The active retracement of the market is a good opportunity to increase positions. The five blue-chip sectors are popular!

It is a good opportunity for the annual line to add positions.

Prosperity creates wealth: Now, the State Council has explicitly approved the opening of Shenzhen-Hong Kong Stock Connect, but it will take nearly four months to formally implement it. Short-term benefits are full of meaning, but the mid-line market has positive expectations, which will help the market maintain a steady upward rhythm. In addition, with the passage of time, the good news related to the follow-up pension market may gradually follow up, so the good expectations still exist. At the same time, the negative factors corresponding to the market are gradually weakening, and no new negative news has been found. Relatively speaking, there is no systemic risk in the market for the time being, which is conducive to the further continuation of the rebound. It is the general trend to continue to break through the market after the short-term market repeatedly oscillates and digests the pressure above the annual line.

Jufeng Investment: In the news, the preparations for Shenzhen-Hong Kong Stock Connect have been basically completed, and the State Council has approved the implementation plan of Shenzhen-Hong Kong Stock Connect. In fact, the market has long expected the opening of Shenzhen-Hong Kong Stock Connect. The stock index rose sharply on Monday, which may be that far-sighted investors ran ahead of time. Technically, after the stock index rises sharply and touches the annual line, it may be repeated in the short term. If it can't be effectively broken, the probability of falling back is greater. Generally speaking, the game pattern of stock funds in the market has been broken. Under the favorable stimulus and the entry of incremental funds, the rebound of the stock index has just begun. After the short-term volume increase touches the annual line, there may be a short-term callback. Remember to actively buy on dips, especially investors with short positions and light positions. In case of active retreat, it will be an excellent opportunity to add positions and open positions.

There is a demand for shock consolidation in the market.

Shi Sheng Chuangfu: It is only a matter of time before the stock index breaks through. Yesterday's shrinking volume has fully demonstrated that the market has no intention to continue to adjust the deep decline. More time will buy space to digest the pressure near the short-term annual line, and the support near the high point of 3090 in April will not easily fail. The bulls are temporarily in a state of rest, and the market outlook is still expected to make another effort to break through the annual line suppression.

Guangzhou Bandung: Although the Shanghai Composite Index fluctuated for two consecutive days, the Shenzhen market showed a strong consolidation trend, with the Shenzhen Component Index hitting a new high, reflecting that the focus of market funds was in Shenzhen; Furthermore, from the 60-minute K-line chart, the Shanghai Composite Index has formed a supporting platform around 3 100. On the whole, it is more likely that the Shanghai Composite Index will effectively stand at 3 100.

Hai Shun, Ningbo: The Shanghai Composite Index is facing the suppression of the annual line, and short-term profit-taking has also become an obstacle to the upward movement of the stock index. Although there has been a recent correction in the weight sector, the stock index has not fluctuated much, and the continuous recovery of the theme concept is also conducive to activating market sentiment. The Shanghai Composite Index still needs shock consolidation in the short term. In operation, investors are advised to sell high and suck low.

Pay attention to the reform of local state-owned enterprises

Tianxin Investment: The stock index has continued to adjust slightly in the past two days, but the volume can continue to follow up, so the recent adjustment can be regarded as a technical break. The overall upward trend has not changed. At present, the Shanghai Composite Index is still running above 3 100. Moreover, the Shanghai Composite Index has broken through the consolidation platform from February to August this year. With the cooperation of quantity and energy, it is a high probability event to continue to rise in the future. In addition, the valuation repair market has started, and the real estate, brokerage, coal, nonferrous metals and other sectors have performed well recently. Even so, these sectors have obvious advantages over small and medium-sized creative themes in terms of performance and price-earnings ratio.

Guangzhou Bandung: Sustainable attention to the reform of local state-owned enterprises and PPP related concepts. The core of this round of market is still reform, and the current reform of state-owned enterprises is in a critical period of advancement. Policies in Shanghai and other places have been introduced first, and it is more likely that other places in China will follow suit. It is expected that favorable catalysts will continue to be introduced, and the reform of local state-owned enterprises will remain the focus for some time to come; The decline in private investment has led the government to push PPP. At present, brokers unanimously recommend it, and it is expected to get the concentrated attention of funds in the short term.

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Nearly 60% of the funds are concentrated in the five blue-chip sectors.

Non-bank finance Shenzhen-Hong Kong Stock Connect benefits brokers.

According to statistics, in the first two trading days of this week, * * * 28 non-bank financial industry double-financing target stocks showed net purchases during the period, and the accumulated net purchases during the period were about 38,465,438+billion yuan, ranking first in Shenwan's first-class industry.

Specifically, among the above 28 underlying stocks, there are 1 3 underlying stocks whose net financing purchases exceeded1100 million yuan in the first two trading days of this week, and the net financing purchases of AVIC Capital, Huatai Securities and CITIC Securities all exceeded 400 million yuan, which were 498,903,800 yuan, 438,654,300 yuan and 06,543,800 yuan respectively. China Ping An (265,860,500 yuan), Western Securities (261466,600 yuan) and China Merchants Securities (21907,900 yuan).

Judging from the market performance, the above-mentioned stocks sought after by financiers performed outstandingly this week, with 28 stocks all rising this week, among which Huatai Securities (9.03%), Oriental Fortune (6.77%), Guohai Securities (5.78%) and Lu Xinchuang Investment (5.62%) were among the top gainers.

Regarding the layout of the non-bank financial industry, Shanxi Securities said that the opening of Shenzhen-Hong Kong Stock Connect will attract overseas funds to enter the market, which is conducive to the performance repair of brokers. From the perspective of industry development, the opening of Shenzhen-Hong Kong Stock Connect is an important step in the opening of the capital market, giving the brokerage industry a "optimistic" rating.

Two days before this week, real estate bought 10 shares and raised over 100 million yuan.

According to statistics, in the first two trading days of this week, 46 stocks in * * * real estate industry were both financed during the period, during which the accumulated net financing purchase was about 2.962 billion yuan, ranking second in Shenwan's first-class industry.

Specifically, among the above 46 underlying stocks, there are 1 0 of the underlying stocks whose net purchase amount of financing exceeded1100 million yuan in the first two trading days of this week, among which the net purchase amount of Jindi financing ranked first, reaching 430.525 million yuan, and the net purchase amount of financial street financing in the subsequent period was 305.5926 million yuan. In addition, the net financing purchases of Greenland Holdings, Poly Real Estate and Vanke A are also significant.

Judging from the market performance, the above-mentioned stocks sought after by financiers also performed well this week, with 40 stocks rising this week, including Langfang Development (26.79%), Lujiazui (16.79%), Vanke A( 13.48%) and Tianchen (13.3/). For the real estate industry, BOC International said that it is expected that there will be little opportunity for the sustainability of the traditional development sector during the year, but the return on capital of holding properties and low-valued blue-chip stocks is worthy of attention, and there are also opportunities for the transformation of stocks and the reform of state-owned enterprises. The latest recommended combination: 1 Defensive varieties suggest focusing on property companies with high dividend yield, high asset discount and stable cash flow: Pudong Jinqiao, Financial Street and Waigaoqiao; 2。 Offensive varieties recommend small and medium-sized stocks with high asset safety margin and transformation qualification: Huaye Capital, garbo group, Zhongzhou Holdings, Guangyu Group, Tianzhu Shares, Tianbao Infrastructure, etc. 3。 High-quality asset stocks with the theme of state-owned enterprise reform: Huaxin, Poly Real Estate, OCT, COFCO Real Estate, etc.

Banks have opportunities for valuation repair.

According to statistics, in the first two trading days of this week, * * * had 14 stocks with two financial targets in the banking industry, during which accumulated net financing bought about 2.654 billion yuan, ranking third in Shenwan's first-class industry.

Specifically, among the above-mentioned 14 underlying stocks, there are 8 underlying stocks with net financing purchases exceeding 1 100 million yuan in the first two trading days of this week. During the period of Bank of Ningbo, the maximum net financing purchase was 71105600 yuan, and during the period of Industrial Bank and Minsheng Bank, the net financing purchase was also more than 300 million yuan. They are 390,950,400 yuan and 317196,900 yuan respectively. In addition, the underlying stocks with a net purchase amount of over 100 million during the period include Huaxia Bank (293,223,700 yuan), China Bank (2737 17700 yuan) and China Industrial and Commercial Bank (19528).

Judging from the market performance, among the stocks sought after by the above financiers, five stocks rose this week, with a cumulative increase of 2.28% during the period of China Merchants Bank and a cumulative increase of 1.09% during the period followed by CITIC Bank. Other target stocks that rose this week include Bank of Communications, Ping An Bank and Huaxia Bank.

Ping An Securities said that the current P/B ratio of the banking sector is 0.88 times that of 20 16, and there is still room for repairing the market's pessimistic expectation of bank asset quality, and interest rates continue to decline. At present, the attractiveness of the bank's dividend rate relative to the real interest rate is still obvious, and the change of market style is conducive to enhancing the allocation value of the low-valuation sector. In terms of individual stocks, it is suggested that Nanjing Bank, China CITIC Bank, Industrial Bank and Shanghai Pudong Development Bank pay short-term attention to the valuation repair opportunities of China Everbright Bank and Huaxia Bank.

Non-ferrous metal gold shares are elastic.

According to statistics, in the first two trading days of this week, * * * there were 30 non-ferrous metal industry stocks with two financial targets showing net financing purchases during the period, during which the accumulated net financing purchases were about 65.438+74.4 billion yuan, ranking fourth in Shenwan's first-class industry.

Specifically, among the above 30 underlying stocks, there are 5 underlying stocks whose net financing purchases exceeded 1 billion yuan in the first two trading days of this week, namely nanshan aluminum (416.558 million yuan), Western Resources (1756.5438 million yuan) and Admiralty Gold (10).

Judging from the market performance, among the stocks sought after by the above financiers, 26 stocks rose this week, with a cumulative increase of 19.82% during the western resources period.

Pacific Securities said that the flexibility of gold stocks this year is much higher than in previous years. In the past, the changes of international gold prices and gold stocks were not so synchronous, which also originated from the fact that there were not many varieties and hot spots that could be invested in the A-share market. It is recommended to continue to hold gold stocks in the short term. If there is a retracement, stocks such as Shandong Gold and Hunan Gold will be laid out on dips.

Medical biology has entered the era of structural optimization.

According to statistics, in the first two trading days of this week, 56 stocks in * * * pharmaceutical and biological industries had net financing purchases during the period, and the accumulated net financing purchases during the period were about 654.38+0.079 billion yuan, ranking fifth in Shenwan's first-class industry.

Specifically, among the above 56 underlying stocks, there are 4 underlying stocks whose net financing purchases exceeded 1 100 million yuan in the first two trading days of this week, namely Shanghai Pharmaceutical (1648,727,700 yuan) and Tiantan Bio (13836 100).

Judging from the market performance, among the stocks sought after by the above financiers, 46 stocks rose this week, and the cumulative increase during Peking University Medicine was 1 1. 12%.

Dongxing Securities said that the pharmaceutical industry has entered the era of structural optimization from the era of barbaric expansion. In the next five to 10 years, we should look for investment opportunities from the general trend of industry differentiation. It is suggested to focus on the following five main investment lines: first, the investment opportunities promoted by the new medical reform policy, including consistency evaluation (CRO such as Tiger Pharmaceutical, pharmaceutical excipients such as Erkang Pharmaceutical, and preparation exports such as Huahai Pharmaceutical, etc. ), prescription outflow brought by Sanming model (distribution+retail, such as Sinopharm, chain pharmacies, such as Yinxintang, etc. ), graded diagnosis and treatment (third-party diagnosis such as the dean's diagnosis, third-party images such as China Resources Wandong, rehabilitation for the elderly, drugs just needed at the grassroots level such as tonghua dongbao, etc. ); The second is pan-innovation, including innovative drugs such as Hengrui Pharma, innovative technology (precision medicine such as Zuo Li Pharmaceutical, Livzon Group, etc.) and service innovation (CRO, CMO); Third, pan-services, including medical services (specialist chains such as Aier Ophthalmology, regional medical groups such as Xinbang Pharmaceutical, and commercial medical services such as hospital construction) and commercial services (including GPO such as Neptune Bio and PBM Jiashitang); Fourth, internationalization, including the export of preparations such as Huahai Pharmaceutical and Hengrui Pharmaceutical, and the internationalization of R&D such as Hengrui Pharmaceutical; Fifth, high-prosperity areas, including blood products such as Hualan Bio, children's medical care, IVD, and Chinese herbal pieces such as Kangmei Pharmaceutical.

A-share market funds chase trading opportunities

1, under the economic L type, the balanced city becomes a * * * knowledge.

Basically know that the domestic economy will show an L-shaped trend in the future. The market unanimously expects that monetary policy will remain loose, but there is limited room for interest rate reduction (the central bank must curb asset bubbles and maintain the exchange rate). In this context, the performance trend of domestic enterprises will also show an L-shaped trend with high probability. According to the classic cash flow discount model, the stock price depends on the profit prospect, risk-free interest rate and market risk preference of the enterprise. Therefore, the market is cautious about the future trend of A shares, and the market risk appetite is difficult to change. In addition, with the "national team" regulation and policy supervision orientation, balanced cities are gradually becoming market knowledge. In such a balanced market, we can often find that the funds in the market are forced to pursue trading opportunities of high throwing and low sucking, because it is easier to "ride a roller coaster" by holding shares for a long time.

2. High valuation limits the willingness of long-term funds to enter the market.

Judging from the valuation, the data shows that the overall P/E ratio of A shares excluding financial services is 42 times, which is still slightly higher than the historical average of 37 times, and there is still a distance from the bottom of history; The P/E ratio of GEM is still as high as 8 1 times. This reflects that the current market valuation lacks a margin of safety, especially for small and medium-sized stocks. In this case, the willingness of long-term funds to enter the market gradually weakened. In addition, this year's A-share funds also show the game characteristics of stock or even reduction. The data shows that from the beginning of this year to the first week of August, the bank-securities transfer funds decreased by 4.7 billion yuan.

Therefore, it is difficult for funds in the market to have confidence in holding shares for a long time. After the short-term price rise pushes up the valuation, if it is not cashed in time, it will be sold by other investors and damaged.

3. Market funds are keen to chase "hot spots"

Under the market background that there is no trend opportunity and valuation lacks safety margin, the theme market with "money-making effect" is a valuable "trading opportunity" for stock funds. In the process of participation, various funds further strengthened the sustainability of the theme market.

Since the beginning of the year, thematic sectors such as lithium batteries, smart cars, semiconductors and the Internet of Things have been active in stages. Taking the theme market of lithium batteries as an example, supported by the rising price of lithium carbonate, the explosive growth of the output of new energy vehicles and the publication of the catalogue of domestic lithium battery power batteries, the market selectively ignores the disadvantages of cheating new energy vehicles and greatly expanding the upstream production capacity. The concept index of lithium battery rose from 3030 in March 1 1 to 5 1365438 in July 15. During this period, a large amount of funds were involved. The overall turnover of the lithium battery sector was 6.8 billion (accounting for 2.2% of the total market turnover) on March 1 1 day, and the highest was 63 billion (accounting for 10.6% of the total market turnover) on June 16.

However, under the situation of stock capital game, the theme market is still a short-term opportunity, and factors such as favorable events, declining attractiveness of sector valuation, and new hot spots competing for funds may all lead to a phased correction or even an end of the sector market.

4. Individual investors: Short-term traders become the dominant players in the market.

From June last year to the beginning of this year, the three-round stock market crash caused heavy losses to investors who held stocks for a long time. In the process of communication with many core large brokerage business departments, the author learned that real long-term investors have either lost confidence and withdrawn from the market, or have been forced to switch to short-term trading.

Another interesting phenomenon is that every time the market index breaks through the 20-day moving average upward or downward since the two sessions this year, the trading volume of the market on the same day and in the following days has been significantly enlarged compared with the previous period. This reflects that there may be similar entry or exit conditions for short-term funds in the market, which also magnifies the fluctuation of the short-term market to some extent.

5. Funds: Short-term investment behavior is equally serious.

Sunshine Private Equity: Due to the pressure of net worth, the trading style of private equity funds (PE) this year is generally conservative, and more often they are chasing short-term opportunities. Among them, many old private equity products have approached the liquidation line after three rounds of stock market crash, and risk control has become the top priority; And some newly issued private equity products are generally cautious because of the lack of "safety mat" in net worth; The more popular capital preservation fund products issued this year are also facing similar problems. For them, it is a rational choice to choose a "trading opportunity" with easy risk control and certain profit-making effect to make a good net worth.

Public Offering of Fund: In the absence of market trend, Public Offering of Fund's grasp of the theme trading opportunities is the decisive factor for the fund products to achieve excess returns and ranking advantages. Therefore, Public Offering of Fund also has a strong willingness to participate in the theme market.

6. The brokerage research report added fuel to the fire.

Due to the lack of opportunities for market integrity, research institutions represented by brokers also "cherish" opportunities in hot markets. Once there is a sign of the theme market, various brokers often recommend it unanimously and collectively "brush the sense of existence". The strong recommendation of the research team of securities firms has contributed to the theme market, strengthened the "money-making effect" of short-term market, and also amplified market fluctuations.

Taking the semiconductor theme market in late May as an example, due to the positive performance of American semiconductor companies, the domestic semiconductor industry has gradually attracted market attention. From the end of May to mid-June, after the initial market launch, dozens of bullish reports of semiconductor industry or individual stocks were published by the research teams of more than ten securities firms, and their views were widely spread through social networks such as the media. In the following month, the concept index of chip localization soared from 484 1 point to 6079 points, and the plate rose by more than 20%. Qi Xing Electronics (00237 1), Shanghai Xinyang (300236) and other leading stocks almost doubled. The overall turnover of the sector increased significantly from around 6 billion in early May to 654.38+07 billion (June 27th). Semiconductor plate has become the hottest topic at this stage.

To sum up, under the combined action of various factors, the market characteristics of "transactional opportunities" are particularly inevitable. Similar situations in history include: the banking stock market in early 20 13 under the expectation of loose policy and qfii; the media stock speculation caused by the unexpected box office of "Sorry for Thailand" at the end of 20 12; and the surge in the new energy vehicle sector caused by Tesla at the beginning of 20 14. Therefore, under the background of balanced market structure and short-term investment style of on-site funds in the future, the market characteristics of "trading opportunities" will continue.

It is worth noting that the recent tightening trend of trading supervision policies is clear, and the trading opportunities of short-term theme stocks have also been greatly affected. So will policy factors upset the current balance? The author believes that the tightening of supervision has a great impact on the trading opportunities of hot stocks in the market, and the related stocks have dropped significantly in the short term, and the market transactions have weakened, but it is less likely that active investors will completely withdraw from the stock market trading. Once the later regulatory standards are clear, this part of active funds will still return to the market, and trading opportunities will re-dominate the market in a new form. In fact, with the gradual moderation of the regulatory attitude, stocks such as the reform of state-owned enterprises and the concept of placards have shown signs of activity recently, and the state in which trading opportunities dominate the market is "returning". Finally, the regulatory authorities' handling of illegal activities such as price manipulation and insider trading in the process of market hot topics speculation is helpful to maintain market fairness, but the directional supervision of some so-called hot topics is debatable. Liquidity is the basis of market existence, and diversified participants are more helpful to improve market pricing efficiency. The hot spots that have been hyped by funds in the past few years are not all "pure concept" hype. For example, the film and television media sector has become the representative of the "new blue chip", and the new energy automobile sector has also ushered in a profit explosion this year. It can be seen that the speculation of funds on short-term themes is also a pricing process for the long-term development prospects of the industry to a certain extent; Moreover, the high valuation of some emerging industries in the secondary market is expected to feed back into the investment in the primary market, so as to realize the role of capital market in allocating resources. The author hopes that while protecting small and medium-sized investors and maintaining market fairness, the regulatory authorities should also dialectically treat the inevitability and rationality of funds chasing "trading opportunities" and truly play the role of reasonable market pricing and effective allocation of resources.