Main recommendations
On the eve of the Fed's interest rate hike, the Bank of China released a high-profile easing signal.
The first satellite of China's "Lucky Plan" will be launched soon, focusing on the beneficiary companies in the aerospace industry chain.
Market review
Market Comments: Not too pessimistic. Under the environment of policy support, the overall downside is limited, and the operation is cautiously optimistic.
Macro perspective: the People's Bank of China has further increased liquidity, and the market liquidity is reasonable and abundant.
Military industry: Aviation Industry Group has become a pilot of state-owned capital investment companies, and the industry valuation needs to be repaired.
Futures information
Metal energy: gold 282.35, up 0.36%; Copper 48 1 10, down1.82%; Rebar 344 1, up 0.12%; Rubber 1 1300, down1.14%; The PVC index was 65 10, rising by1.88%; Zheng Chun 2473, down 0.12%; Shanghai Aluminum 13690, down 0.44%; Shanghai Nickel 894 10, down1.51%; Iron ore was 493.5, up 0.10%; Coking coal 1252.0, down 2.53%; Coke was 2039.5, down1.04%; Fuel 2482, down 4.54%; Crude oil was 397.4, down 5.34%; Brent oil 57. 19, up 1.22%.
Agricultural products: soybean oil 5390, up1.43%; Corn 1876, up 0.81%; Palm oil 4524, up 2.21%; Cotton 15090, down 0.69%; Zhengmai 25 13, down 0.40%; White sugar 4986, down 0.52%; Apple 1 1004, down 3.70%.
Exchange rate: Euro/USD 1. 14, up 0.06%; USD/RMB 6.89, down 0.03%; USD/HK$ 7.83, up 0. 10%.
Main recommendations
1, on the eve of the Fed's interest rate hike, the Bank of China released a high-profile easing signal.
Event: Bank of China said on Wednesday (65438+February 19) that in order to hedge the tax period and keep the liquidity in the banking system reasonably abundant, the central bank launched the reverse repurchase operation of180 billion yuan by way of interest rate bidding. On Wednesday night, the central bank announced again that it decided to create a targeted medium-term lending facility (TMLF) to further increase financial support for the real economy, especially small and micro enterprises and private enterprises.
Comments: Under the pressure of centralized tax payment, bank payment and national debt payment, the central bank restarted the reverse repurchase operation that has been suspended for 36 consecutive working days on Monday, and maintained a large liquidity in the next two days, achieving a net liquidity of 400 billion yuan in three days. The effect of liquidity delivery soon appeared, and the tightening pressure of funds in the middle of the month was alleviated under the influence of multiple factors. Recently, the stock market has fluctuated greatly, reflecting the expected changes in the market. At the same time, the long-term liquidity of the central bank remained silent, the funds were tightened in the middle and end of the month, and the interest rate of funds went up. The market is worried about the change of monetary policy. To this end, the central bank launched a large amount of net liquidity for three consecutive days to ease the pressure of tightening funds, and sent a signal to the market to maintain reasonable and sufficient liquidity and unchanged monetary policy orientation through public market business announcements and news notices to stabilize market confidence. The Bank of China made such a statement in the early stage of the Fed's interest rate meeting. According to market analysts, this means that the central bank has released a clear signal that China's monetary policy still focuses on the domestic economy, and it can still expect to cut interest rates next year. It is expected that the central bank will still replace MLF through RRR reduction and other tools in the future; If the Fed's policy tone changes, the space for the central bank to relax in the future will be further increased.
(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)
2. The first satellite of China's "Lucky Plan" will be launched soon, focusing on the beneficiary companies in the aerospace industry chain.
Event: According to the China Space Launch Plan (20 18-2023), the first technology verification satellite of China's "Hongyun Project" space-based Internet will be launched by the Long March-1carrier rocket on June 5438+February 2.
Comments: "Hongyun Project" is one of the commercial aerospace projects promoted by China Aerospace Science and Industry Group, and it is an integrated information system of heaven and earth based on LEO satellites. After the deployment of the whole plan is completed, it will realize on-demand Internet access anytime and anywhere in the "Belt and Road" and even on a global scale, opening up a new technical way for realizing high-speed and high-quality Internet/Internet of Things application experience. According to the deployment, it is estimated that in 2022, "Hongyun Project" will complete the deployment of 156 constellations. At that time, no matter when and where you are, you can use the "Star Chain" wifi independently developed by the aerospace science and technology industry to achieve undifferentiated global coverage of the network, and you can connect to the Internet and maintain smooth communication with the outside world, whether in sea areas or uninhabited islands. With the rapid development of space industry, China will accelerate the wider application of satellites in various fields in the future. Industry insiders suggest that companies that benefit from relevant industrial chains, especially those that have technological advantages in the field of satellite upstream core components and actively expand into the mass application market, will fully enjoy the market dividend brought by the rapid development of the industry.
(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)
Market review
1, Market Comments: Not too pessimistic, with limited overall downside in the environment of policy support, and cautious and optimistic operation.
On Wednesday, A shares opened higher and then fell all the way, and the market sentiment was depressed. The two cities traded 2 1, 7 1 billion yuan, hitting a three-month low. From the perspective of the disk, 5G, real estate and airport shipping were among the top gainers, while oil service, medicine and horse racing were among the top losers. Due to poor economic data, the Shanghai Composite Index fell below 2600 points. Don't be too pessimistic about the current position. It is expected that in the policy support environment, the overall downside is limited. It is suggested that the mid-line bargain-hunting should focus on new energy vehicles, large infrastructure and 5G concepts with strong certainty. 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)
2. Macro perspective: The People's Bank of China has further increased its liquidity, and the market liquidity is reasonable and abundant.
On Wednesday, the central bank invested 60 billion yuan in liquidity through reverse repurchase operations in the open market. Since this week, it has invested a total of 400 billion yuan, maintaining a reasonable and sufficient market liquidity. The total volume of liquidity in the banking system increased, and the market interest rate was stable. Today, the weighted average interest rate of DR007 is 2.67%, down 2 basis points from yesterday.
(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)
3. Military industry: Aviation Industry Group has become a pilot of state-owned capital investment companies, and the industry valuation needs to be repaired.
Aviation Industry Group is the first military central enterprise group to be shortlisted for the pilot. Since 20 14, SASAC has selected 10 central enterprises to carry out the pilot reform of state-owned capital investment and operation companies, in which the main task of state-owned capital investment companies is to serve the national strategy, optimize the layout of state-owned capital and enhance industrial competitiveness through investment and financing, industrial cultivation and capital operation. This time, Aviation Industry Group has become a pilot of state-owned capital investment companies, and it is also the first military central enterprise group to be shortlisted for the pilot. We believe that aviation equipment is one of the key directions of national strategic emerging industries, and it is also a typical representative of the integration of national defense and civil technology. This selection represents the country's emphasis on the aviation industry, and also brings new impetus to the aviation industry group to accelerate the pace of reform and become a world-class enterprise with global competitiveness. ?
(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)