Reporter of the Economic Business: Wang Haimin 未分类 Editor of the Economic Business: Wu Yongjiu
Recently, the Hang Seng Technology Index has become a market sentiment indicator to a certain extent.
Since the historical high hit in February last year, the Hang Seng Technology Index, which has a maximum retracement of nearly 70%, has seen a continuous rebound in recent times, and the rebound range has reached 38% from the bottom. During the only trading day during the Qingming Festival holiday, the Hang Seng Technology Index continued to rebound, up 5.43%. On the same day, the Chinese stocks listed in , also showed a significant rebound.
According to statistics from each city, as of now, a total of 45 securities research institutes have received April gold stock , with a total of 355 targets. From an industry perspective, the recommendations of various securities companies to media, construction decoration, agriculture, pharmaceutical and biological industries have increased significantly.
Hang Seng Technology and Chinese stocks continue to rebound
Hang Seng Technology Index Daily K-line chart
Screenshot from: Choice data
Affected by adverse factors such as the continued decline of Chinese stocks and tightening of overseas liquidity, in the past year, Hong Kong stock technology stock sector showed a round of aggressive selling down market.
From the historical high set in February last year to mid-March this year, the Hang Seng Technology Index's maximum drawdown was nearly 70%. During the same period, the technology and pharmaceutical and biological sectors of Hong Kong stocks became the hardest hit areas for the market decline, and many companies experienced huge losses.
At the same time, many Chinese stocks listed on the US stock market, A shares , Science and Technology Innovation Board , and GEM , have also experienced sharp declines.
This situation was not reversed until the State Council Financial Stability and Development Committee held a special meeting on March 16 this year. Since then, the technology, , pharmaceutical and biological sectors of Chinese stocks, and Hong Kong stocks, have seen a round of rebounds that have continued to this day.
The rebound continues during the Qingming Festival holiday. During the only trading day of the Qingming Festival holiday (April 4), the Hang Seng Technology Index rose sharply by 5.43%. On the same day, US and Chinese stocks also saw a significant rebound.
As of now (April 5), the Hang Seng Technology Index has rebounded by 38% from the bottom; the rebound of Nasdaq China Golden Dragon Index has exceeded 50% from the bottom.
Regarding the recent rebound of Chinese stocks and Hong Kong stock technology stocks, Glonghui US stock analyst pointed out today that "After the senior management speech in mid-March, the Hang Seng Technology Index and Chinese stocks have basically bottomed out, and liquidity risk can be said to have greatly alleviated. We can continue to pay attention to the implementation of domestic policies, such as the re-lease of game version numbers. Overall, the market has a marginal improvement trend recently, and the continuous momentum of this wave of rebound is relatively strong."
Brokerage: This round of rebound is short to the end of April
According to statistics from each market, as of now, a total of 45 brokerage research institutes have received April gold stocks released by 45 brokerage research institutes, with a total of 479 recommendations. Excluding duplications, a total of 355 targets, covering 31 Shenwan first-level industries.
Image source: each city
From the perspective of industry, the recommendations of various securities companies to media, construction decoration, agriculture, pharmaceutical and biological industries in April have significantly increased. Judging from the industry distribution of securities companies' gold stocks in April, the pharmaceutical and biological industry ranked second in all industries with a ratio of 8.62%, while the pharmaceutical and biological industry ranked fifth in all industries with a ratio of 5.7% last month.
It is worth mentioning that among the gold stock portfolio that has been released in April, 9 brokerages also recommended Kweichow Moutai , 7 brokerages also recommended Vanke A, Zhifei Bio, and 6 brokerages also recommended Muyuan Shares , and China Nuclear Power.
Judging from the past situation, these gold stocks recommended by multiple brokers at the same time often become "reverse indicators" in real-time performance. So whether the "gold stocks" such as Kweichow Moutai, Vanke A, Zhifei Bio, etc., which are recommended by various brokers this month, will repeat the same mistakes, remains to be tested by the market.
According to the reporter's observation, various securities companies currently tend to continue to rebound for the A-share market in April.For example, the Open Source Securities strategy team recently released its latest view, saying that based on the core conclusions of the report written on March 15: On the one hand, the domestic "M1%- short-term %" may tend to expand in the second quarter, and the liquidity momentum will continue to increase; on the other hand, it may be a window for overseas liquidity to tighten and slow release. We are firmly optimistic about the temporary rise opportunities for the "denominator" valuation repair or even expansion brought about by the liquidity shift in the A-share market; the duration may be affected by the expectation of tightening overseas currencies, and it is expected that this round of rebound will be short to the end of April and long to May. And it is believed that the market in April may dominate by growth style.
However, some securities firms are relatively cautious in their views. For example, the strategy team of CICC recently pointed out, "At present, we feel that the market will make further breakthroughs and need to wait for strong easing, otherwise we are more inclined to see it as a volatile pattern, that is, not chasing highs easily and considering increasing positions when falling back. If there is really strong easing, we will consider extending to the real estate chain according to specific policies, and gradually considering the rebound of growth stocks. Most consumer stocks will also depend on the epidemic, and the recovery is expected to be slow."
Daily Economic News
