worldcupbasketballqualifiersasia| Institutional outlook | The A-share repair market is still continuing. The market is expected in May

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This week, the Prev is up 0%.Worldcupbasketballqualifiersasia.76%, up 1% on the Shenzhen Composite Index.Worldcupbasketballqualifiersasia.99%, gem refers to a cumulative increase of 3.86%. How can I get to A-share after-market? Let's see what the agency says.Worldcupbasketballqualifiersasia:

① China International Capital Corporation: the repair market is still continuing, and the valuation of the A-share market is still historically low.

China International Capital Corporation believes that the repair market of the A-share market since February has slowed down but is still continuing. The valuation of A-share market is still at a historically low level with obvious performance-to-price advantage. After the market stabilized since early February, the current forward price-to-earnings ratio of the Shanghai and Shenzhen 300 is 10.4 times, still significantly lower than the historical average of 12.6 times. It is suggested that the policy layer should pay attention to the setting of the current economic environment and the expression of relevant policies such as stable growth. At present, investors pay more attention to the fundamentals and policy environment of key areas such as real estate.

In terms of allocation, the field of TMT, driven by the expectation of scientific and technological progress and catalyzed by policies related to new quality productivity, is still expected to have relative performance in the medium term; external factors and supply clearing bring opportunities in the upstream resource goods industry, continue to pay attention to gold, petroleum and petrochemical, non-ferrous metals and other resource sectors, but short-term domestic demand attaches importance to market rhythm; capital market reform brings new catalysis to the financial sector, and investors' attention rises in stages.

② Jufeng Investment: it is expected to usher in a trend reversal in the short term and the market is expected in May.

Jufeng Investment believes that since April, the market shock differentiation concentrated in the weak style of small-cap index, growth and other categories, due to the market for "uncertainty" there is a large risk aversion demand. With the release of the data one after another, the risk of higher-than-expected inflation in the United States has been gradually digested and absorbed by the market. Domestic economic data exceeded expectations in the first quarter, the "uncertainty" of performance in April gradually landed, and policy support continued to be strengthened. style differentiation or convergence tends to balance, which is conducive to the stability of the market. Recently, the Ministry of Finance has introduced a number of measures to promote the healthy development of the financial market, and the National Development and Reform Commission has promoted the construction of 38000 special debt projects to promote steady economic growth. boosted by various policies, the capital market is expected to usher in a medium-term repair market.

At present, the overall trend of the market is improving, short-term positive factors boost market sentiment, after the long-term shock adjustment, the short-term is expected to usher in a trend reversal. The long-term adjustment of the market before that lies in the short-term correction caused by a number of factors. With the gradual stability of the pre-festival market and the rebound of sentiment, the medium-term trend of the market is gradually improving. In the short term, with the continuous improvement of domestic economic fundamentals and the continuous strengthening of policies to boost the economy, market sentiment rebounds and capital flows back, the market trend is expected to usher in a medium-term reversal, and the future repair market is worth looking forward to. It is suggested to pay attention to: building materials, architectural decoration, cars, machinery and equipment, electronics, non-bank finance, tourism, hotel catering and other sectors, it is suggested to pay attention to: structural opportunities such as high dividend, new productivity, state-owned enterprise reform, low-level economy, arithmetic and so on.

③ Citic Securities: it is recommended to prefer dividend in allocation.

Citic Securities believes that investors' expectations for overseas liquidity have been revised down quickly, and geo-conflicts in the Middle East have intensified the volatility of financial markets; domestic macro-operation is stable, and policies are more implemented rather than added; after the release of the new "National Nine articles", the market ecology will gradually improve, and the degree of structural differentiation will continue to intensify. With the concentrated disclosure of annual reports, quarterly reports and institutional positions, as well as the dense emergence of geographical disturbances, the market game is expected to remain fierce in the coming month.

In terms of configuration, it is suggested that we should continue to lean towards dividends and pay attention to the spread of sea logic. Specifically, on the one hand, dividend strategies can focus on varieties with stable cash returns, avoid the impact of excessive operating fluctuations on stock prices, and on this basis, pay attention to the improvement of dividend rates of central and state-owned enterprises and their governance improvement. it is suggested that we should continue to pay attention to hydropower with stable return on free cash, property insurance with steady growth of premiums, and banks whose dividend yield is expected to be considerable and benefit from the trend of revaluation. On the other hand, the sea logic has become the second main line parallel to the dividend, paying attention to the continuous spread of the sea logic in machinery, logistics, home appliances, textiles, building materials and other industries. In addition, focus on price increases for supply-side constrained varieties, such as copper, aluminum, oil, consumer electronics panels, etc.

④ Haitong Securities: the current white horse stock has been undervalued.

Haitong Securities believes that the overall policy environment is excellent, and it is necessary to closely track the policy landing and whether macroeconomic data can accelerate the recovery. In addition, as the disclosure of the first quarterly report at the end of April is coming to an end, the market is likely to intensify the market game in the short term as the market enters a new stage of finding consensus on annual profits.

White horse stock position changed little in the first quarter, white horse stock position did not increase behind the fundamentals and capital in the first quarter is still under repair. At present, the white horse stock has underestimated the low allocation, and the medium-term dimension may become the main line. Within the white horse stock, the short-term stability of the white horse is more stable, in addition, you can also pay attention to hard technology manufacturing and medicine. Specific attention can be paid to two aspects: one is hard technology manufacturing. As policies increase support for scientific innovation and technological breakthroughs accelerate empowerment, the field of science and technology manufacturing in the Baima plate is expected to lead the development of new productivity, with a focus on cyclical electronics, digital infrastructure and data elements that benefit from financial strength, and AI applications that accelerate landing. The second is medicine. At present, the whole medicine has underestimated the low distribution, and under the trend of aging, the demand for medicine remains the same in the medium term, so we can pay attention to the balance of growth and value in medicine.