Haitong Securities Company Limited(600837) released the early comment of the investment adviser, which said that yesterday's major indexes rose in large quantities stimulated by the expected reduction of the reserve requirement, accompanied by an upward jump gap, and fell back in the afternoon. The Shanghai index returned to 3000 points in the session. We believe that the market welcomed the positive large-scale rise after the continuous rise in the early stage, which was largely driven by emotion. When there was no significant increase in new accounts, Yesterday's trading volume reached the level of the top period in April, mainly driven by institutions and two finance. But looking back at the overall fundamentals, excluding big finance and two barrels of oil, when the semi annual revenue of all listed companies increased by 9%, the deduction of non net profit decreased by 1% year-on-year. It can be seen that the downward pressure on the economy is still relatively large. We think we should be cautious about whether this pressure can be effectively relieved in the second half of the year. The growth rate of some industries is still relatively good. For example, most companies in the electronic components industry, especially in the upstream printed circuit board and PCB industry, have a good growth rate in the semi annual report. Therefore, it is suggested that investors should start from the fundamentals, focus on the position stocks, and analyze whether the industry and performance are in the rising channel.
(Securities Times)
