The vulnerability of US stocks and higher than expected are in the denominator. The falling space of US stocks needs to be observed in the future: whether inflation continues, whether the economy slows down, and whether the Fed turns to Dove narrative.
The vulnerability of A-Shares is higher than expected, so it is not appropriate to use an index to express investment opportunities. What needs to be observed is still the structural changes: whether the broad currency can expand the credit and grow steadily (real estate infrastructure credit), whether the epidemic prevention policy can make adjustments to adapt to the characteristics of virus variation, and whether the profitability (ROE) and industrial trend (profit growth) of subdivided industries can cross the medium-term downturn of the economy.
Risk tip: the mortality rate of Omicron is higher than expected; Economic growth fell faster than expected; Monetary policy tightened more than expected
