According to the latest research report of CICC, the lack of confidence in the performance of a / h bank stock in the near future is mainly due to the impact of the epidemic and the impact of the interest yield policy on the banks performance, especially the excessive concern about the risk of retail assets. However, we believe that the valuation has fully reflected the impact of a series of events such as the domestic and foreign epidemic impact, financial yield, Sino US relations, and the market expectation reflected is too pessimistic. At present, the bottom of the policy and valuation has been basically confirmed. Looking forward, the team expects that the continuous improvement of economic data is expected to correct the pessimistic expectations of investors and then revalue bank stocks, and some of the top banks are expected to take the lead out of the negative impact of the epidemic.
According to Guosheng Securities Research Report, from the recent perspective, a shares are in a balanced structure as a whole. Although there are some fluctuations and repairs in the short-term epidemic impact plate, the trend direction around consumption, medicine, science and technology is still clear. With the coming of the end of the quarter, China Daily reported that the consumer leader enjoying high certainty in the quarter, although the valuation is on the high side, is still the focus of attention. From a long-term point of view, we should pay attention to the relevant industrial opportunities for demand improvement in the third quarter, and the 14th five year plan industrial policy will promote the strong pull of consumer electronics, new energy vehicles and other sectors.