The three major stock indexes were adjusted on Friday, but there were many hot spots in the session. The total turnover of the two cities was 65.438+33.97 billion. On the disk, industries such as steel, nonferrous metals and public utilities were among the top gainers, while industries such as food and beverage, finance, medicine and biology were among the top losers. The daily limit of the two cities was 95, and the daily limit was 23, and the capital inflow to the north was 2.247 billion. The Shanghai Composite Index fell 0.42% to 3,397.36 points, the Shenzhen Composite Index fell 0.29% to 14473.25438+0 points, and the Shanghai Composite Index fell 0.56% to 3,440.18 points.
market outlook
Although the three major stock indexes have been adjusted on Friday, there is no shortage of hot spots in terms of the number of ups and downs. The reason for today's callback may be due to repeated epidemics at home and abroad and concerns about economic uncertainty. However, judging from the downward trend of the yield of 10-year treasury bonds, monetary policy is relatively friendly, which is likely to block the downward trend of the index. Judging from the recent plate rotation, large funds also show signs of shifting from value stocks to growth stocks and cyclical stocks. The process of large capital transfer is often a process in which the index fluctuates greatly. The intraday index bottomed out twice, and the capital inflow in the late session accelerated northward, indicating that the bottom area was once again recognized by foreign capital.
At present, the plate rotation is more in line with the law of industry plate rotation mentioned by Lars Tevid in The Necessity of Economic Cycle. Now it is in the transition period from information technology, industrial stocks to resource stocks. When it comes to the resource cycle, the poor performance is optional consumer stocks. This can also explain to some extent why the optional consumer stocks represented by liquor have been sharply adjusted back recently. This may be the result of large-cycle capital transfer. At present, the P/E ratio of CSI Mainland Resources Theme Index is about 16.2 times, which is 27. 13% of the valuation since 20 14. At present, the overall valuation of resource stocks is low. If the cycle switch is successful, the low valuation of resource stocks will increase, and it is estimated that there will be a big resource market.
Operation strategy
On Wednesday, we mentioned that "bulls show signs of gathering", but we also pointed out that bottoming is often not successful in one day, and it needs repeated shrinkage to confirm the bottom. At present, the logic of the strong plate is still there. In operation, it is recommended to pay attention to "exceeding expectations" stocks in the military industry, semiconductors, new energy vehicles, photovoltaics and non-ferrous metals industries.
Li, senior investment consultant of GF Securities, with the practice certificate number S0260612110012.