The Shanghai Composite Index rose 2.37% last week, the Shenzhen Component Index rose 1.5%, and the ChiNext Index rose 0.6%. How will the A-share market go? See what the agency has to say:
① CITIC Securities: The current market is in the critical window of the expected game
CITIC Securities said that the current market is at a critical window of anticipation. The lack of incremental funds and the continued high volatility of the stock capital game, the market is still in the process of forming a new balance, and high volatility provides a good opportunity for layout. It is recommended to pay attention to the current valuation and future. The high cost-effective varieties that match the prosperity continue to shift to some industries that were less popular in the early stage.
②Huaxin Securities: Insufficient support for the switch from growth to value, and the style tends to be balanced
Huaxin Securities believes that the current value style has room for repair, but the upward momentum is insufficient. There is still a relatively favorable macro environment for growth, but there is adjustment pressure due to short-term congestion and external interest rate hike disturbances. On the whole, the support for the switch from growth to value is insufficient, and the style tends to be balanced.
Considering the degree of prosperity and congestion, the balanced allocation of growth and value, and grasping three main lines: First, industries with high prosperity and low congestion, such as communications, basic chemicals and beauty care; second, industries with high safety margins and prosperity restoration , such as: non-banking finance, light industry manufacturing, agriculture, forestry, animal husbandry and fishery; third, high-prosperity industries after the digestion of congestion, such as power equipment and household appliances.
③Dongguan Securities: It is expected that the index will continue its upward shock recovery path
Dongguan Securities pointed out that the economic data in August will be released. Considering that the current economy is still in the stage of weak repair, the economic data may be marginally improved, but it is still weak. However, as the National Convention deploys policies to promote economic growth, the follow-up economy is expected to be quickly repaired.
It is expected that the index will continue its upward shock recovery path, focusing on changes in energy and energy, northbound capital flow and sector rotation, as well as opportunities in industries such as finance, food and beverage, coal, power equipment, agriculture, forestry, animal husbandry and fishery, and TMT.
④CITIC Construction Investment: The booming industry is still the protagonist after value restoration
CITIC Construction Investment pointed out that in the general trend, the nature of this round of market is that domestic demand bottoms out first, and there have been frequent epidemics recently, but the comprehensive financial data, real estate and automobile sales and commodity prices are better than the market’s pessimistic expectations in the early stage, and with the decline in exports, The policy of stabilizing growth will increase marginally, and risk appetite will gradually increase during this time period.
However, the elasticity of the overall economy is limited, and after the pessimistic expectations of the recovery of the market value, the market will continue to interpret the third quarterly report and the continued direction of the economy. It is difficult to really switch styles, but it is still worth setting up a stage to grow and sing. At present, policy expectations are still supporting value, rather than strong stimulus policies to promote the reversal of the relative advantage of the economy.
The current industry configuration as a whole focuses on three aspects: penetration rate, replacement rate and supply-demand gap, focusing on energy storage, photovoltaics, new energy vehicles, and military industries that continue to be booming, coal, non-ferrous metals and shipbuilding cycles under the supply-demand gap. Accelerate new directions such as robots, AR/VR, photovoltaic new technologies, etc., and at the same time pay appropriate attention to first-line liquor, securities companies, etc.