Strategic outlook for the spring of 2022: twists and turns ahead, stability first
Study and judgment of the general trend: the short-term counterattack is not finished, and the medium-term reversal needs to wait.
Front road twists and turns:
The current market can be compared with 2012
The economic bottoming period brings downward pressure on performance, the policy has its rhythm and intensity, the Fed's interest rate increase cycle, and the US China policy in the mid-term election year.
Steady word first: grasp the "three low and one change": low undervalued value and low congestion. There are fundamental marginal improvement expectations on the basis of low congestion
Reverse cycle uplink:
Improvement of profit margin: Food and beverage, electric power, infrastructure and building materials
Upward inflection point of industry cycle: intelligent vehicle and accessories, animal husbandry
Price rise cycle chain: crude oil chain
High dividend strategy: stable profit, high dividend and strong defensive: real estate, banking, steel, coal, transportation and public utilities
Rebalancing of chips in low-cost distribution industry: power, banking, computer and communication
Industry focus: Food and beverage, electric power, banking, infrastructure, chemical industry, tax exemption, smart cars and accessories, photovoltaic
Risk tips: the economic downturn exceeded expectations, the Fed raised interest rates faster than expected, geopolitical risks and repeated outbreaks
