Sino-Singapore Jingwei Client, February 18th, on the 18th, near midday, the index's decline expanded to 3%, and Maotai fell below the 2500 yuan mark.

　　Wind screenshot

　　As of the noon close, the Shanghai Index reported 366.694 points, an increase of 0.39%, with a turnover of 340.513 billion yuan; the Shenzhen Component Index reported 15714.58 points, a decrease of 1.55%, with a turnover of 414.646 billion yuan; the Growth Enterprise Market Index reported 3303.71 points, a decrease of 3.23%; the Shanghai 50 Index It reported 4009.40 points, a decrease of 0.47%.

　　On the disk, gold, shipping, scenic spots, industrial metals, mining services and other sectors led the gains; medical services, biological products, white goods, medical equipment, beverage manufacturing and other sectors led the decline.

In terms of concept stocks, the BDI index, copper, unmanned bank, yesterday's connecting board, and scarce resources were among the top gainers, and bicycle sharing, tire pressure monitoring, food and beverage, super brands, and liquor were among the top decliners.

　　In terms of individual stocks, 3,532 individual stocks rose, of which Xinchen Technology, Hangfa Technology, Riyueming and other stocks rose more than 5%.

575 stocks fell, of which many stocks such as Bafang, Aerospace Electronics, ST Shede, etc. fell more than 5%.

　　Kweichow Moutai's decline widened to 4% before midday, and its share price fell below the 2,500 yuan mark.

　　In terms of turnover rate, a total of 23 stocks have turnover rates of more than 20%, of which C Mancaron has the highest turnover rate, reaching 54.04%.

　　As of the previous trading day, the Shanghai Stock Exchange’s financing balance was reported at 787.517 billion yuan, a decrease of 9.455 billion yuan from the previous trading day. The securities lending balance was reported at 87.01 billion yuan, a decrease of 1.617 billion yuan from the previous trading day; the Shenzhen Stock Exchange’s financing balance was reported at 711.25 billion yuan. , A decrease of 8.536 billion yuan from the previous trading day, and the securities lending balance reported at 53.938 billion yuan, a decrease of 1.226 billion yuan from the previous trading day.

The balance of margin financing and securities lending in the two cities totaled 1,639.715 billion yuan, a decrease of 20.835 billion yuan from the previous trading day.

　　From the perspective of the north-south capital flow of Shanghai-Shenzhen-Hong Kong Stock Connect, as of press time, the net inflow of northbound capital is 6.408 billion yuan, of which the net inflow of Shanghai Stock Connect is 3.523 billion yuan, the balance of funds on the day is 48.477 billion yuan, and the net inflow of Shenzhen Stock Connect is 2.885 billion yuan. The balance was 49.115 billion yuan; the net inflow of southbound funds was 9.426 billion yuan, of which the Shanghai-Hong Kong Stock Connect net inflow was 1.629 billion yuan, the day's fund balance was 40.371 billion yuan, the Shenzhen-Hong Kong Stock Connect net inflow was 7.797 billion yuan, and the day's fund balance was 34.203 billion yuan.

　　Guotai Junan believes that under the pressure of risk-free interest rates and the shift in the focus of profitability, the relative returns of leading stocks will experience periodic disturbances and divergence after the first quarter of 2021.

The risk-free interest rate is the core driver of the phased disturbance of the Baotuan market in the next stage. It is necessary to keep an eye on the inflection point rhythm of monetary policy at the end of the quarter.

In terms of profitability, as the focus of profitability shifts from certainty to flexibility, mid-cap stocks have the advantage of profitability flexibility.

　　CICC believes that A-shares are expected to start positively, and the cyclical recovery is expected to deepen.

Entering 2021, as the epidemic gradually recedes and consumer travel demand in developed markets recovers, it may support the performance of crude oil prices. It is worth noting that some sectors related to the cycle are currently relatively low valuation areas in the market. Supplementary gains in the sector may mean that a valuation depression may be being filled.

The trend of A-share institutionalization, institutional heading, investment fundamentals, localization of Hong Kong stocks, and residents' increasing financial asset allocation is still intensifying.

(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.)