On December 13, the main indexes of A-Shares rose and fell one after another, but the front-line private placement still maintained optimistic expectations for the short-term market trend and the cross year market.
A number of private placement analysts said that under the background of strengthening the logic of the comprehensive registration system and the entry of A-share long-term funds into the market, the equity market is worth continuing to be optimistic. For the cross-year market of a shares, the recent repeated high consumption and high boom sectors such as new energy are still the focus of attention.
macro expectations are expected to continue to improve
Xingshi investment expects that the follow-up fiscal policy and monetary policy will work together to stabilize the macro-economic market. On the one hand, the direction of financial development is more clear; On the other hand, monetary policy will remain stable and loose.
Xingshi investment believes that from the recent capital trend, the continuous inflow of northward funds is also related to the expected improvement of China’s economy.
In terms of the main driving forces of economic growth, Mingyu assets believes that under the policy guidance of implementing the strategy of expanding domestic demand, promoting the sustainable recovery of consumption, actively expanding effective investment and enhancing the endogenous driving force of development, local promotion fee policies are expected to be launched one after another to help residents’ consumption recover stably. In terms of the real estate market and infrastructure, the policy requires to accelerate the development of the long-term rental housing market, promote the construction of affordable housing, and moderately advance infrastructure investment. In this context, the cautious expectations in the fields of real estate and infrastructure are expected to continue to be repaired.
In terms of economic growth momentum from the end of this year to the first half of next year, the person in charge of a medium-sized private placement in Shanghai analyzed to the China Securities Journal Taurus reporter that since this year, the economic structure has more highlights in new economic increments such as new energy vehicles, green power construction and operation, consumer electronics and semiconductors, and has gradually replaced real estate Traditional infrastructure and other aspects of economic driving force. Looking forward to the first and second quarters of next year, the pattern of high-quality macroeconomic growth and orderly relay of old and new kinetic energy is expected to continue to be better than previous market expectations.
A-share research and judgment is more positive
“The unique global allocation value of the A-share market has not been fully tapped, and the strategic allocation of foreign capital is still in progress.” Chen Jialin, general manager of Shicheng investment, said that since December, especially since last week, the continued “explosive buying” of northbound funds.
Chen Jialin said that A-share investors should maintain positive expectations for the “excess returns” of China’s economy in leading macro policies and epidemic prevention achievements. In addition, for the long-term performance of the A-share market, Xingshi investment stressed that the clear policy of “fully implementing the stock issuance registration system” shows that the stock market plays a more important role in the multi-level capital market. In the long run, the logic of A-share long-term capital entering the market will continue to strengthen, and the continuous entry of residents’ wealth into the market will also be the general trend.
As for the short-term market research and judgment, Mingyu asset analysis pointed out that the macro policy has clearly set the tone and stability. With the bottoming of China’s credit cycle and the continuous fulfillment and strengthening of stable growth expectations, it is expected that the risk appetite of the A-share market will continue to rise in the short term, and the cross-year market of A-shares, which is getting better recently, will probably continue.
Luo Haitao, manager of Yuyi asset fund, said that thanks to the constraints of relevant departments on the prices of energy and raw materials, the cost inflation risk of upstream industries is also gradually resolved. Overall, the short-term A-share operation is expected to continue to improve as a whole, and the market is expected to maintain a balanced trading atmosphere of “value blue chip” and “emerging growth”.
two directions are still the focus
In terms of investment opportunities in specific sectors, the current front-line private placement is generally optimistic about the recent repeatedly active large consumption and high boom sectors such as new energy.
Xingshi investment said that under the background of strengthening the expectation of steady growth, the prosperity of more and more industries will improve, and the structural opportunities in the stock market will also increase. Among them, at this stage, the value style of A-share market may be dominant, and the consumer sector is expected to usher in the return of value.
Mingyu asset said that in the short term, the agency focuses on the large consumer sector with a expected rebound in gross profit margin, opportunities related to consumer electronics, digital construction and silicon carbide in the science and technology sector, as well as opportunities related to the long-term prosperity of photovoltaic, energy storage, wind power and new energy vehicle industries.
Hongshang assets said that at the end of the year, it is relatively more optimistic about the investment opportunities in the growth sector. The specific gold mining fields include new energy, new energy vehicles, advanced manufacturing and military enterprises, information and communication, chip industry chain, etc.
(China Securities Journal)
