The Shanghai Composite Index returned above 2900 points, but the turnover shrank by less than one trillion yuan.
On February 19th, the first trading day in the Year of the Loong, the three major A-share indexes collectively opened higher. In early trading, the index was divided. The Shanghai Composite Index once regained the 2900-point mark, while the Shenzhen Component Index and the Chuangzhi Index surged back. In the afternoon, bank stocks continued to rise, driving the two cities to pick up moderately, and the Shanghai Composite Index regained the 2900 mark in the late session.
From the perspective of the disk, the multi-modal AI concept stocks smashed the "daily limit tide", and Sora, computing power and CPO detonated the market; The indexes of coal and oil showed strong performance, with China Shenhua (601088) and China CNOOC (600938) reaching new highs.
By the close of February 19th, the Shanghai Composite Index rose 1.56% to 2,910.54 points. The Science and Technology Innovation 50 Index rose 1.57% to 763.32 points; The Shenzhen Component Index rose 0.93% to 8902.33 points; The growth enterprise market index rose 1.13% to 1746.42 points.
Wind statistics show that 4,253 stocks in the two cities and the North Stock Exchange rose, 1,036 stocks fell, and 56 stocks were flat.
On February 19th, the total turnover of Shanghai and Shenzhen stock exchanges was 957.2 billion yuan, a decrease of 60.2 billion yuan compared with 1,017.4 billion yuan in the previous trading day. Among them, the Shanghai stock exchange traded 442.1 billion yuan, a decrease of 40.8 billion yuan from the previous trading day’s 482.9 billion yuan, and the Shenzhen stock exchange traded 515.1 billion yuan.
According to Great Wisdom VIP, there are 440 stocks in the two cities and the North Stock Exchange that rose by more than 9%, and no stocks fell by more than 9%.
The total net outflow of northbound funds on February 19 was 6.375 billion yuan. Among them, the net inflow of Shanghai Stock Connect was 178 million yuan, and the net outflow of Shenzhen Stock Connect was 6.553 billion yuan.
The Sora concept was born, and brokerage stocks weakened.
In terms of sectors, the theme of AI applications rose sharply, and the Sora concept was born. Over 30 stocks, such as Chinese Online (300364), Danghong Technology (688039), Yidiantianxia (301171) and Guomai Culture (301052), had daily limit or rose more than 10%.
Coal stocks continued to rise, with daily limit of Antai Group (600408), Yankuang Energy (600188) and Yunmei Group (600792), while Sundiro A(000571), China Coal Energy (601898) and Anyuan Coal Industry (600397) rose over 7%.
Education stocks strengthened, and the social services sector was the top gainer. Over 10 stocks such as Kaiyuan Education (300338), All-pass Education (300359), Kede Education (300192) and Entrepreneurial Dark Horse (300688) rose by more than 10%. In the news, on the eve of the Spring Festival holiday, the Ministry of Education issued the "Regulations on the Management of Off-campus Training (Draft for Comment)" for public comment. After it is officially promulgated, this regulation will become the second special legislation on off-campus training after the Interim Measures for Administrative Punishment of Off-campus Training promulgated in September 2023, and it is the first administrative regulation with a higher legal rank.
The performance of agriculture, forestry, animal husbandry and fishery was poor, with superstar agriculture and animal husbandry (603,477), Ruipu Bio (300,119), Tang Renshen (002,567) and Pleco (603,566) falling more than 4%.
Brokerage stocks weakened, and non-bank finance declined significantly. Caitong Securities (601108), CICC (601995), Capital Securities (601136), Huatie Emergency (603300) and Huachuang Yunxin (600155) fell more than 2%.
Medical biology fell against the market, with Yirui Technology (688301), Nuohe Zhiyuan (688315), WuXi PharmaTech (603259), Yangguang Nuohe (688621) and Shenzhou Cell (688520) falling more than 5%.
The "trading bottom" of the market has emerged.
Guotai Junan said that the "trading bottom" of the market has already appeared, and the short-term market rebound window is expected to continue. The index has been fully adjusted since the beginning of the year, and although it has rebounded to a certain extent in the short term, considering the deep adjustment of the small and medium-sized market capitalization sector in the previous period and the historically low level of the two-financing guarantee ratio, the expected correction of high-risk preference investors has basically ended, and the "trading bottom" brought by the clearing of the micro-trading structure has been confirmed. The unexpected credit demand in January, the optimization of capital market supervision and the care of active capital market for liquidity may bring about the improvement of investor sentiment and short covering, and the short-term rebound window after the holiday is expected to continue.
It is suggested to pay attention to investment opportunities such as AIGC/ new quality productivity/capacity going out to sea/low-altitude economy. 1)AIGC: The progress and effect of Wensheng video model Sora exceeded expectations. Google released the Gemini 1.5 model, which is optimistic about content creation companies and computing industry chains that benefit from improved efficiency and reduced costs. 2) New quality productivity: win the new track and lead the new direction of industrial investment, and be optimistic about new technologies such as intelligent manufacturing/new materials and new scenarios in the future. 3) Production capacity going out to sea: Under the background of structural overcapacity and insufficient demand, we are optimistic about high-end equipment/hardware tools going out to sea strategically and cross-border trade under the new consumption trend. 4) Low-altitude economy: optimistic about low-altitude aircraft manufacturing/core components/flight service companies.
CICC pointed out that in terms of configuration, breakthroughs in the application of artificial intelligence in the video field may be manifested in related sectors. The technology growth sector, such as electronics, computers and communications, which is relatively sluggish year-to-date, is expected to dominate in the short term; Areas that may benefit from policy expectations and the recovery of the industry boom are also expected to have relative performance.
Zheshang Securities pointed out that since the continuous adjustment since August 2023, the market has basically entered the historical bottom area. Micro-liquidity shock led to the accelerated adjustment of the market at the beginning of the year. On February 6, 2024, central huijin announced to increase its holdings, which boosted liquidity confidence and became the turning point of micro-liquidity repair. As the market returns to a steady state, the essence of where A shares are at the bottom still depends on valuation and profit. For the valuation, a number of indicators show that the market has basically entered the historical bottom area; For profitability, the steady growth policy is overweight, and high-quality development helps. The overall profitability is expected to be gradually repaired, and the structural highlights are expected to gradually emerge. The market has basically entered the bottom range of history. At this time, we should seize the opportunity with an optimistic attitude, pay close attention to the positive changes in policies and industries, and attach importance to the two clues of low valuation and TMT.
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