Strategy: steady growth and undervaluation
Overseas hot, China cold, "steady growth" still needs infrastructure development. Overseas economic data and monetary policy attitude show that its economic recovery momentum is strong. China's Spring Festival consumption data show that the consumption will not rise significantly. In the next stage, China will still maintain a relatively loose monetary policy environment. In the case of no obvious recovery in consumption, the policy of "stable growth" of infrastructure construction is still necessary. Focus on the first is the infrastructure chain: the current market of infrastructure industry chain is far from over. Focus on the direction of new and old infrastructure: rail transit equipment, consumer building materials (municipal pipes, waterproof materials), UHV and charging pile. Second, the undervalued value. Under the monetary easing cycle, the period when the differentiation between high and low valuations reaches the extreme (the degree of differentiation reaches 80%) is the prerequisite for the rebound of undervalued value, while the differentiation drops to 60%, and the valuation repair ends. The main line of undervalued value continues to focus on: Bank, local insurance and coal.
Risk tip: the macro-economy fluctuates more than expected, the epidemic development is more than expected, and the policy promotion is less than expected.
