CITIC Securities: A-shares enter the policy observation period and the market focus will shift from growth to value. Provider Zhitong Finance

Zhitong Finance APP learned that CITIC Securities said that the current A-shares are still in the process of balancing between styles and sectors, and have entered the policy observation period. The market focus will gradually shift from growth to value, and growth within the Low track conversion, before the style switch at the end of the third quarter, insist on both growth manufacturing and value consumption in configuration. First of all, the overall domestic macro data has been weak recently, but the market has already responded adequately. It is expected that the disturbance of the scattered epidemic will dissipate at the end of August, and the fundamentals are expected to begin to be repaired at the end of September. At the same time, the suppression of the market by credit risks has eased, but it will take time for an orderly release. Secondly, the policy has entered an important observation period. It is expected that under the combination of “reduction in reserve rate + MLF reduction”, monetary policy will maintain reasonable and sufficient liquidity, the issuance of special bonds will speed up, and fiscal policy will make efforts to make cross-year and cross-cyclical adjustments. . In addition, the market has recovered from the extreme reaction to the full proliferation of individual industry policies. Finally, the Fed’s Taper plan is gradually approaching, the liquidity of the A-share market remains tightly balanced, and the seesaw effect of funds is obvious. It is expected that the focus of the market will gradually shift from growth to value. However, under the constraints of fundamental factors, the style switch will have to wait until the end of the third quarter. The current configuration is still recommended to maintain a balance between growth manufacturing and value consumption. The high-position circuit is shifted to the relatively low-position circuit, and at the same time, the high-prosperity consumption and medicine in the value sector are placed on the left.