Key investment points:
Since the beginning of the year, we have continuously analyzed the “three low” allocation ideas, such as “why turn to the” three low “sector on January 23, and how to look at it in February?” “Continue to explore the” three low “on February 6, and” on the allocation of the “three low” on February 13: what’s the difference this time? “, The comparative advantages of “three low” varieties continue to appear.
At present, investors are more concerned about the rebound of growth stocks. If we define the time dimension of the rebound as 3-5 weeks, when will the rebound window come?
April is expected to usher in a growth stage rebound
We expect that the rebound window of growth stocks may be from late March to April. The reasons are as follows: first, from a macro perspective, April is the marginal mitigation window of the Fed’s expectation of raising interest rates; Second, from a meso perspective, the successive disclosure of the first quarter forecast in 2022 is expected to boost market sentiment.
It is worth noting that, different from 2019 to 2021, taking 2-3 quarters as the observation dimension, we believe that the “three low” configuration in 2022 still has comparative advantages. For a detailed analysis, see “revisiting the” three low “configuration: what’s the difference this time?”.
Continue to tap the comparative advantages of “three low”
For the “three low” sectors with undervalued value, low share price and low position, we investigated the marginal changes of fundamentals from top to bottom, and sorted out the allocation clues of stable growth, travel chain and high dividend. Combined with the industry perspective, the relevant companies include: stable growth: Industrial Bank Co.Ltd(601166) , Bank Of Nanjing Co.Ltd(601009) , Ping An Bank Co.Ltd(000001) , Poly Developments And Holdings Group Co.Ltd(600048) , China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) , Vanke A, China Energy Engineering Corporation Limited(601868) , China Railway Construction Corporation Limited(601186) , Suofeiya Home Collection Co.Ltd(002572) ;
Travel chain: Guangzhou Baiyun International Airport Company Limited(600004) , Air China Limited(601111) , China Southern Airlines Company Limited(600029) , Shanghai International Airport Co.Ltd(600009) , Shanghai Jin Jiang International Hotels Co.Ltd(600754) etc; High Dividend: Daqin Railway Co.Ltd(601006) , Shandong Hi-Speed Company Limited(600350) , China Merchants Expressway Network Technology Holdings Co.Ltd(001965) , China Mobile, China United Network Communications Limited(600050) etc.
Risk tip: performance growth is lower than expected; Liquidity tightening exceeded expectations
