Shanxi Securities Co.Ltd(002500) pointed out that investors should pay attention to the style shift of the market, and the market has begun to shift from offensive style to defensive style. There are three reasons: first, with the release of the three quarterly reports, the valuation of many early hot stocks is too high, and the risk of further attack is too high; Second, although the increase of the index is limited this year, there are good structural prices at different stages. From January to April, there was a general rise, and from April to June, there were large consumption and food and beverage. Science and technology stocks started in June and continued to rise since August. From the performance of public funds announced in the third quarter, the vast majority of funds have achieved positive returns, and many funds have high returns. In the case of high attack risk, the operation style of institutional investors will be conservative. Third, there are still many undervalued sectors with stable performance and technical oversold, which can be configured as defensive sectors.
Looking forward to the future, the sector can continue to pay attention to defensive sectors such as cement, real estate, power and banking. In the case of short-term position adjustment and stock exchange, the index may fluctuate widely, with a large degree of fluctuation, but the defensive plate is relatively stable. The general rise of consumption and technology has gradually ebbed, and it is more difficult to select individual stocks, but individual stocks with reasonable valuation still have investment value. Pure theme speculation is more difficult, and short-term operation is more difficult.
(Securities Times)
