On July 4, last Friday, the market fluctuated within a narrow range around the flat market, and the three major indexes all fell slightly. On the disk, the resource sector with good performance expectations in the interim report performed strongly, while the lithium mine and chemical sector rose sharply. The power sector is active, and Ganneng shares 4 boards. In terms of track stocks, the relevant sectors of the automobile industry chain rebounded last Friday, but the rebound was limited. In terms of decline, the relevant sectors of consumption recovery were collectively adjusted. Overall, individual stocks fell more and rose less, with more than 2,400 stocks in the two cities falling. The Shanghai and Shenzhen stock exchanges traded 670.2 billion yuan in half a day, a decrease of 226,543.8+billion compared with the morning of the previous trading day. In terms of sectors, pre-increase in semi-annual report, diamond planting, lithium extraction from salt lakes and phosphorus chemical industry were among the top gainers, while hotel tourism, airport shipping, education and HJT batteries were among the top losers. At the close, the Shanghai Composite Index fell by 0. 18%, the Shenzhen Component Index fell by 0. 14% and the Growth Enterprise Market Index fell by 0.58%. Last Friday, the Shanghai and Shenzhen stock exchanges were closed for a public holiday in Hong Kong.

The three major US stock indexes collectively closed up, with the Dow up 1.05% and down 1.28% this week. The Standard & Poor's 500 Index rose 1.06%, and fell 2.2 1% this week. The Nasdaq rose 0.9% this week, down 4. 13%. Wind power, precious metals, public utilities and other sectors were among the top gainers, with Pude Group rising by more than 5%, and new era energy and gold resources rising by more than 4%. The shipping and semiconductor sectors were among the top losers, with Kexiu Semiconductor falling more than 10%, Anson Semiconductor falling nearly 7% and ASML falling more than 5%. Among large-scale technology stocks, Amazon rose nearly 3%, while Apple and Tesla rose more than 1%. Most popular Chinese stocks rose, with Pinduoduo and Blilly rising more than 4%, Zhihu and iQiyi rising more than 3%, JD.COM and Alibaba rising more than 2%, and Xpeng Motors falling more than 4%.

At today's morning meeting of securities firms, CICC believes that there are three main investment lines whose interim results are expected to exceed expectations; Bank of China Securities believes that it is concerned about the upstream and downstream profit transfer brought about by cost reduction; Industrial Securities believes that the comparison of 22 consumer segments: focus on "Yao Jia wine".

CICC: Which companies are expected to exceed expectations?

CICC believes that we should pay attention to three main investment lines in combination with the performance of the interim report. We judge that the market may still have the power to repair in an environment with relatively loose liquidity and expected gradual improvement, but the internal and external environment will still face certain risks and challenges in the second half of the year, and the market may not go up unilaterally. We expect that the market will be dominated by structural opportunities in the second half of the year, and areas with supported performance may have excess returns in the market fluctuation environment. In the stage of performance forecast and express disclosure, focus on: 1) areas that benefit from economic recovery and policy support and are relatively sensitive to policies; 2) High-prosperity areas where the performance of the interim report exceeds expectations or the chain ratio is greatly improved; 3) the fundamentals are facing an inflection point and gradually bottomed out.

Bank of China Securities: Pay attention to the upstream and downstream profit transfer brought about by cost reduction.

Bank of China Securities believes that in the near future, attention should be paid to the upstream and downstream profit transfer brought about by the cost reduction, and the profits of some middle and lower reaches industries will be improved. There is a strong correlation between the recovery of A-share profits and the performance of commodities, as well as the overall revenue and profit growth rate of A-shares and the trend of commodity prices, because the economic downturn will drive the overall revenue growth rate of listed companies to decline, and commodity prices will also be affected by the weakening of economic fundamentals. Although the decline in commodity prices will weaken the overall profitability of A-shares, the redistribution of upstream profits will also bring about an overall increase in the gross profit margin of A-shares, and there is a high inverse relationship between commodity prices and the gross profit margin of A-shares, mainly because the decline in upstream resource prices will bring down the costs of some industries in the middle and lower reaches, thus driving the increase in the gross profit margin of enterprises.

Industrial Securities: Comparison of 22 Consumer Sectors: Focus on "Yao Jia Liquor"

Industrial Securities believes that according to the core meso-prosperity index, the cumulative net profit growth rate of 22 major consumer segments in April and May is predicted (the meso-data of tourism, leisure and hotel catering have not been updated). From the change trend of profit margin, with the gradual recovery of the epidemic in May, it took the lead to get out of the bottom of the profit under the impact of the epidemic. The industries whose performance in May was significantly better than that in April mainly included: white goods, real estate, commercial vehicles, auto parts and chemical raw materials.

Want to know more financial news in real time, please pay attention to us.