Recently, the A-share market continued to fluctuate, and the overall valuation has entered a relatively low range. In the view of the industry, the next opportunity is greater than the risk, and there will still be a structural market. Investors can still keep low positions or empty positions to wait and see, and then carry out subsequent operations after the market stabilizes obviously.
China International Capital Corporation Limited(601995) in the previous research report, it is said that, in a comprehensive view, some factors causing market adjustment have been actively resolved at the policy level, the fundamental signal is still weak, the potential inflection point may still need to wait for the effectiveness of the policy to achieve fundamental improvement, and the short-term market may still be repeated, but the stage similar to the sharp decline in the early stage may have ended, and the subsequent market may gradually enter the bottom grinding stage.
In terms of allocation, Haitong Securities Company Limited(600837) chief strategic analyst Xun Yugen pointed out that finance and real estate, including some traditional stable growth old infrastructure, could still be held in the second quarter, and the policy was still in a loose state. However, there may not be much room for excess returns in the future. In addition, in the second quarter, along the main line of steady growth policy, it should be paid attention to the new infrastructure field. That is, infrastructure investment in emerging industries mainly includes low-carbon economy and digital economy.
Xun Yugen suggested that more attention should be paid to consumption when the economy recovers in the second half of the year. Xun Yugen believes that China's consumption is characterized by keeping pace with or even slightly lagging behind the economy. It is estimated that the profit data of relevant enterprises will increase in the second half of the year, especially in the second half of the third quarter, with the stabilization and recovery of economic data.
Zhuang Hongdong, manager of cheese fund, said that at present, the overall valuation of the A-share market is at a relatively low level in history, which is a good layout opportunity. In particular, it underestimates the value stocks with excellent performance, and the investment cost performance is very high. It is understood that the cheese fund focuses on two sectors: biomedicine and large consumption. In addition, food, beverage and household appliances in the field of large consumption are also the direction of its continuous long-term tracking and relatively optimistic. "Referring to the market trend after the end of each policy in the past, it is accompanied by various specific policies favorable to the market. Therefore, referring to the past, the time and space to continue to fall at a low level are extremely limited, but it is a good time for layout."
Guosheng Securities believes that, on the whole, it is not appropriate to be overly bearish at present. We can choose the opportunity to deal with it according to the rebound strength in the subsequent rebound market. We can focus on the power point of the national "steady growth" policy, and select the sectors closely related to people's livelihood, such as food, clothing, housing and transportation, for low absorption.
