Although the current real estate financing policy continues to relax, the liquidity pressure of the whole real estate industry remains, and the credit stratification is still serious. The stabilization of new construction, land acquisition and investment of real estate enterprises still needs time, which has a negative impact on the economy.
The continuous rise of US inflation and the interest rate increase and table contraction initiated by the Federal Reserve will undoubtedly have an impact on global capital flows and risk appetite. However, considering that the market is pricing this prospect and the Fed has sufficient communication with the market, there is no sign of a rapid transition into a bear market, and its drag on China's stock market is limited.
At present, the decline of the Chinese market has absorbed many adverse factors. The market may have entered the bottom area. In the process of market consolidation and adjustment, we continue to wait for the confirmation of the policy effect.
Risk tips: (1) the epidemic development exceeded expectations; (2) Geopolitical risk
