Not afraid of adjustment of the broader market for a few days, and every three major stock indexes of the brand 100 index, this component stocks have risen by more than 25%for two consecutive weeks!

Beginning in July, the market entered the midterm adjustment stage. Stability in early August is more of the short repairs brought by the interim report expectations. In the past two weeks, A shares have continuously recovered. The index even showed a trend of 4 consecutive yin. In the background of this adjustment, each brand 100 index showed the toughness of pressure resistance. Following the rise of 2.8%last week, only 0.85%of the week was slightly fell. A -share three major stock indexes.

Image source: Visual China-VCG211276657648

Pinduoduo re -lead the index

Drag by factors such as the epidemic, high temperature and weak real estate, and the economic data are relatively weak and the liquidity is relatively abundant. It is reflected in the environment of "high liquidity, low social integration, profit bottom". The most benefiting is the growth of various small disks with large space, strong logic, and strong growth. After the Politburo meeting at the end of July arranged a new round of stable growth policies, began in late August, and various policies were further developing. The government continues to arrange a new round of fiscal funds and credit support. As the growth rate of infrastructure construction has rebounded, the marginal improvement of real estate sales, and the implementation of the policy of insurance, the liquidity of banks has recently begun to converge marginal convergence, reflecting the marginal improvement of financing demand.

On the overseas side, the Federal Reserve Chairman Eagle spoke, the market expects to raise interest rates in September, the probability of 75bp has increased significantly. The 10 -year Treasury bond interest rate in the United States has climbed to more than 3%. The policy orientation and external pressure of wide credit have increased the motivation of interbank and risk -free interest rates. The macro environment faced by A shares has gradually shifted from "liquidity driver" to "social integration driver", and the corresponding style has gradually transitioned from small plates to the value of the large market.

It is during this transitional stage that the track stocks have been adjusted significantly this week, while the large -cap stocks are relatively anti -falling. In terms of stock index performance, the GEM index and CSI 500 fell 4.06%and 2.36%respectively, while the Shanghai Index fell 1.54%. With each brand 100 index, under the excellent performance of the infrastructure sector and Pinduoduo, it fell slightly by 0.85%to win the main stock index of A shares.

In terms of individual stocks, Pinduoduo (PDD, a stock price of US $ 72.19, a market value of 91248 billion US dollars) has increased by more than 25%for two consecutive weeks. A. Haier Zhijia weekly increased by more than 5%.

From the perspective of valuation level, the average valuation of the 100 -fold brand of 100 indexes is still 10 times, but many core assets and the industry leader of the industry are still less than 10 times. Wait. Some institutions have pointed out that the valuation of the state -owned enterprises in infrastructures in the past ten years is new low, and the expected policy of peak season in the fourth quarter will be strengthened, which will return to the catalytic rising market.

In the infrastructure industry in the second half of the year, it may exceed expectations

On August 24, Premier Li Keqiang presided over the executive meeting of the State Council to deploy a policy measure of a policy of stabilizing the economy. The meeting requested that the 300 billion yuan policy development financial instruments have fallen on the basis of the project, and increased by more than 300 billion yuan. At the same time, the deposit limit of more than 500 billion yuan in special debt was used in accordance with the law, and the issuance was completed by the end of October. This round of the National Council provided an incremental policy again after the June stabilization of the economic broad market meeting. The goal is not the year, but next year, the National Association has started the first step of cross -cyclical adjustment. In the future, more relay policies will come.

In addition, in August 2022, the 5 -year and above LPR was reduced to 4.3%, which was 15 basis points from the previous month. Generally speaking, LPR above 5 years is the pricing benchmark for mortgage interest rates. This reduction is the third time that the LPR of more than 5 years has been lowered during the year, and there is still room for decline. After the decline of LPR, the decline in the cost of buying a house will help the real estate market demand stability. In the future, it still needs to continue to pay attention to real estate sales data.

Guotai Junan analyzed that the economy still needs policy forces lower than expected, and infrastructure orders and investment in peak season in the fourth quarter will surpass expectations. It is understood that in the first half of the year, the new China Railway's new signing contract increased by 17%, the increase in hand order increased by 23%was 4.5 times the income, the new signing of China Railway Construction increased by 26%, and the increase in hand orders by 22%was 5.4 times the income. In the first half of the year, the new contract increased by 51%of China Power Construction, 17%of China Communications Construction, 11%of Chinese buildings, and 10%of China.

In addition, this week, support policies or action plans have been released everywhere to further promote the accelerated implementation of public -funded REITs projects in various regions and industries. At present, the willingness to participate in REITs declaration and distribution of various markets has increased significantly, and as the participants' experience in handling non -standard projects has increased, the subsequent REITs declaration and distribution process may be further shortened, and the REITS listing rhythm will continue to accelerate.

Everbright Securities said that the increase in funds may be supported by fiscal expenditure in the fourth quarter, and the "steady growth" policy has gradually formed a physical workload, thereby maintaining the high -speed growth of infrastructure in the second half of the year. Under the expectations of infrastructure demand to rise or occurring opportunities for games, allowing local "one city, one policy" measures to be conducive to the restoration of the real estate market demand. If the subsequent real estate sales data is actually improved, consumer building materials may usher in valuation repair. Chance.

Every 100 ingredients stocks gathered in infrastructure dragon heads

From the perspective of the composition of the 100 index of the brand, major domestic infrastructure leaders are among ingredients stocks, and this week, the performance of these infrastructure giants is also the three major indexes of A shares. China Railway, China Railway Construction and China Construction Week The increase was over 2%, while Jianfa's shares rose up to 11.26%, and the performance was eye -catching. According to the data, Jianfa Co., Ltd. (SH600153, a stock price of 12.65 yuan, and a market value of 38.03 billion yuan) is used as a leading state -owned enterprise in Xiamen. It mainly operates the two major businesses of supply chain operations and real estate. The company's performance will enter the centralized release period. In addition, the company's active expansion in core cities in recent years will also give the company stronger sales and performance flexibility.

For another major infrastructure leading company, China Communications (SH601800, the stock price of 8.08 yuan, a market value of 130.6 billion yuan), and Galaxy Securities believes that the eleventh meeting of the Central Finance and Economics Committee held on April 26 will make a comprehensive strengthening infrastructure construction. Strategic deployment, subsequent blessings of special debt policies, and accurately developing in the field of infrastructure construction. Development and policy banks support local finances and encourage moderate advanced infrastructure investment. The company is expected to benefit as the leader of my country's transportation infrastructure. In the second half of the year, the company will pay close attention to the construction of Ningbo Zhoushan Port and Airlines facilities, the construction of the container pier hub port in the Dongzhisha District, Yantian Port District, Shenzhen, the Yangtze River Counseling Line, the Beijing -Hangzhou Canal Smart Channel Upgrade, the South Water and the Water Conservancy Project, the Western Tea Railway, the Guangzhou City City City Major projects such as the interstate railway landed. Accelerate the green construction and urban renewal of core cities, and make the main business of "big transportation" and "big cities" to make deepening.

Changjiang Securities is optimistic about China Railway (SH601390, with a stock price of 578 yuan, and a market value of 143 billion yuan). It pointed out in the research report that the gradual implementation of incremental infrastructure policies to further strengthen the company's profitability and promote the rise of valuation. The source of infrastructure funds has a good support, or it will provide possibilities for the high growth rate of infrastructure in the third quarter and even the second half of the year. As of July 2022, a total of 3.46 trillion yuan of special bonds was issued across the country. In the context of incremental funds, infrastructure central enterprises may benefit first.

Daily Economic News

- END -