On April 23, the market fluctuated and differentiated all day, the Shanghai Composite Index was adjusted, and the Growth Enterprise Market Index rebounded slightly. At the close, the Shanghai Composite Index fell 0.74%, the Shenzhen Component Index fell 0.61% and the Growth Enterprise Market Index rose 0.15%.
In terms of sectors, education, humanoid robots, Sora concepts and underground pipe networks were among the top gainers, while gold, coal, non-ferrous metals and Chinese characters were among the top losers.
In general, individual stocks rose more and fell less, with more than 3,200 stocks in the whole market rising. The turnover of Shanghai and Shenzhen stock markets today was 775.4 billion, a decrease of 46.7 billion compared with the previous trading day, and the turnover fell below 800 billion.
Northbound funds sold 2.997 billion yuan, of which Shanghai Stock Connect bought 232 million yuan and Shenzhen Stock Connect sold 3.229 billion yuan.
As the holidays are approaching, the market turnover has been shrinking these days, and it is obviously difficult for more than 700 billion yuan to support the general market.
Today, market funds choose to gather in small and micro-cap stocks, and the core assets are adjusted accordingly. Corresponding to the index, Beizheng 50, CSI 2000 and GEM are stronger.
Although the Shanghai Composite Index dropped to 3016.52 in late trading, after all, more than 3,000 stocks rose, and investors were relatively comfortable in a single trading day.
And today, no matter whether you pursue new themes (such as "military informationization") or participate in the rebound of old hotspots, you can get good results.
It is worth mentioning that the logic of low-altitude economy, one of the hottest topics recently, seems to have a trend of extending to "military informationization". Whether it is the increase during the year or the performance since the rebound of A shares on February 6, it is now comparable to the concept of ChatGPT (or AIGC) last year.
New hot spots and old themes have risen together.
Resource stocks continued to fall.
As we said in yesterday’s push, the recent market is more welcome to new themes.
Yesterday’s new "military informationization", today’s plate gains continue to lead. Some constituent stocks have recorded 20cm two boards.
In addition, another plate suddenly changed today-underground pipe network. After the opening of the tender shares in the plate, the daily limit of 20% was only about 2 minutes, and Han Jianheshan also went straight up in about 4 minutes.
Although it is not a new concept, it has a new catalyst and is also a new face in the recent market.
First, at the press conference of the State Council Office yesterday, Wang Dongwei, Vice Minister of Finance, said that policy tools such as issuing additional government bonds, special local government bonds, and investment in the central budget would be used as a whole to promote the construction of key areas and major projects. In the next step, we will work with relevant departments to support some large and medium-sized cities to implement urban renewal actions and carry out underground pipe network renovation.
Second, there were many rainstorm warnings in these two days, which attracted market attention. For example:
The Central Meteorological Observatory issued a yellow rainstorm warning this morning. It is estimated that there will be heavy rainstorms in parts of western Liaoning, southeastern Xizang, southern Guangdong, southeastern Fujian and western Taiwan Province Island from 8: 00 on April 23rd to 8: 00 on April 24th, among which there will be heavy rainstorms (100-130 mm) in the southeast coastal areas of Guangdong.
Earlier today, many districts in Shenzhen also upgraded the red rainstorm warning, but fortunately the situation eased in the afternoon.
In terms of "old themes", the TMT sector ushered in a rebound, and the AI software sectors such as Sora concept, education, media and so on rose even higher, and the CPO on the hardware side also rose slightly.
In addition to the Sora concept, which came out in February this year, most segments of AI have fallen by about 20% this year, so the oversold rebound is logical.
As far as short-term sentiment is concerned, today is also suitable for a rebound for two main reasons:
With the continuous high-tech development, the bidding stage will obviously stop falling;
Xin Yisheng, one of the "Three Musketeers" of CPO, disclosed an unexpected financial report last night, and its net profit in the first quarter more than tripled.
On the downside, it is still led by resource stocks and high dividend assets.
According to china securities journal analysis, there are three main reasons:
First, commodity futures fell. At the close, most domestic commodity futures closed down, with Shanghai Tin falling more than 9%, Shanghai Silver falling more than 4%, Shanghai Gold and Coking Coal falling more than 3%, and Shanghai Copper, Methanol, Shanghai Lead, Pig, International Copper and BR Rubber falling more than 2%. Vegetable oil rose more than 4%, soybean oil rose more than 2%, and bean 2 rose more than 1%.
Second, the transaction is crowded. According to the data of Tianxiang Investment, as of the end of the first quarter, the 50 stocks that Public Offering of Fund increased its holdings most were mainly concentrated in several sub-sectors such as new energy, nonferrous metals, home appliances, components, communications, petroleum and petrochemical. Among them, Public Offering of Fund increased its holdings of Zijin Mining by more than 250 million shares in the first quarter, with an increase of nearly 17%. Zijin Mining has also been promoted from the eleventh largest awkward stock at the end of the fourth quarter of last year to the fourth largest awkward stock at the end of the first quarter of this year.
Third, the continuous surge of coal stocks in recent years has made the market re-recognize the logic of high dividends. However, recently, the performance of several coal stocks in the first quarter was less than expected, which affected the emotional side of high dividend assets.
Low altitude economy
Will it be the strongest theme in the first half of the year?
Classified by the flush concept index, the two sectors, low-altitude economy and flying cars, ranked second and third in the increase during the year as of today’s close.
Ranked first is the Sora concept, which can be called artificial intelligence "the hope of the whole village".
However, from the K chart of Japan, the low-altitude economy has gone stronger and smoother in the past two months, and it is once again on all the trend lines today.
The time range below is from January 26th to April 23rd.
The Sora concept, which was born on February 19th, peaked on March 22nd, and now almost returned to the starting point.
The data shows that the low-altitude economic sector, which contains 165 constituent stocks, has bottomed out since February 6, with the highest increase of 88.49%(2.6~4.2).
As of today’s close, the cumulative increase in 48 trading days has also exceeded 68%.
This performance can be "comparable" to last year’s AI to some extent.
(Note that this article only compares the increase, and does not involve the "stepping" of fundamentals and future expectations)
From the end of January to the end of June last year, the concept of ChatGPT with 113 constituent stocks rose by 63.41%, with the highest intraday increase of 66%.
In the first half of last year, the concept of AIGC, which contains 157 constituent stocks, peaked after the overall increase of more than 90%.
In other words, the low-altitude economy has achieved almost the same increase in a shorter time. However, there are still many trading days in the first half of the year, and the follow-up is up or up, which still needs time to verify.
Some optimists believe that the low-altitude economy is still the strongest outlet in the near future, and it has begun to extend to the concept of "military informationization". The main reason is that there is a lot of overlap between military industry and low altitude. Under the background of continuous active military industry, the low altitude direction is still expected to obtain funds to undertake bargain hunting.
What is the connection between low altitude and military industry?
According to soochow securities Research Report, if we are optimistic about the reversal opportunity of the military industry, the upstream supporting links will be activated in the direction of low-altitude economy and other new quality productivity, the orders for medium-term adjustment of various equipment lines will soon land, the surrounding situation and environment will continue to be tense, the central military enterprises attach importance to the medium-and long-term market value management, and multiple factors are superimposed and resonate upwards, so the industry is expected to usher in a sustained market of renewed growth and valuation repair.
"In the first half of April, the low-altitude economic sector entered an adjustment. After falling by 16%, it began to enter a new round of rise again last Wednesday. In this round of rise, we have observed that the low-altitude economy has driven the penetration of the aircraft industry chain, such as Zhongzhi, China UAV, AVIC, AVIC Airborne and AVIC Hi-Tech. "
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