On Tuesday, the Shanghai Composite Index rebounded in a V-shape, with a total turnover of 878.8 billion in the two cities. On the disk, industries such as coal, tourism and communication were among the top gainers, while industries such as batteries, medical services and photovoltaic equipment were among the top losers. The daily limit of the two cities is 99, and the daily limit is 20. The net selling amount of funds going north is 8170,000. The Shanghai Composite Index rose 0.67% to 3,452.63 points, the Shenzhen Composite Index fell 0.98% to13,325.45438+0 points, and the Shanghai Composite Index fell 2.45% to 2,846.48 points.

market outlook

There are two phenomena in the market today that deserve our attention. One is that the mainstream index has a long shadow line, indicating that the competition between long and short positions in the market is very fierce. By noon, the Shanghai Composite Index was down 0.9%, the Shenzhen Composite Index was down 2.77%, and the Shanghai Composite Index was down 4.27%. Panic in the market once spread in early trading. Fortunately, the market sentiment gradually improved in the afternoon, and finally the mainstream index closed a long shadow line, indicating that the market bulls' demand for chips at the current point is not high. As we mentioned in the column before, the historical law has been verified, and the tide of fund self-purchase is almost accompanied by the emergence of policy bottom. The relative underestimation of superimposed market and the regression of index average can support the rebound of the broader market.

However, we also found another phenomenon, that is, the pattern of strength and weakness in the Shanghai stock market continued, and the Chuangzhi index once fell by more than 4% in early trading. The market thought that the technical bear market of Chuangzhi Index had arrived. The decline in the index was mainly due to the bad news and rumors that the two mainstream hot tracks, innovative drugs and new energy, were affected. We believe that in the case of fragile confidence, this is investors' over-interpretation and reaction to negative information. In addition, it is also affected by the siphon effect of the recent sharp rise in the low valuation industry sector, which is related to the transfer of funds from relatively overvalued industries to low valuation industries. There seems to be a rule between the A-share market and China's economy: China's economy has been seeking a balance between steady growth and structural adjustment. In steady growth, traditional industries with low valuation will be favored by funds; On the contrary, in the structural adjustment, the pan-technology industry will be more concerned by the market. At present, China's economy is in the process of steady growth. Perhaps we should pay more attention to the opportunity of the average return of low valuation industries.

Operation strategy

The formation of emotional bottom is often accompanied by violent fluctuations, and today's market may be repeated in the future until the bottom of the market appears. It is suggested that the left layout thinking should still be used to deal with the market rebound. In terms of industry selection, it is suggested to pay attention to finance under the expectation of steady growth, TMT and midstream of new energy in the new and old infrastructure opportunities, and the suggestions under the expectation of inflation should pay attention to opportunities in cement, steel, oil and gas and coal industries.

Li, senior investment consultant of GF Securities, with the practice certificate number S0260612110012.