Viewpoint: according to the latest PMI data, the economy has rebounded, but on the whole, it is still anti pumping, and the downward pressure is still large. However, with the support of relatively stable fundamentals and liquidity, the market as a whole maintained a good foundation. With the inflation peaking expectation strengthened and the RRR reduction expectation landed, the expectation of monetary easing increased again, bringing an overall boost to the market. Under the expectation of monetary and credit easing in the coming year, the market is also expected to gradually open a good trend. In the short term, the “demon stocks” fell and Contemporary Amperex Technology Co.Limited(300750) fell sharply, while the blue chips remained stable as a whole, and the market ushered in the style transformation. When the monetary easing cycle was opened, it was still optimistic about the good trend of the market, and bargain hunting could still allocate undervalued varieties.
In the morning, the Shanghai and Shenzhen stock markets both opened low and went up after the opening. Under the overall recovery of subject stocks, the gem and Shenzhen Composite Index performed well, while banks and Kweichow Moutai Co.Ltd(600519) once went low, dragging down the Shanghai index. However, the rise of the securities sector is still an effective index to boost the market. On the whole, building materials led the rise, environmental protection, power equipment, light industry manufacturing, household appliances and real estate strengthened, while food and beverage led the decline, and the media, banks and other sectors fell slightly.
Last Friday, Contemporary Amperex Technology Co.Limited(300750) led subject stocks fell sharply, directly dragging down the gem. The gem has continued its adjustment since the 15th of this month. At present, it is reasonable to make a short-term adjustment in favor of undervalued values. In contrast, the Shanghai index took the lead in adjusting on the 13th of this month, and ushered in a temporary stabilization and recovery in the adjustment process of the gem. Obviously, the overall performance of the Shanghai index is strong and plays a leading role in this round of shocks and movements. According to the trend of index resonance, once the gem stops falling and the Shanghai index continues to rebound, the market probability is also expected to usher in a collective rebound or rise.
Back to the disk, Baijiu and other consumer goods were once shown last week. Today, the pharmaceutical sector has risen sharply, overturning the blue chips’ movements since the month. In fact, the undervalued blue chips are in good trend overall, and the market also has certain defensive attributes. The defense here comes from both external influence and internal pressure. However, with the central bank’s RRR reduction and IPR reduction, the market easing cycle has started. Under the tone of steady growth, the overall foundation of the market is still relatively solid. The recent adjustment will not change the overall good trend of the market. However, in the stock market, we should still pay attention to the phased style transformation and the rotation of plates.
Overall, under the trend of monetary easing, the index has an obvious boost effect, and the overall adjustment space is relatively limited. With the policy of steady growth, we continue to be optimistic about the market in the next year and the first quarter of next year. In the recent consolidation process, investors can still consider bargain hunting for appropriate allocation. In terms of specific opportunities, it is suggested to explore from three angles: first, the “steady growth” or phased main line from the policy perspective, and the involved sectors can track building materials, construction machinery, food and beverage and household appliances; Secondly, it can also be superimposed with varieties with high attention to funds in the north, such as financial and other value blue chips, in which it can focus on the securities sector with undervalued value and good performance; Third, science and technology and new energy are mainly varieties with relatively uncertain growth under the downward pressure of the economy.
(Jufeng Finance)
