The Bottom Of The Market Will Form Between Policy, Capital And The Bottom Of The Economy.

< p > < strong > May, the initial value of PMI exceeds expected < /strong > < /p >.

P > a series of "a href=" http://www.91se91.com/news/index_c.asp "> micro stimulus < /a >" first results. The data from HSBC yesterday showed that in May, the initial value of Chinese Manufacturing Purchasing Manager (PMI) was 49.7, a significant increase of 1.6 100 points compared with last month's final value of 48.1, a new high of five months, and far beyond the market expectation.

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< p > sub index also showed a rising trend, of which output index was 50.3, up 2.4 percentage points from the previous month, a four month high.

The new order index has also returned to over 50, and the new export orders are the highest since November 2010.

The price index also rebounded, with output prices rising for the first time since November 2013.

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Qu Hongbin, chief economist of HSBC China and Asia Pacific joint head of economic research, said that HSBC China manufacturing PMI index rose sharply from 48.1 last month to 49.7 in May, mainly affected by new orders and new export orders index in P.

He pointed out that recent micro stimulus measures and low borrowing costs have made signs of economic stability beginning to show.

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< p > "in May, HSBC PMI's initial value rebounded to 49.7, indicating that the economic recovery is increasing."

Guan Qingyou, vice president of Minsheng Securities Research Institute, pointed out that new orders and export orders increased, and internal and external needs improved.

The production index has greatly improved, and the willingness of enterprises to increase production has increased.

It reiterated the view that the two quarter was not pessimistic and the economy was basically flat in the first quarter.

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< p > recently, the government has made frequent efforts to take measures to promote stable economic growth, structural adjustment and reform. It includes expanding tax reduction efforts for small and micro enterprises, speeding up the construction of infrastructure such as railways, and stabilizing the growth of foreign trade.

Analysts believe that with the gradual release of the policy effect, PMI will continue to rise.

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Lin Qiaoji, CO head of the research department of Nong Yin international securities, believes that the government will continue to promote reform measures in the year, including financial reform and the development of new industries, such as natural gas, which can attract investment to stimulate the economy. He expects the PMI value of manufacturing industry will continue to rise slowly. P

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< p > < strong > the economy is expected to remain stable > /strong > /p >

After "P > May" a href= "http://www.91se91.com/news/index_c.asp" HSBC < /a > PMI initial value supermarket, whether the economy is keeping up with the good news has attracted much attention.

Li Huiyong, chief macroeconomic analyst at Shenyin Wanguo, said that after the initial value of PMI came out, copper prices and Australian dollar exchange rates all rose rapidly, showing a promise for China's industry to rebound.

In this data, the follow-up economic performance is cautiously optimistic, the effect of early micro stimulation may lag behind.

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< p >, however, Li Huiyong also pointed out that since HSBC PMI's initial performance is not stable and HSBC samples reflect more external demand and medium and small processing enterprises' industrial chain, subsequent judgement also needs to observe its final value, mining data and other economic data.

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< p > Southwest Securities researcher pointed out that HSBC manufacturing managers purchasing index increased from 48.1 to 49.7, an increase of 1.6 percentage points, directly to the withered line.

By observing the relationship between HSBC PMI index and GDP's year-on-year growth rate, we can find that GDP has strong consistency with the HSBC PMI trend in the same quarter, and HSBC PMI index is relative to GDP for high frequency data. According to the trend of HSBC PMI index in April and May, it can be used as a basis for judging the trend of GDP in the second quarter.

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Zhu Baoliang, director of the Economic Forecasting Department of the state information center, said in an interview with the investment express reporter that with the introduction of relevant macro-control policies and reform measures, the positive factors in the economic operation are constantly accumulating, the development of strategic emerging industries and service industries is good, the willingness of enterprises to actively adjust and the consumption demand are stable, and the P economy is expected to continue to grow steadily.

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< p > < strong > organization calls bold > a href= "http://www.91se91.com/news/index_c.asp" > Jiancang < /a > /strong > /p >

< p > this year, A shares, which have always been impenetrable, have fallen below 2000 points for many times, but they have pulled back miraculously.

Yesterday, although the PMI data was good, the two cities' stock index ended in green market.

According to this analysis, under the background of a serious lack of market confidence, the improvement of economic data is difficult to fundamentally reverse the pessimistic expectations of investors, and expect the management to release more policies to restore market confidence.

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< p > because of 2000 times lost many times, it is referred to as "the bottom of policy".

In fact, every time the market has fallen below 2000 points, there is a good introduction. In January 20th of this year, after the stock index fell below 2000 points, the big fund launched the "sweep away" blue chip ETF, after which the market launched a round of rebound. Recently, it has repeatedly fallen below 2000 points. During the period, nine new countries launched and the IPO issued a clear rhythm, indicating that there is a policy underpinning near this point.

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< p > the market participants accepted the interview with "investment express", pointing out that A shares are still in the state of news stimulus, though they can not get out of the long bull market, but the opportunity still exists.

CICC released the latest research report that the management position near the 2000 point is obvious, and is currently a better location.

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< p > "from the past experience, the market bottom is generally formed between policy, capital and economic bottom."

Senior Securities researcher told reporters.

At present, the policy of micro stimulation is constant, the currency tends to be relaxed and clear, the bottom of policy and the bottom of capital have already appeared. Although the bottom of the economy is affected by the continuation of the downward trend of real estate investment, we still need to wait for observation, but HSBC's PMI value in May is far beyond expectations, indicating that the bottom of the economy is also about to be identified.

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