Chen Guo of Anxin Securities pointed out that the reduction of Q3 active fund's holdings in consumption is the mean return under the historical law. It is believed that foreign capital will continue to hold and cash in the food and beverage industry in the future, and the incremental capital is very limited. The rebound of q3-q4 banks, real estate and other undervalued sectors: the nature of make-up is biased towards the balanced allocation of undervalued sectors. By combing the historical switching, it is found that the continuous switching of Q4 to the undervalued sector requires the cooperation of fundamentals. At present, the cumulative profit of industrial enterprises in the first three quarters narrowed to 2.1% year-on-year, showing signs of improvement, but it still needs to be further verified in the first half of next year. Therefore, when the macro fundamentals have not stabilized, there is still room for undervalued sectors dominated by banks and real estate, but there is no basis for continuous switching. Three configuration clues: 1) the science and technology growth sector still has good investment value; 2) Compared with the historical position level, the cycle, automobile and media are lower than the historical average allocation level; 3) Foreign capital presents a more obvious left trading style, over allocation and increased holdings of medicine.
(Securities Times)
