Guosheng Securities believes that in terms of operation, structured market has become the norm, with intensive disclosure of performance, funds will eventually “anchor” the performance of the company, and the growth style will likely return to the trend. The logic of the main line of science and technology has been solidly adjusted and fully adjusted. New infrastructures such as “East and West Calculation” and blockchain have become the intersection of the digital economy and infrastructure construction, which are worthy of attention; the consumer sector has been dragged down due to weak domestic demand, and the repeated epidemics have made a large adjustment in the sector. Only a defensive configuration is recommended. Optimistic regarding the industries with high prosperity and improved prosperity, the core targets in cloud computing, military-civilian integration, and green power have outstanding performance, and can be actively paid attention to.
Huatai SecuritiesIt is pointed out that last week, the three parties in the market saw a tug-of-war: 1) Under the downturn in fund issuance, the performance of the large financial sector was sluggish; 2) The oversold track stocks rebounded; 3) With the support of stable growth + the policy of East and West, traditional infrastructure and new infrastructure The performance continues to be good. Funds: The market has shrunk and increased, and the supply of funds has been flat. The partial public offering of shares and the inflow of northbound funds have slowed down compared with the same period last year. Policies: The National Development and Reform Commission and other departments have launched four major policies to implement the requirements of the 2022.2.16 regular meeting, covering aspects such as stable industrial growth, consumption relief, entrepreneurship-driven employment, and digital infrastructure. In general, the policy of stabilizing growth has reached the second stage of the three-stage “inflection point, magnitude, and effectiveness”, and the tug-of-war market may continue, maintaining a dual-line configuration – 1. Benefit from domestic credit liberalization but not subject to overseas tight currency 2. Smart car + data infrastructure.
Zheshang SecuritiesIn our opinion, we expect the rebound window for growth stocks to be late March to April. The reason is that, first, from a macro perspective, April is a marginal mitigation window for Fed rate hike expectations; second, from a medium perspective, the successive disclosures of the forecast for the first quarterly report in 2022 are expected to boost market sentiment. In 2022, the “three-low” configuration still has a comparative advantage.
Industrial SecuritiesIt is believed that the market has continued to adjust since the beginning of the year, and the current repair window has arrived. On the one hand, popular tracks such as the “New Half Army” are already in the bottom area and are gradually starting to rebound. On the other hand, “steady growth” has not reached the right, and “mini version 2014” will continue to be performed. Structurally, the “dumbbell-shaped” configuration: On the one hand, in the growth sector, the bottom-up layout, deep digging and adjustment, sufficient release of crowded pressure, and the booming “small high-tech”. On the other hand, the direction of domestic policy relaxation has been determined, and the “mini version of 2014” is still on the way, focusing on “big finance” benefiting from “steady growth” and marginal “easy credit”.
In terms of investment strategy, the institution grasped the restoration of low valuations such as financial real estate, and at the same time deployed “small highs” on dips. In the long run, focus on five major directions of technological innovation. 1) New energy (new energy vehicles, photovoltaics, wind power, UHV, etc.), 2) Next-generation information and communication technologies (artificial intelligence, big data, cloud computing, 5G, etc.), 3) High-end manufacturing (intelligent CNC machine tools,robotadvanced rail transit equipment, etc.), 4) biomedicine (innovative drugs, CXO, medical equipment and diagnostic equipment, etc.), 5) military industry (missile equipment, military electronic components, space stations, space shuttles, etc.).
CITIC SecuritiesIt is believed that the policy of stabilizing growth has been increased in an all-round way, the bailout of the service industry has made up for the “shortcomings”, the increase of the policy has promoted the spread of the market, and investors have concentrated on reducing positions and adjusting positions are coming to an end. layout. First of all, the scope of the recent growth-stabilizing policy has continued to expand. Manufacturing upgrades and new infrastructure have helped investment make steady progress. Relief measures in the service industry have targeted the weak links of consumption. The continuous refinement of future policies is expected to promote faster stabilization of consumption. Secondly, the main line of stable growth in the early stage is more focused on traditional industries with low valuations. After the policy is diffused, it is expected that the main line of stable growth will be more diversified, and the value and growth style of the main line of stable growth will be more balanced. Finally, in the second week following the holiday, the pressure on market liquidity was quickly eased. The concentrated reduction and adjustment of positions by investors is coming to an end. The peak of overseas disturbance factors has passed, and the attractiveness of RMB assets has been further enhanced. be confirmed. It is recommended to stick to the main line of steady growth, and focus on actively deploying high-quality blue chips around the “two lows”.
