A -share water inverse, retreat, retreat, and retreat!

On September 16, the three major indexes fell throughout the day. The Shanghai Index closed down 2.3%, the Shenzhen Index fell 2.3%, and the GEM index fell 2.34%. On the disk, data security, electronic ID cards and other sectors have risen, and securities, coal, and real estate sectors have fallen. In terms of individual stocks, the market value of Ningde Times once fell below trillion, and Oriental wealth fell more than 10%.

As of the closing, the Shanghai Composite Index closed down 2.3%to 3126.4 points; the Shenzhen Stock Exchange Index fell 2.3%to 11261.5 points; the 300 -Shenzhen -Shenzhen index closed 2.35%to 3932.68 points; the GEM index closed 2.34%to 2367.4.4 point. As of the close, the total transaction of the two cities had a total of 800.63 billion yuan. The average annual turnover of the large market this week remained at 800 billion yuan, which continued the trend of last week. The net outflow of the northbound funds was 4.512 billion, of which 1.855 billion were net outflows from the Shanghai Stock Connect, and the net outflow of Shenzhen Stock Connect was 2.657 billion.

Source: Wind

The market has been adjusted sharply on September 16, and basically facing the weak support of the index. If the expected policy expectations of some funds are expected to fail, major adjustments will occur. From an international perspective, the global economic slowdown and the high -level operation of CPI have accelerated the tightening of monetary policy, which has increased significantly on the overflowing impact on the world. From the perspective of China, my country's economy continues to recover, but there is still a slight fluctuation and is at the most tight nodes in the economy. The fundamental aspect is indeed under pressure, which is why the funds in this position make a profit or the idea of ​​cutting the meat.

On September 16th, the policy disturbance was mainly brought by "concern in the financial industry". The securities sector fell nearly 6%on September 16. Market speculation or "Further optimizing the business environment and reducing the cost of the market's institutional transaction cost Opinions are related to the cost reduction. In fact, in the past five years, various types of fund management fees for public funds in my country have been declining channels.

Another reason is that there will be a big blind box in one month. At present, as important meetings approach, the funds of changes in the game policy are long and short, and market fluctuations have increased.

Important meetings are expected to further clarify the policy orientation of short -term economic recovery and long -term economic development, and strive to solve the problems and pain points facing the current development of China. During the year, the relevant meetings also repeatedly made the basic attitude of "not engaged in large water irrigation and an overdraft future".

Securities ETF (512880) fell rapidly, and after the fall of over 5%, it showed a fluctuation trend, and the final closing was 5.75%. The securities stocks represented by Oriental Fortune dived collectively, and Oriental Wealth fell more than 13%.

On September 16, the panic falling (512880) of the Securities Fall or related to the news released by relevant departments. On September 15, the relevant departments issued the "Opinions on Further Optimizing the Institutional Trading Cost of the Institutional Transaction of the Marketing entity".

In Article (8), the focus is on encouraging financial institutions such as banks to provide reasonable discounts on small and micro enterprises, and appropriately reduce account management services. Encourage securities, funds, guarantee and other institutions to further reduce service charges, and promote the reasonable reduction in financial infrastructure to reduce transactions, custody, registration, liquidation and other expenses.

The monarch's non -silver team Liu Xinqi explained that the fee reduction is not the other cost. He said that the "Opinions" is a measure to optimize the business environment and stimulate the economy, not specifically for the financial industry. Almost all types of governments, public utilities, and associations and chambers of commerce are involved. "From the purpose of understanding this fee reduction, it can be predicted that the main target of the fee reduction is the high charges brought by institutional (license). The reasonable charging based on market principles is expected to be strictly controlled."

We can see that the original text of this "Opinions on Further Opposing the Institutional Trading Cost of the Institutional Trading of Markets", focusing on the dividends of the license plates and reducing the burden on market entities. From a long -term perspective, it is conducive to the healthy and sustainable development of the capital market. Banking, securities firms, and fund market institutions have continued to grow and grow in recent years. Although the custody rate has undergone several adjustments, the total costs charged may not be reduced. Properly allows market participants to help enhance the sense of gain of market participants. Investors really make a profit in the capital market is the road to the high -quality development of the capital market.

Although the securities ETF (512880) experienced the market's emotional killing on September 16, the fundamentals of the securities sector did not turn. As ETF, the largest and highest transaction activity in the market, the investment value of the securities ETF (512880) is more significant when the market emotions are wrong.

Computer ETF (512720) rose against the market in the early morning, an increase of 2.73%. After lunch, it fell with the market and still closed up by 0.40%. The overall transaction was active and the turnover reached 121 million yuan.

Source: Wind

In the fundamental perspective, the overall 22Q2 revenue growth rate of the computer sector became zero, and the decline in profit decline was narrowed. The 2022Q2 computer sector realized operating income by 0.03%year -on -year, a significant decline from 22Q1; the net profit of returning home decreased by 31.00%year -on -year. The internal differentiation of the computer sector has intensified, the growth of financial IT has steadily, the overall growth of the profit end is negative, and the decline in financial IT has narrowed.

Xinchuang is the focus of the computer sector on September 16th. Affected by factors such as domestic public health incidents and other factors, computer overall industrial chain companies have performed differently. Since the beginning of this year, the national level has repeatedly emphasized the self -reliance of science and technology, showing the importance of the development of the Xinchuang industry, and the external environmental pressure has further deepened the urgency of autonomy and controllable. From the perspective of bidding results, while the telecommunications and financial industries have increased their domestic procurement rates, the remaining industries are also accelerating the expansion of domestic product procurement share. As the prevention and control situation of public health incidents continues to improve, the policies are gradually implementing, and the negative impact caused by the delayed bidding delivery is expected to gradually digest in the second half of the year, and the rhythm of the industry may accelerate. In the angle of the news, it is expected that the basic official document system is renovated in 2022. In 2023, the localization of the electronic government system is gradually launched, and the market size is larger. Among the eight major industries, the financial industry has been promoting the fastest. Telecom follows closely, followed by energy, transportation, aerospace, and education and medical care.

Source: Wind

Computer ETF (512720) is the subject index in the syndrome of the computer theme index, and now PE is located 2.68%of the historical division. At the current stage, it is an absolutely underestimated value. Interested investors can configure related targets by fixed -investment computer ETF (512720) to seize the investment opportunities of the left -sided left investment.

On September 16, the military industry ETF (512660) opened the market quickly, and the increase in the early trading once exceeded 2.5%. Multi -stock sectors rose against the market. Although the military industry ETF (512660) fell down with the afternoon of the market, eventually closed down.

Source: Wind

In the basic perspective, in the first half of 2022, the overall revenue of the defense military industry industry was 232.884 billion yuan, an increase of 8.5%year -on -year; net profit attributable to the mother was 18.668 billion yuan, an increase of 6.2%year -on -year. Aviation equipment and military electronics sectors have performed well in the national defense military industry. The revenue and performance of aviation equipment and military electronic sectors have maintained a trend, and both contribute the absolute revenue and performance of the entire industry. As a long industrial chain, the OEM has a large amount of pre -collection since 2021. It represents the upstream suppliers of the industrial chain will continue to obtain orders to confirm.

On September 16, the large aircraft and the stock of the general aviation sector were related to the recently rumored C919 trial voyage. On September 15th, at the opening ceremony of the 2022 World Design Capital Conference, Wu Guanghui, the chief designer of the C919 large passenger aircraft series, stated at the scene that the Chinese Commercial Flying announced the completion of the test flight before the C919 was completed. Swine certificate and delivered to the first customer China Eastern Airlines. If C919 is officially delivered to China Eastern Airlines and used for commercial flights, it marks a big step forward to the domesticization process of the military industry.

CITIC Construction Investment Securities believes that before 2019 is the era of military industry 1.0, and the era of military industry 2.0 was opened in 2019. After the military reform, actual combat and actual bomb training became the norm. The main changes were reflected in: accelerated replacement of new and old weapons and equipment; a substantial increase in the consumption of various precise guidance of weapons; Now the military industry is in the middle and rear stages of the first round of cycles. The second round of cycles is expected to open at the end of 2023 or in the first half of 2024. The sector is expected to show a step -level rising trend. At present, the platform stage of the first and second round of production capacity expansion and switching. The second round of production capacity expansion is expected to come in advance, and the cost performance is highlighted. It is recommended to increase the allocation of military workers.

Interested investors can pay attention to the configuration value of the military industry ETF (512660), and heavy warehouses have the leaders such as the power of the aviation and the subdivision of AVIC Optoelectronics. Military+Li Lujing: Military Industry Report Analysis and Military Workers ETF Investment Outlook in the second half of the year).

In terms of investment, it is also recommended to pay attention to some sections that are more desertensive for macro, external environment, and public health incidents. For example, the pig cycle, although the relevant departments spoke on September 16 that the price of pork entered the upward cycle, but the pig production capacity was at a reasonable level, and the price of pork did not have a significant basis. But from the laws of historical data, pig prices are still in high channels.

Historically, the change of the sow's memory column is the opposite of the change in the price of pork, but there is a certain period of time. Because the sow breeding and breeding takes about 10 months, the sow memory column changes the data here for 10 months. From the perspective of data, pork that can supply the market for more than half a year will be reduced.

Although there is no external factors blessing in this round of pig cycle, it is difficult to surpass the magnificent pig cycle in the previous round, from the current price point of view, the peak may be second only to the last round of the 2019-2020 pig cycle. Peak in 2015. Looking at the follow -up, with the improvement of the supply and demand pattern of pigs, the price of pigs is expected to gradually rise, and the bottom of the listed companies may have passed. It is recommended to pay attention to investment opportunities for breeding ETF (159865) To.

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