巨峰投资顾问：过去三年来，新兴的A股高发板块能否继续上涨？ _东方财富网

概要

[JufengInvestmentConsultant:InthepastthreeyearscanthenewhighA-sharesectorcontinuetoriseagainstthetrend?Viewpoint:SincethefourthquarteroflastyearmarketriskappetitehasreboundedWiththeacceleratedrecoveryofeconomicfundamentalsandreasonableampleliquiditythelogicofthemarket’spositivetrendhasnotchangedAftertheupwardstructuralshockwiththerecoveryofmarketsentimentandtheimprovementoftheearningeffectthemarketisinfullswinginthespringandthemarketearningeffecthasbegun

Viewpoint: Since the fourth quarter of last year,marketriskPreference has rebounded. With the accelerated recovery of economic fundamentals and reasonable ample liquidity, the logic of the market’s positive trend has not changed. After the upward structural shock, with the recovery of market sentiment and the improvement of the earning effect, the market is in full swing in the spring, and the market earning effect has begun.After the continuous upward trend, especially after the three major indexes rose this year, we should pay attention to the trend market.short termSuspension, consider adjusting the position appropriatelyShare swapLower the index and heavy individual stocks.

Today, the two markets fluctuated after the opening. On the basis of the previous two days, the small and medium-sized enterprises continued to rebound, and the Shenzhen Component Index also once rushed higher.andHeavyweightRelatively downturn,Shanghai IndexThe trend is relatively weak. However, during the index operation, the sectors continued to rotate, individual stocks were relatively active, and the overall market enthusiasm remained unchanged. Compared with the previous phenomenon of institutional grouping, the recent performance of oversold stocks and undervalued varieties has been stronger.

It is worth noting that since the adjustment at the end of January, the market’s center of gravity has been declining, butbankOn the contrary, the sector soared against the trend. Today’s intraday was a strong upward trend and set a new high for the year.bankSector IndexIt also set a new high of nearly 3 this year.Not just an index, high qualitybankListedthe companyIt is also remarkable in recent performance,China Merchants BankSince January, it has continuously set new highs for the year, and the stock price has hit a record high.andPerformanceAfter the announcement,Ping An BankIt also continued to strengthen, and the stock price also ushered in a record high.

However, not allbankCrotch capitalPull upAnd record highs, in addition to some high-quality banking companies, including the traditional four major banks and mostSharesBank stock prices are still fluctuating within the range. So, do they have upside potential?

In fact, since December of last year, we have repeatedly reminded the bank stocks of low buying and the opportunity of bottom position allocation. The core of the logic of the upside of the banking sector isOperatingofimproveAnd the turning point of performance. On the one hand, with the acceleration of the economic recovery, the pressure on profit-giving entities was gradually reduced last year, and operations have gradually improved; on the other hand, since the second half of last year, the performance has gradually rebounded, and it is also expected to usher in a turning point in performance.In addition, the most important point is that the valuation of the banking sector has reached a historically low level. Under the economic recovery, the valuation of the sector has been restored.demandAlso relatively large.

At the same time, entering 2021, the policy will not be excessively tightened, the annual economic recovery is expected to remain unchanged, and the banking sector will benefit as a whole. Under the turning point of performance, the performance of major banks is expected to continue to rebound, and the revenue of other high-quality banksprofitIt is also expected to remain in good condition. Therefore, for the banking sector, especially large banks and high-quality banks, the stock prices still have a basis for support and boost to continue to rise. In addition, in October last year,CICCIt also prejudged bank stocks, saying that the A/H banking sector will have about 60% upside potential in the future, superimposed on Himalayas, etc.investmentIt is not difficult to see that institutions are also relatively optimistic about the future of bank stocks by building large positions in bank stocks.

Back to the disk, the recent overall market shrinkage and volatility are mainly in line with previous expectations and the historical laws of the market before the Spring Festival.However, as the Spring Festival approaches, the market’s enthusiasm for trading may decrease, but the opportunities for individual stocks may alternate and the market is more suitable for individual stocks.Game。

On the whole, in the index adjustment process, proper consideration needs to be takenSwapThe moment. There is no need to deliberately reduce holdings, just exchange the target. The next market configuration may need to be slightly adjusted to cope with market changes, especially paying attention to low-end and low-value products.After all, with the economic recovery and accelerated recovery, the trend of valuation recovery is obvious and clear, but many highly valued varieties have experiencedfundsAfter the pull, currently can only rely on performance support, and if performance and valuation do not match well, then the room for continued upward movement is questionable. But on the contrary, many low-valuation and stagflation products still have room and motivation to repair. Obviously, funds will also seek new value targets. Banks and other varieties still need to pay more attention.

(Source: Jufeng Finance)

(Editor in charge: DF515)