Haitong Strategy: After the beginning of the year’s fall, the spring market can still be structured in a balanced configuration

According to the Securities Times e company news, the Haitong Strategy Research Report pointed out that the high and low sectors of the new year will be switched, and the four sectors will be compared horizontally: new energy is highly valued and prosperous, and valuation digestion needs to wait for changes in the market environment. Financial real estate valuations are at the bottom and institutions are underweight. Historically, there is also considerable room for valuation restoration. The countercyclical sector has benefited from the policy of stabilizing growth, which is already in force. The distressed industry is expected to reverse this year, and a clear turning point of performance needs to wait for the “April Decision.” With reference to history, the spring market is still expected after the beginning of the year’s decline, with balanced structural allocation, underestimated big finance + policy-driven new and old infrastructure.