【Daily Rating】The Shanghai Composite Index fell below 3100 points! Real estate and low-altitude economy both ebbed, and this target became the first 10 baggers of the year

Finance Associated Press

2024-05-24 16:49Published on the official account of Cailianpress, a subsidiary of Shanghai Poster Industry Group

On May 24, the Associated Press of Finance reported that the market rose and fell throughout the day, with the ChiNext index leading the decline, and the Shanghai Composite Index falling below 3,100 points. On the disk, the concept stocks of electric power and power grid collectively rose sharply, and more than 10 shares such as Jiuzhou Group, Star Power, Leshan Electric Power, and Dalian Thermal Power rose to the limit. Copper cable high-speed connection concept stocks rose intraday, Chuangyitong, Yihua shares, and DEREN Electronics rose to the limit. Pork stocks continued to be active, and Zhenghong Technology was on the board for 5 consecutive years. Non-ferrous metal stocks rebounded, and electrical alloys rose nearly 10%. In terms of decline, low-altitude economic concept stocks collectively fell sharply, and Shanggong Shenbei fell to the limit. Real estate stocks fluctuate and adjust, and I love my home to fall to the limit. Overall, individual stocks fell more and rose less, and more than 3,800 stocks in the whole market fell. The turnover of the Shanghai and Shenzhen stock markets today was 763.9 billion, a decrease of 83.8 billion from the previous trading day. At the close, the Shanghai Composite Index fell 0.88%, the Shenzhen Component Index fell 1.23%, and the ChiNext Index fell 1.81%.

Sector

On the plate, the concept stocks of electric power and virtual power plants strengthened, and stocks such as Jiuzhou Group, Wansheng Intelligence, Zhongzhi Technology, Guoneng Rixin, Dalian Thermal Power, Leshan Electric Power, and Star Power rose to the limit. On the news side, this month, the National Development and Reform Commission issued the "Basic Rules for the Operation of the Electricity Market" to promote more market-oriented transactions of electricity, capacity and ancillary services. The new regulations will come into force on July 1, 2024. Among them, new business entities such as energy storage enterprises, virtual power plants, and load aggregators have been added to the market members.

Cinda Securities believes that under the tense situation of power supply and demand, the value of coal power peak supply guarantee is highlighted, and the construction of new power system needs to continue to rely on the enrichment and investment of system regulation means. In the future, the performance of power operators is expected to improve significantly in the new round of industry changes. With the deepening of the reform of the power system and the advancement of the construction of a new power system, the power sector is expected to usher in a revaluation, and the profitability and growth space of related high-quality enterprises may be recognized.

However, it should be noted that behind today's sharp rise in power stocks is the expected speculation of active funds for power reform, and most of the top rises are small market capitalization themes, which have a limited role in driving the market as a whole, and are essentially transitional themes in a weak environment, and their continuity still needs to be further observed.

The concept of copper high-speed connectors is active against the trend, including Chuangyitong 20CM daily limit, Huafeng Technology rose by more than 14%, Yihua shares, DEREN Electronics daily limit, Borche Technology, Mingpu Optomagnetic, Zhaolong Interconnection and other stocks rose first. On the news side, Nvidia CEO Jensen Huang revealed that the GB200 superchip with the Blackwell architecture has been "in full production" and will be widely used in data centers in the fourth quarter.

Recently, catalyzed by some news and rumors, some new themes or subdivisions within science and technology have recently gone out of a better continuation. On the other hand, the weight of the large market value of today's AI industry chain tends to be weak as a whole, such as Zhongji Innolight, Xin Yisheng, Industrial Fortune Union, and Unisplendour. Therefore, for the follow-up speculation of technology stocks, you can pay attention to those stocks with small market capitalization and lower rank in the new theme to make up for the upside opportunities.

In terms of individual stocks

At the individual stock level, the sentiment of real estate and low-altitude economy has collectively weakened. First of all, pay attention to the direction of the low-altitude economy, as a short-term active Shanggong Shenbei was nuclear to the fall limit at the opening, and Wanfeng Aowei, Guanglian Airlines, Jianxin shares, Andawell and other popular stocks that had previously followed the trend also suffered a destructive decline. Although the previous low-altitude economic front row of targets still maintains a certain degree of activity, it is no longer the core of market speculation, so in the context of today's collective ebb of core targets, the follow-up or will enter a phased finish.

Real estate stocks also fell sharply today, with short-term high-standard Chongqing Development falling to close, while Binjiang Group, Gemdale Group, Vanke A and other trend cores also fell more than 5%, and there were doubts about breaking the position. However, in the context of the previous deep involvement of funds, the follow-up of the real estate direction or there is a short-term repair expectation, when the intensity of capital return is the focus of attention, once the follow-up capital return is less than expected, the current round of real estate market or will be temporarily ended.

In addition, the first ten-bagger stock of the year was born today, and the share price of Zhengdan shares exceeded 31.13 yuan, compared with the low point of 2.83 yuan on February 7, and the range rose by 1000%. On the one hand, due to INEOS's announcement of the permanent closure of its TMA production, the price of trimellitic anhydride (TMA) has soared in the past two months, from a low of 16,000 yuan/ton at the beginning of the year, quickly rising above 40,000 yuan/ton. On the other hand, in the overall weak market environment, some funds choose to hold high-level stocks. Therefore, under the imitation of funds, there may be similar individual stock independence market in the follow-up market. In the future, we can focus on the live indicators that are always more contrarian in the process of index adjustment. When the follow-up sentiment picks up, such stocks are more likely to be favored by short-term active funds.

Market outlook analysis

Today's market fluctuated lower throughout the day, and the Shanghai Composite Index accelerated slightly at the end of the session, and finally lost the 3,100-point mark again, and the amount of energy also shrank below 800 billion. From a technical point of view, after today's market effectively fell to the low of 3116 on May 16, the medium-term structure of the previous mid-term shock was completely destroyed, and the range of 3116~3174 also formed a small hedging platform. According to past experience, if you want to resolve it, there are two modes: first, the index ushers in a rapid repair and quickly reverses it, usually this situation needs to be accompanied by a continuous increase in the amount of energy, and it is not easy to achieve it in the context of the lack of incremental funds in the current market; The other is to exchange time for space, through a period of oscillation to achieve the precipitation of chips, and accumulate upward offensive momentum. At that time, we can focus on local stock opportunities in the hot spot rotation.

Today's short-term sentiment rose and fell, and the sentiment indicator fell below the 0 axis again

Market news focus

1. The regulatory rating method of bank wealth management companies solicits opinions from the industry The scale under management is no longer the focus of assessment

On May 24, the Financial Associated Press reporter confirmed from a number of bank wealth management sub-committees that the regulatory authorities are soliciting opinions from the industry on the rating methods of bank wealth management companies in the near future. It is understood that the overall orientation of this rating method is "quality is more important than scale", and bank wealth management companies are no longer encouraged to simply rush to scale. Some bank wealth management sub-people said that the measures refer to the mature evaluation system of some other financial industries, and set up corresponding scoring items and deduction items, and "the scale under management is not a scoring item". Another bank wealth management sub-person said that in the future, companies with high regulatory ratings may be given priority to obtain the opportunity to pilot some businesses. A number of bank wealth management people said that the current measures are in the stage of internal consultation, and whether they will be implemented has not yet been determined.

2. Akeso's response to the sharp decline: the progression-free survival (PFS) and HR data of AK112 disclosed by ASCO The data results are excellent

On May 24, the Hong Kong stock price of Akeso Biotechnology fell sharply today, falling nearly 45% intraday, and closed down 28.2% as of noon, hitting a new low since October 2022. According to market sources, the phase III clinical data of AK112 in China for the treatment of EGFR-TKi-treated non-small cell lung cancer in China are less than expected. In response, Akeso's related person responded that the HR corresponding to the progression-free survival (PFS) of AK112 disclosed by ASCO is 0.46, which is the core data for evaluating the results of clinical studies, and the data results are excellent, and there is no lower than expected statement, and the current data of AK112-301 has been accepted as an oral report at the 2024 ASCO conference with excellent results, and will be published to the world on June 1 according to the organizer's plan. The reporter also noted that on May 24, AK112 was approved by the State Food and Drug Administration for the treatment of patients with EGFR mutation-positive locally advanced or metastatic non-squamous non-small cell lung cancer (NSCLC) who have progressed after epidermal growth factor receptor (EGFR) tyrosine kinase inhibitor (TKI) therapy. (National Business Daily)

(Finance Associated Press, Fenglin)

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