highlimitvideopoker2021| Morgan Stanley Fund Market Insight: The market has pulled back and looks forward to continued policy efforts

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Last week, the A-share market fell significantly, and the dividend of China Securities fell by 0.0% compared to the decline.highlimitvideopoker2021.67%, the Shanghai Composite Index fell 2.07%, the Shanghai and Shenzhen 300 Index fell 2.08%, and the Science and Technology Innovation 50 fell 3.61%. Overall, growth styles have experienced a large decline, especially small-cap growth. In terms of industry performance, the three industries of coal, utilities and agriculture rose, with real estate, light industry, computers, and building materials among the top losers, and the real estate chain fell overall. The average daily market turnover was 851.7 billion yuan, basically the same as the previous week.

The market has recently corrected, and pessimism has warmed up slightly. due to the currenthighlimitvideopoker2021The market is mainly driven by policy expectations. Before we see obvious fundamental improvements, policies need to continue to work hard to support the market. We believe that after the real estate policy, the next policy worth looking forward to is reform. Last week's Jinan symposium discussed a wide range of topics, involving power system reform, venture capital, private enterprises, people's livelihood issues, etc. Reform was the main topic of this symposium. Every major reform will stimulate greater market vitality and release stronger productivity. The Third Plenary Session of the Central Committee of the Communist Party of China is about to be held and a series of reform plans are expected to be proposed. This will be a long-term policy plan that will help reverse investors 'pessimistic expectations for the medium and long term. Therefore, the long-term logic of the A-share market is expected to gradually clarify.

highlimitvideopoker2021| Morgan Stanley Fund Market Insight: The market has pulled back and looks forward to continued policy efforts

An important fundamental variable in the market comes from the effect of real estate policies after they are introduced. After the stock price took the lead, the attention turned to the real sales situation. Last week was the policy implementation period, and this week may have just begun to enter the observation period. Structural improvements are foreseeable, and continuous improvement takes more time. Therefore, the real estate chain has not been falsified. Once there is continuous moderate improvement, This means a huge difference in expectations, which will form a strong driving force for the market.

Last week, the market was also affected by geopolitical events and the Fed's hawkish statements. We believe that the impact is short-term and no longer constitutes a factor in measuring medium-and long-term market value. There are several directions worthy of attention in the future. First, varieties with stable fundamentals, abundant cash flow, and are expected to maintain a certain growth in the foreseeable cycle; second, segments of high-end manufacturing where capital expenditures have declined and production capacity has been cleared; Third, the real estate chain. Once sales show signs of stabilizing, market confidence is expected to increase.

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