The team of Shen Juan and Li Jian of Huatai Securities and Finance said that on October 21, chairman Yi Huiman of China Securities Regulatory Commission attended the annual meeting of 2020 Financial Street Forum and delivered a speech, and made clear six directions for strengthening the construction of capital market infrastructure system in the next stage. In the future, the relevant rules on steadily promoting the registration system, actively and steadily optimizing the transaction settlement system, enriching risk management tools, and listing on the board of selected companies are expected to be gradually implemented. The deepening reform of the capital market will lay a good foundation for the development of the securities industry. At the same time, the reform dividend is expected to broaden the business boundary and create incremental income. It is suggested to pay attention to the excellent leading securities companies under the market-oriented reform.
CICC pointed out that the short-term RMB against the U.S. dollar may remain stronger. The two-way fluctuation of the RMB exchange rate has increased, and there may be overshoot in the short term. It is not ruled out that the RMB exchange rate against the US dollar will continue to appreciate slightly to about 6.5 yuan to 1 US dollar in the short term. But looking further, there are also some factors that may inhibit the RMB exchange rate. In this case, it is not ruled out that the RMB will depreciate slightly against the U.S. dollar, for example, to about 7.0 yuan per dollar.
CITIC Securities pointed out that the communication industry was greatly affected by the domestic epidemic situation in the first quarter. In the second quarter, due to the resumption of work and the delay in delivery of orders in the first quarter, the performance of IDC, optical communication and Internet of things sectors was outstanding. As a result of overseas uncertainties and normalization of the epidemic situation, the communication industry in the third quarter was still under pressure. In the long run, the investment logic of IDC, optical communication, Internet of things and other sectors has not changed, and we continue to focus on recommending the leaders of each segment.
YueKai Securities said that the recent fund wait-and-see sentiment is strong, and the stability of the large financial sector has played a supporting role in the index. In the future market, we should pay attention to whether the transaction volume of the two markets can be large. We should pay attention to the performance in the allocation. In the short and medium term, we can pay attention to the pro cyclical plate with undervalued value, such as insurance, banking, etc. In addition, the double 11 sales data is expected to become a catalyst in the peak consumption season, and we can pay proper attention to e-commerce, online Red economy, logistics, consumer goods and other sectors.
Guotai Junan believes that the recent net outflow of foreign capital is due to the decline of risk preference under the external uncertain environment and the lack of risk compensation for heavy positions, thus switching to buy bonds with low-risk characteristics and cyclical stocks. Looking back, with the gradual landing and pricing of peripheral risks, and the in-depth development of domestic economic recovery and corporate profit recovery, foreign capital is expected to increase the allocation of a shares in the fourth quarter.