experienced a volatile decline, the first trading week of November will be ushered in the A-share market next week when the 1 market ends in October.
For the overall performance of the future market, industry institutions are optimistic about the current medium- and long-term allocation of A shares equity assets, and the medium-term market opportunities outweigh the risks, while also emphasizing that there is still a lack of more positive catalytic factors, and the market bottoming will continue. In terms of specific configuration directions for the future market, pharmaceuticals, military industry, information technology, semiconductors, etc. have been optimistic about institutions.
affects the investment event in the future
Science and Technology Innovation Board Stock Market making Trading business started on October 31
Shanghai Stock Exchange stated on the evening of October 28 that with the approval of China Securities Regulatory Commission , on October 31, the first batch of Science and Technology Innovation Board market makers will officially launch the Science and Technology Innovation Board stock market making trading business. It is reported that the stock information of market makers carrying out market making trading business will be published in the "Science and Technology Innovation Board Market Makers Information" column of the official website of the Shanghai Stock Exchange for easy inquiries. As one of the supporting measures, on October 28, Shanghai Stock Exchange , China Securities Finance Co., Ltd. and China Securities Depository and Clearing Co., Ltd. jointly issued the "Science and Innovation Board Market Maker Borrowing Business Rules", and will come into effect on the date of publication.
China Banking and Insurance Regulatory Commission : The long-term strengthening trend of the RMB will not change
On October 28, the head of relevant departments of the China Banking and Insurance Regulatory Commission said that since the beginning of this year, the banking and insurance industry has fully supported the development of the real economy, stabilized the macroeconomic market, prevented and resolved major financial risks, and focused on achieving the balance between "stable growth" and "preventing risks". In the next step, we will continue to improve the quality and efficiency of serving the real economy and fully support the stabilization of the macroeconomic market. In addition, the person in charge emphasized that the economy during the rising period will inevitably form an upward currency, and the long-term trend of the RMB strengthening will not change.
absorbed foreign capital in the first nine months and maintained double-digit growth
On October 27, Ministry of Commerce spokesman Shu Jueting said at a regular press conference that from January to September, the actual use of foreign capital nationwide was 1003.76 billion yuan, and increased by 215.6% year-on-year, equivalent to US$155.3 billion, an increase of 18.9%. In the next step, the special team of key foreign-invested projects will focus on a new batch of key projects, especially landmark foreign-invested projects in the manufacturing industry.
Institutional future investment views
CITIC Securities : The centralized release of emotional trading brings better buying points on the right
As domestic fundamentals and policy expectations become increasingly clear, laying a solid foundation for the mid-term repair of the market, this round of market bottom will be confirmed again, bringing better buying points on the right. It is recommended to continue to adhere to balanced allocation and focus on varieties with room for valuation switching and strong policy certainty next year, including semiconductors, military white horse leaders, information innovation, chemical new materials, vocational education , etc.
CICC: Medium-term market opportunities are greater than risks
Short-term investors' pessimistic expectations may require more positive catalytic factors, but considering that the current asset price has been included in relatively pessimistic expectations, there is no need to be too pessimistic about the subsequent market environment. Medium-term market opportunities outweigh risks, and the allocation is still mainly areas with low valuations, low correlation with macroeconomics, or affordable economic conditions and policy support.
CICC : The bottom area requires patience
Currently, the medium- and long-term allocation of A-share equity assets is very cost-effective, and there is limited room for further decline. It is not advisable to be overly pessimistic, but it is difficult for A-shares to experience large-scale rises. Investors should maintain reasonable expectations and be patient and bottom out. Against the background of weak fundamental combinations, we need to continue to pay attention to changes in liquidity expectations and risk preferences in , especially the downward trend in US bond interest rates is likely to be a potential positive factor in the future. It is recommended to pay attention to medicine, wind and light storage, military industry, information technology, semiconductor equipment/materials, etc.
Qianhai Open Source: It is expected that the pharmaceutical industry will re-enter the upward channel in 2023
The third quarter report data shows that the holdings of in the pharmaceutical industry in the entire market have dropped to a historical low, lower than the market value of the pharmaceutical industry in A-shares. The overall valuation of the pharmaceutical industry is at a historical low, and various pessimistic expectations have been fully reflected.It is expected that starting from 2023, some companies in the pharmaceutical industry will enter the post-procurement cycle one after another. The performance disturbances caused by policies are likely to be basically over, and fundamentals will re-enter the upward channel. Under the resonance of multiple factors, the downward risk of pharmaceuticals at the current point in time is limited, and the probability of obtaining excess returns is relatively high in the long run.
Nuoan Fund: Infrastructure, equipment and other industries may usher in opportunities
Looking ahead to the fourth quarter, the valuations of most A-share companies have entered a reasonable range. The overall risks of the real estate industry chain are currently controllable. After October, industries that have previously suffered damage to the epidemic may be alleviated to a certain extent, and the resilience and sustainability of leading companies will be paid attention to. At the same time, with the requirements of economic recovery, a series of industries and companies such as infrastructure and equipment that have expansion needs in countercyclical periods may usher in opportunities.
Jiashi Fund : Electric vehicles, computers and other industries have a large room for growth
New energy, smart cars, chemicals and other industries will become an important growth driver in China's economy and a new engine to drive economic growth in the next five years. At present, classic growth industries such as electric vehicles, computers, electronics, military industry and medicine are all at a low historical valuation, and there is a large room for growth. The background of economic transformation also requires that these industries continue to maintain rapid growth in the middle cycle.
Edited by: Yu Hongbo
