Anxin Chen Guo-Resumption of work will not reverse the moderate diffusion of liquidity and ample growth

Anxin Chen Guo: Resumption of work will not reverse the moderate diffusion of the ample growth of liquidity

Refinancing “unbundling”, small and medium-cap technology stocks broke out!

Come to Sina University of Finance and listen to the opening column of the Trading Day Financial Morning Post.

  Source: Anson Securities Research ■ Investment Highlights: As the market opens after the holiday season, when most investors in the market are in panic and confusion about the epidemic, Anson Strategy releases “Grasp the” Golden Pit “and Grasp the StrategySexual opportunities!

The report stated clearly and clearly that “the market may quickly make up for losses after the holiday to complete the expected adjustment, but the market’s mid-to-long-term trends and the structure of the main line logic have not been damaged by the coronary epidemic.

The essence of the market to make up for the decline is actually a “golden pit” that brings strategic layout, especially the rare opportunity brought by the adjustment of high-quality technology stocks.

“In last week’s weekly report, we again proposed that the market logic would begin to shift to focusing on the gradual” resumption of work “in the industrial sector.

As the number of newly diagnosed patients in the country, especially in areas other than Hubei, continues to decline, the number of industrial departments in some regions has resumed work in an orderly manner, and the market is gradually panic about the epidemic this week.The upswings are basically related to the logic of “resumption”.

However, in the communication between us and the institutions, some investors also believe that after the resumption of work, the financial market liquidity partly returned to the entity. Therefore, after gradually resuming work, the stock market will enter a downward trend.

We do not agree with the fundamental point of view. We believe that the current financial markets and entities are not competing for liquidity in the stock environment, but are in a relatively wide margin environment. As long as the interest rates of financial markets and entities continue to show a downward trend, then resumption of work and liquidityThere is no contradiction in sexual affluence. We believe that the structural market will be concurrent without being damaged by the resumption of work. On the contrary, some industries related to the manufacturing industry are consolidated by the fundamental expectations, and the structural market is expected to continue.

  This week, the new rules for refinancing came into effect. We believe that this will bring benefits to companies with refinancing needs, especially the small and medium-sized city value growth stocks, so the main line of growth will also moderately diffuse, but we believe that based on the acquisition effect and registration systemReform background, the market will not return to the era of excessive speculation in M & A in 2015. Investors should still pay attention to the selection of high-quality small and medium-sized market capitalization stocks that can reasonably raise and strengthen.

Recent industry focus: electronics (semiconductor, Apple chain, etc.), computers (cloud computing, etc.), media (Internet, gaming, etc.), communications (optical communications, etc.), new energy vehicles (Tesla industry chain, etc.), military industries,Venture capital, real estate, etc. The index focuses on the GEM 50 Index, GEM Index, CSI 500 Index, etc.

The theme suggest to pay attention to new infrastructure, science and technology innovation board, hydrogen energy industry chain, WIFI6 and so on.

  ■ Risk Warning: 1.
The epidemic exceeded expectations, 2.
The economy has significantly lower expectations, 杭州夜网论坛 3.
Policy easing and low expectations.