Sangou Morgan Chen Siyu: A shares are still expected to get out of independence and pay attention to the high prosperity growth circuit

After a few months of strong rise in A shares, a certain degree of consolidation has recently appeared. Faced with the disturbance of market fluctuations and macroeconomic factors at home and abroad, Sports Morgan Fund recently held an investment exchange meeting for "Global Macro and Investment Strategy Outlook" in the second half of 2022, helping investors to clarify their thinking and better grasp the future investment direction. Chen Siyu, the manager of the Senmond Morgan Fund, said that with the gradual recovery of the domestic economy, A shares, Hong Kong stocks and Chinese stocks have begun to strengthen, and A shares have already stepped out of independence. Looking forward to the future, Chen Siyu pointed out that under the context of the gradual improvement of the economy and the continuous promotion of policies, the Chinese market is still expected to get out of independence in the second half of the year.

"Investment requires clearing the bull market, and more clearly see the bear market. At present, the market has gone through a longer and large adjustment. The bottom of the market adjustment has been compact. The valuation remains relatively reasonable, and the market's expectations of negative factors are also sufficient. Although the current market is warm and cold, in the context of the gradually appearing in policy warmth, we have good confidence in the future performance of the market. " Looking forward to the future, I believe that China's economy and market sentiment have gone out of the bottom. The long-term direction of A shares will not change in the future. However, the market recovery of this round may be more milder than the previous round bull market in 2019-2020.

Chen Siyu further pointed out that with the impact of the early stages of risk incidents, it is expected to be structurally in the second half of the year. Some stocks and tracks may usher in the fundamental inflection point of the ups and downs of prosperity. As China's industrial competitiveness is gradually turning to high value -added direction, aiming for growth stocks with relatively higher ceiling and relatively room for growth, it is expected to obtain better investment results. Specifically, Chen Siyu believes that the high prosperity sector will still be concentrated in sectors such as military, photovoltaic and new energy vehicles.

As far as the segment sector is concerned, Chen Siyu pointed out that the demand for the military sector is relatively stable, not only with weak correlation with the market as a whole, but also has nothing to do with the personal consumption willingness of residents. If the price of commodities declines in the subsequent commodity, it may be conducive to the military sector. Because of the rise in energy prices such as natural gas, photovoltaic plates have made photovoltaic and energy storage a rigid need for European residents. Therefore, the current prosperity of this sector is relatively high. With the long -term improvement of the penetration rate of the new energy vehicle sector, its future growth rate is also relatively certain. In addition, the Alpha attributes related to the subdivided sections such as lightweight and intelligent applications related to new energy vehicles are strong, which is also worthy of attention. In addition to the above sectors, Chen Siyu is more concerned about the large consumer sector that is still in the "left trading window". She believes that the service industry has gone out of the great impact of the previously impact. The relatively needed medical beauty, the artificial diamonds that benefit from the improvement rate, and the hotel industry that has gradually improved the supply and demand pattern may usher in repair.

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