Good Expectations Are Constantly Gathering.

After a general rally on Wednesday, the stock index returned to a concussion on Thursday.

In early trading, the stock index remained low after the opening of the Shanghai stock index. Banks continued to be the main drivers of the decline. After the 10 point, the stock market rose, and the number of small and medium brokerages in the Western securities and Soochow securities rose, and the stock index remained stable. However, the banks remained depressed in the past 8% months.

Drag the stock index up.

At the same time, small cap stocks continued to be stronger than large cap stocks.

The index set a new high in the morning.

On the plate, the concept of railway infrastructure and so on has been fully adjusted in the early morning, but in the wake of the rapid rise of the North-South car and the double impact of the daily limit, the whole area rebounded all the way.

In addition, private hospitals, food safety, smart wear and other sectors around the needs of people's livelihood remained active throughout the day, and the gains were larger. On Wednesday, the concept of environmental protection after consolidation was restored today.

On the news level, the 9 session of the Twelfth National People's Congress held its opening meeting at the morning of third a.m. this morning at the time of the third session of the National People's Congress.

Issue registration system reform, develop regional equity market serving SMEs, promote credit asset securitization, expand the scale of corporate bond issuance, and develop financial derivatives market.

We believe that with the progress of the two sessions, the favorable policies will be gradually released.

In addition, in terms of monetary policy, prudent monetary policy should be tighten up moderately.

The broad money M2 is expected to grow by about 12%. In actual implementation, it can also be slightly higher according to the needs of economic development.

We should strengthen and improve macro Prudential Management and make flexible use of open market operations, interest rates, deposit reserve ratio, and so on.

Such as monetary policy tools, to maintain stable growth in monetary credit and social financing scale.

We should speed up capital turnover, optimize the credit structure, raise the proportion of direct financing, reduce the cost of social financing, and allow more financial flow to the real economy.

For the current market, our point of view is still clear: because there is no systemic risk at present, and the two sessions are warm and harmonious, interest rate cuts are fermenting, so the market bull power is actually gathering. Once the weight chain is launched, the index will accelerate.

Therefore, we believe that the small market structure is very healthy.

For the view of hot switching of large and small plates, we also believe that in the bull market cycle, the rapid rise must be the small cap stocks, and the stocks that are expected to be restructured. At present, the growth of the gem and small and medium-sized boards has accelerated. In fact, the heat of the stock game has been fed back. Of course, the top-notch performance of the gem will inevitably lead to the rise of the heavyweight stocks.

For investors involved in small cap stocks, it takes courage. For investors who are involved in blue chips, they need more patience.

Strategy continues to maintain the size of the balance, the value and growth strategy, basically covers the mainstream market hot spots, the east does not brighten the West bright, first up is the immediate income, not rising is the future profits.

Mentality is relaxed. Shareholding is the biggest gain.

(Huang Wei)