Shen Minggao said that the most worrying problem under the normalization of anti epidemic is the lack of total demand. The epidemic restricted peoples travel and consumption. Although the investment in digital economy, biomedicine, vaccine, communication and 5g will increase, the new part of the increase is not enough compared with the traditional part of the reduction.
When talking about the future investment logic, Shen Minggao said that it is very clear to put forward the domestic and foreign double cycle mechanism. In the future, the international big cycle will be followed, but the domestic big cycle may be followed in key aspects, that is, Chinas production and Chinas consumption. In this transformation process, under the uncertainty of the epidemic, investors are willing to give a higher premium to the certainty. The core assets are big consumption and high technology, but the final question is whether it can bring returns.
Lu political commissar said that since 2019, PE in several major industries has been steadily rising step by step. From this perspective, it shows that from the beginning of 2019, Chinas stock market is likely to have entered a long-term slow bull process.