A shares continued to fluctuate, and the Shanghai stock index fell 1.25% this week. On April 17, China International Capital Corporation Limited(601995) released the latest research view, saying that there are still many uncertainties in the internal and external market. However, considering that the current asset price may have reflected more pessimistic expectations, the cumulative market correction time is long and the adjustment range is large, the overall market valuation has returned to the historically low position, and there is no need to worry too much about the future performance. The market opportunities in the medium and long-term dimension are greater than the risks.
Structurally, China International Capital Corporation Limited(601995) believes that under the current uncertain environment, on the one hand, we should control the position; On the other hand, in terms of configuration, it is suggested to find a direction with "relative certainty", and pay appropriate attention to the relevant sectors of "stable growth"; For enterprises with better performance that may exceed expectations, the first quarter may be the low point of the whole year from the perspective of year-on-year profit growth; Shareholders and executives increase their holdings of enterprises with good fundamentals. In addition, for the manufacturing growth style with high market attention, there are signs of accelerated adjustment recently, China International Capital Corporation Limited(601995) believes that although there may be a lack of catalytic factors in the short term, some high-quality companies have experienced more adjustments in the early stage, and the long-term configuration value gradually appears.
In terms of configuration, China International Capital Corporation Limited(601995) suggests focusing on three directions:
I. in the "bottom grinding" stage of the market, the stable growth sector with relatively low valuation may still have relative benefits in the current macro environment, such as traditional infrastructure, stable demand for real estate and related industrial chains (real estate, building materials, construction, household appliances, home furnishings, etc.);
2. Risks in the manufacturing growth sector, including new energy vehicles, new energy and technology hardware semiconductors, have been released, but the turnaround lies in the marginal improvement of "stagflation" risk, global liquidity and market sentiment factors;
III. for the middle and lower reaches consumption with more adjustments, low valuation and clear medium and long-term prospects in 2021, choose stocks from bottom to top, including household appliances, light industry and household appliances, automobiles and parts, agriculture, forestry, animal husbandry and fishery, medicine, etc.
