Investment benchmark: the application callback time to plan short-term consumption of medicine is still the preferred mechanism to hold together


Today, a share continue to adjust the situation, the three major stock indexes fell slightly collective。Market turnover in the doldrums, the majority of industry sectors fell, Hainan plate market rose。For the market outlook, dongfangcaifuwang summarizes the major institutions and famous investment point of view, for reference。    Weekly review, we expect to enter the A-share market fluctuated city uplink band, but due to Liangnengbuzu, so the pressure before the technical mark, the market shock callback is also expected of them, the current valuation is close to the Shanghai Composite Index bear market valuations, but there were differences in the structure and funding to do more reason why would not let go because this year may still be disturbed by many factors, internal and external environment lead to poor, A-share portion of the company's debt default risk has appeared, including the current market is still some listed companies have pledged a higher rate (over 50%), there are some hidden risks, but these are local, not systemic risks, so we remain optimistic about the market stage, as long as the overall profitability maintained an upward trend unchanged, a-share valuation of fixed space is always there。Operation, emphasizing bottom-up stock selection, balanced configuration, pay attention to matching the performance of the valuation, many organizations are still cautious hold together for the last stage of medicine and consumption, but financial stocks valuations are low indeed, can do at the end positions, while attention good homemade chips favorable impact of short-term thermal power, such as dairy。    On Wednesday the two cities once again dropping, late fall further expansion, to close out a big Yinxian, continuous breakdown 5, 10, 60-day moving average defense。However, we believe that, with a number of uncertainties gradually dissipated, the index rebounded foundation is still there, MSCI inclusion of A-share and other factors, the market sentiment is expected to gradually improve, but the amount can be major factors in the stock, the stock is difficult to full strength。    Optimistic about the industry or concept: hard to find new funding arrangement direction: 1, short-term medical consumption remains the preferred mechanism to hold together; 2, real estate, finance, cycle indeed low, down space is limited, but you do not see the good data certification, and in June the debt default risk is still there, I feel hesitate increase with the current real estate cycle finance, up to the end positions configuration。    Grasp the change of opportunities: wind power photovoltaic will meet grid parity, energy Internet into the Promotion Period: recommendations concern behind energy revolution investment opportunities: wind power (Goldwind, Tianshun wind, Sinoma Science and Technology), photovoltaic (Lungi shares, Granville shares , Chint Electric, Lin Yang energy), energy storage (sun power, Southern power), etc.。    Since April, the US stock market volatility decreased significantly, affect US bond yields upward of US stocks in the passivation。US stocks stabilized backdrop, foreign capital inflow has accelerated since April A shares。Earlier this year US bond yields up US stocks but had close to 3.0 %% while significant adjustment。Since late April, the US Treasury yields exceeded 300 consecutive.0%, 3.1%, but the US stock market as a whole is relatively stable。Since April VIX fear index continued to drop, reflecting the volatility of US stocks decreased significantly the risk of a certain release。US stock market volatility fell from the beginning of the abnormal state, will make based on the volatility caused by the amplification of negative feedback to reduce the impact of the transaction, US bond yields upward impact on US stocks passivation。    A quarter of places: rose less or more, the Yangtze River economic belt is still strong。A quarter of the national economic growth and stability。However, the poor economic performance in the provinces, 30 provinces released data, the growth rate of decline than the 17 years up to 21 provinces, accounting for 70%, while growth picked up only seven provinces, and another two provinces were flat growth。A quarter of the provincial GDP growth is still significant differentiation, the growth rate of outstanding Yangtze River Economic Belt region, Guizhou Province 10.1% growth leader, is the only province in the growth rate of more than 10%。The growth rate is still low northeastern provinces, Jilin Province, where growth fell as much as 3.1 percentage point, leads the nation。    Bond investment strategy: We believe that the lack of incremental driver of short-term bond market, the financial side loose in the context of the limited upside risks。But with the arrival of the end of the month certificates of deposit due in June superimposed pressure and appraisal MPA pressure, capital volatility or will exacerbate。We therefore recommend that institutions keep adequate margin of safety when the transaction can not be over-optimistic。    We believe that the steady rise in inflationary pressures and the Fed makes to enhance confidence in the inflation rate hike in June almost no suspense。The minutes also revealed that the majority (most) participants believe that if the future of information to confirm their overall current economic forecast, may soon be removed for further easing。    Fed's dovish sentiment began to accumulate, hike a foregone conclusion in June。Chicago Mercantile Exchange (CME) of the "Fed observation tool" shows, if the interest rate by 25 basis points each time to estimate the current US federal funds futures market is expected in March this year has included a hike into account, the total Federal Reserve during the year chance to raise interest rates three times for 45.5%, four times as likely to hike 34.7%。