At 3011.67 points, the Shanghai Composite Index closed above 3,000 points on March 4. This is the fifth time the index has closed above 3,000 points in 10 trading days since February 20.
Since the Year of the Rat, the A-share market opened low on the first day and broke 3,000 points before ushering in a round of vigorous rebound. After successfully filling the vacancy, the Shanghai Stock Index closed above 3000 points for the first time in the Year of the Rat on February 20, and the next 3 trading days, the Shanghai Index closed above 3000 points. Since then, the market has waged fierce battles around 3,000 points. It has rushed through 3,000 points multiple times in the intraday, but eventually lost 3,000 points.
3000 points as the integer mark of the Shanghai Stock Exchange Index, although it cannot be called the "Bear and Bear Boundary", but based on the "wind vane" effect of the Shanghai Stock Index in the A-share market, its importance is self-evident. Because of this, the gains and losses of 3,000 points are often valued by the market.
However, in the process of the continuous release of favorable policies, market hotspots have emerged, showing structural opportunities. Investors should pay more attention to individual stocks.
It can be seen that under the rare trillion-dollar turnover, at present, the Shanghai Stock Index's multiple retracements around 3,000 points have undoubtedly shown that the market's long and short double divergence has increased. Although various parties have different views on whether the broader market can stand up to 3000 points, the three main investment lines of finance, technology and new infrastructure have been unanimously praised by people in the industry.
First, it is an indisputable fact that financial stocks are highly regarded by institutions.
Huatai Securities said that financial stocks have benefited from policy support, increased protection of reasonable and adequate liquidity, enhanced capital allocation requirements, and deepened reform of the capital market to accelerate the three major logics. The current valuation of the sector is at a low level, or it will usher in stage Configure opportunities. The profitability of the securities industry in 2019 is amazing. Since the beginning of this year, the market has been active in trading, with turnover exceeding 10 trillion yuan for 10 consecutive days, which has once again added momentum to the industry's performance growth.
Secondly, it has been agreed that technology stocks will be the main investment line this year. Since the Year of the Rat, the rise of technology stocks has led the GEM to record highs, and 5G, semiconductor, new energy, biomedical and other technology growth stocks have been sought after by funds.
The consensus in the market is that the impact of this outbreak on technology stocks is limited, and loose liquidity has boosted small and medium-sized tickets. Under the favorable policy situation, the flexibility of technology growth stocks is greater. In the medium and long term, investors are more determined that China's new core assets will most likely appear in the high-tech field in the future.
Third, the improvement of new infrastructure is of great significance for optimizing the infrastructure investment structure and opening up the space of infrastructure stock, and is an important investment direction for infrastructure during the year.
Recently, several ministries and commissions have successively introduced favorable policies to accelerate the construction of major projects. Several provinces, including Fujian, Yunnan, and Henan provinces, have issued investment plans for key projects. The total investment is close to 25 trillion yuan. In 2020, the planned investment is nearly 3.5 trillion yuan, of which infrastructure investment is still an important part.
Ren Zeping, president of the Evergrande Economic Research Institute, pointed out that the simplest and most effective way to hedge the epidemic and the economic downturn is infrastructure. The introduction of "new infrastructure" will help stabilize growth and employment, release China's economic growth potential, and enhance long-term competitiveness.
Tianfeng Securities pointed out that in the short term, if the counter-cyclical policy is fully implemented, real estate and infrastructure will be stimulated, and interest rates will rebound at the bottom, which does not rule out a periodical performance of blue-chip style. However, in the medium and long term, the deterministic trends of the four global technology industry cycles, combined with the logic of "internal diffusion", will make the trend of technology style more certain. Therefore, the long-term style trend is on the side of technology style.
In short, no matter how the market deduces, market fluctuations should be viewed rationally in the short term, and long-term investment targets with core values will eventually bring good and stable returns to investors. "Embracing value investment" is no longer a slogan, but should be continuously practiced as the A-share market matures. (Securities Daily)
Our reporter Zhang Ying