Soochow Securities Co.Ltd(601555) : credit has made a good start and will promote the market rebound style from steady growth to growth

Soochow Securities Co.Ltd(601555) strategy Yao Pei said that he was clearly optimistic about the A-share market after the festival. There is no systemic risk in the market. In the year of monetary and fiscal double width, there has been no bear market in a shares. There is limited room for further exploration of the stock market. The price performance of the stock market is obvious and the valuation is not expensive. Compared with the bottom of the bear market, PE (TTM) of all A-Shares is 12 ~ 22 times, Pb (LF) is 1.4 ~ 2.1 times, which is currently 18.2 times (40% quantile in recent five years) and Pb is 1.9 times (50% quantile). We are optimistic about the good start of credit this year. According to the guidance of the central bank, financial institutions take the initiative to attack. With the winter storage project, the good start of credit can be expected.