Today (11.18), the Shanghai and Shenzhen stock markets opened higher across the board, fluctuated at the beginning of the session, and once plunged. With the sudden rise of theme stocks, the index rose in a straight line in the afternoon, but the persistence was weak, and then gradually fell back, and the late session accelerated. On the whole, the growth enterprise market index is eye-catching, while the Shanghai index is relatively weak, and the pattern of shock consolidation continues.

As of the close of the Shanghai and Shenzhen stock markets, the Shanghai Composite Index fell 1.58% to 3197.24 points; The Shenzhen Component Index fell 1.37% to 11181.43 points; The GEM index rose 1.16% to 2,389.76 points.

From the perspective of the disk, the index is lighter than individual stocks, and the market of "taking medicine" is stronger than ever, while other industries and concept sectors are falling more and rising less, and the local profit-making effect still exists. In terms of industry, education, Chinese medicine, medical equipment, power grid equipment, games, photovoltaic equipment, instrumentation and other industry sectors have outstanding performance; Theme stocks, hair care, COVID-19 drugs, pox virus prevention, cepharanthine, artemisinin and other sectors were among the top gainers.

In terms of funds, according to the website of the central bank, in order to maintain liquidity in the banking system's reasonable abundance, the People's Bank of China launched a 7-day reverse repurchase operation of 21 billion yuan on August 8, and the winning bid rate was 2.11%, which was the same as before; In view of the expiration of RMB 12 billion reverse repurchase on that day, the open market realized a net investment of RMB 9 billion.

Hot plate

Individual stock monitoring

Northbound funds

Southbound funds

News

1. According to the interface news report, the Ministry of Industry and Information Technology and the General Office of the State Administration of Market Supervision issued a notice to do a good job in the coordinated and stable development of the lithium-ion battery industry chain supply chain. Local competent departments of industry and information technology should keep abreast of local lithium battery manufacturing and the development of first-order materials (cathode materials, negative materials, separators, electrolytes, etc.) and second-order materials (battery-grade lithium carbonate, lithium hydroxide, etc.), and formulate local lithium battery industry development policies in accordance with the requirements of the "Tenth Five-Year Plan" manufacturing series and the "Guiding Opinions on Promoting the Development of Energy Electronics Industry".

2. On the website of the Ministry of Culture and Tourism, it was reported on 11/18 that the Ministry of Culture and Tourism issued the "Guidelines for the Prevention and Control of COVID-19 Epidemic Situation in Theatre and Other Performance Places (6th Edition)", which stated that in areas where there was no epidemic situation, the local cultural and tourism administrative departments should urge the performance organizers to implement normalized prevention and control measures, and in principle, they should not limit the proportion of consumers received by the performance places such as theatres, and in principle, they should not limit the audience number of large-scale commercial performances such as concerts, music festivals and live tourism performances.

3. According to the interface news report, the Ministry of Finance issued the Notice on Further Promoting the Standardized Development and Sunshine Operation of Government and Social Capital Cooperation (PPP). Among them, it is proposed that the scale and growth rate of general public budget expenditure should be carefully and reasonably predicted, and it is strictly forbidden to adjust the financial expenditure responsibility of the project by means of "reporting small projects to build large ones" from the actual situation of the project to avoid the red line constraint of financial affordability of 11%. In areas where the financial expenditure responsibility of PPP projects exceeds the 11% red line, new PPP projects are not allowed; In areas where the financial expenditure responsibility of PPP projects exceeds 5%, new government-paid PPP projects are not allowed.

4. According to shanghai securities news, on October 8th, official website, China Banking and Insurance Regulatory Commission issued the Circular of the Ministry of Life Insurance of China Banking and Insurance Regulatory Commission on Recent Life Insurance Products. The Circular mentioned that the typical problems found in the recent supervision of life insurance products were notified, involving product design, product terms expression, product rate determination and actuarial assumptions.

Institutional point of view

As for the current market, Rongwei Securities mentioned that there have been many short-term profit-making discs since the previous gap, especially some hot varieties with high popularity and high willingness to cash in, which is also the main reason why many parties are afraid to make efforts today. At the same time, the weighted varieties did not see a clear willingness to maintain stability, and the market naturally entered an adjustment state. Recently, the plate blocks have been rotating rapidly, and the continuous pull-up of a few varieties has little effect on the index, but more is the trend promotion at the level of individual stocks.

central china securities said that in the future, the overall stock index is expected to maintain a volatile upward trend, and at the same time, it is still necessary to pay close attention to the changes in policies, funds and external factors. We advise investors to keep 61% of their positions and pay short-term attention to investment opportunities in software development, Chinese medicine, games and semiconductor industries.

Shanghai Securities believes that the current overall valuation and risk premium of A-shares show that the market has been hovering in the bottom range, and the market has some expectations for raising interest rates overseas. However, due to the repeated domestic epidemics, the index performance may still be affected in the later period, and a comprehensive rebound still needs to wait.

Based on further analysis, it is suggested that the direction of national security, military industry and new energy, with strong certainty and medium-and long-term prosperity in the industry under the support of policies, as well as the direction of medicine to make up for the previous oversold, should continue to be paid attention to; If the margin of epidemic prevention and control is improved, we can pay due attention to the consumption repair that was restricted in the early stage.

Bohai Securities pointed out that there are opportunities in the market in the medium and long term. Even if the short-term market valuation has risen, the whole market is still in the bottom area, which is still an allocation opportunity in the medium and long term. In terms of industry allocation, in combination with the changes in positions of the three quarterly reports and partial stock funds, we can pay attention to the sectors where the performance of the three quarterly reports showed marginal improvement and the partial stock funds increased their holdings in the third quarter. At the industry level, we can pay attention to machinery and equipment, national defense and military industry, social services, agriculture, forestry, animal husbandry and fishery, food and beverage, communications, transportation, etc., and at the thematic opportunity level, we can pay attention to military industry, tourism, catering, shipping and other sectors.