Where do the A -share Nuggets go in the second half of the year?The brokerage firms are optimistic about consumption recovery, steady growth, and growth.

Recently, 20 securities firms including CITIC Construction Investment Securities, Huatai Securities, Guotai Junan Securities, and Zhongjin Company announced the 2022 mid -term strategy report. Consumption recovery, stable growth, and growth have become high -frequency words in the above -mentioned mid -term strategy report.

15 brokers

Optimistic about consumption recovery track

In the 2022 mid -term strategy report released by the brokerage firms, 15 brokers including CITIC Construction Investment Securities, Huatai Securities, Guotai Junan Securities, and CICC are optimistic about investment opportunities for consumer recovery track in the second half of this year.

"Stimulated by relevant policies, consumer confidence has obviously recovered, and consumer tracks are expected to recover steadily in the second half of the year." On the one hand, since May, many places in the country have introduced various consumer policies such as car purchase subsidies and relaxation of purchase restrictions. The launch of a phased reduction of some passenger car purchase tax policies to stimulate car sales and promote the steady recovery of consumption; on the other hand, as the impact of the epidemic has gradually weakened, the probability of rising residents' willingness to rise in the second half of the year will increase. These are helpful for the steady recovery of consumption in the second half of the year. It is recommended to pay attention to the main line of consumption recovery, such as food and beverages, automobiles, home appliances, transportation, and reasonable valuations.

"It is expected that the value and consumption sector will have outstanding performance in the second half of the year." Everbright Securities said that the market for consumption and stable growth is expected to continue. Since the beginning of the year, the A -share market reflects the obvious Beta market in fluctuations. In addition to the energy sector, the overall performance of the defensive sector is relatively better. Looking forward to the second half of the year, in the context of the overall profit of listed companies, it is expected that value stocks will win growth stocks, and the consumer sector will win the manufacturing sector. The consumer track is expected to have outstanding performance in the second half of the year. In the specific subdivision industry, comprehensive consideration of the factors of allocating valuations, recent prosperity and fund configuration ratio, there are three subdivided main lines in the second half of the year. The liquor sector and pharmaceutical sector; the second is the automotive sector and home appliance sector that benefits from the consumer policy; the third is the social service sector and business retail sector that are expected to be repaired.

12 brokers

Recommended growth track

In the 2022 mid -term strategy reports that have been announced, 12 brokers including CITIC Construction Investment Securities, Guotai Junan Securities, Everbright Securities, and CICC are optimistic about investment opportunities for steady growth track in the second half of the year.

Chen Li, chief economist of Chuancai Securities and director of the Institute of Research, said in an interview with the Securities Daily that under the context of steady growth, the fiscal end of the second half of the year is expected to continue its efforts, and the profit of listed companies is expected to be further repaired. It is recommended to lay out from the perspective of policy: paying attention to new and old infrastructure, strengthening infrastructure construction is an effective means of "steady growth and expanding domestic demand", superimposed on the current special debt, which is expected to have a large increase in infrastructure investment in the second half of the year. stay tuned.

"The current valuations related to stable growth are generally not high." Everbright Securities said that there are three subdivided main lines in the second half of the year's steady growth track worthy of attention: First, the prosperity is expected to rise and perform in the upper range of infrastructure investment. Good traditional infrastructure areas; second, a new type of infrastructure in the policy that benefits from policy efforts; third, the real estate field is expected to realize reversal in the predicament.

CICC recommends actively paying attention to the fields of stable growth related policy support or policy support. For example, infrastructure (traditional infrastructure and some new infrastructure), building materials, automobiles and other industries.

11 brokers

Tendencies

In the 2022 mid -term strategy reports that have been announced, 11 brokerage companies including CITIC Construction Investment Securities, Guotai Junan Securities, Guolian Securities, and BOC Securities are optimistic about investment opportunities in the second half of the growth track.

Guotai Junan Securities said that with the continuous efforts of the steady growth policy, the investment style has shifted from a high growth section that emphasizes that the performance of cash assets that only emphasizes the performance of performance, and the demand for improving the demand. Large growth companies, "get on the car" when calling back. In terms of configuration, the high prosperity growth sector should be configured, including electric vehicles, photovoltaic, wind power, military industry, computer and other industries.

"In the context of abundant liquidity, the main line of market investment in the second half of the year will shift from low valuation and steady growth to high growth." BOC Securities said on the one hand due to economic demand elasticity; on the other hand Essence The profit advantage of high booming enterprises gathered in the midstream manufacturing industry is expected to remain at a high level in the second half of the year. After the valuation and profitability of the first half of the year, the growth of the growth track is expected to return to the starting line in the second half of the year, and it is ready to go.

Ping An Securities believes that the choice of this round of market is similar to 2020. The growth track will still be an important direction for the second half of the year. The structural shock led by growth stocks will be the main tone of A -share operation in the second half of the year. At present, the valuation of the A -share market has returned below the historical average, and the valuation of growth stocks is more relatively flexible. It can focus on the concept stock of "low -carbon economy+digital economy". The first is the low -carbon economy: the second is the new energy industry chain and the new energy vehicle industry chain; the third is the digital economy field, which is mainly reflected in the intelligent automotive industry chain+intelligent manufacturing.

Reporter Zhao Ziqiang

Lear reporter Ren Shibi

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