On March 14, the three major indexes ranged lower after opening lower, and the decline narrowed in the afternoon. At the end, the Shanghai Composite Index fell 0.72%, the Shenzhen Component Index fell 0.77%, and the ChiNext Index fell 0.59%.
Overall, individual stocks fell more than they rose, and more than 3,900 individual stocks fell in both cities. The turnover of the Shanghai and Shenzhen stock markets today was 932.4 billion, which was 93.1 billion higher than the previous trading day.
In terms of sectors, Chiplet, photoresist, pork, gold concept and other sectors were the biggest gainers, while tourism, oil and gas, shipping, ChatGPT and other sectors were the biggest decliners.
On the disk, the semiconductor sector strengthened in the afternoon, Fullerd rose more than 11%, SMIC rose more than 10%, and Jingfang Technology and Kangqiang Electronics rose by their daily limit.
Gold stocks rose sharply at the open, Xiaocheng Technology rose more than 10%, and Zhongrun Resources and Sichuan Gold rose by their daily limit.
Digital economy concept stocks were active in the market. Inspur Software’s daily limit, Taiji and Shensangda A shares all hit new highs in the platform, and the three major operators once rushed to the top.
In terms of decline, energy storage and other stocks jointly adjusted in early trading, and rebounded in the afternoon.Shenghong shares and Sungrow Power once fell more than 7%.
ChatGPT concept stocks weakened in late trading, Tom Cat and Haitian Ruisheng fell more than 10%.
Fasten, a superconducting concept stock, performed well during the session, with more than 100,000 closed orders and a turnover of more than 500 million yuan.
【Capital flow】
Statistics show that the total net purchase of the northbound funds was 755 million yuan, and the net sale of Shanghai Stock Connect was 1.577 billion yuan, and the net purchase of Shenzhen Stock Connect was 2.332 billion yuan.
In late trading, the main funds flowed into the electronics, agriculture, forestry, animal husbandry and fisheries, national defense and military sectors, and outflows from the power equipment, computers, mechanical equipment and other sectors.
In terms of individual stocks, SMIC, China Satellite, and Muyuan received net inflows of 1.269 billion yuan, 982 million yuan, and 839 million yuan, respectively.
In terms of net outflows, Inspur Information, Tom Cat, and Zhongke Suguang suffered net outflows of 633 million yuan, 278 million yuan, and 272 million yuan, respectively.
【Organizational perspective】
Guotai Junan: Large coal groups are rich in unlisted coal assets. We expect that under the deepening reform of state-owned enterprises, the process of guaranteeing high-quality assets will be encouraged. On at the same time, in order to avoid horizontal competition, the group’s asset injection is expected to accelerate, opening up space for the growth of listed coal companies, and the valuation can be expected to increase. Recommended: China Shenhua, China Coal Energy, Yankuang Energy, Hengyuan Coal Power, Lu’an Environmental Energy, Shanxi Coking Coal, etc.
CITIC Construction Investment: It is expected that the price of high purity quartz sand and quartz crucible will continue to rise in 2023, and the price will remain high in 2024. Investment tips: (1) Quartz sand suppliers benefit from concentration; (2) Quartz crucible: The supply of high-purity quartz sand, the core raw material, is limited. The quartz crucible factory that signed a long-term agreement with foreign high-purity quartz sand suppliers are expected to have a significant profit level Quartz crucible factories that with advantages in terms of securing a supply of high purity quartz sand will also benefit. (3) Silicon wafers: Leading silicon wafer manufacturers have significant advantages in the supply chain, and are expected to widen the non-silicon cost gap with second-tier companies.
Galaxy Securities: Foreign uncertainty further highlights the value of allocating A shares and RMB assets. The domestic economy is improving, and the signs of improvement are clear. With the continued introduction of support policies, March was superimposed to enter the peak period of annual report disclosure, and the market is entering a period of favorable policies + performance support expectations + low valuation resonance. It is recommended to focus on high quality companies with short term performance support + low valuation. Suggested comment: 1) Non-ferrous metals are expected to benefit from an economic recovery, and strong energy demand is driving up prices; 2) Computer sector; the digital economy promotes its development, benefiting from broad future development prospects + policy support expectations; 3) Consumption sector, domestic economy The recovery and superimposed release of residents’ willingness to eat has brought the strongest decisive Beta opportunity to the industry. After a period of instability, the profitability of the consumer sector has a high probability of continuing to rebound.
