Morning Institutional Strategy: The overall valuation of A shares entering a relatively low range has more opportunities than risks – yqqlm

　　Soochow SecuritiesIt is pointed out that on Thursday, the two cities began to shrink and fluctuate. More than 3,100 stocks in the whole market rose, and more than 80 stocks rose by the daily limit, which still maintained a certain profit-making effect. The devaluation of the RMB combined with the continuous decline of the peripheral stock market has brought a certain negative impact on the market, but the marginal effect has weakened. The short-term market may still have impulsive momentum, and the intraday profit-making selling action is also obvious. The market may still be repeated in the later period. Those with heavier positions should pay attention to appropriate weight loss on rallies.

GuoshengsecuritiesIt is pointed out that the recent passivation of the external bearishness, the capital sentiment is relatively stable, A shares are independent of the strong trend of the external market, the policy bottom has been continuously consolidated, and the market’s profit-making efficiency has been enhanced. In the short term, there will still be disturbances such as fluctuations in U.S. stocks, the Fed’s policy expectations, and the sharply depreciated RMB exchange rate again, but short-term market fluctuations will not change the long-term positive trend of our capital market. The overall valuation of A-shares has entered a relatively low range, and the opportunities outweigh the risks. To maintain the view of short-term rest and consolidation, and medium-term fluctuations and upwards, only by fully resting and consolidating can we climb more steadily in the follow-up. It is recommended to pay attention to the stable growth-related infrastructure and real estate sectors that have been relatively strong, the commercial supermarkets, medical beauty, and large-scale consumption sectors under the anticipation of easing the epidemic, as well as short-term oversold and rebounded photovoltaic, power,semiconductorplate.

Bai Ruiying said that technically,Shanghai IndexThe shock fell back to digest the pressure of the 3100-point platform above, and the resistance near 3050 points was relatively strong during the step-back process, so that the index oscillated around the platform but did not effectively fall below it. Next, there is the process of repeatedly grinding the plate to digest the market selling pressure, control the original position, and pay attention to the rhythm of intraday switching. In terms of strategy, as far as the trend of the last two days is concerned, the market has increased with heavy volume and rebounded with reduced volume, and the overall risk is limited. At the same time, because the devaluation of the RMB fell below 6.8, the periphery fell again and again, which still had a certain negative impact on the disk. In terms of operation, in the stage of market consolidation, it is not appropriate to follow up with sudden hotspots after realizing it. Try to intervene at a low level during the adjustment, wait patiently for the opportunity of the band, and lighten up on rallies. host.

　　Central China SecuritiesIt is believed that the A-share market hit a high and met resistance on Thursday, and the stock index fluctuated slightly.The current Shanghai Composite Index andGEM refers toThe average price-earnings ratios of the two cities were 12.32 times and 36.24 times, respectively, below the median level in the past three years; the trading volume of the two cities on Thursday was 821.3 billion yuan, which was in the median area of ​​the average daily trading volume in the past three years. The overall trend of the number of new cases nationwide and in Shanghai is expected to continue to decline, and the speed of orderly resumption of production and work has been accelerated in various places. In the future, the overall stock index is expected to continue to fluctuate upwards. At the same time, it is still necessary to pay close attention to changes in policies, funds and external factors.Investors are advised to pay attention in the short termConstructionnew energy, medicine andsemiconductorFor investment opportunities in other industries, Midline continues to pay attention to investment opportunities in low-valued blue-chip stocks.

(Article Source:securitiesTimes Network)

Article source: Securities Times Network

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Original title: Morning Institutional Strategy: The overall valuation of A shares entering a relatively low range has more opportunities than risks