In terms of allocation, 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 middle reporting season, including automobiles, household appliances and social services.
Haitong Securities: the future market will be more exciting after short-term adjustment
u2460 The medium-term trend of the three waves of bull market has not changed: capital and fundamentals are driven by two wheels, and the short-term adjustment is due to the interference of event factors, and the time and space are limited. u2461 Referring to history, hot spots spread and opportunities increased during the three waves of bull market because of more money, good fundamentals and rising sentiment. u2462 Since July, the hot spots in the market have spread. After short-term adjustment, the future market will be more exciting. The main line of technology + securities companies will continue, with early cycle and undervalued products rising.
Guotai Junan Securities: 3200-3400 shock pattern unchanged, layout consumption, medicine, science and technology
Guotai Junan Securities believes that it is difficult to accurately predict the path of fermentation between China and the United States, but the thinking of taking the domestic big cycle as the main body will gradually dominate. At present, it is in the shock of the lower edge, and actively light the sword. Fundamentals and capital structure support the structural market of consumption / medicine / science and technology.
CSCI Securities: the market will again present a volatile pattern, with undervalued industries both offensive and defensive
The stock market will again present a volatile pattern, and undervalued financial, real estate and cyclical industries will be relatively dominant. From the point of view of the current time point, because the external environment is facing greater uncertainty, economic internal circulation is the stable dependence of Chinas economic recovery. The overseas exposure of finance, real estate and cycle is relatively small, which belongs to the internal circulation type. At the same time, the undervalued value has the characteristics of both attack and defense. It is suggested that investors should pay attention to it.
Guoxin Securities: the external disturbance reappears, and the sensitivity of the market to the impact of external events is passivated
Referring to the historical experience of market performance since the Sino US trade war, generally speaking, the market is insensitive to external events. Therefore, in the future, 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: 1) the probability of domestic liquidity environment tightening significantly decreases; 2) the main logic of the early market (independent technology, stable growth of domestic demand) should be strengthened.
Shenwan Hongyuan Securities: the five factors supporting A-share upward remain unchanged, so we should maintain a positive attitude
There is no basis for a sharp fall in the market. Under the background that the domestic macro-economy continues to improve and the profit growth of listed companies continues to pick up, the bull market in the medium and long term can still be expected, and the range of short-term correction can be controlled.
However, the impact of short-term market sentiment is not sustainable, because the five optimistic factors supporting the upward trend of A-shares have not changed qualitatively: (1) the pattern of changes in the strength of China and the United States has not changed; (2) the pattern of accelerating domestic reform in the second half of the year has not changed; (3) the trend of increasing the number of a shares by residents funds through public funds; (4) the pattern of long-term dominance of technology and consumption leaders has not changed; (5) The overall direction of stable growth policy remains unchanged.
Everbright Securities: foreign trouble is not enough to worry about, if there is a substantial adjustment will be a good investment opportunity
Last week, the A-share market showed a trend of rising first and then falling, and the broad base index closed down slightly. Structurally, the cyclical sector led the rise, while the technology sector performed poorly. In the short term, the high level of market valuation, the tightening of policy margin and the escalation of Sino US friction will disturb the short-term trend of the market.
At present, the monetary valuation of A-share is in the 64.1% quantile since 2003. At the same time, a series of recent news also show that there is a trend of marginal tightening in domestic policies, and the escalation of Sino US friction affects the risk preference of the market. However, the greater employment pressure in the second half of the year and the fact that the new crown epidemic is easy to rebound make domestic policies not exit quickly. The escalation of Sino US friction is nothing more than a means for the trump government to seek re-election, and its formal significance is greater than its substantive impact. Therefore, investors need not worry too much about the above potential risks. If there is a substantial adjustment in the market due to excessive concerns about policy tightening or the escalation of Sino US friction, this adjustment will be a good investment opportunity, and the market will eventually have a leap after the breathtaking.
In terms of allocation, it is suggested that investors should focus on some cyclical sectors that benefit from strong data and focus on technology sectors that benefit from loose policy. In addition, there will be investment opportunities in sectors such as home appliances and banks.
Anxin Securities: neutral judgment on short term market
Recent investment clues focus on the domestic big cycle, and the industry focuses on military industry, new energy vehicles, cloud computing, liquor, building materials, machinery, chemical industry, etc. The theme focuses on independent control and import substitution.
Societe Generale Securities: long bull is still in, reduce the slope, lengthen the time
Looking forward to the future, we should rationally look at the long-term bull market. Short term adjustment and lower slope can also make the long bull go longer and healthier. At the same time, the previous Quartet of national attention, resident allocation, institutional allocation and global allocation in the 2020 annual strategy embracing the era of rights and interests has not changed, and the market is verifying its judgment step by step. Whether it is residents financing funds, or insurance to increase the proportion of equity allocation and other policy catalysis. After 30 years of development of the A-share market, with the improvement of various systems, the institutional characteristics of investor structure have become more and more mature, and the characteristics of US stock market have become more and more mature. The worlds best asset is in Chinas stock market, and we are experiencing a round of Bull.
Industry configuration: blue chips set up stage, growth singing is still the main line. 1) The economy is gradually recovering, and PPI is turning positive on a month on month basis. Some subdivision boom chains of cycle and midstream manufacturing are expected to continue to benefit, such as construction machinery, cement, chemical industry, etc. 2) Real estate data accumulated to become positive, grasp the real estate chain recommended in our medium-term strategy.
CICC: the short-term sharp decline will be a low-income opportunity. Recent market volatility has increased, sentiment has cooled, local valuation is not low, profit taking and other factors amplified the pressure brought by external interference in the second half of last week. Looking forward, the markets short-term sentiment may continue to cool down, and it still needs some time to build up its momentum. However, it is expected that there is not much room for correction, so it is not appropriate to be overly pessimistic about the markets medium-term prospects. In terms of operation, consumption, medicine, science and technology and advanced manufacturing, which focus on the trend of consumption upgrading and industrial upgrading, may continue to perform in the medium term after digesting the valuation. The sharp decline in the short term will be a low absorption opportunity, and the short-term focus on photovoltaic, home appliances, auto parts, home furnishings and other fields. In the second half of the year, the new economy will continue to be the main line, but the allocation of new and old plates will be more balanced, and the old economy will absorb less securities companies in consolidation. Extended reading Statistics Bureau: from January to June, the profits of Industrial Enterprises above Designated Size in China dropped by 12.8%. Fortune Chinas top 500: Qinghai Salt Lake lost 45.8 billion and iqiyi lost 10.3 billion! Is the bull market OK? Top 10 heavyweight events may affect the trend of a shares_ NF4425
CICC: short term sharp decline will be a low suction opportunity
Recent market volatility has increased, sentiment has cooled, local valuation is not low, profit taking and other factors in the second half of last week amplified the pressure of external interference. Looking forward, the markets short-term sentiment may continue to cool down, and it still needs some time to build up its momentum. However, it is expected that there is not much room for correction, so it is not appropriate to be overly pessimistic about the markets medium-term prospects.
In terms of operation, consumption, medicine, science and technology and advanced manufacturing, which focus on the trend of consumption upgrading and industrial upgrading, may continue to perform in the medium term after digesting the valuation. The sharp decline in the short term will be a low absorption opportunity, and the short-term focus on photovoltaic, home appliances, auto parts, home furnishings and other fields. In the second half of the year, the new economy will continue to be the main line, but the allocation of new and old plates will be more balanced, and the old economy will absorb less securities companies in consolidation.