Securities Times e Company News, CITIC Securities Research Report believes that 2023 is a “turning year” for A shares. The strategic allocation period and tactical entry period will be superimposed in January. In the long window, it is recommended to increase the position, and the configuration changes from the balanced configuration in December last year to a growth-oriented style. First of all, the “peak” of the national epidemic period in January may be earlier than expected, and the fundamentals are expected to usher in an inflection point, and there is a lot of room for recovery. Based on fundamentals and policy trends, January is an important strategic allocation period for A shares in 2023. Secondly, the market transactions and valuations at the end of 2022 are obviously low. At the beginning of this year, the resonance of domestic and foreign capital entering the market is expected to break the stock game dilemma, and the pricing power of institutions will be significantly enhanced. Combining market valuation and transaction behavior analysis, January A shares will usher in a key entry point at the tactical trading level. Thirdly, the strategic allocation period is superimposed with the tactical entry period. After the national epidemic “peaks”, the observation and adaptation period ends. The key long-term window for the whole year will open in January. The comprehensive recovery of the A-share market will be the first stage driven by policy expectations. Switch to the second stage driven by performance expectations. Finally, it is recommended to increase the position, shift the allocation from a balanced allocation to a more growth-oriented style, and focus on the “four major security” areas, including energy storage and scenery for energy and resource security, semiconductors and digital economy industries for technology security, and missiles and aviation for national defense security. Development industry chain, seed industry for food safety; meanwhile, focus on medical devices, synthetic biology, and industrial automation.
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