The auto sector led the decline

The three major A-share indexes collectively opened low, with the Shanghai index opening low by 0.06%, the Shenzhen Composite Index opening low by 0.29% and the gem index opening low by 0.43%. On the disk, coal, steel, chemical industry and other sectors led the rise, while automobile, semiconductor, national defense and military industry led the decline.

Yongfu shares fell by 20% at the opening. It was announced in the evening of August 13 that Ningde times plans to reduce its holdings of no more than 3% of the company’s shares.

This morning, FTSE China A50 Index futures opened 0.15% higher and closed up 0.32% in the previous trading day and night. Hong Kong’s Hang Seng index opened down 0.1%. BiliBili fell 4.45%, baidu group fell 3.31%, Tencent holdings fell 1.4%, Evergrande property fell 2.89% and Evergrande automobile fell 1.49%.

On Friday, US stocks closed slightly higher, and the Dow and S & P 500 continued to reach new highs. New energy vehicle stocks fell, with ideal vehicles down nearly 5%, Weilai down more than 3% and Xiaopeng down more than 2%.

Market news:

1. New energy vehicles, renewable energy and other hot spots in the market will be supported by finance!

The finance has a clear direction to support the hot spots of double carbon construction, new energy vehicles and other markets. The Ministry of Finance said that it is taking the lead in drafting the guidance on financial support for carbon peaking and carbon neutralization, continues to vigorously support scientific research institutes to carry out scientific and technological innovation in the field of new energy vehicles, and is conducting a comprehensive review of the implementation scheme of fuel cell vehicle demonstration urban agglomeration.

2. Cement prices in many places continued to rise, and the second round of general rise in Jiangsu began in the second half of the year

In mid August, some areas in China are still affected by factors such as rainfall or stricter epidemic control, and the demand is still gradually coming out of the recovery stage of the off-season. However, cement prices in many places continued to rise this week, mainly in Central South and southwest China, with a large range, and the weekly average price continued to rise significantly month on month. From August 10 to 12, some major manufacturers in Suqian, Xuzhou, Lianyungang, Yancheng, Huai’an, Nantong and other places in Jiangsu Province once again notified to increase the price of high-standard cement by 20-30 yuan / ton.

3. The central bank carried out 600 billion yuan of one-year MLF operation, and the interest rate remained unchanged

The Central Bank of China launched a one-year MLF operation of 600 billion yuan, the interest rate remained unchanged at 2.95%, and 700 billion yuan of MLF expired this week. The Central Bank of China launched a 7-day reverse repurchase operation of 10 billion yuan, and 10 billion yuan of reverse repurchase expired today; The bid winning interest rate was 2.2%, unchanged from the previous one.

4. China Automobile Association: in early August, the automobile production of 11 key enterprises completed 312000 vehicles, a year-on-year decrease of 34%

According to the ten day report data of 11 key automobile enterprises in the industry, China Automobile Industry Association shows that in early August 2021, the automobile production of 11 key enterprises completed 312000 vehicles, a year-on-year decrease of 34%. Among them, the production of passenger cars decreased by 29.5% year-on-year; Commercial vehicle production decreased by 66.4% year-on-year.

5. 25 provinces submitted the whole county to promote the pilot scheme, and the photovoltaic installation volume is expected to be pulled rapidly

On June 20 this year, the comprehensive Department of the National Energy Administration officially issued the notice on submitting the pilot scheme for roof distributed photovoltaic development in the whole county (city, district), announcing the official launch of a new round of photovoltaic support policy pilot. According to informed sources, among the 25 provinces that have submitted the county wide pilot program, economically developed provinces have reported a relatively large number of pilot counties, with an average of about 20 pilot counties reported by each province“ According to this calculation, there are at least 500 projects in the process. According to the scale of 200 MW in each county, the installed scale of distributed photovoltaic in the whole county of 500 counties may exceed 100 GW. ”

Institutional perspective:

1. CITIC Securities: in the growth plate, it changes from high track to relatively low track

At present, a shares are still in the process of balance between styles and within sectors, and have entered the policy observation period. The market focus will gradually shift from growth to value, and the growth interior will shift from high-level track to low-level track. Before the style switching at the end of the third quarter, we will adhere to both growth manufacturing and value consumption in terms of configuration.

2. China Merchants Securities: new outlet or emergence of market layout

In July 2021, the new social finance was lower than expected again, continuing the downward trend of the past six months. As the effectiveness of the last round of steady growth policy gradually fades, the economy will gradually enter the “post cycle” and “downward period”. After the recent two rounds of economy entered the post cycle and downward period, the policy has maintained its concentration, taking “innovation” and economic structure transformation as the new driving force of economic development. In this round of economic downturn, around the strategy of “manufacturing power”, China’s advantageous manufacturing, potential manufacturing “stuck” and the third generation “to m Internet” serving the strategy of manufacturing power may have a new main line of follow-up market layout.

3. YueKai Securities: short-term disturbance, long-term layout

In August, the A-share market is in a period of shock, and the macro disturbance at home and abroad will increase. At the transaction level, growth stocks with excessive increase, high expectation and overcrowded trading in the early stage may have the risk of covering the decline in the short term. However, there is no systemic risk in the medium-term A shares. It is expected that after a certain shock and consolidation, the growth bull and structural bull will continue. High boom growth stocks will still be the main line of a shares, and investors can actively grasp the layout opportunities brought by short-term adjustment.

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