Tianfeng Securities Co.Ltd(601162) pointed out that the self realization of stability maintenance and stability maintenance expectation made the market gradually come out of the most pessimistic bottom in early August. But similarly, the expectation that the maintenance of stability will come to an end also makes some investors prepare to reduce their positions and cash in the early earnings. However, the “four signals” system we built is still improving, especially the most important signal – the expectation that loose overweight will bring economic improvement. Every round of credit expansion in history has raised the overall valuation level of a shares. Therefore, the probability of rebound window period will continue, and it is not recommended to reduce positions or cash in earnings at present.
configuration strategy : stick to the leader of consumption and technology in the long-term dimension. For the medium and short-term dimension, it is recommended to focus on three dimensions: (1) the roe bottom of the interim report is improved and is expected to continue, such as securities companies and photovoltaic. (2) In the interim report, roe is still deteriorating, but it is expected to bottom out soon, such as wind power and cars. (3) Industries benefiting from the accelerated completion of real estate, such as furniture, kitchen electricity and decorative materials.
(Securities Times)
