Will the adjustment continue tomorrow? The latest research and judgment of eight major securities companies has come

category:Finance
 Will the adjustment continue tomorrow? The latest research and judgment of eight major securities companies has come


On July 27, there will be 34 new shares listed in the market, including 32 new stocks in the new third board and two new shares on the growth enterprise market, setting a new record for the number of new shares listed in a single day. According to the data, the first batch of 32 selected companies issued 837 million shares, raising a total of 9.452 billion yuan, and each company raised 295 million yuan on average. After the issuance, the average market value was 2.198 billion yuan.

On July 24, the Ministry of industry and information technology, together with the development and Reform Commission, the Ministry of science and technology, the Ministry of Finance and other 17 departments jointly issued the several opinions on improving the supporting system for the development of small and medium-sized enterprises, and put forward 25 specific measures in seven aspects, including improving the basic system for supporting the development of small and medium-sized enterprises, adhering to and improving the financial and tax support system for small and medium-sized enterprises, and adhering to and improving the financing promotion system for small and medium-sized enterprises. According to the opinions, we will steadily promote the registration system reform with information disclosure as the core, and support more high-quality small and medium-sized enterprises to enter the capital market.

China Securities Regulatory Commission (CSRC) announced on the 24th that China Securities Regulatory Commission (CSRC) has drafted the administrative measures for information disclosure of listed companies (Revised Draft) (Draft for Soliciting Opinions) and solicited opinions from the public. This is aimed at implementing the new securities law, which came into effect on March 1, and continuously strengthening the supervision of information disclosure. The main revision contents of the draft include improving the principles of information disclosure, improving the interim report items, and further emphasizing the responsibilities of directors, supervisors and higher authorities.

Short term fluctuation does not change long-term trend

Li Junan points out that after the early stage of the reform, the risk of liquidity is expected to be stable in the future Shock pattern.

Guosheng securities strategy Zhang Qiyao team pointed out that multiple factors lead to market adjustment, but the impact is short-term, and there is no systematic risk in the market: first, external factors are not the main contradiction of the market; secondly, the trend of medium and long-term overseas allocation funds continues to remain unchanged; thirdly, the liquidity remains loose and the trend of sinking towards broad credit remains unchanged. Even if the index fluctuates in the short term, the opportunities far outweigh the risks under the certainty of large inflow of incremental funds.

Guoxin Securities strategy Yanxiang team pointed out that the market is insensitive to external events, and the domestic liquidity environment is still the most important variable to determine the subsequent market conditions. If the conflict of external events escalates, it means that the probability of domestic liquidity environment will be significantly reduced, and the main logic of the early market (independent science and technology, stable growth of domestic demand and consumption) should be strengthened.

Mou Yiling team of the open source securities strategy points out that the market will face high uncertainty in the future, which will catalyze investors to re measure the risk return ratio. At the same time, it is optimistic that economic recovery is the logical starting point of the A-share market since July. As long as the economic recovery can be continuously verified, the upward trend of the market will be difficult to reverse.

Tan Zhiyong team of Huajin securities strategy pointed out that the short-term risk aversion sentiment has obviously increased, but the foundation for the medium and long-term market to be better has not been fundamentally shaken. Chinas economic recovery expectation has not been changed and the deep reform of the capital market has been continuously promoted, which will also enhance the medium and long-term allocation value of a shares.

Xu Biao, an analyst at Tianfeng securities, pointed out that if credit continues to expand, earnings expectations will continue to improve, and the overflow of credit entities will bring more incremental funds, forming Davis double-click. It is expected that the credit cycle will be flat in the second half of the year, and the structural market of a small number of companies will remain after the emotional ups and downs.

The new era securities strategy fan Jituo team pointed out that the recent adjustment is a technical adjustment, and the space and time will not be too long. Although there is little room for the index to go down, in view of the lack of catalyst for upward, the time to continue to rise may have to wait for mid to late August.

Large consumption and technology sector continued to be optimistic

Qin Peijing team of CITIC Securities strategy believes that in the short term, it is suggested to focus on the necessary consumption, medicine leading enterprises and optional consumption sectors with continuous improvement of prosperity, which enjoy high certainty premium in the mid season, including automobiles, household appliances and social services.

Guotai Junan strategy Li Shaojun Jun Jun Jun Jun Jun Jun Jun Junan strategy Li Shaojun Jun Junan believes that the future rapid rise will turn into structural market, and the industry style is expected to transition from financial cycle to consumer technology. It is suggested that attention should be paid to food and beverage, household appliances, new energy vehicles, medicine, electronics, computers and other sectors.

Zhang Qiyao team of Guosheng securities strategy believes that in the medium and long term, science and technology will be the strongest main line in the market in the third quarter, focusing on science and technology innovation board + domestic substitution; from the perspective of prosperity, it will focus on new energy vehicles, photovoltaic, semiconductors, consumer electronics, games and gold.

Guoxin Securities strategy Yanxiang team believes that in the short term, the market uses external events to digest and adjust the early growth and valuation. In the medium term, under the background of the domestic big cycle, the consumption perpetual motion machine and the independent logic of science and technology are still the strongest.

Mou Yiling team of open source securities strategy suggests paying attention to pro cyclical industries and recommending three main lines: chemical industry, building materials, construction machinery, nonferrous metals (copper, silver, aluminum) and coal; large financial sectors as eye of cycle, such as real estate, insurance and banking; Pro cyclical consumption, such as automobiles and household appliances.

Huajin securities strategy Tan Zhiyong team believes that in the context of rising risk aversion in the short-term market and the possible aggravation of volatility, the industry with huge early growth and high valuation may be more under pressure. In the short term, it is suggested to focus on industries with relatively reasonable valuation and relatively favorable profit expectation, such as public utilities, electrical equipment, agriculture, forestry, animal husbandry and fishery.

Xu Biao, an analyst with Tianfeng securities, said that strategically, it is recommended to focus on new energy vehicles, wireless earphones, and localization substitution (upstream of military industry, Xinchuang and semiconductor equipment); tactically, it recommends periodic core assets with u03b1 attribute, such as real estate completion chain (household appliances, home appliances, decorative building materials), and post disaster reconstruction chain (the subdivided leader of heavy truck, construction machinery, cement and chemical industry) uff09u3002

Fan Jituos team of securities strategy in the new era suggests that consumption should be mainly allocated at present, and the intensity of the economy should be paid more attention to in the later period of the central report, and the financial cycle should be laid out. Securities companies and new energy vehicles can not consider the style, and continue to configure the plate.

Source: China Securities Journal Editor in charge: Li Zhaoyuan_ B7890