Macro
Under the steady growth policy, the pace of local government special bond issuance has significantly accelerated recently. From the perspective of investment direction, the issuance of special bonds has continued to increase in the field of infrastructure. Looking ahead, with the sustained efforts of the steady growth policy, the pace of special bond issuance will continue to accelerate. Considering the higher urgency of this round of fiscal advance, it is expected that more than 90% of the amount approved in advance will be issued in the first quarter of this year, and the issuance scale of special bonds in March will reach 434.2 billion yuan. In terms of capital investment, it will continue to focus on the field of infrastructure, form physical workload as soon as possible, and help steady economic growth.
Metalworking -- quantification
In terms of single factor performance this week, valuation factors have significantly retreated in all stock pools, outperformed expectations, and both sue and sur have achieved high excess returns. Among the style factors, beta factor performs well and gains 1.40%; Momentum factor gains 0.50%, and the market shows momentum effect; The residual volatility achieved a positive return of 0.54%; The logarithmic market value factor gains - 0.77%, and the market small market value effect is obvious; The liquidity factor gains - 0.73%, and the market shows a low liquidity premium.
