Suggestions on asset allocation of major categories:
Equity: increase the tactical allocation to [high allocation], the investment value of large cap stocks is the same as that in the early stage, and the investment value of medium cap stocks continues to rise slightly. The investment value of consumer stocks and growth stocks increased slightly.
Bonds: maintain the [standard allocation] of interest rate bonds, lower the high rated credit bonds to [standard allocation or low allocation], and maintain the [low allocation] of convertible bonds
Commodity: maintain [low allocation] industrial products, reduce Shenzhen Agricultural Products Group Co.Ltd(000061) to [standard allocation or low allocation] and increase RMB exchange rate: [low allocation]
Risk tip: the virus mortality rate rises again; Exports fell more than expected; Monetary policy tightened the equity market more than expected: from January to February, the A-share market corrected as a whole, and both large cap stocks (SSE 50 and CSI 300) and medium cap stocks (CSI 500) recorded declines. In the sector, the consumer sector took profits in the early stage, the growth sector continued to callback, and the cyclical and financial sectors fluctuated in a narrow range.
Bond market: from January to February, the interest rate bond index was basically the same as that of the previous month, the credit bond index fluctuated slightly, the convertible bond transaction continued to cool, and the CSI convertible bond index fell 3.05%.
Commodity market: from January to February, bulk commodities rose strongly, and energy chemicals, Shenzhen Agricultural Products Group Co.Ltd(000061) , industrial products closed up 13.71%, 12.01% and 11.41% respectively. The real interest rate of US bonds rebounded from a low level; Gold prices continued to rise after a slight correction in the early stage.
Foreign exchange market: from January to February, the US dollar index fluctuated upward, the US dollar depreciated by 0.97% against the RMB, and closed at 6.311 at the end of February, setting a new low in 18 years. Most of the RMB appreciated against a basket of currencies.
