Sino-Singapore Jingwei Client, February 25th. On the 25th, the three major stock indexes opened collectively higher, and then their gains fell. The Shanghai Stock Exchange Index strengthened, driven by real estate and insurance sectors.

There was a wave of diving in the market in the afternoon, and the ChiNext index fell more than 1%.

As of the close, the Shanghai Index reported 3585.05 points, an increase of 0.59%, with a turnover of 444.735 billion yuan; the Shenzhen Component Index reported 14828.80 points, a decrease of 0.28%, with a turnover of 489.437 billion yuan; the ChiNext Index reported 29.718 points, a decrease of 1.01%.

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　　On the disk, real estate, insurance, glass manufacturing, aerospace equipment, and housing construction led the gains; rubber, catering, rare metals, fisheries, and feed sectors led the decline.

　　In terms of individual stocks, 1,280 stocks rose, among which Weiye shares, ST Liuhua, Jingang Glass and other stocks rose more than 5%.

2,776 individual stocks fell, of which China and Micro Corporation, Longzi shares, Supor and other stocks fell more than 5%.

　　In terms of turnover rate, a total of 37 stocks have a turnover rate of more than 20%. Among them, the turnover rate of the N crown is the highest, reaching 77.94%.

　　In terms of capital flows, the top five major inflows of the industry sector are real estate development, banking II, industrial metals, insurance, and chemicals, and the top five outflows are real estate development, industrial metals, chemicals, rare metals, and banking II.

The top five stocks with major inflows are Poly Real Estate, Vanke A, China Ping An, Baotou Steel, and China Construction. The top five stocks with outflows are Vanke A, Poly Real Estate, Baotou Steel, Tin Industry, and China Ping An.

　　As of the last trading day, the Shanghai Stock Exchange’s financing balance was reported at 80.02 billion yuan, an increase of 611 million yuan from the previous trading day. The securities lending balance was at 87.837 billion yuan, a decrease of 1.354 billion yuan from the previous trading day; the Shenzhen Stock Exchange’s financing balance was reported at 730.425 billion yuan , An increase of 132 million yuan from the previous trading day, and the securities lending balance reported 52.784 billion yuan, a decrease of 426 million yuan from the previous trading day.

The balance of margin financing and securities lending in the two cities totaled 1,680.67 billion yuan, a decrease of 1.038 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 1.90 billion yuan, of which the net inflow of Shanghai Stock Connect is 2.13 billion yuan, the balance of funds on the day is 49.87 billion yuan, and the net outflow of Shenzhen Stock Connect is 230 million yuan. The balance was 52.23 billion yuan; the net inflow of southbound funds was 3.664 billion yuan, of which the Shanghai-Hong Kong Stock Connect net inflow was 873 million yuan, the day’s fund balance was 41.127 billion yuan, the Shenzhen-Hong Kong Stock Connect net inflow was 2.79 billion yuan, and the day’s fund balance was 39.209 billion yuan.

　　Guosen Securities believes that the current overall valuation of A shares is not high, or even lower than the historical average.

At present, the valuation of the fund's heavy stocks is relatively high, generally above the historical 90% quantile.

The relative valuation of super blue chip stocks is already at a high level, and some of the leading stocks in the subdivision may already have a good investment price ratio.

We believe that in the context of the economic recovery and the upward profit cycle, there will be more opportunities for rotation and diffusion in the subsequent market.

　　According to the analysis of Yuekai Securities, under the influence of the volatility of the Hong Kong stock market yesterday, investor sentiment fluctuated significantly, causing Baotuan stocks to continue to fall.

Baotuan stocks have loosened, but they do not have the basis for collapse.

By reviewing the Baotuan market in 2007 and 2017, the complete collapse of the Baotuan market is often accompanied by the weakening of the macro economy and the substantial tightening of liquidity. However, from the perspective of current fundamentals, policy and liquidity, the Baotuan market is not yet Have a foundation for disintegration.

High-level holdings are mostly blue-chip white horses with strong performance stability. After digesting the valuation pressure, they can lay out on dips.

　　In terms of configuration, Western Securities stated that it expects that the style switch has shifted from "looking for certainty" to "looking for performance flexibility". It is recommended to focus on: cycle + financial main line, and continue to be optimistic about nonferrous metals, chemicals, transportation (aviation), banks and securities firms.

In addition, small and medium-sized tickets with reasonable valuations and higher profit expectations can be appropriately allocated.

(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.)