Is The A Share Tracking In June "No Solution"?

< p > investors are puzzled by the recent stock market. The key is not to narrow the index, but to find a clear focus.

Considering that it is difficult for big blue chips to get rid of hibernation in the short term under the economic pformation and stock game, growth stocks are still the most important variables for solving problems.

Based on the judgment of the future trend of growth stocks, analysts believe that the market is likely to get rid of the puzzle of "walking away" with growth stocks.

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< p > < strong > < a > href= > http://www.91se91.com/news/index_c.asp > > capital > /a > loss of position.

After entering P in May, the Shanghai and Shenzhen stock markets were wrapped up in a dense fog.

At the overall market level, the index continued to oscillate within an interval of less than 5%, while turnover volume was in the area of 60 billion yuan (Shanghai stock market) for a long time.

Obviously, the market is expected to be in a state of extreme uncertainty.

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< p > from < a href= "http://www.91se91.com/news/index_c.asp" > market environment < /a >, this confused state has its own reasons.

On the one hand, the 5-6 month is a very sensitive time window. For example, the restart of IPO takes place during this period, and the big test is coming soon. Even the so-called "Curse of the World Cup" in four years has begun to disturb investor sentiment.

On the other hand, from the perspective of economic fundamentals, the PMI data in May are expected to rise and recover steadily, and the PMI subdivision data also show a trend of supply and demand, which makes the expectation of stabilizing the economic stage greatly improved. However, the policy is still going to be over, the boom in the real estate industry is reversed, and the local credit risk news from time to time has prompted investors that the economic stabilization is not enough.

This makes the fundamentals of the stock market in a very awkward position, and the sound of optimism and bearish pass by, but the volume is much lower than before.

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"P >" but, if the confusion of the current market is attributable to the market environment or not a hot market, it is more far fetched.

In fact, in the first quarter of 2013 and the first quarter of 2014, the macro environment was much worse than it is now. At that time, the Shanghai and Shenzhen stock markets also showed significant volatility, but investors did not seem to be so confused.

Therefore, the cause of market fog is not systematic, but it should be partly searched for reasons.

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< p > the biggest difference between the current market and the previous one is probably the uncertainty of investment opportunities.

Since 2013, although the overall market performance has been sluggish, individual stock opportunities have always been handed down from generation to generation, but at present, the operation strategy toward individual stocks is beginning to be lost.

Statistics show that since May 1st, only 25% stocks rose by more than 94.

That is to say, in the last one and a half months, structural opportunities have tended to disappear.

The emergence of such a situation has obviously confused the "square inch" of the funds in the field, and the orderly advance and retreat based on the stock operation has become inevitable.

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< p > < strong > break the topic or need to grow stock "deep squat" < /strong > /p >

< p > thus, investors are really puzzled by the fact that they are not the whole market, but the grasp of specific investment opportunities.

In other words, the decryption step must also be structured in the overall market.

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< p > specifically, < a href= "http://www.91se91.com/news/index_c.asp" > A shares < /a > can be clearly divided into two camps: cyclical blue chips and emerging growth stocks.

From a cyclical blue chip perspective, the uncertainty of the sector in the future is limited.

On the one hand, the driving force of cyclical blue chip is far from appearing.

The pace of economic pformation has just begun. In the superposition of demand for capacity, leverage and endogenous demand, cyclical blue chips will continue to operate in a downward channel at the operational level of enterprises. At the same time, financial returns are still high and the bond market is booming. It also means that the current state of stock market funds is difficult to change.

But on the other hand, when valuations are at a historical low and the risk of economic stall is limited, the downside of cyclical blue chips is not large at least for now.

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< p >, therefore, from a structural point of view, the key to market confusion is the uncertain expectation of growth stocks.

For growth stocks, since the end of May, the gem index has seen a new trend of growth, which makes it possible for growth stocks to return to cattle and guide the market to get rid of the puzzling steps.

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< p > the above view is obviously questionable.

First, the disclosure of the interim report is getting closer and closer. Even if it is based on the poor performance of a quarterly, it is hard for investors to rekindle their enthusiasm for growth stocks in the short term.

Secondly, the growth trend of A shares is highly related to the NASDAQ index. In the three major indexes of the US stock market, the NASDAQ is the only one that has not yet hit a record high.

Finally, after a continuous year of continuous funding in 2013, it is also difficult to expect new and more powerful access funds near the 60 times earnings growth rate of growth stocks.

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