2020-07-16

Today, without significant bearish factors, the main index fell significantly, the Shanghai Composite Index fell 4.5%, the Shanghai and Shenzhen 300 Index fell 4.8%, and the GEM Index fell 5.9%. In this regard, Min Liangchao, chief macro and strategist of HSBC Jinxin, said: 1) The market has increased volatility after a short-term surge. From July 1 to the present, there has been a relatively rapid rise in the market, and it is the general rise of the Shanghai Stock Exchange Index and the GEM Index.

By yqqlm yqqlm

Today, without significant bearish factors, the main index fell significantly, the Shanghai Composite Index fell 4.5%, the Shanghai and Shenzhen 300 Index fell 4.8%, and the GEM Index fell 5.9%. In this regard, Min Liangchao, chief macro and strategist of HSBC Jinxin, said:

1) The market has increased volatility after a short-term surge. From July 1 to the present, there has been a relatively rapid rise in the market, and it is the general rise of the Shanghai Stock Index and the GEM Index. Taking the Winder A Index as an example, the highest increase in the month exceeded 15%. The short-term rapid profit-making effect has attracted off-site funds to accelerate into the market, and the memory of”Fast Cow Mad Cow” from 2014 to 2015 has made the market transaction volume rapidly expand; there is no obvious negative factor today, we tend to think that today’s The callback is the increase in volatility following the rapid market rise.

2) The opportunities in the current market still outweigh the risks. We have always emphasized that regardless of economic fundamentals and monetary policy space, the probability of simply repeating the market pattern from 2014 to 2015 is low. From a valuation point of view, although the current overall market is difficult to say cheaply, from a structural point of view, it is still positive and the opportunities outweigh the risks. From the perspective of economic fundamentals, we believe that the economy will continue its recovery trend in the next two quarters. After the valuation of the short-term low valuation sector is restored, the market is expected to usher in the valuation repair in the second half of the year.

3) Stability can only go far. For the market to always maintain a sense of awe, as a value investor, we suggest that we should insist on the compound interest held for a long time; short-term market adjustments have released pressure, which will help the future market development.

Risk Warning:Any information provided in this document is for readers’ reference only, and it does not constitute an inevitable basis for future investment decisions of funds managed by the company, nor does it constitute any substantial investment advice or commitment to readers or investors. The company does not guarantee the accuracy and completeness of the text and data contained in this document, nor does it bear legal responsibility for any third-party investment consequences caused by it. Fund investment is risky and investment needs to be cautious.

getInterUrl?uicrIvZQ=4e127718aa4a6a68efdac8cfa5d30f63 - Today, without significant bearish factors, the main index fell significantly, the Shanghai Composite Index fell 4.5%, the Shanghai and Shenzhen 300 Index fell 4.8%, and the GEM Index fell 5.9%. In this regard, Min Liangchao, chief macro and strategist of HSBC Jinxin, said:
 
1) The market has increased volatility after a short-term surge. From July 1 to the present, there has been a relatively rapid rise in the market, and it is the general rise of the Shanghai Stock Exchange Index and the GEM Index.