangtze River Power was listed in 2003 with an issue price of 4.3 yuan. Looking at the annual line, the stock has been "rising and rising" in the past 10 years, rising from more than 4 yuan all the way to 26 yuan (before the resumption).

If an investor bought its shares 10 or 20 years ago, and then did not operate at all, they could make a lot of money. But for stockholders who are accustomed to short-term holdings, such tickets don't seem to make much money.

A small easter egg is that on February 5 this year, the day when thousands of shares fell and the stock index bottomed out, Yangtze River Power also hit a new high in stock price, showing a strong hedging attribute.

Will this strengthen the expectation of a market rebound tomorrow?

Zhongyuan Securities previously commented on Yangtze Power's 2023 annual report and 2024 first quarter report:

The company is the largest listed power generation company in the A-share market, with stable operation and strong and stable profitability of the main hydropower business, and as a blue-chip benchmark for value and a high-dividend target, it has brought relatively rich returns to investors who hold it for a long time.

"In view of the overall dryness of the Yangtze River water supply in 2022 and 2023, the profitability improvement brought by the Wu and Bai power stations has not yet been fully reflected. We are optimistic about the water supply situation of the Yangtze River in 2024-2026, and expect the company's annual power generation to gradually improve, and the company's profitability will reach a new level after the injection of Wubai hydropower stations. ”

What other themes are bucking the trend?

In terms of all-day performance, the top gainers are as follows:

1）PEEK材料

Objectively speaking, the rise of this sector mainly came from several constituent stocks of the Beijing Stock Exchange.

It is reported that polyetheretherketone (PEEK) material is a high-temperature thermoplastic material with high temperature resistance, wear resistance, corrosion resistance, self-lubrication and other characteristics, and is widely used in electronics, automotive, aerospace, military and medical fields. In the field of humanoid robots, the composite use of PEEK material and carbon fiber has become an important trend to improve the strength of the material.

CITIC Securities pointed out that PEEK has excellent performance and is expected to be widely used in automotive, aerospace, electronics, medical and other fields. The global PEEK market is expected to reach 8.5 billion yuan in 2027, in addition, 800V motor enameled wire, CF/PEEK in the aviation field is expected to open up a larger market space, and due to factors such as cost reduction and process upgrading, PEEK will accelerate its application.

2) AI PCs, consumer electronics

Nvidia, which reported earnings that exceeded expectations last night, rose more than 7% after hours, and if the rally continues to open on Thursday, its stock price will break through the $1,000 mark for the first time.

As the global leader in AI, NVIDIA's strong performance has also supported the contrarian strength of some AI branches of A-shares today.

In addition, on the news side, this week Microsoft launched a new personal computer equipped with Microsoft's artificial intelligence assistant Copilot, and said that this computer will run on the GPT-4o model of the American artificial intelligence company "Open Artificial Intelligence Research Center", allowing the artificial intelligence assistant to interact with the computer through text, video and voice.

At the same time, Dell launched 5 AI PCs; Dell has also entered into a strategic partnership with Nvidia to promote generative AI technology.

Guohai Securities believes that the release of "Copilot+PC" may be a new chapter in Microsoft's innovation on the artificial intelligence side, which reconstructs the PC from all levels and redefines the software + hardware capabilities of AI PC, which marks a very significant change in the Windows platform for decades. Microsoft's AI PC may become a more efficient productivity tool with high-quality software interactive experience + hardware performance, which is expected to drive a new wave of PC replacement.

3) China Shipbuilding Department, National Defense and Military Industry

According to the latest data released by the China Shipbuilding Industry Association, in the first quarter of this year, the national shipbuilding completion volume was 12.35 million deadweight tons, a year-on-year increase of 34.7%; The new orders were 24.14 million deadweight tons, a year-on-year increase of 59%, accounting for nearly 70% of the global total; As of the end of March, domestic shipbuilding enterprises held orders of 154.04 million deadweight tons, a year-on-year increase of 34.5%.

Changjiang Securities pointed out that the shipbuilding sector has been booming for a long time and has gradually ushered in the release of profits. As the orders for high-priced and high-quality new ships enter the centralized delivery period, the rapid release of performance in the next 2~3 years will provide strong support for the sector. At the same time, the rapid increase in the share of China's shipbuilding industry is expected to further improve the elasticity of the leading performance in the upward period.

National Business Daily

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