2023-05-21 09:37:00
According to the latest strategy report of China Securities Times, the recent economic data continue to point to a weak economic recovery. In April, the industrial added value, social zero, and fixed asset investment all fell short of expectations. The accelerated depreciation of the renminbi fell below the 7.0 mark. , the market is waiting for the policy to increase. The short-term market is expected to continue to find the bottom, and the main line adjustment is not complete.
Taking history as a mirror, counter-economic cyclical assets (stable/technology) performed better during periods of rapid decline in the RMB exchange rate in the past 18 years. Economic fundamentals are negatively correlated or have a low degree of correlation. The recent low-level market rotation is performed as scheduled. Before the short-term domestic and overseas macro expectations are further clarified, the market is expected to still focus on the defensive strategy with low wind bias and heavy odds, focusing on independent cyclical sectors with policy expectations, focusing on durable large items Consumer goods such as new energy vehicles and home appliances; industrial motherboards and semiconductor equipment that benefit from self-controllable, structural upgrades, and electricity that has seen a significant counter-cyclical profit recovery; in addition, among counter-cyclical assets, emphasis is placed on electronics that are expected to catalyze an inflection point in the near future. Industry concerns: electronics, home appliances, new energy vehicles, industrial machines, robots, semiconductor equipment, electricity, etc.
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