Value blue chip is still active, but it is more a defense against overseas disturbances. From the perspective of remote return, the ceiling of undervalued income is low, and the current layout technology growth direction is still a better choice.
The gem adjustment is close to the bottom area, and the valuation returns to near the 18-year low, which has investment value. To return to the upward trend of the gem, we should see the improvement of the external environment, but some high growth directions that can be tracked in the structure are likely to take the lead out of the trend. The near end performance of the high boom hard technology industry is in line with expectations, and the performance and valuation are cost-effective. The fluctuation of TMT soft technology is in line with the characteristics of high odds on the left. Driven by the dual industrial pillars of meta universe and digital economy, it is still expected to open beta market after this round of performance correction.
This week, the differentiation trend of A-share market has converged, and the temporary easing of concerns about internal and external liquidity tightening has enabled track stocks with large adjustment range of early valuation to ease periodically. The inflation data released in January this week showed that the year-on-year growth rates of CPI and PPI fell to varying degrees, and the core CPI remained low, indicating that China’s demand is still weak, and China’s inflation is difficult to constitute broad monetary resistance. The style dispute between steady growth and growth is still the focus of the current market. The release of the down payment ratio in some cities this week can partially alleviate the pressure on domestic demand caused by the downward real estate cycle and improve the market’s previous concerns about the implementation effect of the steady growth policy. Generally speaking, under the general tone of no speculation in real estate and housing, the upward space of credit is limited, and the tone of macro policies remains unchanged. Drawing on the experience of 12-13 years, with the implementation of the steady growth policy, there is a short-term valuation repair in the real estate infrastructure industry chain related to steady growth, but it is difficult to look forward to the long-term trend. The TMT sector, a leading industry with profit advantages and cost-effective advantages, has undergone adjustment since the beginning of the year. The valuation premium is expected to be greatly reduced, the profit valuation cost-effective will be gradually highlighted, and the situation of value growth is expected to be staged.
The performance of industry differentiation has entered a balanced period. The maximum withdrawal range of the fund heavy position industry has exceeded 21 years. After the Spring Festival, the negative feedback caused by this round of loss effect should stop. From the perspective of the scattered changes in the net value of the fund, after the negative feedback in early 21, the fund position migration range is more obvious, while the overall position of the fund in this round shows signs of migration, but the overall position is still biased towards high boom growth industries, and the migration range is significantly weaker than that in early 21. There are differences between the heavy positions of old funds at the beginning of the 21st century and the outlook for the annual performance of this round of heavy positions of funds. Although the year-on-year growth rate of the expected performance of the high boom industry in 22 years is lower than that in 21 years, the absolute value level of the overall performance growth rate and the disposal position are still in a high position. However, the absolute value and the disposal level of the index of the performance of the index were not high in early 21, and the phenomenon of the representative high end Baijiu‘s weight growth continued to decline.
The East digital West computing project was officially launched, and the science and technology industry chain ushered in new opportunities for development under the digital economy. This week, the “counting from the east to the west” was fully launched, superimposing the development direction determined by the digital economy, which will be a great opportunity for the whole science and technology industry chain. The continuous and rapid growth of computing power and traffic is an inevitable trend. As the basic production factors of the technology industry, data and computing power will promote the vigorous development of its upper technology industry, which echoes the theme of our annual strategy “technology breakthrough”. As a rigid demand, the continuous construction and expansion of digital asset supporting infrastructure also has high certainty during the 14th Five Year Plan period. East digital West computing will accelerate the construction of computing power, effectively stimulate the innovation vitality of data elements, accelerate the process of digital industrialization and industrial digitization, promote new technologies, Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , new business forms and new models, and support high-quality economic development.
