strategy
Market: it is expected that the market will take a wait-and-see attitude in December, with more and more obvious signs of rising and falling, and the market may show shock and downward adjustment: on the one hand, the favorable bottom of the policy has been digested for about three weeks, and the driving force gradually subsides; On the other hand, the South African covid-19 mutant strain once again caused panic in the overseas market, VIX and other volatility indicators increased significantly by more than 20, risk appetite decreased, suppressed the valuation and continued to repair. The development of China’s epidemic situation will largely affect the fundamental expectations and play a role as an accelerator: 1) if China’s epidemic situation is well controlled in December and deviates from overseas performance, the market expects exports to continue to exceed expectations and expand their advantages, it is likely to repeat the rebound since April last year, and even cooperate with the gradual release of China’s effective supply, It will speed up the time point for the reversal of the market next year. On the contrary, 2) if the epidemic situation worsens outside China, it will also accelerate China’s economic recession and further expand the adjustment range of the stock market.
Industry configuration: it is suggested to lay out three major directions: first, emphasize the scientific and technological transformation attribute of the meta universe and firmly lay out: 1) electronic semiconductor tracks such as AR / VR, intelligent wearable devices, computing chips and optical / acoustic modules; 2) Diversified scenario applications such as life and production driven by cloud computing, data center, district chain, Internet of things, NFT and “digital twin technology”, benchmarking related software / media tracks; 3) The Internet is expected to “turn the tide” and realize “double click”, especially focusing on high-quality Internet companies in Hong Kong stocks such as Tencent, meituan and JD. The second is to maintain the [cycle with growth attributes] unchanged. Third, the necessary consumption varieties that have both defensive attributes and benefit from “consumption degradation”.
