On the 28th, the three major A-share indexes opened sharply and then fluctuated weakly, and the decline narrowed as the afternoon session was approaching; in the afternoon, the three major stock indexes continued to decline, and the decline narrowed to within 1% in the late tradi

As of the close, the Shanghai Composite Index fell 0.75% to 3078.55 points, the Shenzhen Component Index fell 0.69%, and the ChiNext Index fell 0.46%; the two markets had a total turnover of 758.3 billion yuan, and the net outflow of northbound funds was 3.76 billion yuan. On the market, the tourism and hotels, aviation airports, diversified finance, utilities, pharmaceuticals and commercial sectors strengthened against the trend, while the banks, securities , textile machinery, insurance, real estate, semiconductors, coal and other sectors weakened; in terms of concept stocks, online travel , duty-free concept, virtual power plants, power Internet of Things, etc. rose.

Northeast Securities believes that the market fluctuated repeatedly last week, with the 28-year rotation, with the low-valuation sector rising while the growth style falling, and low-valuation sectors such as construction, real estate and finance leading the rise, while TMT, social service, medicine, and food weakened. The significant difference between this 28 rotation and the market in the second half of 2014 or the late 2012 bull market is that the volume can shrink rather than amplify, and the lack of incremental capital cooperation, which means that the market is still in the process of repeated sorting and still needs to accumulate momentum and wait.

CICC pointed out that in 2011-2012, 2014-2015, 2018 and 2021, which are in similar economic fundamentals and are both destocking periods, the overall fourth quarter showed that countercyclical assets were significantly dominant. Based on the average monthly income performance of the fourth quarter, stable sectors (real estate and bank public transportation) TMT (media communication electronics) midstream manufacturing and optional consumption. Corresponding to the industry performance this year, short-term style may rotate towards "stable growth" in the context of unclear economic expectations and basic reactions to the high prosperity track that year. From the perspective of long-term policy orientation, high-level technological self-reliance and self-improvement may become the main line of medium- and long-term investment.

Editor: Wang Guangjian

Editor: Wu Jinming

Review: Feng Fei