Cailianshe reported on February 4 that since the beginning of the year, due to the shift in the Federal Reserve's policy and the domestic Spring Festival effect, the sentiment of A-shares has become more cautious. In the last week of the Year of the Ox, the market ushered in a continued escalation of tensions in Russia and Ukraine; the Federal Reserve's January interest rate agenda meeting once again strengthened external events that had a greater impact on the market, such as interest rate hikes and bonds. Under the disturbance of external risks, due to concerns that the longer time window for the Spring Festival holiday may bring greater uncertainty, some A-share funds left the market early, resulting in excessive release of negative emotions in the market.
In the first month of 2022 trading, the market experienced a process of oscillating bottoming, and some institutions have begun to layout after the festival in the bottom range.
At the beginning of the New Year, several institutions have first released the first batch of gold stocks in the Year of the Tiger. Among this list, jewelry giant Zhou Dasheng was recommended by three institutions in February, and Stone Technology, Kweichow Moutai, Midea Group, Xinhecheng, Fulett, Industrial Bank, Focus Media, and Kouzijiao were recommended by two institutions at the same time.
Regarding the reason for recommending Zhou Dasheng, Kaiyuan Securities stated that gold jewelry consumption is expected to continue to be in high prosperity in 2022, and the market share of leading brands will continue to increase; the provincial model is expected to bring important increments to the company in terms of channel expansion, commanding height breakthroughs and gold product growth; the latest store product distribution model has been launched recently, which is expected to promote the improvement of single-store performance after promotion.
Review in January, the best gold stock portfolio of securities companies obtained the best return on excess returns in that month was Tianfeng Securities' gold stock portfolio, followed by Guotai Junan and Huachuang Securities. Tianfeng Securities emphasized the layout prospects of the hard technology track and the reversal of difficulties last month.
In the new month, Minsheng Securities Mou Yiling said that after the "New Year's Eve market" is falsified, opportunities should be paid attention. Risks are released at an accelerated pace, but hope is being nurtured. When paying attention to the core variable of inflation, you can plan for rebound. It also stated that the original steady state of the market has been broken. Although the amplification of overseas volatility will continue to have an impact on A-shares, its main line should become clearer, and this main line will resonate with the global value style, and a new consensus will be expected to be formed. Investors should not just focus on risks in the market. They would rather think about making progress than stopping. It recommends paying attention to credit recovery, inflation elasticity, and embracing the return of value.
Regarding the configuration direction, Shenwan Hongyuan's viewpoint stated that the "stable growth" sector is expected to continue to contribute relative returns. There are three main lines to pay attention to: (1) There are still opportunities in infrastructure and real estate industry chains. (2) The high-prosperity track is resilient, and the bottom configuration continues: green electricity and new energy vehicles. (3) High-end consumption is not pessimistic, pay attention to: liquor.
