Guosen Securities Co.Ltd(002736) pointed out that looking forward to the future market, it is believed that science and technology will still be the main direction in the future, and the "wave of science and technology stocks" is expected to continue.
On the one hand, the trend of independent control and domestic substitution has created a broad market space for high-quality science and technology enterprises, and policy support has also provided great help for Chinese science and technology enterprises. On the other hand, from the perspective of fundamentals, the inflection point of the upward profit cycle of the science and technology sector may have appeared, and there is a huge elastic space for the industry in the future. However, considering that the current valuation level of the technology sector is not low, we believe that we still need to be vigilant against the risk of periodic downward adjustment of the valuation of the sector.
In addition, in the short term, there are also certain trading opportunities in the pro cyclical sector, and the future market may swing between science and technology and the cycle. First, at present, the year-on-year growth rate of finished product inventory of industrial enterprises is low. Market investors generally believe that the inventory cycle is expected to start, and the superposition of Nanhua industrial products index is also rising recently. Therefore, the market has weak expectations for future economic recovery. In addition, the valuation of cyclical sectors such as real estate, mining and steel is currently at a historical low, and there is also an upward momentum through mean regression in the later stage.
(Securities Times)
