Different from the intuitive feeling of retail investors, the dispute among institutions lies in the style switching in the second half of the year.
A private placement told reporters that it had intervened in the securities and insurance sectors at the end of June, the preliminary judgment at that time was that the market might rise in July, and the geomancy would turn around, and the low value plates cost performance ratio was already relatively high.
However, although he took the express train, he said that he did not expect the market to rise so vigorously. Not too many positions, but
From the valuation point of view, I think the securities companies and other sectors will continue, although it is possible to adjust in the short term. If you add an emotional premium, it may take longer. However, the purchase point on the left side is no longer very good. If there is an adjustment, you can consider the configuration.
Lin Yuan, chairman of Linyuan investment, also said in an open interview,
Our investment direction in the second half of the year has been very clear. Todays market has changed, we should also keep pace with the times. With the changes in the market, we should make some big decisions and directional decisions, not limited to investment, consumption and medical treatment. If the market breaks through more than 4000 points, we will make a phased layout for some of the good companies that we think are in the market. Lin Yuan said.
But he said that medicine, consumption and technology were the engines of the bull market, I believe theyre not over yet..
It said that real estate and finance have not yet participated, and it is not too late to wait until after 4300.
But there are also some institutions that are not particularly concerned about style change.
At the same time, many sellers also gave their opinions.
Xu Biao, an analyst at Tianfeng securities? u2014u2014But dont forget that there are poems and distant places,
It shows that the extreme differentiation of valuation is the biggest logic for the repair of undervalued plates, and the attractiveness of undervalued assets will naturally decline after the valuation converges to a certain extent.
At present, we are more inclined to think that this is a short and easy style drift, and the core line of undervalued plate is securities companies with self strengthening logic.
But Haitong Securities has different views.
Under the over issuance of currency, the real estate, as the reservoir of currency, will benefit from it. Central Plains real estate leading indicators show that prices in the first tier cities after consolidation for three years have risen significantly in April and may this year. Most of the bank loans are related to real estate, which is the beneficiary of currency over issuance.
Therefore, with the start of a new round of leverage cycle, economic inflation is expected to pick up, interest rates will re-enter the upward cycle, major asset allocation will shift from bond bull market to stock bull market, and the value blue chips such as finance and real estate within the stock market are expected to rise again.
GF Securities has also recommended that in the second half of the year from the repair of valuation dimension reduction..
He said that although the consumption of slow bulls main line of science and technology growth must be firm, due to the epidemic situation, the A-share market has rapidly reached a consensus on the characteristics of long-term track immunity, which is reflected in the extreme relative valuation and configuration level of related varieties,
At this time, they are more inclined to suggest that investors periodically follow the repair clue to allocate reasonable valuation leading enterprises that are damaged by the new crown epidemic and have good industrial trend or good supply and demand pattern.
At present, the conditions for periodic convergence of valuation of high low varieties have been partially met. Next, it is more likely to deduce in the form of valuation dimensionality reduction , focusing on the reasonable valuation varieties benefiting from each repair path However, China Securities construction investment has put forward more clearly that the advantages of the financial cycle will reappear. In the third quarter of 2020, we recommend financial real estate and cycle along the path of recovery. We expect that in the fourth quarter of 2020, the consumer sector may re-exist obvious excess returns. In the second half of 2020, the science and technology sector is not dominant. Source: Chen Hequn, editor in charge of economic report in the 21st century_ NB12679
In the third quarter of 2020, we recommend financial real estate and cycle along the path of recovery. We expect that in the fourth quarter of 2020, the consumer sector may re-exist obvious excess returns. In the second half of 2020, the science and technology sector is not dominant.