China Securities News Agency on March 27, Citic Securities Company Limited(600030) : A shares have returned to the normal driven by fundamentals from emotion, and will enter the key period of policy development; In the past two weeks, the epidemic has had a great impact on the economy. The necessity and urgency of the steady growth policy have increased rapidly. A number of policy combinations will be gradually launched and form a joint force; In the second quarter, the economy will gradually repair, and A-Shares will gradually stabilize and enter the medium-term upward channel. First of all, the impact of the current round of China's epidemic is expected to be mainly concentrated in March to April, which has a great actual impact on the economy, or drag down the year-on-year growth rate of GDP in the first quarter by 0.5 to 1 percentage point. Secondly, the necessity and urgency of the steady growth policy have increased rapidly, and it is expected to be launched twice. The options include: increasing the support of the real estate policy, re launching the total tools of monetary policy, reducing fiscal taxes and fees and accelerating the implementation of expenditure projects, accelerating the formation of physical workload of infrastructure investment, and the implementation of local government relief plans for micro entities. Finally, the peak of external risk impact has passed, the conflict between Russia and Ukraine has become increasingly clear, and the regulatory impact of Hong Kong stocks and China concept stocks will not change the trend of medium-term repair. In terms of configuration, it is suggested to grasp the key window of the secondary force of the steady growth policy, closely follow the relevant main line, focus on the balanced layout of "two low positions", and meet the resonant upward trend of value and growth in the second quarter.
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