In view of the recent A-share market, Guoshou Security Fund issued a document on the 10th, saying that the overall risk of the market in December is very small, and some layout can be made. It is recommended to pay attention to cyclical stocks in the short term, and first promote technology leading stocks with better industrial trend in the medium term.
Guoshou Security Fund pointed out that near the end of the year, the market encountered certain pressure, and its core came from the phased cash demand of some investors. However, this part had a significant wave of centralized release in early December. At present, the systematic adjustment risk in December is very controllable. Looking forward to the first quarter of 2020, there are still some periodic pressures in January, and its core still comes from the problem of liquidity. On the one hand, the dislocation of the Spring Festival leads to the superposition of the tax period and the Spring Festival, which may lead to insufficient derivation of deposits, some periodic liquidity tension, and on the other hand, the pressure of reducing holdings, especially the increase in January next year, may lead to some structural liquidity tension.
Guoshou Security Fund said that the overall risk in December has been very small, and some layout can be made, and there may be some fluctuations due to liquidity factors in January next year, but the above risks are small on the whole, mainly due to some phased pullbacks, and the positive trend of the medium and long-term stock market has not fundamentally changed. In terms of policy extension, combined with valuation and other factors, it is expected that the overall follow-up market structure is unbalanced. Therefore, periodic cyclical stocks may have some opportunities, and the technology leading stocks with better industrial trend will be maintained in the medium term. In terms of short-term configuration, it is suggested to pay attention to some sub industries of the cycle chain that still have repair space, such as heavy truck, building materials, general steel, etc.
(China Securities Network)
