A-share evaluation ｜ Chuangzhi fell more than 2% market value management detonated! Breaking the net broke out.

Today, the market fluctuated and fell, and the GEM index fell sharply. At the close, the index fell more than 2%, and the Shanghai Composite Index closed slightly lower. Banks, real estate and other heavyweights were active against the trend. On the face of it, broken net stocks broke out, and banks, steel and insurance were among the top gainers; The concept of low-altitude economy changed in intraday trading, and Sichuan Kyushu sealed the board in a straight line; Real estate stocks fell back, and many stocks such as Financial Street went up and down; The concept of graphite electrode is active, and the leading Shanshan shares have a daily limit; The AI industrial chain has been greatly adjusted, with AI application and AI corpus leading the decline, while Doushen Education and Insai Group have fallen sharply. The Huawei concept continued to fall in the afternoon. Overall, the market turnover shrank slightly, with more than 4,100 in the two cities falling.

Specifically, the concept of low-altitude economy changed in intraday trading, and Sichuan Kyushu closed the board in a straight line. In the news, Sun Weiguo, director of the Navigation Business Department and UAV Working Committee of China Air Transport Association, revealed at the 2024 International Electric Aviation (Kunshan) Forum that the Central Air Traffic Control Committee will soon launch eVTOL pilot projects in six cities. The reporter interviewed many insiders and learned that the six pilot cities were initially identified as Hefei, Hangzhou, Shenzhen, Suzhou, Chengdu and Chongqing. The pilot document has relevant plans for routes and regions, and authorizing some local governments for airspace below 600 meters means that the relevant local governments have to bear more management responsibilities.

Broken net stocks broke out collectively, with banks, steel and other directions leading the way. In the news, the CSRC recently issued the "Guidelines for the Supervision of Listed Companies No.10-Market Value Management". Companies that have broken the net for a long time should formulate a valuation improvement plan for listed companies and disclose it after deliberation by the board of directors. CITIC Securities believes that the disclosure of the Guidelines will support the dividend style and the coal sector is expected to benefit. In addition, some companies with low valuation and broken net are also worthy of attention.

From the perspective of individual stocks, the two cities rose by 1,165, down by 4,120, and 81 were flat. There are 96 daily limit shares in the two cities, with 106 daily limit shares.

At the close, the Shanghai Composite Index fell 0.21% to 3,323.85 points, with a turnover of 755.8 billion yuan; The Shenzhen Component Index fell 1.91% to 10,544.02 points, with a turnover of 1,001.9 billion yuan. The GEM index fell 2.35% to 2,190.95 points.

The main funds will focus on raising joint-stock banks, large state-owned banks, coal mining and other sectors. The stocks with the top net inflow include yongtai energy, SAIC and Industrial and Commercial Bank of China.

1. Wu Qing: Accelerating the new round of comprehensive deepening of capital market reform and opening up will introduce more pragmatic measures.

Wu Qing, Chairman of the China Securities Regulatory Commission, said in his speech at the 10th anniversary summit forum of Hong Kong Stock Exchange interconnection that the CSRC is accelerating a new round of comprehensive deepening of capital market reform and opening up, and will introduce more pragmatic measures in terms of market opening and cross-border investment and financing facilitation.

2. The Central Air Traffic Control Commission will soon launch eVTOL pilot projects in six cities.

Sun Weiguo, director of the Navigation Business Department and UAV Working Committee of China Air Transport Association, revealed at the 2024 International Electric Aviation (Kunshan) Forum on November 18th that the Central Air Traffic Control Committee will soon launch eVTOL pilot projects in six cities. The reporter interviewed many insiders and learned that the six pilot cities were initially identified as Hefei, Hangzhou, Shenzhen, Suzhou, Chengdu and Chongqing. The pilot document has relevant plans for routes and regions, and authorizing some local governments for airspace below 600 meters means that the relevant local governments have to bear more management responsibilities.

3. The total scale of repurchases, holdings and refinancing of companies in Shanghai and Shenzhen stock markets exceeded 34 billion yuan.

The progress of the first phase of 300 billion yuan repurchase and refinancing exceeded 10%. According to the latest data, the total scale of repurchase and refinancing of listed companies in Shanghai and Shenzhen stock markets exceeded 34 billion yuan. Specifically, Li Jizun, general manager of Shenzhen Stock Exchange, revealed at the 10th anniversary summit forum held by Hong Kong Stock Exchange today that at present, 69 companies in Shenzhen have taken the lead in obtaining special loan support for holding and repurchasing, totaling 17.8 billion yuan; In the Shanghai stock market, as of the 16th of this month, a total of 78 repurchase announcements were disclosed, including 53 repurchase announcements, with a total loan of 7.869 billion yuan. There were 25 announcements of increasing holdings, with a total loan of 8.405 billion yuan.

1. Galaxy Securities: The market fluctuated healthily in the short term, but the mood remained.

China galaxy Securities pointed out that the current valuation of the A-share market is at a historical medium level. On the one hand, with the accelerated implementation of the stock policy and the introduction of a package of incremental policies, the economic fundamentals are improving. On the other hand, after Trump was elected president of the United States, the US policy toward China faced great uncertainty. In the afternoon, A-shares are expected to fluctuate upward. They can focus on the theme of scientific and technological innovation based on self-controllable logic and the requirements of developing new quality productivity, involving the theme of "two new" of large-scale equipment renewal and trade-in of consumer goods, and continue to be optimistic about the dividend sector with strong risk aversion.

2. Minsheng Securities: Style switching will appear.

Minsheng Securities pointed out that the A-share market is returning from the style of hot money to normalization, and the domestic economic recovery has not only weakened the market’s game of policy expectations, but also helped the market return to the fundamental reality. Physical assets are still preferred, and energy (crude oil and coal), nonferrous metals (copper, aluminum and gold) and shipping (dry shipbuilding and oil transportation) are optimistic. Under the creditor line, it is recommended to pay attention to the financial sector (banking, insurance) and construction; Pay attention to the return of dividend assets, such as roads, railways, ports and electricity; Capital goods (mechanical equipment, general equipment, special equipment, transportation equipment) that have room for manoeuvre in terms of trade and benefit from China enterprises going to sea are also worthy of attention.

3. Guotai Junan: Focus on "hard technology" and state-owned assets integration

Guotai Junan Securities pointed out that since 2024, with the continuous refinement of the above policies, the enthusiasm for mergers and acquisitions of listed companies began to pick up. This round of M&A has become more and more friendly in terms of institutional arrangement, but it is obviously inclined in the direction of M&A, and more emphasis is placed on the integration of upstream and downstream of the industrial chain. It is the internal logic for the capital market to serve "hard technology" innovation and develop new quality productivity. The reorganization of high-quality state-owned assets in strategic emerging industries is optimistic about strategic emerging industries such as semiconductors and information technology, aerospace military industry, high-end equipment, medicine and biology, which benefit from enhancing the resilience of industrial chain supply chain and self-reliance in science and technology. Specialized integration of energy resources and public services, optimistic about the new and old energy sources, trunk pipe networks and logistics ports that benefit from enhancing the national resources and energy security guarantee capacity and enhancing the core competitiveness of key industries and key areas.

This article is reproduced from "Tencent Stock Selection", edited by Zhitong Finance: Liu Jiayin.