Next week is the last trading week of A-Shares in 2021.
For the future, the institution believes that the market is currently in a period of shock consolidation, and the growth stock market is suppressed in the short term. With the gradual implementation of the “steady growth” policy, the plates in relevant fields will show stronger toughness.
major events affecting investment
CSRC solicits public opinions on relevant systems and rules of overseas listing
On December 24, the CSRC solicited public opinions on the systems and rules related to overseas listing. When answering a reporter’s question, the relevant person in charge of the CSRC pointed out that improving the supervision system for overseas listing of enterprises is not a tightening of the supervision policy for overseas listing. On the premise of complying with domestic laws and regulations, vie structure enterprises that meet the compliance requirements can be listed abroad after filing.
Shanghai and Shenzhen stock exchanges solicited opinions on supporting rules for interconnected depositary receipts business
On December 24, in order to implement the provisions of the CSRC on the supervision of the interconnection of depositary receipts business between domestic and foreign stock exchanges (Draft for comments), the Shanghai and Shenzhen Stock Exchange formulated supporting business rules and solicited opinions from the public. It is stipulated that the appropriateness standard for individual investors participating in China depositary receipts business is that the average daily assets in securities accounts and capital accounts reach 500000 yuan 20 trading days before opening, and foreign issuers are allowed to prepare periodic reports in foreign currencies.
Zhou Xiaochuan: it is necessary to study and promote the construction of international board in the construction of Shanghai international financial center
On December 25, at the 2021 Shanghai International Financial Center Development Forum, Zhou Xiaochuan, vice president of Boao Forum for Asia and President of China Financial Society, said that from the current Chinese foreign environment, it is necessary to study and promote the construction of Shanghai international financial center. In the process of one belt, one road, many enterprises and countries along the route are hard to finance through equity and creditor’s rights. One belt, one road, China and other countries and regions will be allowed to raise funds in the Chinese market.
Chengdu Chongqing joint construction of western financial center plan
The people’s Bank of China, the national development and Reform Commission, the Ministry of finance, Bank Of China Limited(601988) Insurance Regulatory Commission, China Securities Regulatory Commission, the State Administration of foreign exchange, Chongqing Municipal People’s government and Sichuan Provincial People’s Government jointly issued the plan for Chengdu and Chongqing to jointly build a western financial center a few days ago. The plan proposes to explore the construction of Western data asset trading place, optimize regional multi-level capital market services, create a highland for the development of western equity investment funds, and support Chengdu to steadily promote the pilot of digital RMB.
organization’s latest strategic perspective
Citic Securities Company Limited(600030) : blue chip will get better
Bank credit is expected to have a “good start” in 2022. At that time, the trend of credit cycle repair will be confirmed, and the market liquidity will be more abundant; Macro data and policy work together to further repair market confidence. With the weakening of disturbance factors and the strengthening of support factors, the blue chip market will be better and better. In the first half of 2022, A-Shares are generally good and there are many market opportunities. It is suggested to allocate them closely based on the implementation of stable growth policy and the recovery of consumption price.
China International Capital Corporation Limited(601995) : “steady growth” policy is expected to be implemented gradually
The “steady growth” policy is expected to be implemented gradually in the future. In terms of market style, due to the large increase, high valuation and expectation of growth stocks, institutional positions are biased, and the short-term performance will be restrained, while the fields related to the “stable growth” policy will show relative toughness, and the market is expected to show the style characteristics of “big strength and small weakness”. When the growth expectation gradually stabilizes, the market may return to the growth style.
Anxin Securities: the market is in a shock consolidation period
At present, the market is “impetuous but not moving” and is in a period of shock consolidation. We need to wait for key signals such as clear policy expectations, improvement of incremental funds and stability of the external environment. In terms of configuration, it is suggested to pay attention to the intelligent automobile industry chain, chemical industry (new material field and traditional infrastructure related fields), power, electronics (Consumer Electronics), food and beverage, banking and other industries and sectors.
China EU Fund: infrastructure may be the starting point for “steady growth”
In the context of economic stabilization and flexible adjustment of monetary policy, the intensification of short-term fluctuations means the layout point of the market before the Spring Festival. While the ranking assessment at the end of the year is gradually ending, the layout of the market next year will become the main focus of investors. Consumption is expected to recover with the stabilization of the economy. It is suggested to continue to pay attention to food, beverage, household appliances and other industries; The driving force of steady economic growth is expected to fall on the infrastructure field at the investment side, especially the new energy infrastructure in line with the dual carbon policy planning. There are a large number of construction gaps in the next few years. It is suggested to pay attention to the fields of power construction, new energy power station operation, transmission and distribution equipment, etc.
GF: focus on high-tech manufacturing and large consumption
Next year, the investment layout can be carried out from three aspects: in terms of stock and debt allocation, A-Shares still have structural opportunities in the first quarter, and fixed income assets can be allocated tactically. In terms of style selection, the sustainability of growth style market is expected to be stronger. In terms of industry selection, it is suggested to pay attention to high-tech manufacturing and large consumption.
(China Securities Journal)
