Under the influence of geopolitical conflicts and stagflation expectations, the global market has once again fallen into a situation of severe volatility since late February.

　　Transferred to the A-share market, A-shares have also increased their own adjustment pressure, especially the adjustment pressure of some sectors with large early gains.

The data shows that from February 15 to March 9, the net outflow of northbound funds was 28.6 billion yuan.

　　However, industry experts believe that in the medium term, the high probability of A-share adjustment pressure will only be staged.

"As governments at all levels regard 'stabilizing growth' as ​​the most important task in 2022, the domestic economy is basically facing a positive trend, and the cornerstone of the stable operation of the capital market is relatively solid." said Xu Ji, chief macro researcher at Industrial Securities Asset Management.

　　On March 11, although the A-share market opened lower in the morning and then fluctuated lower, it reversed magically in the afternoon and finally closed red. As of the close of March 11, the Shanghai Composite Index rose 0.41% to close at 3309.75 points; the Shenzhen Component Index rose 0.62% to close at 12,447.37 points; the ChiNext Index rose 1.15% to close at 2,665.46 points.

　　Compared with history, the market is expected to usher in a wave of mid-line rebound.

In terms of performance, recently, another group of Shenzhen-listed companies has released their 2021 performance transcripts.

　　The announcement shows that in 2021, Huatian Technology will achieve operating income of 12.105 billion yuan, a year-on-year increase of 44.42%; net profit attributable to shareholders of listed companies is 1.399 billion yuan, a year-on-year increase of 99.36%; Dangsheng Technology will achieve a total operating income of 8.3745 billion yuan, a year-on-year increase of 99.36%. An increase of 163.07%; the net profit attributable to shareholders of listed companies was 1.091 billion yuan, a year-on-year increase of 183.54%.

　　At present, the performance of listed companies last year is being disclosed one by one. In Shenzhen, listed companies have shown the characteristics of stable chassis and strong resilience, and their overall performance has been good.

70% of companies with disclosed performance are expected to make profits

　　According to the statistics of China Business News: as of March 9, 2022, a total of 1,772 listed companies in Shenzhen have pre-disclosed their 2021 operating results, accounting for 68.02% of the number of companies in Shenzhen.

The performance forecast disclosure rates of companies on the Shenzhen Main Board and ChiNext were 67.56% and 68.64%, respectively.

　　Among them, 1320 companies are expected to make profits, accounting for 74.49%, and the average profit scale is expected to reach 590 million yuan to 638 million yuan, a year-on-year increase of more than 58.25%.

　　In addition, 1,095 companies have pre-increased their performance, accounting for more than 60% of the total. It is expected to achieve an average net profit of 570 million yuan to 628 million yuan, a year-on-year increase of more than 328.72%.

In terms of performance growth, it is estimated that the number of companies whose net profit has increased by more than 50%, 100%, 300% and 1,000% year-on-year are 674, 426, 80 and 23 respectively.

　　In terms of industries, the 1,772 listed companies involved 28 first-level sub-sectors of Shenwan, among which 23 industries are expected to have positive net profits as a whole, accounting for more than 80% of the total, 19 industries maintained growth, and 11 sub-industries grew more than 100%.

　　From the perspective of profit scale, among the 1,320 companies that are expected to make profits, 293 companies are expected to have a net profit of more than 500 million yuan, 149 companies are expected to have a net profit of more than 1 billion yuan, and 24 companies are expected to have a net profit of more than 5 billion yuan. In terms of nature, 19 industries such as computer, mining, chemical, comprehensive, and automobile are expected to achieve positive growth in average net profit, accounting for nearly 70%.

　　In addition, the overall performance of the ChiNext is also positive. As of March 9, 2022, 764 of the 1,113 companies on the ChiNext have pre-disclosed their 2021 operating performance, accounting for 68.64%, and the average net profit is expected to be 139 million yuan to 1.8 100 million yuan, a year-on-year increase of 50.11% to 93.84%.

　　599 companies are expected to be profitable, accounting for 78.4%, 491 companies are expected to achieve a year-on-year increase in net profit in 2021, 318 companies are expected to increase their net profit by more than 50%, an increase of 88 compared with the same period last year; 82 companies are expected to turn losses into profits, compared with the same period last year. There was an increase of 22 in the same period last year.

　　Since the reform of the Growth Enterprise Market and the implementation of the pilot registration system, a total of 285 newly listed companies have landed on the Growth Enterprise Market.

　　Among the newly listed companies under the registration system, 143 pre-disclosed their operating results in 2021, and they are expected to achieve an average net profit of 223 million to 243 million yuan, which is higher than the average level of the sector.

　　Among the 143 newly listed companies, 142 are expected to be profitable, 88 are expected to achieve a year-on-year increase in net profit, 38 are expected to increase their net profit by more than 50%, and 13 are expected to increase their net profit by more than 100%.

　　Nearly 60 GEM companies have become strategic emerging industry companies, of which 474 have pre-disclosed their 2021 operating results, and are expected to achieve an average net profit of 175 million to 221 million yuan, a year-on-year increase of 172.44% to 245.48%.

Companies in the new energy vehicle industry have achieved rapid growth, and the average net profit growth of companies in low-carbon industries such as new-generation information technology, new materials, energy conservation and environmental protection industries is expected to reach more than 50%, and the capital market plays a prominent role in helping the development of low-carbon economy.

Frequent repurchases to increase holdings show confidence

　　Since 2022, due to the continuous decline, the cases of A-share companies repurchasing shares have gradually increased.

　　Wind data shows that 356 companies have completed repurchase of 37.5 billion yuan this year, and another 132 companies are on the way to repurchase shares. On March 11 alone, Midea Group, Op Lighting, Yutong Heavy Industry, and Minxin shares planned to return. buy shares.

　　In Shenzhen, the statistics of China Business News show that from February 7 to March 8, 60 companies in the Shenzhen market have repurchased, with a total repurchase amount of nearly 4 billion yuan.

　　Among them, Mindray Medical announced on February 24 that it had recently repurchased nearly 1 billion yuan.

Lens Technology disclosed the repurchase plan in November 2021, and disclosed the progress on March 2, and has repurchased over 200 million yuan.

According to the announcement of the repurchase results disclosed by BOE A on March 2, it has repurchased more than 2.6 billion yuan, which has reached the upper limit of the repurchase plan.

　　Oriental Yuhong reviewed and approved the "Proposal on the Repurchase of the Company's Shares" on November 8, 2021. The company plans to repurchase 1 billion to 2 billion yuan for the later implementation of employee stock ownership plans or equity incentives.

As of February 28, 2022, the company has repurchased 4,887,800 shares, accounting for 0.19% of the company's total share capital, and the total transaction amount is 212,461,244 yuan (excluding transaction fees).

　　Tian Lihui, dean of Nankai University's Institute of Financial Development, said in an interview with China Business News that share repurchases will help stabilize stock prices and boost market confidence.

　　"Repurchase is an increase in real money and silver carried out by insiders with more information. A substantial repurchase often means that the stock price has fallen below its intrinsic value, and the market has experienced an irrational decline." Tian Lihui said, however, There is also a phenomenon that some companies use the name of share repurchase to manage market value.

　　"Therefore, the current level of confidence boosting in the A-share market depends on the degree and magnitude of the return of shares, the intensity and intensity of external shocks, and the timeliness and intensity of the introduction of policy tools." Tian Lihui believes that the long-term trend of stocks is Responses to the quality and capability of listed companies.

Under the premise that my country's policies are strong, the prices of some individual stocks will rebound, and there is a possibility of a structural bull market in the later market.