Strategy: revisit the rebound, and briefly analyze the time point and logic of growth "switching" value
Why did the market adjust significantly in April? During the period, the key variable "epidemic situation" was added, and its core impact mainly has three aspects. Looking forward to the future: (1) the rebound in May is expected, but the reversal has not yet arrived. We still need to be cautious without talking about the bottom; (2) If there is a reversal market, based on our style framework, the main line of A-Shares is expected to switch to growth. In May, it is suggested that 60% of the attack growth and 40% of the defense value. Specific allocation of growth attribute cycle, post epidemic cycle and mandatory consumption.
Financial Engineering: industry bulls in May based on industry rotation model
Based on the industry rotation model, the industry bulls in May were: building materials, beauty care, steel, non bank finance, transportation, commerce and retail, social services, agriculture, forestry, animal husbandry and fishery, and real estate.
Power equipment and new energy: Pylon Technologies Co.Ltd(688063) ( Pylon Technologies Co.Ltd(688063) . SH)
Both volume and price have risen, and profits have been restored. European energy prices have risen, household savings economy has become prominent, and industry demand is strong.
Medium and small cap: Huizhou Desay Sv Automotive Co.Ltd(002920) ( Huizhou Desay Sv Automotive Co.Ltd(002920) . SZ)
Under the industry logic of "hardware embedding and software upgrading", the domain controller drives the company to enter and accelerate its growth.
Chemical industry: Xi'An Manareco New Materials Co.Ltd(688550) ( Xi'An Manareco New Materials Co.Ltd(688550) . SH) shows that materials are booming + new breakthroughs in pharmaceutical intermediates + new electrical materials will be put into operation. The company has ushered in a period of rapid growth in an all-round way, with outstanding performance support and high cost performance.
Overseas market: JD group (9618. HK)
As a retail infrastructure service provider, the company has high barriers to the core competence of the supply chain, and in the future, with the gradual opening of the service capability facing the b-end, the company's long-term profitability has a large release space.
Non bank finance: China stock market news ( Piesat Information Technology Co.Ltd(688066) . SH)
The main line of big wealth management is the leader, the market share has not changed, the institutional business has made efforts to contribute incremental income, and the long-term value is prominent. Marginally, the RRR reduction is conducive to boosting confidence in steady growth, and loose liquidity is good for China stock market news.
Media: Mango Excellent Media Co.Ltd(300413) ( Mango Excellent Media Co.Ltd(300413) . SZ)
We are optimistic about the company's high-quality variety show content production capacity and mango TV user growth space.
Agriculture, forestry, animal husbandry and Fishery: Muyuan Foods Co.Ltd(002714) ( Muyuan Foods Co.Ltd(002714) . SZ) (1) the production capacity of pig breeding industry continues to be reduced, and the cycle reversal is expected in the third quarter of 2022; (2) The company is a leader in the pig breeding industry, with significant cost advantages and performance cashing ability, leading the industry.
Food and beverage: Kweichow Moutai Co.Ltd(600519) ( Kweichow Moutai Co.Ltd(600519) . SH) the multi-dimensional market-oriented reform measures support the accelerated growth of Maotai in 2022.
Household appliances: Beijing Roborock Technology Co.Ltd(688169) ( Beijing Roborock Technology Co.Ltd(688169) . SH)
The product matrix is gradually improved, and the new g10s series continues to sell well. It is optimistic that the consumer demand restrained by high prices will be released in 2021. Low base plus new, optimistic that Q2 export will return to high growth in 2022 and improve quarterly.
Coal mining: Shanxi Coking Coal Energy Group Co.Ltd(000983) ( Shanxi Coking Coal Energy Group Co.Ltd(000983) . SZ)
The company benefited from the high international energy prices and the strong demand and price rise in China's coal market, resulting in high profits.
Risk tip: the effect of epidemic prevention and control is lower than expected, geopolitical deterioration, and the monetary tightening of the Federal Reserve is stronger than expected.
