CITIC Construction Investment Chen Guo: The market will shift from the repair period to the fluctuation, and the balanced configuration will grow

Zhongxin Jingwei, July 18th. According to the research report on the 18th, China CITIC Investment believes that the market will be shifted from the restoration period to fluctuating, and the growth of balanced configuration can be considered.

In the article entitled "CITIC Construction Investment Chen Guo: Surging as scheduled, and the balanced configuration growth" mentioned that after the market has significantly recovered, it is clearly stated that it is not suitable to say "comprehensive cattle" and "bull", and the market will turn from the restoration period to the shock.

According to the analysis of the article, the core logic of the short -term market is to come to an end, but the fundamentals still face a series of internal and external challenges. The overall growth is still the main line, and the current market's micro -structure is that the growth of high prosperity is further concentrated. Therefore, investors need to be patient at this stage. For those who have relative benefits, they can consider the growth of balanced allocation.

In terms of liquidity, the text mentioned that it is not advisable to talk about liquidity rationally, and it is not advisable to say "bull" lightly. Due to the impact of the early epidemic impact, the current market interest rates such as DR007 in the inter -bank market are significantly lower than the policy interest rate. The probability of further loosening the subsequent policy is low. The subsequent flow or sex will maintain a reasonable level. Not obvious, signs of the flow of funds in the north. On the whole, the subsequent market "bison theory" lacks logical and argument support.

At the same time, CITIC Construction Investment stated that it is believed that the market fundamentals have been the worst. The short -term liquidity will not be obviously tightened, and the market has the foundation of the shock pattern. When adjustment, there is no need to panic.

The article also mentioned that economic restoration, but it is not advisable to despise subsequent difficulties and challenges. It is not advisable to say "comprehensive cattle" and "blue chip cattle".

In terms of the configuration strategy in the shock pattern, the article states that considering that the risk of the epidemic is controllable, it can be moderately balanced on the main line of the growth style. For fundamental stability, the direction of benefiting from cost should also be considered to increase configuration. (Zhongxin Jingwei APP)

(The views in the article are for reference only, do not constitute investment suggestions, have risks in investment, and need to be cautious to enter the market.)

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