The three major A- share indexes opened mixed on December 22. The two markets rebounded after bottoming out in early trading, with a sharp rise before noon. In the afternoon, online games, cultural media, short dramas, and AI application themes fell across the board, leading to a return to the decline of the two markets, and the Shanghai index closed slightly lower in late trading.

from the disk, online games, cultural media themes fell in the afternoon, individual stocks rose to a halt, AI-concept stocks also under pressure to pull back.

By the close of trading on December 22, the Shanghai Composite Index was down 0.13 per cent at 2914.78 points, the Kechuang 50 Index was down 0.53 per cent at 843.32 points, the Shenzhen Component Index was down 0.39 per cent at 9221.31 points, and the ChiNext Index was down 0.37 per cent at 1825.84 points.

So far, the Shanghai Composite Index is down 0.94 per cent, the 50 index is down 0.49 per cent, the Shenzhen Component Index is down 1.75 per cent and the GEM index is down 1.26 per cent.

Wind statistics show that a total of 1122 stocks in the two cities and the Beijing Stock Exchange rose, 4079 stocks fell, and 118 stocks were flat.

On December 22, the total turnover of the Shanghai and Shenzhen stock markets was 779.4 billion yuan, an increase of 47 billion yuan from 732.4 billion yuan on the previous trading day. Among them, the Shanghai stock market traded 327.5 billion yuan, an increase of 11.6 billion yuan from 315.9 billion yuan on the previous trading day, and the Shenzhen stock market traded 451.9 billion yuan.

according to VIP of great wisdom, 42 stocks in the two cities and the north stock exchange rose by more than 9% and 88 stocks fell by more than 9%.

northbound funds returned in late trading on December 22, with a net sale of 2.511 billion yuan throughout the day and a net sale of more than 5 billion yuan in the afternoon. Among them, the Shanghai Stock Exchange sold a net 0.429 billion yuan and the Shenzhen Stock Exchange sold a net 2.082 billion yuan. This week, northbound funds have reduced their positions by more than 2.2 billion yuan.

Media stocks led the decline

in the sector, the photovoltaic sector soared before noon, Qingyuan shares (603628) rose by more than 5%, Goodway (688390), European Crystal Technology (001269), Shi Ying shares (603688), Jinchen shares (603396) and Jinbo shares (688598).

shipping stocks continued to strengthen, Haitong development (603162) rose, Ningbo ocean (601022) rose more than 9%, Jinjiang shipping (601083), xingtong shares (603209) rose more than 2%.

media stocks led the decline, with a large number of stocks such as China Travel United (600358), Tianwei Video (002238), Insai Group (300781), Hengdian Film and Television (603103) and Southern Media (601900) falling by more than 10%. On the news, the National Press and Publication Administration publicly solicited opinions on the "Online Game Management Measures (Draft for Solicitation of Comments)", no inducement rewards such as daily login, and no high rewards for live broadcasts.

the real estate sector fell at the top, with Zhongdi Investment (000609) and Yatong shares (600692) falling by the limit, while Dalong Real Estate (600159), Jinke shares (000656) and Beijing Investment Development (600683) fell by more than 4%.

trade and retail fell, Nanjing business travel (600250) fell, league of nations shares (603613) once fell, red flag chain (002697), three-state shares (301558), huakai yi Bai (300592) and so on fell more than 3%.

A-share valuations are low

Guotai Junan said that the valuation of A shares is at a historical low, and the allocation value is gradually emerging. After the effective exchange of chips, the market attitude turned neutral and optimistic. Wait for the short-term momentum to rise and then make the initiative to follow, the overall rhythm first look at the strength of the rebound of the board. The expected rise in interest rate cuts will also have a positive impact on the market, the index will eventually recover 3000 points again, the current position need not be too pessimistic.

It is recommended to focus on thematic investment opportunities such as data elements/millet ecological chain/AI smart terminals/capacity to go to sea. 1, data elements: top-level design accelerated improvement, data multiplier effect gradually appeared. Can pay attention to public data supply and data service providers; 2, millet ecological chain: high-end product market share increased, the first model release to enhance the ecological advantages. Focus on 3C and automotive supply chain; 3, AI intelligent terminal: AI processor and end-side large model iteration acceleration, catalytic terminal equipment new product cycle. Can pay attention to the terminal equipment machine and component companies; 4, production capacity to the sea: relying on the domestic industrial chain and capacity advantages to open up overseas incremental markets. You can focus on hand tools/auto parts/cross-border e-commerce.

Zhongyuan Securities pointed out that the current average price-earnings ratios of the Shanghai Composite Index and the ChiNext Index are 11.60 times and 31.95 times respectively, which are below the median level in the past three years. The market valuation is still in a low area, which is suitable for medium and long-term layout. In the future, the overall stock index is expected to maintain a volatile pattern, while still need to pay close attention to the changes in policy, capital and external factors. Investors are advised to pay short-term attention to investment opportunities in industries such as games, cultural media, new energy and power equipment.

Guosheng Securities believes that in the market adjustment since late November, except for small-cap indexes such as the China Securities 1000 and the China Securities 2000, all major broad-based indexes have basically hit new lows during the year. From a trend point of view, the index has now entered the oversold range, superimposed on the extreme contraction of the market on Tuesday and Wednesday, the index is nearing the extreme value of the decline, the rebound is imminent, so there is a bottoming out on Thursday. The index turns weak at the bottom, and the probability of a short-term market rebound is greater. The height and continuity of the rebound depend on whether the heavyweight stocks stabilize and whether the trading volume can be moderately enlarged. In general, the probability of a V-shaped reversal in the market is small, and the recovery of investor confidence also requires a process. Superimposed at the end of the year, the capital flow is relatively tight, and the bottom of the index may maintain a volatile trend after rebounding. But as long as the weights are stable and the index no longer continues to weaken, there will be more opportunities to grasp in the market. Strategically, remain relatively cautious before the bottom of the market is confirmed, you can choose the recent oversold plate to do the layout, can pay attention to photovoltaic equipment, energy storage, food and beverage and other sectors of short-term trading opportunities.

Bohai Securities said that short-term market sentiment has been greatly released. Considering the shrinking of transactions, the selling pressure of the market has eased, and the conditions for the index to bottom and rebound are gradually being met. Looking ahead, in an environment where fundamentals are expected to be relatively stable, changes in the direction of the short-term market are mainly affected by liquidity, and the market will rebound in the coming week if the pressure on the capital side gradually eases and the pace of capital outflows from the north slows down further. If liquidity continues to be tight at the end of the year, the market will be dominated by bottom shocks. In terms of industry configuration, attention can be paid from a medium-and long-term perspective along the following two main lines. One is the thematic game opportunity catalyzed by the industry trend. Attention can be paid to:(1)AI model from cloud to end, TMT plate with electronics industry as the core under the new cycle of supply innovation and demand;(2) The second half of the reform of the automobile industry, the automobile industry driven by intelligence. Second, the policy game opportunities under the regulatory tone can be concerned:(1) the brokerage industry;(2) the "real estate chain" under the gradual promotion of the "three major projects". In addition, you can also pay attention to the bottom reversal conditions, waiting to catalyze the pharmaceutical industry.