Sino-Singapore Jingwei Client, January 12th. On Tuesday, the three major A-share indexes opened slightly lower, and fluctuated higher after a brief adjustment at the beginning of the market.

In the morning, the military industry and liquor sectors performed strongly. Military industry stocks lifted the daily limit wave, and many stocks in the liquor, lithium battery and photovoltaic sectors turned back.

In the afternoon, brokerage stocks with flat performance in early trading took the lead and once led the rise in the industry sector, but fell slightly in late trading; insurance, petrochemical, paper and other sectors were the top gainers.

The Shanghai stock index rose more than 2%, breaking 3,600 points since December 2015, setting a new high in more than five years.

The turnover of the two cities exceeded RMB 1 trillion for seven consecutive trading days.

　　Time-sharing chart of the Shanghai Stock Exchange Index.

Source: Wind

　　As of the close, the Shanghai Index rose 2.18% to 3608.34 points, with a turnover of 485.8 billion yuan; the Shenzhen Component Index rose 2.28% to 15460.03 points, with a turnover of 604.5 billion yuan; the ChiNext Index rose 2.83% to 31.8.35 points, with a turnover of 199.3 billion yuan yuan.

　　On the disk, securities firms, tourism integration, optics and optoelectronics, other building materials, and rare metals led the gains; professional retail, hotels, attractions, commercial property management, and Internet media sectors led the decline.

In terms of concept stocks, securities firms, MiniLED, futures concepts, construction machinery, insurance, etc. rose among the top gains, while capital leaders, stall economy, mobile game concepts, packaging and printing, and online games were among the top decliners.

　　In terms of individual stocks, 2515 stocks rose, among which many stocks such as Saurer Intelligent, Changchuan Technology, and Bohui Paper rose more than 5%.

1384 stocks fell, of which Yueda Investment, Zhujiang Industrial, ST Power and other stocks fell more than 5%.

　　In terms of turnover rate, there are a total of 30 stocks with a turnover rate of more than 20%. Among them, Zhongjing Technology has the highest turnover rate, reaching 60.01%.

　　In terms of capital flow, the top five major flows of industry sectors are brokerages, optical optoelectronics, beverage manufacturing, chemical products, and bank II, and the top five outflows are brokerages, optical optoelectronics, chemicals, bank II, and rare metals.

The top five stocks with major inflows are CITIC Securities, TCL Technology, Ping An, BOE A, and Huatai Securities. The top five stocks with outflows are CITIC Securities, TCL Technology, BOE A, Tianqi Lithium, and Huatai Securities.

　　As of the last trading day, the Shanghai Stock Exchange’s financing balance was reported at 793.379 billion yuan, an increase of 608 million yuan from the previous trading day, and the securities lending balance was at 89.464 billion yuan, a decrease of 398 million yuan from the previous trading day; the Shenzhen Stock Exchange’s financing balance was reported at 735.477 billion yuan. , An increase of 1.868 billion yuan from the previous trading day, and the securities lending balance reported 55.322 billion yuan, a decrease of 1.035 billion yuan from the previous trading day.

The balance of margin trading and securities lending in the two cities totaled 1,673.643 billion yuan, an increase of 1.043 billion yuan from the previous trading day.

　　From the perspective of the north-south capital flow of the Shanghai-Shenzhen-Hong Kong Stock Connect, as of press time, the net inflow of northbound capital is 12.018 billion yuan, of which the net inflow of Shanghai Stock Connect is 5.716 billion yuan, the balance of funds on the day is 46.284 billion yuan, and the net inflow of Shenzhen Stock Connect is 6.302 billion yuan. The balance was 45.698 billion yuan; the net inflow of southbound funds was 10.503 billion yuan, of which the Shanghai-Hong Kong Stock Connect net inflow was 4.219 billion yuan, the day’s fund balance was 37.781 billion yuan, the Shenzhen-Hong Kong Stock Connect net inflow was 6.284 billion yuan, and the day’s fund balance was 35.716 billion yuan.

　　On the previous trading day, the three major A-share indexes collectively recovered. Huaxin Securities stated that the wide adjustment of A-shares was mainly due to the trend increase of the three major indexes, but at the same time, over 70% of individual stocks were not affected by this and differentiated. Very obvious.

Since the beginning of the year, the ample liquidity in the market has brought about a premium on the valuation of leading stocks. Funds on the market have grouped together with various subdivision leaders, resulting in continuous rises. The deviation between valuation and performance has become more and more obvious, so the fear of heights appears. Loose chips are not accidental.

The current adjustment is the first technical adjustment in the current round of rising prices and will not change the upward trend. From the perspective of configuration, the military industry, new energy automobile industry chain, and photovoltaics are still worth looking forward to.

　　Caixin Securities believes that the reform of the capital market will continue to advance in 2021, and the speed of IPO and refinancing will continue to accelerate. It will play an important role in China's economic transformation and upgrading. The market in 2021 is likely to be a turbulent and upward slow bull pattern.

Looking forward, new energy vehicles may continue to stimulate the boosting sector under Tesla’s price cuts, but there are valuation adjustment pressures in the photovoltaic, liquor and other clusters that have increased excessively in the previous period. The position should be balanced with reasonable valuations in 2021. Pro-cyclical and financial sectors with strong fundamental support and high cost performance are optimistic that the SSE 50 will continue to set new highs in the first quarter.

(Zhongxin Jingwei APP)

(The opinions in the article are for reference only and do not constitute investment advice. Investment is risky, and you need to be cautious when entering the market.)