Disk observation

On Tuesday, the market contracted, and the index surged to 3 and fell back. Disk observation, food and beverage, communications, electrical equipment, computers, the top gainers, while agriculture, forestry, animal husbandry and fishery, steel plate fell. There were 57 daily limit and 6 daily limit in the two cities. The Shanghai Stock Connect inflow was 1.94 billion yuan, the Shenzhen Stock Connect inflow was 2.157 billion yuan, and the northbound capital inflow was 3.251 billion yuan. At the close, the Shanghai Composite Index reported 2985.34 points, up .28%; The Shenzhen Component Index reported 9811.38 points, up .31%; Chuangzhi reported 1694.6 points, up .61%.

outlook for the market outlook

bottom of the form

On Tuesday, the market rallied and fell back due to obstacles. For example, yesterday's evaluation index continued to fluctuate around 3 points and the half-year line. Today, the bidding results of pharmaceutical collection and expansion are released, and the price reduction pressure of more than three bidding pharmaceutical companies is still relatively high. The bidding results of various companies make the trend between companies sharply divided. In September, the Federal Reserve cut interest rates by 25 basis points, and the domestic MLF continued to shrink and LPR was lowered by 5 basis points. Although the short-term easing of the central bank's monetary policy was low, the necessity of subsequent easing did not decrease, and there was still the possibility of further policy adjustment when the downward pressure on the economy increased during the year, which was also the main reason for the recent market stalemate and shock. Coupled with the consideration of pre-holiday capital return factors, the short-term market trend will inevitably maintain a relatively volatile pattern, and the differentiation of individual stock trends and the increase of volatility will be more obvious. After the overall repair of the market since the beginning of the month, the short-term investment operation is becoming more difficult. The expected marginal improvement of A-share market policy may not be as good as that at the end of the third quarter, but the medium-term supporting factors of the market are still there from the perspective of the bottom of listed companies' profits and the downward discount rate, so strategically, we can wait patiently for the opportunity of callback intervention.

Operation strategy

The market oscillated around the 3-point and semi-annual line, and the valuation repair market entered the observation stage, avoiding high-level stocks with large gains, and paying attention to low-valuation industries and technology sectors that benefited from counter-cyclical regulation.

Chen Da, investment consultant, with the practice certificate number of S2661112.