[Current Review] The two markets opened lower in the early trading and then rose slightly, while masks and other anti-epidemic concepts rose, and the two markets rebounded across the board; Luxshare Precision, which released its annual report performance report and exceeded expec

[Current Review]

In the early trading, the two markets opened low and then rose slightly. Anti-epidemic concepts such as masks rose, and the two markets rebounded across the board; Luxshare Precision , which released its annual report performance report, which exceeded expectations, rushed to 5%; yesterday, China Resources Micro, which opened low and closed high and rushed to 20%. monster stock Tongfeng Electronics denied that it was related to Tesla last night and hit the limit directly at the opening today.

Infrastructure, Chinese characters, real estate, etc. rose during the session, and the game was released on the weekend. Under the seesaw effect, technology stock continued to decline, the semiconductor industry chain and high-priced stocks took the lead in plummeting, and the ChiNext Index fell by 5%.

Financial stocks led by securities companies all fell, and their weight fell, and the Shanghai Composite Index also fell by more than 3% and fell below 2,900 points.

In the afternoon, the two markets rebounded across the board, and the mask concept took the lead in the daily limit surge. Subsequently, Zhaoyi Innovation, Zhuoshengwei and others pushed the straight line and turned red. Shenzhen Konka A later hit the daily limit, and funds returned to technology stocks, driving a significant recovery in popularity; the monster stock Xiuqiang shares once hit the daily limit, and Jingfang Technology also hit the daily limit for a while, and the decline of the ChiNext Index narrowed.

, but the funds continued to be weak, and then fell back across the board again. , financial stocks fell at the end of the trading session, and the index hit a new low.

The funds failed to save themselves in the afternoon, and the concerns about uncertainty factors over the weekend led to more capital outflows at the end of the trading session and more stocks hit the limit. A total of 216 non-ST stocks closed down the limit, which was much worse than the day before yesterday.

As of the close, the Shanghai Composite Index fell 3.71% and fell below 2900 points, the Shenzhen Component Index fell 4.8%, and the ChiNext Index fell 5.7%.

The two markets had a total transaction volume of 1129.5 billion, an increase of nearly 80 billion compared with yesterday.

Today, the weight, technology and themes are falling!

216 non-ST stocks in the two markets closed down the limit, and 10 other Technological Innovation Board stocks fell by more than 10%. When the ChiNext fell sharply the day before yesterday, only 91 people closed down the limit, which is even more tragic today.

High-priced technology stocks led by the semiconductor industry chain are still the main force in the sell-off. In terms of weights of

, securities companies took the lead in selling, and many other stocks such as Oriental Fortune , CICC, Tianfeng Securities , etc. hit the limit down at the end of the trading session.

In the past three days, a total of 77 stocks have fallen by more than 20%. The largest decline in is Qianzhao Optoelectronics, with a cumulative decline of 27%. The following table is the top 20 votes with the cumulative decline in the past three days:

[Fund & General Trend]

Today's time-sharing fell, and the funds were all in a wait-and-see state. On the one hand, they really had no money. They were eager to buy at the bottom of , and they had already copied it a few days ago; on the other hand, they still had money, so they were not in a hurry to copy it now.

northbound funds had a net outflow of 5.137 billion yuan throughout the day, net outflows for six consecutive trading days, with a cumulative net outflow of 29.341 billion yuan this week, the second highest in a single week; northbound funds had a cumulative net inflow of 11.584 billion yuan in February.

A good phenomenon is that foreign capital has once again experienced rapid and significant return in the late trading session.

Northern funds today bought 739 million yuan of CATL and 703 million yuan of Oriental Fortune, and net sold 1.245 billion yuan of Kweichow Moutai and 956 million yuan of Wuliangye.

In addition, judging from the performance of institutional seats, Jingfang Technology was cut by Brother Zhao today, and the retail investor base was also selling crazily, and institutional seats were crazily bought 359 million!

In addition, Taiji Industrial received a purchase of 115 million yuan, and Shenzhen Konka was bought 100 million yuan; Zhaoyi Innovation staged an institutional duel, buying 596 million yuan and selling 599 million yuan.

The performance of foreign capital and institutions is considered a small benefit and is in stabilizing people's hearts.

Today is the first time since February that weight and technology have fallen, and the sales drop accelerated at the end of the trading session. This is the first comprehensive adjustment after the year, releasing pessimism to the extreme.

This weekend, we mainly focus on two things:

First, whether US stocks will continue to plummet tonight , as well as the United States' measures to deal with the new crown pneumonia and stabilize the market.

Second, domestic policy stimulus, can it exceed expectations . Real estate stocks rose again in the late trading. They bet on the weekend to see if they can be cashed out; in addition to monetary policy, there are also new infrastructure and stimulating consumption, which are worth looking forward to.

For A shares , the technology stock trend that has formed since last year has not ended. Every major style switch in A-shares will last for two or three years, and it will not end like this.

This round of A-shares rise after the festival is the core logic of the policy favorable expectations, which have not been fulfilled and ended yet, and the positive news for the weekend is still worth looking forward to.

The reference index of the ChiNext Index fell below the 20-day line today. Let’s first look at the positive news on the weekend. Whether the ChiNext Index can stabilize and recover quickly next week.

[Golden Pit 2.0]

Here I quote Anxin Securities Chen Guo's "Views on some common issues in Gold Pit 2.0":

1. What if the overseas epidemic has accelerated its spread recently?

plus today, the overseas decline is estimated to exceed 10%, close to the decline at the A-share gold pit at 1.0, but the epidemic situation in Japan and South Korea cannot be compared with Wuhan at that time. In theory, it should first fluctuate and then look at the progress of the epidemic.

and will start to repair as long as it does not plummet overseas.

A shares gold pit 1.0, in fact, the market could not determine the speed of the spread of the epidemic in China in the short term and when it could be controlled. Funds should first buy medical games MCN and various Internet.

2. The overseas and domestic models are different. What if we finally find that the overseas epidemic is more serious than China?

open paper test score is lower, which will prove China's excellence and revaluation of China's assets.

3, but is the position of gold pit 2.0 higher than 1.0?

Yes, since it is the gold pit 2.0, the subsequent repair market will be different from the repair of 1.0.

I think the biggest problem in the market is that the 1.0 repair market has risen too hard.

is now experiencing a gold pit 2.0. The repair will be slower, the risk preference will be reduced, and the fundamentals of the first quarter report will be more thoughtful. At the beginning, the style will be less extreme. In addition to the new infrastructure 5G computer consumer electronics, pharmaceutical games MCN and various Internet, due to the global spread of the epidemic, the countercyclical strength of stable growth will be stronger. In addition to the relative position, real estate construction and automobiles will also participate in more than 1.0 gold pit.

[Where is the risk of the US economic recession? 】

After the financial crisis, the Federal Reserve lowered the interest rate to 0 within one year. This interest rate range lasted for a full seven years, and the long low interest rate cycle was the first time in the history of the Federal Reserve. Almost at the same time, the Federal Reserve introduced an unconventional monetary policy, investing more than $4 trillion in the market by purchasing Treasury bonds, encouraging various industries to borrow money to expand, and driving a bottoming out and rebound in a number of economic data including manufacturing, services, products and exports. But these debts in created GDP, but did not create corresponding profits - the profits of American companies remained at the level of 2014.

The insufficient effective demand (in US dollars) brought about by the decline in growth rate of emerging markets led by China, and the further deepening of the Internet wave has had an impact on income and profits on multinational companies in some traditional industries. Faced with the headwind of operations, these companies did not choose to use debts for capital expenditures, but whitewashed performance (EPS) through repurchase and dividends to issue dividends to maintain the share price ; on the other hand, the stagnation of traditional industries has made emerging industries such as information technology and medical and health industries more attractive. The influx of a large amount of cheap funds has given birth to unicorns. Given their market size and monopoly position, investors are tolerant of their huge losses.

However, companies cannot always leverage to continue repurchasing, and investors cannot always tolerate corporate losses. loss-making companies will have to withdraw through IPOs, so the open market profits will be dragged down, or they may give up listing due to low valuations, and actively choose strategic contraction and layoffs to save expenses.

As the capital market is tight, the choice of American companies will become narrower and narrower. After ten years of continuous expansion, the US economy will also complete the mean return.

[Funds buy at the bottom! 】

For individual stocks in the sector, the semiconductor industry chain and other high-level stocks are still the focus of capital outflows; funds are crazy about stock adjustments and stock exchanges, the subsequent stocks in the sector will be seriously differentiated . Today, the performance of the market is strong, especially the continuous inflow of foreign capital and institutional funds, which is the focus of attention.

First of all, pay attention to the popular tickets that have funds to pay for the bottom.

Driver counted the closed positive line today, with a transaction of more than 1 billion yuan, and a closing price of more than 3% relative to the lowest price intraday (the maximum floating profit at the bottom is greater than 3%). There are 77 , as shown in the table:

[Performance]

Luxshare Precision released its annual report performance report last night, exceeding expectations, opening low and closing high today, closing up 2.22% against the market.

The bottom line is to have performance.

According to the regulations of the Shenzhen Stock Exchange, companies on the SME Board and the GEM will issue performance quick reports as late as tonight (or directly send annual reports).

You can pay attention to companies whose annual report performance exceeds expectations on the weekend.

[Raise Dissipation]

Consumer electronics develops towards the trend of lightweight and diversification to increase the demand for heat dissipation. The body of high-performance electronic products is getting thinner and thinner, the volume of electronic components is constantly shrinking, but their power density is rapidly increasing. The components that generate heat by mobile phones are mainly CPUs, batteries, motherboards, etc. The problem of heat dissipation has become an important problem. . The upgrade of the front-end of the 5G mobile phone radio frequency has brought an increase in the number of antennas, and the transmission speed has increased the need for heat dissipation; when the smart machine performs high-efficiency power consumption functions and applications, the SoC will emit a lot of heat, increasing the need for heat dissipation.

mobile phone cooling solutions are emerging, and heat pipe / temperature equalization board heat dissipation technology is outstanding. Currently, mobile phone heat dissipation solutions are emerging on the market including graphite sheets, graphene, temperature equalization plates, heat pipes, etc. The thermal conductivity of the heat pipe/temperature equalization plate heat dissipation scheme is higher than that of other solutions, and the thermal conductivity efficiency advantages are outstanding. At the same time, the heat pipe/temperature equalization plate has a long service life, and the temperature equalization effect is better than other heat dissipation solutions. 5G mobile phones such as Huawei, , Xiaomi, , etc. have begun to adopt heat pipe/temperature equalization board heat dissipation solutions, and 5G mobile phones are expected to bring 3.1 billion yuan in cooling space in 2022. The development of wireless charging and OLED will also increase the demand for cooling.

Domestic companies are actively making arrangements and continue to enjoy the high growth of the industry. Zhongshi Technology acquired Kaiweidi and actively deployed the heat pipe/temperature equalization board business; Carbon Yuan Technology established carbon Yuan thermal conductivity and successfully introduced the temperature equalization board/temperature portability; Lingyi Intelligent Manufacturing issued additional issuance, increasing the layout of heat dissipation modules; Jingyan Technology set up a cooling business department at its Changzhou headquarters; Feirongda's subsidiary focused on heat dissipation technology. Taiwan-based companies such as Shuanghong Technology, Jiance Precision, Chaozhong Technology, and Lizhi Technology all have new cooling methods such as temperature equalization boards.

Follow: Zhongshi Technology, Carbon Yuan Technology , Lingyi Intelligent Manufacturing, Jingyan Technology, Feirongda.