◎ reporter Fei Tianyuan
On April 24, the A-share market stopped falling and stabilized after continuous adjustment, and scientific and technological themes such as the low-level economy, Huawei industrial chain and computing power recovered significantly, driving the three major stock indexes to rebound. As of the close, the Shanghai Composite Index was at 3044.Wptlive.82 points, up 0.Wptlive.76%WptliveThe Shenzhen Composite Index rose 0.74% to 9251.13 points, while the gem Index rose 0.70% to 1765.41 points.
Individual stocks showed a general rising pattern, market trading volume has also been enlarged. Yesterday, more than 4100 stocks rose, with a total turnover of 795.4 billion yuan in Shanghai and Shenzhen, about 20 billion yuan higher than the previous trading day. Northbound funds bought 4.606 billion yuan net throughout the day, including 3.07 billion yuan for Shanghai stocks and 1.536 billion yuan for Shenzhen stocks.
The concept of low-altitude economy set off a rising tide.
After several days of adjustment, the concept of low-altitude economy strengthened across the board yesterday. Dongcai compilationWptliveThe low-altitude economic concept index rose 3.10%. Five shares, such as Century Dingli, Shangluo Electronics, Jiechuang Intelligence, Blue Sea Huateng and Hanchuan Intelligence, gained 20%, while many other stocks rose more than 10%.
On the news side, recently, relevant policies on low-altitude economic industry have been issued one after another. Under the background of policy acceleration, the industrial chain of low-level economy is catalysed by continuous positive. According to the WeChat message of "Shenyang release" yesterday, in order to seize the strategic opportunity of intensive innovation and high-speed growth of low-altitude economy, Shenyang formulated the Shenyang Action Plan for High-quality Development of low-altitude economy (2024-2026). It is proposed to cultivate more than 100 enterprises related to the low-altitude economy by 2026, with an industrial scale of 3 billion yuan.
Zhang Zhibang, chief analyst of power equipment new energy at Huaan Securities, said that under the catalysis of recent policy and industry, the development of low-altitude economy in 2024 will accelerate and is expected to become the first year of low-level economy. The industrial chain of low-altitude economy covers four areas: low-altitude infrastructure, aircraft manufacturing, operation services and flight support. Among them, low-altitude economic infrastructure is a key support for all kinds of low-altitude economic activities, has also received more policy attention, and is expected to be the first to benefit.
Li Liang, chief analyst of China Galaxy Securities military industry, believes that in the future, the general aviation manufacturing industry is expected to copy the development path of new energy vehicles and achieve "corner overtaking" in navigable and low-altitude industries. As a new carrier, eVTOL (Electric Vertical take-off and Landing vehicle) is expected to undertake this important task and open up a new blue ocean.
Multi-line recovery of arithmetic theme
Affected by the high share prices of Nvidia and ultra-micro computers in the US stock market, the A-share math theme fell into adjustment in the early stage, especially on Monday, when the share prices of arithmetic leaders such as Industrial USI and Zhongji Xuchuang opened sharply lower, triggering market discussion on whether the main line reached its peak.
Yesterday, the math theme revived again after a short rest and recuperation. Many stocks such as Ofei data and Oriental Materials rose by the daily limit, Industrial Fortune Federation rose 8%, and Zhongji Xuchuang and Optical Technology rose more than 6%.
Recently, many numeric listed companies have disclosed their annual reports and quarterly reports, and the performance of some leading enterprises is relatively bright. The net profit of Zhongji Xuchuang in 2023 was 2.174 billion yuan, an increase of 77.58% over the same period last year, while that of the first quarter of this year was 1.009 billion yuan, an increase of 303.84% over the same period last year. At the same time, the company's first-quarter revenue, gross profit margin and net profit margin are all better than the same period last year.
Huaxin Securities said that now that it has entered a period of intensive disclosure of financial results, the better-than-expected performance of some computing companies may boost market confidence. Attention should be paid to the capital expenditure of the four major cloud vendors (Microsoft, Google, Amazon and Meta), which will have a decisive impact on the demand of the AI market. At the same time, it is suggested to pay attention to the performance of AI core leading manufacturers and AI application enterprises.
Recently, the theme of arithmetic has spread to a certain extent. Yesterday, the concept of copper high-speed connection greatly strengthened, Wutong Holdings and other gains rose by the limit, Zhaolong Interconnection rose by more than 14%, and Huafeng Technology followed. On the news side, Nvidia recently released a new generation of AI chip GB200, using an innovative copper cable connection scheme. The industry believes that due to faster speeds and lower prices, the copper connection scheme may change the internal connection mode of the GPU cluster, reducing costs while improving performance.
Pay attention to the repair of enterprise profits
A number of institutions said that after entering a period of intensive disclosure of the performance of listed companies, they can pay close attention to the profit repair of listed companies in the future.
China International Capital Corporation said that although the slope of the A-share market has slowed since February, it is still continuing. Looking forward to the future, the medium-term performance of the market mainly depends on the economic fundamentals and the profit repair of listed companies. At present, the profits of domestic enterprises are stabilizing, the profits of industrial enterprises are better, and the impact of price factors on corporate profits is marginal weakening. It is expected that the growth rate of net profit of non-financial listed companies in the first quarter of this year may be basically the same as that of the same period last year, while revenue will remain positive.
China International Capital Corporation believes that at present, the overall valuation of the A-share market is still on the low side, and the further improvement of the basic system of the capital market will help to improve the quality of listed companies and improve their ability to give back to investors, so as to enhance the endogenous stability of the A-share market, which will have a positive impact on the medium-and long-term performance of the market.
Everbright Securities (rights protection) said that from the recent disclosure of the performance of listed companies, the overall profits of listed companies are in the process of rebound. In the future, with the development of policies and the improvement of external demand, the economy is expected to continue to repair, A-share earnings growth is also expected to rise quarter by quarter. After the disclosure of the performance of listed companies, market expectations are expected to be stable, and the index is expected to fluctuate upward. Under the current market environment, the high dividend sector is worthy of long-term allocation, and the pro-cyclical direction is also worthy of attention.