Main recommendations
Central Bank: A prudent monetary policy should be more flexible and moderate, and grasp the strength, rhythm and focus of policy introduction.
Guangdong requires cinemas to resume work: the audience takes turns to sit at the table and watch movies, and the entrances and exits are controlled separately.
Market review
Market Comments: The overall market risk appetite has improved, and the operation can be moderately flexible and positive.
Macro perspective: The Ministry of Finance regulates the management of state-owned financial capital and steadily promotes the reform of mixed ownership.
Military industry: the continuous improvement of industry fundamentals is expected to accelerate in 2020, benefiting industry leaders.
Futures information
Metal energy: gold 384.60, up1.31%; Copper 43420, up1.61%; Rebar 3428, up 0.82%; Rubber 10600, down 0.28%; The PVC index was 5780, up by 65438 0.76%; Zheng Chun 1772, down1.06%; Shanghai Aluminum 12465, down 0.44%; Shanghai Nickel 10 17 10, down 0.05%; Iron ore was 628.5, up 2.44%; Coke 1747.5, up by 0.95%; Coking coal10910.5, down 0.18%; Brent oil was 33.95, up 5.17%;
Agricultural products: soybean oil 5388, up 0.45%; Corn 2063, down 0.91%; Palm oil 44 10, up 0.96%; Zheng Mian 1 1645, up1.79%; Zheng Mai 2508, up 0.64%; Jujube 10225, down 0.20%; White sugar 5083, up 0.73%; Apple 9050, down 0.13%; ?
Exchange rate: Euro/USD 1.08, up by 0.04%; USD/RMB 7.07, down 0.13%; USD/HK$ 7.75, up 0.02%.
Second, the key recommendation
1. Central Bank: A prudent monetary policy should be more flexible and moderate, and grasp the strength, rhythm and focus of policy introduction.
Event: The central bank released the monetary policy implementation report of China in the first quarter of 2020. The central bank said that in the next stage, prudent monetary policy should be more flexible and moderate, grasp the strength, rhythm and key points of policy introduction, handle the relationship between stable growth, employment protection, structural adjustment, risk prevention and inflation control, keep the growth rate of M2 and social financing scale basically matched with the nominal GDP growth rate and slightly higher, and support high-quality economic development with moderate monetary growth. Continue to maintain the two-way floating flexibility of the RMB exchange rate and do a good job of stabilizing expectations through multiple channels.
Comments: Judging from the statement of the central bank and the M2 data in March, the signal that monetary policy is relatively loose is more obvious. At present, the domestic economy is still facing great challenges, and it is necessary to continue to intensify countercyclical adjustment policies and stabilize fundamental expectations. In the context of warmer policies and abundant liquidity, the market outlook is expected to maintain structural performance.
(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)
2. Guangdong requires cinemas to resume work: the audience alternate seats to watch the movie, and the entrance and exit are controlled separately.
Event: On May 8th, Guangdong Film Bureau issued "Key Points for Safe Screening of Cinemas in the Province in 2020" to all film authorities, film industry associations and film companies in the province. According to the notice, investigations, inspections and unannounced visits will be carried out in some cities in the near future to ensure that the prevention and control of the cinema epidemic situation and the safety screening are "double in place". All theaters are required to take measures to prevent and control audience viewing, set up temperature detection posts, register audience information, realize no contact in the whole process of ticket purchase and viewing, guide audience to alternate seats to watch movies, and implement diversion control for audience access.
Comments: On May 8th, in view of the joint prevention and control mechanism in novel coronavirus, the State Council issued "Guiding Opinions on Normalization of Epidemic Prevention and Control in COVID-19". According to the "Opinions", cinemas are expected to resume work gradually, which will be beneficial to the film industry that has been shut down for many days and will stimulate the stock prices of related companies in the short term.
(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)
Third, the market review
Market Comments: The overall market risk appetite has improved, and the operation can be moderately flexible and positive.
Last Friday, boosted by the favorable financial opening policy, the three major indexes collectively rebounded and attacked, individual stocks showed a general upward trend, and market risk appetite improved as a whole. On the disk, digital currency and the brokerage sector became the protagonists, and technology stocks such as computers and communication equipment performed well, and the agriculture, forestry, animal husbandry and fishery industries showed a certain correction. Technically, the Shanghai Composite Index has successfully stepped out of the bottom and entered a new box of 2850 to 3000 points. The gradual release of trading volume has created conditions for the rotation of major hotspots and maintained the judgment that the market is in a multi-window period. The superposition of short-term policy expectations and economic recovery logic makes the market still have a certain continuity, and the expectation of global liquidity easing broadens the imagination. The operation can be moderately flexible and positive. It is expected that the market will continue to fluctuate and rebound. In operation, it is suggested that the index should be moderate, focusing on stocks whose quarterly report exceeds expectations. It is suggested to pay attention to semiconductor, 5G, new energy, biomedicine, military industry and other sectors 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 perspective: The Ministry of Finance regulates the management of state-owned financial capital and steadily promotes the reform of mixed ownership.
Event: In order to implement the document "Guiding Opinions of the Central Committee of the State Council on Improving the Management of State-owned Financial Capital" (Zhong Fa [2018] No.25), speed up the legalization of the management of state-owned financial capital, and strive to improve the level of legalization, scientificity and refinement of management, the Ministry of Finance drafted the Regulations on the Management of State-owned Financial Capital (Draft for Comment) and publicly solicited opinions from the society.
Comments: The opinion draft points out that for other state-owned financial institutions in the competitive field, all kinds of capital can be actively introduced, and state-owned financial capital can hold shares or participate in shares; For qualified state-owned financial institutions, we will continue to promote the reform of mixed ownership in accordance with the principle of marketization. From the news point of view, the overall neutrality is favorable, so we can pay attention to grasping the relevant stage opportunities of mixed reform of state-owned enterprises. ?
(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)
Military industry: the continuous improvement of industry fundamentals is expected to accelerate in 2020, and industry leaders will benefit.
Military industry: The performance of the military sector 20 19 still maintained steady growth. As a crucial year for the military industry, the industry fundamentals can continue to improve in 2020. Secondly, the industry is less affected by the epidemic and has a certain hedging effect. Strategically, many military sectors.
(Investment Consultant Gu registered investment consultant certificate number: S026066 1 1020066)