Wu chaoming: what is the key to beat inflation (to A-share investors)

 Wu chaoming: what is the key to beat inflation (to A-share investors)

Wu chaoming

The strong performance of A-share is the result of the superposition of three factors: first, the monetary policy environment is relatively loose, the market liquidity is abundant, and with the continuous decline in the yield of bank financial products, residents have a strong desire to move their assets to the stock market, and stock fund sales have continued to boom since this year; second, the domestic economy has accelerated after the epidemic, including real estate sales, optional consumer goods and so on Third, the capital market has been improved, and some of them have improved their investment market.

Under the background that the long-term good fundamentals of domestic economy have not changed and the era of big asset management has gradually formed, A-share shares can be expected in the future. In the second half of the year, the global epidemic situation is still grim, and the external environment is relatively complex. It is inevitable that A-shares will be disturbed by risks such as rising trade conflicts and adjustment of overseas stock markets, but the structural market is still expected.

Since this year, a prominent feature of A-share structural market is the pursuit of certainty premium, which is expected to be strengthened in the future.

In the short term, we believe that infrastructure development and marginal improvement of profit margin of optional consumer goods are two directions with relatively high certainty, and the current valuation of some sectors is at a low level, and the recent performance is worth looking forward to.

In the medium and long term, the new infrastructure and peoples livelihood improvement areas have a long track and large space, and the policy support is stepping into a period of rapid development. The future deterministic growth is also worth looking forward to. For example, 5g, medicine and other sectors have long-term allocation value.

The key to beat inflation is to find the main engine and industries to lead future economic development, and to share the value and dividend in the process of rapid growth by investing in high-quality companies in these industries. At present and in the future, Chinas economic development will be dominated by the transformation of economic structure and the transformation of new and old kinetic energy. That is to say, for a long time, China will be in the stage of engine transformation of economic growth. Therefore, new kinetic energy will be the focus of investment. New infrastructure, new generation information technology, medicine and biology and other industries have good investment value.

This article is the exclusive contribution of Netease Research Bureau and does not constitute investment decision.

Produced by Netease Research Bureau (wechat official number: wyyjj163)

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