Main recommendations
Bureau of Statistics: The official manufacturing PMI was 35.7% in February.
Guangzhou will restart local subsidies for new energy vehicles
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Market review
Market comment: The implementation of the new securities law has escorted the capital market, and the overall risk of the market is controllable and can be taken advantage of.
Macro view: heavy! The new securities law was formally implemented, and ten major changes affected 65.438+0.6 billion shareholders.
Brokerage industry: various reforms in the capital market will continue to produce results, and leading brokers will continue to benefit.
Futures information
Metal energy: gold 370.68, down1.24%; Copper 44450, down 2.46%; Rebar 3349, down 2.48%; The PVC index was 6255, down by 0.95%; Shanghai aluminum 13 145, down 2.41%; Shanghai nickel was 98,665,438+00, down 2.60%; Iron ore 6 1 1.5, down 2.94%; Coke1789.0; Down1.81%; Coking coal 1238.0, down 2.13%; Brent oil 50. 18, down 2.03%; Wire 3708, down 3.03%; Huxi 13 1760, down 3.08%; Fiberboard 1323, down 3.08%; Zheng Chun 2025, down 3.30%; Shanghai Zinc 15905, down 3.66%; Fuel 1973, down 3.9%; Crude oil was 358.6, down 4.14%; Asphalt 2750, down 4.31; Bank of Shanghai 4 169, down 5.19%; Rubber 10690, down 6.56%; Rubber board 180.75, up by 4.87%;
Agricultural products: corn 1938, flat; Zheng Mai 2522, down 0.83%; Sugar 567 1, down1.31%; Apple 690 1, down 2.24%; Jujube 10470, up by 0.38%; 3458 eggs, down 3.89%; Soybean oil 56 16, down 3.90%; Zheng Mian 123 10, down 3.98%; Palm oil 4968, down 4.90%; Early rice 2628, up 3.06%;
Exchange rate: Euro/USD 1. 10, up 0.40%; USD/RMB 6.99, down 0.18%; USD/HK$ 7.79, up 0.02%.
Second, the key recommendation
1, Bureau of Statistics: The official manufacturing PMI was 35.7% in February.
Event: In February 2020, affected by the epidemic, the purchasing managers' index (PMI) of China manufacturing industry was 35.7%, down 14.3 percentage points from the previous month. In February 2020, the business activity index of non-manufacturing industry was 29.6%, down 24.5 percentage points from last month, indicating that the overall decline of non-manufacturing economy was obvious due to the epidemic.
Comments: Affected by the epidemic, the domestic manufacturing industry was in a state of large-scale stagnation in February, dragging down the manufacturing PMI in February. However, due to the epidemic situation, comparability is of little significance. It is expected that PMI will rebound significantly in March. At present, investors have fully expected the weakness of fundamentals, so the negative impact on the market is limited. It is expected that the market will pay more attention to changes in policies and external environment.
(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)
2. Guangzhou will restart local subsidies for new energy vehicles.
Event: After Foshan, another city will introduce car purchase subsidies. On February 27th, according to the news of Guangzhou Municipal People's Government, the executive meeting of Guangzhou Municipal Government deliberated and adopted "Several Measures on Resolutely Winning the Battle of COVID-19 Epidemic Prevention and Control, and Strive to Achieve the Goals and Tasks of Economic and Social Development throughout the Year". In terms of "expanding consumption" measures, the document proposes to speed up the implementation of the quota of small and medium-sized buses that were not used up last year, subsidize the replacement of used cars and buy new energy vehicles to boost automobile consumption.
Comments: After Foshan, Guangzhou will also introduce automobile subsidies, which is expected to form a demonstration effect of stimulating automobile consumption. Automobile consumption belongs to bulk consumption, which has a strong pulling effect on economic recovery, and subsidies have a great stimulating effect on the consumption of new energy vehicles, which is expected to benefit the industrial chain of new energy vehicles.
(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)
Third, the market review
Market comment: The implementation of the new securities law has escorted the capital market, and the overall risk of the market is controllable and can be taken advantage of.
Affected by the overseas epidemic, US stocks plunged 10% in the past week, the worst weekly performance since the 2008 financial crisis. Affected by this, A shares stubbornly resisted for 4 trading days last week and were not spared. Last Friday, the Shanghai and Shenzhen stock markets both fell sharply, and the ink on the industry and concept sectors was almost dry. Considering that there was a certain correction in the market last week. However, at present, domestic policies are still on the warm side, and the new Securities Law was formally implemented on March 1, marking a new step in the marketization and legalization of China's capital market. In addition, the domestic epidemic control effect is good, and it is expected to usher in a short-term recovery rebound this week after a rapid decline. It is suggested to pay attention to the industrial chain of securities, infrastructure, 5G and new energy vehicles on dips. The stock market is risky, so you need to be cautious in investing.
(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)
Macro view: heavy! The new securities law was formally implemented, and ten major changes affected 65.438+0.6 billion shareholders.
Event: The new securities law came into effect on March 1. The General Office of the State Council issued the Notice on Implementing the Revised Securities Law (hereinafter referred to as the Notice) to make arrangements for implementing the revised Securities Law of People's Republic of China (PRC) (hereinafter referred to as the new Securities Law). The new securities law fully implements the registration system of securities issuance, significantly increases the illegal cost of securities, improves the investor protection system, further strengthens the information disclosure requirements, improves the securities trading system, compacts the legal responsibility of the "gatekeeper" in the intermediary market, establishes and improves the multi-level capital market system, and strengthens supervision, law enforcement and risk prevention and control.
Comments: The implementation of the new Securities Law marks that the marketization and legalization of China's capital market have reached a new level and successfully integrated with the international capital market. More importantly, for small and medium investors, the new Securities Law will effectively curb market irregularities, make judgments for small and medium investors in class actions, and create a fairer and healthier investment environment for small and medium investors. In the future, in addition to science and technology innovation board, growth enterprise market, even small and medium-sized board and main board will gradually transition to registration system. In the medium and long term, the new securities law will continue to purify the market ecology and will have a far-reaching impact on primary and secondary investors.
(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)
Brokerage industry: various reforms in the capital market will continue to produce results, and leading brokers will continue to benefit.
The implementation of the new securities law and the promotion of the capital market reform policy will continue to produce results, and the brokerage industry with high policy sensitivity and high beta will continue to benefit. At present, the industry valuation is at a low level, and the market downturn restricts performance. However, as one of the leading indicators of the market, it is expected that the phased income market will improve, and it is recommended to pay attention to the industry leaders.
(Investment Consultant Gu registered investment consultant certificate number: S026066 1 1020066)