On January 17, A-Shares rebounded. The latest research and judgment from the private placement industry shows that after a correction lasting for half a month, the cautious expectations of front-line private placement for the short-term market are being significantly repaired.
A number of private placement said that positive factors such as the overall neutral valuation level of the whole market and the stable expectation of economic fundamentals will bring significant support to the market. In this context, the popular industry in 2021 and the recently active investment theme remain the focus of front-line private placement.
stocks in the two cities rose
Driven by the stabilization and improvement of China's economic data in 2021 and the reduction of the central bank's open market operating interest rate, as of the close of the 17th, the Shanghai Composite Index rose slightly by 0.58%, and the Shenzhen Component Index, gem index, Kechuang 50 and China Securities 1000 all rose by more than 1.5%.
By the close, 3295 stocks in the two cities rose and 1178 stocks fell, with a rise to fall ratio of about 3:1, showing a relatively rare general rise pattern of individual stocks since January. In addition, according to the data of tongdaxin concept sector, 185 of 201 concept sectors in the two cities rose, accounting for more than 90%. Among them, the concepts related to digital economy and information security ushered in a collective strong rise today.
the downside risk of A-Shares is limited
Dingfeng assets believes that the P / E ratio (overall method) of all a (excluding finance, petroleum and petrochemical) is about 30 times, only slightly higher than the historical median level of 27 times since 2012. Since the beginning of the year, the trend of A-share market has been poor, but the downward risk of A-share is limited according to the gradual force of stable growth in comprehensive policies and the level of market valuation.
Longying fuze assets said that at present, China's macro-economy is stable and good, the policy orientation is stable, the liquidity is relatively loose, the overall position and valuation of the market are not high, and there is little risk of continuous adjustment of a shares.
Xingshi investment said that with the effect of the "steady growth" policy, it is expected that more positive changes will occur in China's economy in 2022, and more and more industry fundamentals will improve, forming a certain support for the stock market. At the same time, the overall valuation of A-Shares is at the medium level since 2010. Under the condition of reasonable and abundant liquidity, there is little pressure on the overall valuation of the stock market, and there are still structural opportunities in the market. From the perspective of the whole year of 2022, "steady growth" is the most deterministic factor, positive factors of economic fundamentals are accumulating, and market expectations for the economy are expected to continue to improve. Especially today, the central bank raised and lowered the interest rates of MLF and reverse repo in routine open market operations, which will help stabilize market expectations.
focus on five opportunities
Although the popular sectors such as A-share new energy and large consumption have been adjusted greatly since the beginning of this year, the first-line private placement still takes these popular tracks as the main investment line of nuggets. In addition, the infrastructure sector related to steady growth has also been favored by some private placement.
Mingyu assets said that China's credit cycle bottomed out and that "structural monetary policy" is still worth looking forward to. In this context, focuses on five investment opportunities in the short term: first, the main line of stable growth of undervalued real estate and construction, as well as the large financial sector with the same undervalued value and low allocation of funds; Second, the repair opportunities of undervalued traditional Chinese medicine sector and covid-19 drug R & D related enterprises; Third, pay attention to investment opportunities related to digital economy; Fourth, continue to focus on the long-term prosperous photovoltaic, energy storage, wind power and new energy vehicle industry chain; Fifth, related stocks whose performance forecast in 2021 exceeded expectations.
Chunda Fund said it is optimistic about three investment directions: first, the undervalued traditional sector, especially the undervalued industry with valuation repair logic under the wide credit cycle; Second, steady growth and focus on the direction of fiscal development, especially the infrastructure industry chain that may benefit from policies; Third, the high-profile growth sector, such as new energy vehicles, military industry, semiconductors, etc. overall, the fundamentals of new energy, scientific and technological innovation and other tracks are still upward in the future. After recent adjustments, they have gradually entered the layout period.
