angleetiger&dragonderbeginneinerlegende| CICC: Phase adjustment of A-shares does not hinder the continuation of the repair market

Gelonghui May 26| The CICC research report pointed outangleetiger&dragonderbeginneinerlegendeSubsequent policies and reforms at the economic level in my country are expected to continue to increase, and drive investors 'expectations to continue to repair. The recent phased adjustment of the A-share market does not mean that the repair market since February is over. After adjustment, the main index is expected to regain its momentum. Although the current market valuation has been repaired, the forward P/E ratio of the Shanghai and Shenzhen 300 Index is only 10angleetiger&dragonderbeginneinerlegende.5 times, which is still far from the historical average (the average in the past ten years is around 12.6 times), and the marginal repair of profit expectations after the first quarter will also help the performance of the market outlook index. In terms of allocation, there are still opportunities for allocation in export chain industries and globally priced resource products against the background of better external demand; some price-increasing sectors such as utilities have attracted increased market attention; green sectors such as new energy focus on recent marginal changes in industrial policies, which will help reverse investor expectations.