Galaxy Securities pointed out that there are two possible advantages left in the fourth quarter, one is interest rate cut, and the other is Sino US trade negotiations. Sino US trade negotiations are very difficult and the prospects are uncertain. What is clear is that the traditional Sino US relations need to be adjusted, and Sino US relations need to be repositioned and re established trust. This is an arduous task.
industry short term configuration: stable companies such as leading real estate and large and medium-sized banks with high provision rate, which tend to be defensive.
long term configuration: 1. If the key companies are adjusting, select the best assets with high prosperity or high profitability, computer communication semiconductors, such as the deterministic growth sub industries (CCL, PCB) in 5G, high-end Baijiu, vaccine biologicals, insurance, innovative drugs, R & D services, etc. Second, every low-level allocation, such as securities and securities market related sectors in a broad sense; Third, blockchain, digital currency and other topics fluctuate greatly, making it difficult to find companies with high performance. Fourth, the performance forecast began in October, which may lead to new mines. It is suggested to continue “demining”, improve the “anti fragile” investment system, eliminate ① companies with high possibility of false growth and false accounts, ② companies with weak competitiveness with poor cash flow and excessive dependence on financing, and ③ “white horse changing face stocks”. With the decline of macro-economy and the change of consumer preferences, The competitiveness of white horse stocks in some consumption and manufacturing industries continues to decline, and the valuation is high. It is suggested to improve the screening ability.
(Securities Times)
