On November 19th, the Prev rose slightly in early trading and rose strongly in the afternoon, driven by financial, real estate and other sectors, rising more than 1 per cent to more than 3550 points. Shenzhen Composite Index and gem Index also showed strong performance, rising more than 1 per cent. The two cities plate rose, logistics, brokerage, real estate sector led the increase, hydrogen energy, industrial mother machine, photovoltaic, consumer electronics and other active performance. The turnover of the two cities exceeded 1.1 trillion, and the net purchase of northbound funds exceeded 8 billion yuan.

By the close, the Prev index was up 1.13% at 3560.37 points, the Shenzhen Composite Index was up 1.19% at 14752.49 points, and the gem index was up 1.04% at 3418.96 points. The total turnover between the two markets was 1.1132 trillion yuan, with a net purchase of 8.293 billion yuan from northbound funds.

On the market, the concept of hydrogen energy broke out, Chunhui Intelligence, Sino-Thai shares, Zhiyuan shares and other "20cm" rose by the daily limit, the logistics plate rose sharply, Shentong Express, Xiamen Xiangyu and Yunda shares rose by the daily limit, the brokerage plate rose in the afternoon, Xiangcai shares rose by the daily limit, Great Wall Securities rose 7.5%, GF Securities Co., LTD. rose more than 6%. The real estate sector also pulled up, Wantong development, high-tech development limit, Sunshine City approaching the limit, special services rose nearly 9%.

For the current market trend, Guosheng Securities said that the quantile difference between the valuation of the A-share high and low plate created the highest in a decade, the cycle weight in the upper reaches of the industry, before the certainty of performance was temporarily embraced by capital, the stock price has fallen before the product price, and the emotional premium has been greatly reduced. Due to the huge potential capacity of most cycle industries and the lack of high growth, it is not recommended to participate blindly, and there is no surplus in the lithium industry at present. At present, we need to continue to focus on the industries supported by policies, high-profile industries, and sub-sector leaders with product bargaining power, and funds will eventually "anchor" the performance of enterprises. Operationally, the structured market will continue for a long time, cyclical stocks will ebb, science and technology themes will become a new main line, and the consumer sector will stabilize and rebound. Be optimistic about the industries with high prosperity and economic improvement, new energy vehicles, components, and civil-military integration are strong, and the main line of science and technology can be actively concerned; the impact of the epidemic on the consumer camp is diminishing marginally, and the domestic epidemic is about to be extinguished. as the inflation rate picks up, the climate of the consumer sector is expected to usher in marginal improvement, which is worth paying attention to.

Northeast Securities said that the rebound of the cyclical plate is short-term and the performance is not sustainable. The recent real estate expectation game makes the cyclical plate sometimes rebound in stages, but we think it is difficult to continue. On the one hand, the long-term logic of the periodic plate has weakened since 2013, and a few large-scale markets only stem from the mismatch between supply and demand when the economy enters overheating or stagflation. At present, the economy has come out of "quasi-stagflation" under periodic commodity price regulation. On the other hand, looking back at the history of 2011-2012, cyclical stock prices are difficult to rise even if the short-term regulation of real estate is relaxed after the fall of cyclical prices, such as the relaxation of real estate in January 2012 and the leading increase in real estate in the following six months. but steel and coal still fell, so even if the game real estate relaxes, it does not mean that cyclical stocks have opportunities. Growth is still the main line of the New year market. The choice of the New year market is basically significantly concentrated in the industries that have led the rise before. Semiconductors, communications, spirits from 2020 to 2021, new energy vehicles and photovoltaic from 2019 to 2020 all achieved higher excess returns from January to November last year. At present, the manufacturing boom of new energy and other technologies is difficult to reverse in the short term, so growth is still the main line of the new year, and we can pay attention to the undervalued sub-sectors of the high-prosperity plate, such as cyclical growth and wind power related to new energy. semiconductors with better-than-expected performance, military industry with abundant orders for the 14th five-year Plan, medicines that have been fully adjusted and medical insurance negotiations have been made, and so on.