Summary of this issue

Key recommendations

The central bank lowered the 7-day reverse repo bidding rate to 2.20%

Huawei released the second A 5G chip?

Market Comments

Market Comments: The news is warm inside and cold outside, the market will continue to fluctuate and bottom out, and short-term operations will not be aggressive

Macro Viewpoint: The central bank lowers the 7-day reverse repo bidding rate to 2.20%

Computer industry: The demand for network security in the education industry will increase

Futures information

< p> Metal energy: gold 365.26, down 0.66%; copper 38750, down 0.90%; rebar 3274, down 2.82%; Shanghai aluminum 11555, down 1.37%; Shanghai nickel 93250, up 0.65%; coke 1723.0, down 2.30%; Coking coal 1200.5, down 1.92%; Brent oil 32.06, down 3.29%; Rubber 9540, down 3.29%; Iron ore 600.0, down 3.54%; Fuel 1476, down 3.91%; Asphalt 1844, down 4.36%; Zheng Chun 1598, PVC index 5140, down 4.90%; PTA3218, down 5.30%; PP5670, down 5.31%; EB4461, down 5.49%; Huyin 3374, down 5.52%; Plastics 5415, down 5.74%; EG3025, down 7.63% ;LPG2382, down 8.38%;

Agricultural products: soybean oil 5540, up 0.73%; corn 2033, up 0.94%; palm oil 4928, up 2.58%; Zhengmai 2626, up 0.54%; sugar 5500, up 0.49%; apple 6907, down 2.19%; red dates 10270, down 0.10%; Zheng cotton 10655, down 3.00%; rapeseed 4322, down 3.89%; hard rice 3623, up 3.10%; beans 4739, up 3.74%; late rice 2871, up 3.91%; hard rice 3008, up 3.94%; rubber sheet 173.70, up 8.83%;

Exchange rate: EUR/USD 1.10, down 0.85%; USD/RMB 7.10, up 0.06%; USD /HKD 7.75, up 0.05%.

2. Key recommendations

1. The central bank lowered the 7-day reverse repurchase bidding rate to 2.20%

Event: On the 30th, the central bank announced that To maintain reasonable and sufficient liquidity in the banking system, the People's Bank of China launched a 50 billion yuan reverse repurchase operation through interest rate bidding on March 30, 2020, with the winning interest rate being 2.20%.

Comment: The central bank lowered the winning bid rate for this reverse repurchase operation by 20 basis points, exceeding market expectations and releasing a signal that the central bank will strengthen countercyclical adjustments and make greater efforts to guide the downward trend of social financing costs. The current economic downward pressure is increasing, and fiscal and monetary policies are expected to be more proactive. In addition, the market valuation is at low valuations, so there is no need to be too pessimistic about future performance.

(Investment consultant Zhong Yanling’s registered investment consultant certificate number: S0260613020024)

2. Huawei released its second 5G chip?

Event: March 30, Huawei released its first 5G chip in 2020, the Kirin 820, and the Honor 30S became the first 5G mobile phone equipped with this chip. Kirin 820 is Huawei's second 5G SoC after Kirin 990. It uses a 7nm process. Compared with external 5G baseband chips, it may have better overall performance in terms of performance, heat dissipation and power consumption.

Comments: The Kirin 820 chip uses a 7nm process, which has strong advantages over competing products in terms of performance, heat dissipation and power consumption. The price of the Honor 30S equipped with this chip starts at only 2,399 yuan, which means As the prices of mainstream 5G mobile phones drop further, this will drive the further popularity of 5G mobile phones. The 5G replacement wave is expected to become a reality this year, which will bring a great boost to the industry chain. Affected by the epidemic, some related stocks have experienced a large correction in this round, and now is a better opportunity to intervene.

(Investment Consultant Zhong Yanling’s registered investment consultant certificate number: S0260613020024)

3. Market Comments

Market Comments: The news is warm inside but cold outside, and the market will continue The market has been shaken to the bottom, and short-term operations are not aggressive

Affected by the news that was warm inside and cold outside, the major stock indexes still fluctuated at low levels on Monday. As of the close, the Shanghai Composite Index reported 2747.21 points, down 0.90%; the Shenzhen Component Index It was reported at 9904.95 points, down 2.03%; the index was at 1860.48 points, down 2.28%. Looking at the market, China Shipbuilding Industry, plantation industry, and phosphorus chemical industry were at the top of the list of sector gains, while cloud office, tourist attractions, and network security were at the top of the list of declines. The overall market segment speculation is obviously differentiated, and until the external situation is not very clear, it is expected that the market will continue to fluctuate in the short term and the market will continue to bottom out. The market will present local structural opportunities, and it is still difficult for the overall system rebound to occur. In terms of operation, it is recommended not to be aggressive in the short term, but in the medium and long term, you can invest in varieties with clear performance growth and reasonable valuations that have been wrongly sold at low prices.

It is recommended to focus on: planting industry, UHV, new infrastructure, medical equipment, new energy, etc. There are risks in the stock market, so investment needs to be cautious.

(Investment consultant? Gu Zhixiong? Registered investment consultant certificate number: S02606611020066)

Macro perspective: The central bank lowered the 7-day reverse repurchase bidding interest rate to 2.20%

< p>Event: The central bank lowered the 7-day reverse repurchase bidding rate to 2.20%, compared with 2.40% last time, a decrease of 20 basis points.

Comment: The central bank restarted the reverse repurchase operation and lowered the winning bid rate. According to information on the official website of the central bank, the reverse repurchase operation period on March 30 was 7 days, the winning bid amount was 50 billion yuan, and the winning bid interest rate was 2.20%. The winning bid interest rate for the reverse repurchase on February 17 was 2.40%. Since no reverse repos expired on that day, a net investment of 50 billion yuan was achieved on that day, indicating that the central bank further released short-term liquidity, which was conducive to easing short-term liquidity tensions.

(Investment consultant? Gu Zhixiong? Registered investment consultant certificate number: S02606611020066)

Computer industry: The demand for network security in the education industry will usher in an increase

In March 2020, the Ministry of Education issued a document again requiring continued network security monitoring and early warning, improving data analysis and situational awareness capabilities; and improving the construction of the education system network security reporting mechanism. my country's education informatization funding continues to grow. According to forecast data from Zhiyan Consulting, the funding budget is expected to be 386.3 billion yuan by 2020, a year-on-year increase of 14.26%. Industry leaders are expected to continue to benefit.

(Investment consultant Gu Zhixiong registered investment consultant certificate number: S02606611020066)