The recovery of economic data from January to February may be affected by both the base effect and the error of statistical data. The fluctuation of monthly data should not be over interpreted.
At present, the liquidity pressure of the real estate industry has not been completely resolved, and the impact of the epidemic on consumption and service industry is still continuing, which makes the sustainability of the recovery of economic activities at the beginning of the year in doubt, and it may still take time for the macro-economy to reach the bottom.
Although the equity market has experienced a significant decline, from the perspective of valuation, the market is near the median, some earnings and policy uncertainties still need to be further absorbed, and the final stabilization of the market needs to wait patiently.
Risk tips: (1) the epidemic development exceeded expectations; (2) Geopolitical risk
