Summary
[CICC Strategy: Policies will continue to focus on the effectiveness of fundamental repairs]CICC Strategy reiterates that the market has some characteristics of being at the bottom in terms of policy, valuation and capital sentiment, and the market already has mid-line value; the market environment still has certain challenges , and more upside will require more positive fundamental catalysts. In particular, the month-on-month improvement in profit expectations may be more important. In the context of the increase in domestic “steady growth” and the decline in overseas growth, in the future, we will focus on the post-epidemic recovery of domestic fundamentals, including real estate and consumer demand. (Financial Association)
CICC Strategy reiterates that the market has some characteristics of being at the bottom in terms of policy, valuation and capital sentiment, and the market already has a mid-line value; the market environment still has certain challenges, and more room for further upside requires more positive fundamental catalysts . In particular, the month-on-month improvement in profit expectations may be more important. In the context of the increase in domestic “steady growth” and the decline in overseas growth, in the future, we will focus on the post-epidemic recovery of domestic fundamentals, including real estate and consumer demand.Currently focusing on three directions: 1) Steady growth sectors with relatively low valuations may still have relative benefits in the current macro environment, such as traditional infrastructure, industry chains related to stable demand for real estate (building materials, construction, home appliances, home furnishing, etc.), etc.; 2 ) Mid-stream and downstream consumption with many adjustments in the early stage, low valuation, and still bright medium and long-term prospects, choose stocks from the bottom up, including home appliances, light industry and household, automobiles and parts, agriculture, forestry, animal husbandry and fishery, medicine, etc.; 3) Manufacturing Growth sectors includenew energycar,new energyand technology hardwaresemiconductorAfter the risks have been released, the turning point lies in whether the “stagflation” risk, global liquidity and market sentiment factors can be marginally improved.
(Article source: Financial Associated Press)