As of 15:00, the net inflow of northward funds was 16.293 billion yuan, that of Shanghai Stock connect was 10.049 billion yuan, and that of Shenzhen Stock connect was 6.243 billion yuan.
According to the outlook of A-share investment strategy issued by China Securities Construction Investment Corporation, the overall income level of the market in 2021 is expected to be significantly lower than that in 2019 and 2020. After the economic recovery, the liquidity margin tightening brought by the normalization of monetary policy will dominate the market. In addition, credit risk exposure, RMB appreciation and other factors will have an impact on the economy and the market. The driving force of the market upward mainly comes from the economic recovery, and the market trend shows twists and turns in the whole year. The most important market in the whole year is in the first quarter of 2021, and there may be a small rebound in the third quarter. It is suggested that investors should reduce their expectations, guard against risks and grasp the market situation in the first quarter.
Tianfeng securities released the asset allocation strategy in December, saying that the current economic growth and inflation are still in the recovery stage, the growth rate of the total economic volume is expected to recover to the top in the first and second quarter of next year, and the internal structural balance is still adjusting; monetary policy has returned to normalization, and the credit environment is on the right side of the top of the easing cycle. In terms of asset allocation, it is suggested that equity should be allocated as standard; interest rate bonds in bonds should be allocated at a low level; ferrous metals, nonferrous metals and agricultural products should be allocated as standard; precious metals and energy chemicals should be allocated at a low level; and RMB exchange rate should be increased over allocation. Suggested position: equity (60%) > commodities (24%) > bonds (16%) > cash.
Caixin Securities believes that the demand driving force of this round of commodities is the super large-scale monetary easing and the global manufacturing replenishment cycle upward, similar to 2008-2011. Under the monetary environment and fiscal stimulus, this round of market is expected to continue, but there will be some differentiation, and the rise of products with good supply and demand pattern is more certain. At present, we need to pay attention to the major changes of cyclical stocks, that is, to pay attention to their own growth. Copper industry should pay attention to Zijin Mining and Yunnan copper industry.