Tencent Securities News today, some of the weighted blue chip performance led by China Unicom is relatively strong, forming a certain support for the Shanghai Composite Index, while the technology stocks that continued to strengthen in the early days have pulled back one after another, dragging down the decline of the gem index. In the afternoon, the stock index continued to fall, and the pullback of technology stocks led to a drop of nearly 3% in the gem index at one point, narrowing the decline at the end of the day.
Source: Futu Securities
As of the close, the Prev index fell 0.11% to close at 3068.01 points with a turnover of 157.855 billion yuan; the Shenzhen Composite Index fell 0.75% to close at 10330.63 points with a turnover of 235.947 billion yuan; and the gem closed at 1753.05 points, down 1.67%.
On the market, telecom operators, household appliances, insurance and other sectors led the increase, while aviation, computer equipment, hotel catering and other sectors fell sharply.
From a technical point of view, Prev intraday showed a weak shock, volume can maintain a low level for many days, the market wait-and-see and cautious mood is strong. The recent hot concepts and policies are beneficial to the profit-taking of plate funds, resulting in a continuous correction in some sectors, affecting market sentiment and investment confidence; short-term uncertainties still need time to digest, and changes in fundamentals will further affect the extent of market adjustment, the current road to the bottom of the market will continue, short-term pullback or technical rebound will be repeated. From the K chart, Prev anti-touch in the morning after the 5th line concussion fell, the average short line arrangement is obvious, the short-term market weak pattern is difficult to change.
Looking back on the market last week, the A-share shock showed a downward trend of the center of gravity. Among them, the Shanghai Composite Index broke through 3100 points, once hitting a new low of 3041 points for the year. Although the trend of chip stocks is good, there is some support for the gem index, but the gem index still breaks through the 1800 point. It can be seen that the current trend of A shares is still relatively weak. In terms of today's market performance, Jufeng Investment concluded that under the stimulation of the weekend, themes and concepts such as Xiongan and Digital China did not perform well, but were seriously divided and sorted out. it also shows the current wait-and-see situation under the game of stock funds in the market. However, it is worth noting that the overall price-to-earnings ratio of the market is close to last year's level of 2638 points, and also basically close to the historical relatively low. From the perspective of valuation and value investment, those who have been mistakenly killed valuation advantage targets have potential opportunities. In addition, from the perspective of growth, many of the targets of small and medium-sized entrepreneurship and innovation, which are skewed by policies and positive incentives, are still sought after by funds at present, and the stages can still be tracked and followed. For the market, the current overall downward space is limited, repeated shocks, gradually build the bottom of the stage or the main tone.
In intraday trading, China Unicom closed the board, driving the telecom operation plate and the 5G concept to lead the gain. as of the close, the 5G concept includes China Unicom, Sci-Tech Technology, Jilin University Communications, and Creative Information. On the news side, China Unicom has also set Xiongan as a 5G pilot city, and a number of 5G pilot base stations will be planned in Xiongan this year and next, and 5G-scale construction and pre-commercial use are expected to be carried out in Xiongan in the second half of 2019. In addition, China Unicom released the 2018 quarterly report on April 21, showing that the company's profitability improved significantly in the first quarter, with revenue of 74.935 billion yuan, an increase of 8.59 percent over the same period last year, net profit of 1.302 billion yuan, an increase of 374.75 percent over the same period last year, and earnings per share of 0.043 yuan.
Shen Wanhongyuan's analysis believes thatChina's 5G process continues to move forward, and the global 5G standard R15 officially landed in June 2018. The three major operators will actively promote the process of 5G off-site testing and pre-commercial use, and the middle and high probability of 18 years will enter the investment preheating stage.. Key points of concern: 1. First of all, pay attention to the 5G spectrum allocation of the three major operators in China, and we expect the important point to be in the second and third quarters. 2. Focus on the industrial maturity of communication network equipment, optical modules, base station antennas and RF. The off-site test of the three major operators in 2018 will be an important period to test the maturity of the industry. 3. The second half of 2018 will enter the critical time for the landing of 5G. We suggest that we should pay attention to 5G-themed investment opportunities in the second and third quarters, and focus on the industrial structure adjustment brought about by important industrial events.
Looking to the future, Shanxi Securities believes thatThe short-term market as a whole is still operating under the framework of concussion and structural cities, and it is necessary to guard against the impact of overseas market risks and the rapid rotation and pullback of conceptual themes. It is suggested that we should continue to adhere to the main line of thinking that performance is king and leader wins.Play down the game on style, and focus on the deep ploughing of performance fundamentals, taking sustainable performance growth and low valuation as the underlying logic, looking for blue-chip leaders with excellent performance, undervaluation and high dividends on the motherboard. Small and medium-sized innovation in the performance of real, endogenous growth of the new economy leaders, medium-term holding, access to market Alpha income. Industry configuration, that investors in the short term to deal with large aircraft, domestic chips and other domestic alternative sectors began to gradually profit-taking, will look back to the blue chip + infrastructure real estate direction. Configure big finance, real estate + major infrastructure (real estate, steel, cement, glass, architectural decoration) and other blue chips (home appliances + food and beverage + medicine).
China Merchants said that judging from the recent market,The number of hot spots is reduced, and the persistence is not good, do not catch up in operation, mainly low suction. Technology sector short-term bargain focus on chips, semiconductors, AI and so on.At present, market expectations for cyclical sectors are low, and the marginal loosening of monetary policy is the supporting factor for cyclical stocks. Bargain-hunting focuses on non-ferrous stocks represented by aluminum. Middle-line investors can select big finance, big consumption, cycle leader and so on from Lu Stock Tong or MSCI constituent stocks. Since the high point, the adjustment range is mostly 30% to 40%, and the advantage is prominent.