On December 12, Citic Securities Company Limited(600030) released the latest view that the policy setting of the central government for steady growth and the joint efforts of future policies will promote the economic recovery beyond expectations. The intensive policy implementation and data disclosure will significantly boost market confidence, the abundant market liquidity supports the relay of incremental funds, and the cross year blue chip market dominated by institutional funds is expected to continue for several months.
First of all, the policy setting of the central economic work conference made it clear to stabilize growth in order to cope with the superposition of “triple pressures” in economic operation; Structural policies will be rebalanced, paying more attention to the coordination between short-term pressure and medium-term objectives; At the same time, the policy puts more emphasis on implementation, and the future policy synergy is expected to promote the economic recovery beyond expectations.
Secondly, the overall economic data gradually disclosed shows that the economic growth toughness in the fourth quarter is strong. At the same time, the policy alleviates the real estate anxiety, the monetary policy is intensively implemented, the subsequent credit repair will last for several quarters, and the market risk appetite will continue to improve.
Finally, the macro liquidity is still abundant, the market liquidity is extremely abundant, the relative attractiveness of RMB assets is still strong, and the northward capital will maintain a sustained net inflow. The reallocation of Chinese institutions and cross-year financial funds will form an incremental capital relay and drive the position adjustment of stock funds. The consensus of the market on low-level blue chips will be further strengthened.
The high-low switching in the market structure will continue. In terms of configuration, Citic Securities Company Limited(600030) is still recommended to firmly focus on the “three low” layout and grasp the cross-year blue chip market that has lasted for several months. The key points are: first, the expected low level of the basic varieties, and the middle stream manufacturing, which is suppressed by cost and supply chain problems, such as small household appliances, auto parts and power equipment, will gradually be allocated to some sectors of consumption and medicine, such as Baijiu, food, tax-free, medical equipment, vaccines, etc., which are returned to a reasonable interval. Second, for the varieties whose valuation is still relatively low, pay attention to the high-quality developers and building materials enterprises after the expected mitigation of real estate credit risk, as well as the Internet leaders of Hong Kong stocks after experiencing the impact of China concept stocks; Third, the high boom varieties with relatively low stock prices after adjustment, such as semiconductor equipment driven by localization logic, special chip devices and military industry.
(Securities Daily)
