2to1roulette| Central Plains Strategy: Defense industry leads the gains, investors are advised to pay attention to investment opportunities in power and other industries in the short term

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Source: Zhongyuan Securities

Core viewpoints

Summary of A-share Market

On Friday (May 24), the A-share market encountered obstacles and small shocks, the early stock index fell after opening low, the Prev encountered resistance near 3130 points, and the stock index fell back in the afternoon. Intraday electricity, power grid equipment, agriculture, animal husbandry, feeding and fishing, oil and coal and other industries performed better; real estate, military industry, semiconductors and computer equipment and other industries showed weak performance, Prev basically showed a small concussion throughout the day. The gem fluctuated and fell back on Friday, with the Composite Index performing weaker than the main board throughout the day.

Future research and investment suggestions

On Friday, the A-share market encountered obstacles and small shocks, the early stock index fell after opening low, the Prev encountered resistance near 3130 points in intraday trading, and the stock index fell back in the afternoon. Intraday electricity, power grid equipment, agriculture, animal husbandry, feeding and fishing, oil and coal and other industries performed better; real estate, military industry, semiconductors and computer equipment and other industries performed weakly, and the Prev basically showed a small concussion throughout the day. At present, the average price-to-earnings ratio of the Shanghai Composite Index and the gem Index is 13.2to1roulette.30 times, 30.51 times, below the median level in the past three years, the market valuation is still in a low region, suitable for medium-and long-term layout. The turnover of the two cities on Friday was 769.2 billion yuan, below the median daily turnover in the past three years. The release of the new Nine articles will promote the maturity of the market and boost the market's long-term confidence. The export data exceeded expectations, indicating that overseas demand is resilient and China's products are highly competitive. Prices have also recovered to some extent as the decline in food prices has narrowed. The management has introduced a combination of real estate policies, which is expected to stabilize real estate investment, boost domestic demand and promote economic stabilization. Us inflation has fallen and interest rate cuts are expected to come ahead of schedule. With the implementation of domestic favorable policies, market risk preference is expected to increase, the current internal and external environment as a whole is conducive to the continued stabilization and improvement of the market, and the overall stock index is expected to maintain a volatile upward pattern in the future. at the same time, we still need to pay close attention to the changes of policy, capital and external factors. We recommend that investors pay short-term attention to investment opportunities in sectors such as electricity, power grid equipment, oil and coal, and utilities.

Risk hints: overseas recession exceeds expectations, which affects the process of domestic economic recovery; domestic policies and economic recovery progress are lower than expected; macroeconomic disturbances exceed expectations; policies change more than expected; changes in international relations bring about changes in the economic environment; overseas macro liquidity tightens more than expected; overseas fluctuations intensify.

Report body

1. Summary of the trend of A-share market

On Friday (May 24), the A-share market encountered obstacles and small shocks, the early stock index fell after opening low, the Prev encountered resistance near 3130 points, and the stock index fell back in the afternoon. Intraday electricity, power grid equipment, agriculture, animal husbandry, feeding and fishing, oil and coal and other industries performed better; real estate, military industry, semiconductors and computer equipment and other industries showed weak performance, Prev basically showed a small concussion throughout the day. The gem fluctuated and fell back on Friday, with the Composite Index performing weaker than the main board throughout the day. The Shanghai Composite Index closed at 3088.87 points, down 0.88%, the Shenzhen Composite Index closed at 9424.58 points, down 1.23%, the Kechuang 50 Index fell 2.05%, and the gem Index fell 1.81%. Turnover on the Shenzhen and Shanghai stock markets totaled 769.2 billion yuan, less than the previous trading day.

Judging from the intraday hot spots, more than 70% of the stocks in the two cities fell, with electricity, power grid equipment, agriculture, animal husbandry and fishing, oil and public utilities among the top gainers; real estate services, aerospace and aviation, engineering consulting services, electronic chemicals and real estate development led the decline. Industries such as electricity, power grid equipment, agriculture, animal husbandry and fishing, oil and coal led the net inflow, while semiconductors, real estate development, consumer electronics, communications equipment and Internet services led the net outflow.

2. Future research and investment suggestions

On Friday, the A-share market encountered obstacles and small shocks, the early stock index fell after opening low, the Prev encountered resistance near 3130 points in intraday trading, and the stock index fell back in the afternoon. Intraday electricity, power grid equipment, agriculture, animal husbandry, feeding and fishing, oil and coal and other industries performed better; real estate, military industry, semiconductors and computer equipment and other industries performed weakly, and the Prev basically showed a small concussion throughout the day. At present, the average price-to-earnings ratio of Shanghai Composite Index and gem index is 13.30 times and 30.51 times respectively, which is below the median level in the past three years, and the market valuation is still in a low area, which is suitable for medium-and long-term layout. The turnover of the two cities on Friday was 769.2 billion yuan, below the median daily turnover in the past three years. The release of the new Nine articles will promote the maturity of the market and boost the market's long-term confidence. The export data exceeded expectations, indicating that overseas demand is resilient and China's products are highly competitive. Prices have also recovered to some extent as the decline in food prices has narrowed. The management has introduced a combination of real estate policies, which is expected to stabilize real estate investment, boost domestic demand and promote economic stabilization. Us inflation has fallen and interest rate cuts are expected to come ahead of schedule. With the implementation of domestic favorable policies, market risk preference is expected to increase, the current internal and external environment as a whole is conducive to the continued stabilization and improvement of the market, and the overall stock index is expected to maintain a volatile upward pattern in the future. at the same time, we still need to pay close attention to the changes of policy, capital and external factors. We recommend that investors pay short-term attention to investment opportunities in sectors such as electricity, power grid equipment, oil and coal, and utilities.