As of 09:48, the net inflow of northward funds was 3.725 billion yuan, that of Shanghai Stock connect was 3.083 billion yuan, and that of Shenzhen Stock connect was 642 million yuan.
According to an article issued by Chen Guo team of Anxin securities, the current background is that global liquidity is overflowing and no obvious tightening is seen recently. Chinas economic data continues to exceed expectations, and the market can expect that the year-on-year growth rate of Chinas economy and corporate profits will gradually rise in the next few quarters. This is the logic of A-share recovery bull, which is also the logic of A-share bull market. At present, the environment and economy are recovering moderately, but science and technology are ushering in a strong boom. The undervalued plate focuses on securities companies, real estate, building materials, insurance and so on in the short term. This round of economic recovery, growth and prosperity is better. We believe that the market will return to the main line of growth after the underpricing plate has completed reasonable make-up, and after the lifting of the ban and other concerns have eased.
Li Shaojun, a strategic team of Guotai Junan, and others have published a research paper, pointing out that the essence of the current underpricing of A-shares is the downward trend of risk-free interest rate, and the driving force is that the expected return rate of bank financial management is reduced, and the phenomenon of capital chasing assets is further strengthened. Thus optimistic about the future market, breaking through 3300, waiting for 3500. In terms of the industry, securities companies + undervalued leaders (mainly cycle oriented), technology + consumption relay, small market value companies that tell stories do not stir fry, and banks are not the main varieties, but the transition varieties from cycle to consumption and technology.
CITIC Securities released its investment strategy, pointing out that the make-up of undervalued sectors is not a style switch, but a short-term style rebalancing and a preview of future style switching. It is expected that the supplementary rise will continue for 1-2 weeks, but the growth rate will slow down; after the lifting pressure and performance verification, the market will return to equilibrium. From the late third quarter, finance and cycle will become one of the main lines of the next round of trend rise lasting for several months. In terms of configuration, in the recent up market of undervalued sectors, it is suggested to appropriately add real estate in big finance, as well as optional consumer sectors for economic improvement, including household appliances, cosmetics, automobiles and spare parts.
According to the Research Report on investment promotion strategy, in the second half of 2020, the economic fundamentals will continue to improve, the undervalued financial cycle is expected to usher in the improvement of corporate profits, and the undervalued sector represented by finance will have a wave of significant valuation repair in the second half of the year. However, at present, it is not only the main line of economic cycle recovery. Science and technology has entered the upward cycle, the trend of online consumption and home consumption is still in place, the completion cycle of real estate is speeding up, and the demand for medicine and medical care brought by the epidemic will continue. From the perspective of performance, traditional emerging industries should join hands to improve performance. In the second half of 2020, there will be a round rise and mixed style.
According to the research report released by the strategy team of CSCI, the style switch is not over, but will last for a long time. The securities sector was the first to rise by 20%, and the valuation has been improved to a certain extent. However, under the background of financial reform and capital market becoming bigger and stronger, there is still room for growth. In the insurance sector, under the background of loose credit and rising monetary interest rates, investment opportunities are still prominent. The valuation level of the real estate industry is still low, but the performance will improve with the economic recovery. Insurance, brokerages, real estate and banks are still worth adding.
Source: Netease Financial Editor: Yang Qian_ NF4425