Huatai Securities Co.Ltd(601688) the release strategy pointed out that last week, the upward CPI in October was higher than expected, superimposed with macro data such as social finance and industrial added value lower than expected, the market's expectation of monetary policy tightening caused by inflationary pressure revived, and the concern about overall profit stabilization further deepened. Last week, the plates benefiting from the rebound in inflation expectations were divided, reflecting the market's concern about liquidity pressure and preference for food and beverage with better liquidity rather than catering, tourism, agriculture, forestry, animal husbandry and fishery. From the perspective of the driving force of profit recovery, the performance of manufacturing added value in October was stronger than that of quarterly fluctuation, and the high-tech manufacturing sector maintained high growth, becoming the main highlight; Infrastructure and real estate investment both fell, and the corresponding social finance weakened due to the drag of special bonds and non-standard contraction. It is suggested to continue the tactical allocation of banking + manufacturing, pay attention to the counter cyclical adjustment policy, which is expected to expand credit, and grasp the allocation value of science and technology stocks in the medium and long term.
(Securities Times)
