The agency believes that the A-share shock is approaching the end, and two major gold mining themes emerge
2023-03-21
Since March, the A-share market has continued to fluctuate, with mid cap stocks and the digital economy sector continuing to strengthen, while the GEM index has hit a new low for the year due to the impact of the track stock adjustment. Analysts believe that the rapid rotation of the sector has gradually converged, and the main line of the market is gradually emerging. It is recommended to continue to focus on the digital economy and state-owned enterprise reform sector. "Every week since March, when the digital economy and Chinese stocks have strengthened, can be called a" super macro week. ". "The volatility and linkage of the global market have increased significantly, and almost all asset prices have shown significant event and information driven characteristics," said Zhang Junxiao, a strategic analyst at Guosheng Securities. According to data, as of March 20, the Shanghai Composite Index fell 1.36% this month, while the Chinese central enterprise index and the digital economy sector rose 4.24% and 3.73% respectively, leading the A-share market up against the trend. From the perspective of market structure, Dai Kang, Chief Strategic Analyst of GF Securities, said, "Some overseas bank turmoil has brought fluctuations in global risk appetite, and 'policy route switching' is the dominant direction of the stage. Therefore, the recent valuation system with Chinese characteristics and industries related to the digital economy have seen significant gains." At the same time, since March, the new energy index has fallen 7.86%, driving the GEM index down 5.64%. Zhu Yue, chief analyst of power equipment and new energy at China Securities, believes that the core factor behind the adjustment in the new energy sector is market concerns about output and unit profit. However, from a fundamental perspective, not the entire plate is under pressure. "In sectors and directions where profits are going up, such as photovoltaic modules (TOPcon), inverters, and lithium batteries, better leading companies may be mistakenly killed, and valuations need to be repaired. It is expected that the industrial chain will recover from April, and the impact of internal and external disturbances will be reduced. Currently, it is a better configuration node, and it is recommended to seize the valuation repair opportunities brought about by performance uncertainty." The main line is gradually clear and looking forward to the future, according to Li Qiusuo, a strategic analyst at CICC, In the current context of the restoration of endogenous economic momentum and a favorable policy environment, the consolidation of market volatility in the early stage may be nearing the end, and it is expected to gradually usher in the layout stage. Due to the early stages of economic recovery and different policies supporting the industry, Xue Jun, a strategic analyst at Orient Securities, believes that the market will have iterations, but each correction is a buying opportunity, and continues to be bullish on the medium to long-term slow bull market of A-shares. Wang Yueyue, a strategic analyst at Galaxy Securities, believes that the current market main line is clear. She suggested that investors focus on two clues: the digital economy and the reshaping of central enterprise valuations. "On the one hand, in the context of accelerated business processes, revaluation of data element values, and rapid explosion of computing power demand brought about by technological changes in digital China theme construction related sectors such as cloud computing, big data, and AIGC, the superposition of national policy support is the clearest main line in the current market, and the current valuation is still not high, allowing for bargain hunting and position covering. On the other hand, a new round of state-owned enterprise reform is underway, while the current valuation of state-owned listed companies is in the historical period "Historically low, the revaluation of state-owned assets will also lead to an increase in the valuation of related companies. Attention can be paid to high-quality state-owned enterprises such as construction, communications, and manufacturing industries." Xue Jun also believes that the future investment direction is mainly TMT and state-owned enterprises. At the same time, he said that in the upcoming quarterly reporting period, the impact of investment will be gradually increased
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：China Secruities Dairy
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