The Gem Registration System Has Been Clarified After A Deep Fall In The A Stock Market

Experienced Thursday crash, although the gem registration system has been clarified, but Friday A shares did not usher in a big rebound in expectations, after the early opening of the two cities to maintain a wide range of shocks, industry plates mixed, coal and oil and other heavyweights, the stock index rebounded nearly 1%, the gem is still weak.

At the close, the Shanghai Composite Index closed 2767.21 points, up 0.95% on the day and 3.25% on the week. The Shenzhen composite index closed 9573.70 points, up 0.24% on the day and 5.79% on the week, and 2014.92 points in the growth enterprise market, 1.09% on the day and 8.87% on the week.

On the disk side, industry sectors were mixed, coal, oil and natural gas rose 4.84% and 2.84% respectively, leading to two cities, and software, papermaking, and so on.

In February 25th, A shares suddenly changed their faces and plunged. There were many reasons for the collapse in the market. On the morning of 26, the SFC responded with a press spokesman's answer to reporters' questions, and made a response to the false rumors about the gem's suspension of issuance and so on.

Among them, in response to the rumor that "the gem will implement registration system in March 1st", the SFC strongly condemned these irresponsible false rumors. The SFC had never studied the registration system of gem separately, and there was no arrangement for the overall review of the growth enterprise market in March 1st. There was no question of arranging the main board and the small and medium-sized board to make arrangements again.

The medium-term uncertainty of the market has not yet been eliminated.

From the dimension of the next 3 to 6 months, we still need to guard against the adjustment brought about by the rising risk premium.

(1) the supply side's vision of reform is full of realistic "bone".

In the process of capacity and deleveraging, the degree and duration of "pain" faced by relevant industries may be larger than many people's expectations.

What is more important is the shrinkage of the physical industry.

Contraction will further counteract the real economy.

(2) credit risk exposure leads to a rapid contraction of risk preference.

To go to capacity and leverage is bound to be accompanied by the rise of credit risk. At present, the credit spreads are at a very low level in history, but at the same time, the corresponding credit risk is very high. The two are quite mismatched, indicating that our credit debt market implies a greater risk.

(3) the lifting of the US dollar interest rate and RMB exchange rate concerns may only be phased. Once the US dollar hike is clear or even heated, the overoptimistic market expectations are likely to be revised again.

Taking into account the recent

As well as the relative stability of the RMB exchange rate and the expectation of maintaining stability before the two sessions, the probability of a continuous drop in the index is relatively small. However, the suppression of medium-term uncertainty and the intensification of technology in the face of the trend make the operation of the latter market more difficult.

In terms of operational strategy, we continue to base ourselves on the "snooker strategy", while taking control of positions and basing ourselves on defensive counterattacks, taking account of structural changes in layout and themes that have not been fully taken into account and produced positive changes.

Continue to promote the policy oriented opportunities: (1) resources and cyclical products (price stabilization + supply side reform + institutional low allocation); (2) military industry (fluctuation on the Korean Peninsula); (3) energy saving and environmental protection (ecological construction, high-end manufacturing cross point, energy saving and environmental protection valuation and growth matching degree is better).

It reminds us of the sub sectors that are concerned about the rising prices, such as rare earth, some chemical products, blood products in medicine, and pigs and chickens in agriculture.

For relative income investors, the breed with good endogenous growth, healthy cash flow and high dividend yield is also a good choice.