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真人赌博平台注册送钱:A shares rose across the board when the medium-term market can really form?

时间:2018/5/7 18:01:48  作者:  来源:  浏览:0  评论:0
内容摘要: stock index opened higher, closing up 1.48%, regained 3,100 points integer mark, to close at 3136.64 points; Shenzhen Component Index andGE...

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stock index opened higher, closing up 1.48%, regained 3,100 points integer mark, to close at 3136.64 points; Shenzhen Component Index and GEM mean trend stronger, closed up 1.92% and 2.07% respectively. The total transaction volume of the two cities was 421.9 billion yuan, and the industrial sector was all on the rise, with the winemaking sector leading the strong rise.

For the broader market outlook, agencies have expressed their opinions.

Xiangcai Securities: When can a medium-term big market really take shape?

For the current overall market structure, Xiangcai Securities Fan Bo has been giving relatively neutral views in the near term. To sum up, the adjustment trend has not changed and the index is still in shock consolidation. At the same time, for the small-scale V-reversal of the index that appeared on Thursday (May 3), we also stated that it is still in the category of shocks. If there is a real breakthrough, we need to have a standard.

In view of the above logic, the view we gave last week was: “The short-term market has rebounded slightly, but this does not mean that the market has begun to turn and the concussion will continue. The ChiNext (399102) only effectively exceeded 2300 points. Nearby is considered to have the potential of mid-level market.”

Back to today's disk, the disk has gone quite well, and all the indices have shown a general increase, and all ended in the Zhongyang line. However, one day's market cannot determine the trend reversal of the market. The 2,300 points of our pre-judgment index (399102) did not reach, and there is no breakthrough. Therefore, we cannot be overly optimistic. The viewpoint of maintaining the shock pattern is more objective.

Certificate strategy Wang Delun: Cherish rebound window, focus innovation

Bounce window continues. In the monthly report released on May 1, we also pointed out some of the marginal benefits of the current market: 1. MSCI's inclusion of A-shares is gradually approaching. After the semi-annual index review, the 2.5% factor will formally become effective on June 1. Effective. 2. The new regulations on assets management were formally released, the overall tone remained unchanged, the rules slightly exceeded expectations, and there were also graces in the transitional period. Boots were landed in a more gradual manner. In addition, in the “internal worries” in which the pressure of economic downswing increases, the probability of liquidity risk arising from the concentrated promotion of financial deleveraging in the short term will decrease. Therefore, we maintain our judgment in the monthly report and optimistic about the rebound window.

Structurally, continue to focus on innovation. The major innovation industry is expected to continue to gain support from the country's strategic strategy and develop rapidly. The main attack direction is more clear. There are game opportunities for cyclical stocks in the short term: 1. Since the beginning of the year, the economic outlook has been too pessimistic, leading to cyclical industry experiences undergoing major adjustments. With the introduction of data in the first quarter, there is room for upward revision of economic expectations; The amount of funds has positive incentives for entities; 3. It does not rule out the use of financial measures to stabilize the economy; 4. The current institutional allocation ratio is relatively low.

Continuing to be optimistic about the big innovations under the two-wheel drive of performance and policy. The current key recommendations are: electronics (consumer electronics and semiconductor industry chain), mechanical and military industry (the core leading enterprises in the fine-molecule industry), and innovative drugs (policy changes drive innovation drugs from " China's new "gradually becomes a new global".

Earnings analysis of listed companies in 2017Q4 and 2018Q1 showed that the emerging consumer industries such as pharmaceuticals, media, computers, communications and other emerging industries are even more prosperous. From a profit standpoint major innovation sector turning point thanks to the widespread, persistent recommendation.

Anxin Strategy Chen Guo: The stock market has medium-term allocation value and actively seeks for layout opportunities. Overall, we believe that the current economy is stable. We stand in the medium-term perspective, China expands its opening up, deepens reform, strengthens innovation-driven, and promotes transformation and upgrading. The trend remains unchanged, and the overall market valuation reflects a more pessimistic expectation. We consider it to be of medium-term value in our overall consideration.

We maintain our view that the new economy will be the mainstay of investment in the medium term. Switching between the old and new kinetic energy trends, the policy will increase the support for the new modes of new technologies and new industries. The signals will be clear. High-quality new economic companies will be more tolerated by the A-share market. The earnings growth rate of the first quarterly report of the Board began to improve, and the improvement of future earnings expectations and liquidity expectations will also further promote the growth stock market. Of course, investors still need to pay attention to avoiding the purely hype of bad companies. From a medium-term perspective, we are strategically optimistic about the GEM Index.

The industry focuses on military industry, medicine (innovative medicine, medical services), TMT, new energy (vehicle) and so on.

Western Securities : A-share valuation has returned to a lower level in the short-term

term, market sentiment has been significantly soothing, plus the overall valuation of A shares also return to a relatively low level, the main stock index is expected to build in the vicinity of 3100 points Staged bottom.

To return to the valuation of the A-shares themselves, based on the statistics, the current P/E ratios (STMs) of the A-shares, SMEs, and GEM of the Shanghai Stock Exchange are 14x, 35x, and 54x, respectively, and have experienced recent adjustments. After that, we can see that the stock index's valuation has returned to around 2800, while the valuation of small and medium-sized board has once again entered a relatively reasonable underestimate range. Although the GEM board valuation is relatively high, but recently released a quarterly show, the growth performance of the GEM reach double-digit, can enhance the funds' risk appetite to some extent. Overall, the current valuation of A shares have a certain advantage, helps block space index continued to fall, but also can enhance the attractiveness to long-term funding.

Based on the above analysis, we remain relatively optimistic judgment on the A-share market outlook is run, to build a stage at the bottom of the probability larger near 3100 points. Operating strategy, may wish to maintain a positive configuration, control positions on the basis of about Qi Cheng, the investment concerns two main lines: First, adjust the full attention of the White Horse varieties, including home appliances, bank real estate sector; the second is from long-term investment starting thinking, concerned about environmental protection, new energy vehicles, information technology and other representatives of the direction of economic restructuring in emerging industries sector.

Guotai Junan : U rebound in the second quarter fell to expand

risk factors still can not be ignored, the second quarter, the market will inverted U-shaped rebound. The driving of the market in the second quarter depends mainly on the restoration of risk appetite, and the time difference between the related risk influences is the focus that needs attention. First, the US economy overheated risks resurfaced. Second, the impact of global trade uncertainty continues. Third, structural deleveraging continues to exert force. Fourth, after the new regulations on capital management are in place, relevant supporting regulations are expected to be introduced in succession, possibly involving financial management. The new regulations, the standardization of standardized creditor assets, venture capital funds/government industry investment funds, restrictions on investment in credit assets of commercial banks, and specific systems for the design of asset management products.

At present, the market is still in the digestion period of risk factors, and emotional recovery is the main driver. In March, the profit of industrial enterprises above designated size was 3.1% year-on-year, and the previous value was 10.8%. Prior to April 17, the central bank decided to lower the standard, and interest rate short-term continued sharp and rapid downward trend is difficult to continue. Profitability and interest rate The driving force is weak, and the market is mainly driven by emotional recovery. The current GEM refers to the impact of overseas shocks at the time of the Spring Festival, while the Shanghai Composite Index does not show signs of repair, and market sentiment recovery is expected to continue at a relatively slow pace.

It should not be overlooked that the current market continues to be subject to perturbations in the periphery of uncertainties, and there will be significant differentiation in behavior among different subjects with market risk appetite. The predominant state of inquiry thinking intensified in the dominant logic of 2017 promotion of concentration has changed, the variability in the market has been gradually strengthened, and thematic market opportunities have become more favored. The performance of small and mid-sized companies was relatively good, and pessimistic expectations had been revised. The staged style of the market tends to be balanced, while in the stock game state, it is more likely to appear as a see-saw.

Galaxy Securities: market-style structural features significantly

current market news and focused on the policy side, rapid mood changes speed, easy to form an overreaction, the recent emergence of a collective decline in blue chips Whitehorse, taking too much of the early gains, and therefore It is still advisable to remain cautious in the short term. In the medium- and long-term terms, due to the absence of a substantial decline in the market, the superposition of the external environment has once again eased, and the new regulations on assets management have landed. The transition period will be extended to 2020, which will be beneficial to the short-term A-share market.

Recently, the stock market has been mixed, the trading volume and turnover rate of A shares have fallen, and market sentiment has been changing rapidly. There is a lack of continuity. Although the RRR cut and the asset management new regulations have restored market expectations, the overall boost effect is limited. At the fund level, the balance of the two financial meltdowns continued to fall. Although the net capital inflow to the north decreased, it still maintained a continuous inflow, demonstrating that overseas investors still prefer the A-share market.

On April 27, the Central Bank issued the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions. Compared with the drafts, the main changes were: the transition period was extended from June 2019 to the end of 2020; and some assets were allowed to be amortized. Cost method pricing; liberalized the hierarchical design of some private equity products; clarified the application of specific laws and regulations for private equity funds; more clearly defined the definition of standardized debt assets and non-standardized assets. However, the principle of breaking the stock exchange, reducing the risk of maturity mismatch, and improving the management of net value have not changed. The overall tone of the official version was stable, and both the transition period and the net value provisions were relaxed. The formation of the fund was positive, which helped to raise the A-shares expectation and improve risk appetite.

The Yangtze River Strategy: What the market is worrying about in May, the deployment of major financial industries

The current market is under a more pessimistic expectation. Currently, the Shanghai Composite Index's valuation is only slightly higher than that at the time of “2638”. The expected valuation of all A-shares is already lower than the valuation at the previous market low. This shows that the current market valuation already reflects a certain market pessimism and has a certain margin of safety. Against this background, the question we need to focus on is whether the market is still worrying about what, and whether these factors will change in the coming period of time.

risk: the uncertainty of the economy. Although the performance of the leading indicators of Messmerian data and the economy is still relatively strong, the market still has certain concerns about the economic situation in the future, especially in the second half of the year.

Need to pay attention to the policy mix to change the market's expectations for future economics and risks. Faced with the uncertainty at home and abroad, we believe that the domestic economy's endogenous growth momentum is an effective countermeasure, and it can effectively change the market's expectations for future economics and risks. We believe that the social financial data in April may become an important observational variable, and we should continue to pay attention to the implementation of specific policies for “expanding domestic demand”.

After the financial sector has undergone previous market adjustments, the current valuation has returned to a reasonable range, and the sector's economy is quite certain. At the same time, the leader is also conducive to the landing of the policy, which is a better choice in the value sector. The elasticity category is the devaluation of the military industry segment. The current valuation and configuration of the military sector are at the bottom compared to history. The fundamentals are expected to have a month-on-month improvement and will also benefit from the promotion of policies. At the same time, attention was paid to improving the environment, aviation, and valuation cycle of the sector which is significantly lower.

Theme configuration: Focus on the supply side structural reforms to supplement the short board, Beidou, reform and opening up, and PPP. As for supply-side structural reforms, the current focus is on self-controllable, semi-conductor, etc.; on the Beidou, steadily advancing globalization is expected to keep the theme market catalyzed, and the continuous development of industrialization is expected to open up growth; reform and opening up, Concerned about the Shanghai Free Trade Zone and the Belt and Road, etc.; PPP, the low valuation provides a margin of safety, fundamental improvement is expected to catalyze the theme market.

To sum up: In the short-term, there was a clear uptrend in the stock market, but the one-day market did not reverse the current consolidation pattern. Therefore, the shock is more objective in terms of shocks. For instance, the KLCI has effectively exceeded 2,300 points. It is only possible for the trend to truly form.

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Fund Code fund referred the past year operating income fee
519772 Bank newborn vitality Flexible Allocation 56.00% 1.50 % 0.15% Purchase Opening Account Purchase
003095 China-Europe Healthcare Integration A48.59% 1.50% 0.15% purchase account to buy cutting-edge medical
001717 ICBC shares 40.27% 1.50 % 0.15% purchase account purchase
260108 Invesco Great Wall of emerging growth mixed 39.84% 1.50 % 0.15% Buy Account Opening Purchase
519196 ten thousand new Blue Chip Flexible Allocation 33.96% 1.20 % 0.12% purchase account purchase
Source: Oriental Fortune Choice data , Galaxy Securities, as of the date: 2018-05-04





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