Citic Securities Company Limited(600030) : the starting point of the market in the first half of the year is approaching before the festival

Citic Securities Company Limited(600030) believes that the collapse of high-level holding stocks is the main reason for the sharp fluctuation of market sentiment at the beginning of the year. It is expected that investors\’ confidence in steady growth policies and economic stabilization will continue to strengthen, and market sentiment will be boosted with the redefinition of the main line of steady growth. The starting point of the market in the first half of the year is approaching, and it is expected to appear before the festival. First of all, the rapid adjustment of high-level conglomerates has induced investors to “cut high to low” and reduce positions. Concerns about the strength of steady growth policies have induced mutual position exchange, resulting in the main line confusion in the first half of the month. However, the market has passed the most panic point of sentiment, and what is missing is the consensus in the main line direction. Secondly, we expect that the centralized landing of last year’s economic data will make the market form more consistent expectations for this year’s steady growth, the formation of policy synergy is on the way, and the market’s economic expectations for 2022 will be gradually revised. Finally, incremental funds began to stabilize and resume inflow. The clarification of the main line of stable growth will significantly improve market sentiment. It is expected that the starting point of the market in the first half of the year before the festival. It is suggested to continue to focus on the “three low positions”.