Using Capital Advantage To Frantically Hype Is A Great Harm To Retail Investors.

In the middle and late 7 months, the volume of volume of two cities in Shenzhen and Shanghai failed to be further enlarged. Although there was a local volume in July 27th, the volume fell, not a positive signal.

One of the main reasons for the continuous volume of the two cities is that the recent management strictly monitors the market, making it difficult for the idle capital to make bold use of capital advantage and news advantage. It is no doubt that it is very popular for the majority of retail investors.

Under the strict control of management, it has become the main investment direction of mainstream funds. The specific performance is from the original storytelling and speculation to the real value discovery, from small and medium-sized market junk shares, shell companies to white horse stocks and blue chips, from short-term speculation to long-term asset allocation.

In this regard, we have two expectations:

First,

Strict control is not going through the motions, but pushing our capital market towards a more standardized and healthier new level. "Eliminating the deficiency is real" is not a short-term achievement, but a change of long-term values.

Second is capital.

"It will inevitably tilt towards the larger weighted stocks and industries, so the index will be limited in the next stage, and the systemic risk of the entire market is very low.

According to the above expectations, we believe that there are still large structural opportunities in the second half of the year, which can be arranged around the short-term and medium-term perspectives.

In the short term, we can focus on the reform of local state-owned enterprises, the banking sector and the gold sector. The reform of state-owned enterprises can focus on Shanghai and Shenzhen local stocks. As the leading area of state-owned enterprise reform, the state-owned enterprises in Shanghai and Shenzhen will be the focus of attention. Especially the Shenzhen plate, which includes the concept of local state-owned enterprises, including the concept of Shenzhen and Hong Kong. The two catalysts coincide, and the effect may be better. The banking sector benefited from the listing of Jiangsu banks, which may promote the overall valuation of the banking sector.

Mid term can be around supply.

The two main lines of consumption upgrading are the layout.

In terms of capacity, we can tap the industry leading enterprises with resource advantages, technological advantages and environmental advantages. The capacity to go directly will help the leading companies to increase their market share. The upgrading of consumption can focus on sports industry and cold chain and related industries. These two categories still have much room from the ceiling, and are currently in a long period of adjustment, which is an opportunity to participate in the layout of the medium term.