Huatai Securities Co.Ltd(601688) pointed out that since this year, all kinds of assets have shown positive returns, which is rare in history, but it also brings "troubles after happiness", which makes it difficult to allocate in 2020. Huatai suggests looking for depressions and expected differences from the perspective of valuation. Specifically, the vertical and horizontal comparison of a and H shares is cheaper, and the valuation advantages of some industries are prominent. Although there are some "headwinds" in the near future, it is advisable to gradually start the layout of next year's spring agitation. The bond market yield, interest rate spread and interest rate spread are not high, and it is difficult to find depressions. However, the fundamentals and monetary policy are favorable, and cross-border comparison also has certain advantages. We still adhere to the idea of shaking the market. The rise of bulk commodities is relatively small compared with the stock market, and the inventory of some categories is low. There may be some resilience in the follow-up. Gold can still adhere to the strategic allocation, while the price ratio of copper and oil is at a low level compared with gold, or contains repair opportunities.
(Securities Times)
