Investment Strategy: Red Market In May

Last week, the size of the market rose but the pattern was different: the Shanghai Composite Index rose 8.1%, and the growth enterprise market rose 11.8%, but it fell 0.31% on Friday.

On Friday, the two cities traded for 1 trillion and 960 billion days, of which 1 trillion and 10 billion of the Shanghai stock certificate is restorative, while gem 221 billion is a historical amount.

The signal of the gem adjustment is as follows: last year's annual light fund managers' training in Beijing, and the subsequent SFC denied the guidance for the investment window of gem, including Qianhai's open source and public offering to strictly control the investment risks of small and medium sized boards and gem, and the proportion of high position of active managed funds we monitored also dropped by 5 percentage points last week.

The above information basically points to the market, and the market seems to be rising.

The main risk is that small cap and market will not rise.

Mutual recognition of funds, the direct result may be Hong Kong stocks ushered in the second wave of trend.

At the end of 3, the Commission allowed the public fund to invest in Hong Kong stocks and other events.

First, the trend is rising. What is the opportunity for us to care about the second wave? Is it Shenzhen Hong Kong? Here it is.

After mutual recognition, whether mainland investors are willing to buy H-share funds or Hongkong investors are willing to buy A shares funds. Now the AH premium index is 128.32, only 3 stocks have a slight discount, namely ICBC, China Ping An and conch cement.

The indirect result may be a rise in domestic stock market, which does not require the mutual recognition of mutual funds.

Happen。

In addition, the story of external incremental funding includes June

What are the expectations for the inclusion of the MSCI index? What else is there? After the Shenzhen and Hong Kong Exchanges, some foreign blue chips and consumer goods may still be popular, though it is not clear whether external investors like mainland investors favor new economic stocks.

Now we should pay attention to the self strengthening of market expectations when we look at the risk return ratio of many large markets.

The reason why the market has hit a new high quickly is mainly due to the slight strength of the stagflation share in the stock market after the bottom up, and the prospect of the follow-up height should become the self circulation and enhancement of the market expectation.

Outside funds are still abundant. Since May, the newly established fund is expected to maintain a high level in April, and stock funds are more or less seesaw effect. Now it is tilted to the market.

The allocation is close to underestimation.

We should move closer to the blue chips such as financial power, white electricity and so on, or match the leading value of liquor and medicine, pmission and distribution underestimation.

The construction of the Chinese prefix, including shipping, continued to look at bounce only.

Growth stocks may be adjusted but not deeply adjusted.

1) the seesaw effect of limited stock fund.

We have always said that growth stocks are expensive, but now the whole market is expensive, liquidity determines valuation, and extra funds from outside the field are ready to try.

2) information technology may be affected more or even affect the whole growth stock market.

But Internet + +, China made 2025 is the strongest voice issued by this year's government work report. It is a normal discipline but not to shoot dead. This is a reason for parents to educate their children.