China Merchants ** pointed out that the current valuation of A-shares is at the lower quantile since listing, and it has a higher valuation attractiveness compared with overseas. Combined with policy efforts and valuation divergence, we believe that in terms of style, the previous style of bias towards defensive value and bias towards small-cap stocks will be more balanced, and the growth style will remain strong. At the industry level, the big wave of intelligence is still the most important medium-term direction at present, and the steady growth of related sectors brought about by the gradual implementation of the "three major projects" will also usher in phased opportunities.
Bohai ** believes that in terms of outlook, the current pork supply is sufficient, and the pig price in early December still has a marginal decline, which is difficult to form a strong support for the CPI year-on-year. At the same time, oil prices fell rapidly to around $75 in early December, and the drag of energy inflation is still there. In addition to the drag of pork and oil, in terms of core inflation, the CPI in December may rise with seasonal factors, and the weak terminal demand also suppresses core inflation, and the low inflation situation is difficult to break for the time being. In addition, the year-on-year PPI will continue to be weak during the year. After the fall in November, the input factors for the industry from the support item to the drag item, the means of production from the rise to the fall, the PPI from the flat to the fall, but also show that the domestic demand for industrial products still needs to be improved, the future PPI year-on-year will continue to be weak.
Zhongyuan ** pointed out that on Monday, the A** field bottomed out and rebounded, the stock index fell back after the gap opened low in the morning, and the Shanghai Composite Index gained support near 2930 points in the afternoon, and the stock index rebounded in the afternoon, and the intraday **, automobile, game and cultural media and other industries took turns to lead the rise;Energy metals, ** and wine and other industries ** fell, and the Shanghai Composite Index basically showed the characteristics of first suppressing and then rising throughout the day. The current average price-to-earnings ratios of the Shanghai Composite Index and ChiNext Index are 1185 times, 3309 times, below the median level in the past three years, the market valuation is still in a low area, suitable for medium and long-term layout. The turnover of the two cities on Monday was 922.9 billion yuan, which was in the median area of the average daily turnover in the past three years. In the future, the stock index is expected to maintain a momentum, while it is still necessary to pay close attention to the changes in policy, capital and external factors. We recommend investors to pay attention to investment opportunities in industries such as culture and media, gaming, consumer electronics, and automobiles.