Macro Zhang Jingjing: there are two clues to structural monetary policy tools: first, make efforts in key areas and weak links; Second, the epidemic situation is particularly poor industries. A shares can focus on the following directions: first, the "modern infrastructure" mentioned by General Secretary Xi at the Financial Committee on April 26; Second, the key areas and weak links of the central bank's follow-up efforts, as well as the epidemic relief industry.
Solid income Luo Yunfeng: will bonds and commodities fall together? Once the disturbance of the epidemic to the economy peaked, with the recovery of supply, the restoration of pessimistic expectations, the relaxation of monetary policy and the decline of expectations, the initial performance of the corresponding market should be the decline of bonds and commodities.
The value equity style represented by the SSE 50 Index fluctuated upward. However, under the combination of downward year-on-year growth rate of PPI and little downward space for ten bond yield, the risk of decline of gem index is still large, which is a mirror image of the situation from January to August last year.
Strategy Yi Bin: in terms of the process of policy effectiveness, consumption first and infrastructure later. The window period from May to June is relatively optimistic, and the style focus turns to value. Short term market feedback to the consumer sector will also be more rapid. The consumption sector is also from compulsory consumption to optional consumption; In terms of infrastructure, I believe we can see the process of landing in the second half of the year..
Metalworking Wang Hongbing: under the expectation of steady growth, the allocation of infrastructure sector has high cost performance. The low valuation of the infrastructure sector is due to the downward movement of the growth rate of infrastructure investment after 2018. The rebound from the second half of 2021 is still in this valuation framework. If there is any improvement in macro data in the future, it may lead to the upward movement of the valuation of the sector.
Non bank Luo zuihui: it is recommended to focus on high-quality agent strategy, build competitive barriers, and share repurchase to boost market confidence.
Bank: two main lines: the first main line, high-quality Chengdu agricultural commercial banks in key areas, Nanjing, Chengdu, Jiangsu, Hangzhou and Changshu; The second main line is that big banks pay attention to postal savings, with huge debt advantages, the potential to improve the deposit loan ratio, the potential of wealth management brought by the customer base, and other medium and long-term perspectives can pay attention to the allocation value of high-quality joint-stock banks.
Dianxin Yang Jingmei: the implementation of the meeting documents will further support the demand of the new power sector. The sales of wind power, photovoltaic installation and electric vehicles have performed well. It is expected that there will be better market performance after this round of market sentiment.
Communication: we are optimistic about the relevant sub industries such as operators, main equipment, optical communication, Internet of things and Beidou high-precision navigation. We suggest paying attention to the leading enterprises of communication infrastructure.
Social service / retail Xu Guanghui: the short-term layout is the leader in the high growth sector of the first quarterly report, mainly medical and beauty cosmetics and mandatory consumption; In the medium and long-term layout, the plight of offline consumption is reversed, and the space under underestimated value is greater than time.
Building materials / light industry Li Huafeng: glass fiber and cement sectors are recommended, and the high export boom is the core reason.
Medical devices: under the background of China's dynamic clean-up 0 policy, with the introduction of guidelines for resumption of work and production in Shanghai at the weekend, nucleic acid + antigen detection is expected to become the norm, and covid-19 detection is optimistic.
Traditional Chinese medicine Wu Tianhao: Traditional Chinese medicine sector - recommendation of strong defensive targets. The epidemic continues to affect the national economy. When the market weakens, it is recommended to recommend stocks with strong performance and relatively low valuation.
Risk tip: the change of epidemic situation is more than expected, the strength of policy is less than expected, and the pace of policy implementation is slower than expected.
