Depu Capital: Securities Firm2020Annual Strategy Meeting Unanimously optimistic about technology stocks

Recently, in Guotai Jun'an2020At the annual strategy meeting, Huang Yanming, director of Guotai Junan Research Institute, said, "We are committed toAThe future of the stock market6The judgment for a month is in one sentence - market risk appetite will gradually rise. The Shanghai Composite Index in the Future6Within a month, it fell below2700There is no possibility of a dot. ”He predicted that the Shanghai Composite Index may still rise before the end of this year3000By the first quarter of next year, there will be3000Point to3300Running between them.
Huang Fusheng, director of the Pacific Securities Research Institute, put forward a more optimistic view, believing that the Shanghai Composite Index is expected to approach next year3600Point. Huang Fusheng said,2020The capital markets of emerging economies will benefit from the global easing wave initiated by the expansion of balance sheets in the United States, Europe, and Japan. The relaxed environment will benefit the valuation repair of index weighted sectors such as banks and real estate, driving the Shanghai Composite Index to rise3200Point. In addition, there are growth stocks such as5GThe performance of the industrial chain is accelerating, forming a double click effect, which may lead to the Shanghai Composite Index approaching3600Point. Lianxun Securities also believes that,2020The Shanghai Composite Index is expected to challenge in the coming year3700Point area. The main reason is that the external market environment is improving, and the risk premium has shifted from negative to positive; From the perspective of performance, the third and fourth quarters of this year are likely to be the bottom of earnings for listed companies.
Talking about next yearAThe specific trend of stocks varies among securities firms. Outlook from Zhang Yidong, Global Chief Strategy Analyst at Xingye Securities2020When it comes to the annual market trend, it can be summarized as "first suppressing and then rising". This judgment is mainly based on an analysis of the macro environment, including investors' high short-term concerns about stagflation, but2020It is expected to confirm stabilization in the second half of the year. However, Lianxun Securities believes that there will be a policy intensive period towards the end and beginning of the year, and the market is expected to be ignited. Therefore2020The market situation in the first half of the year may be more certain. Technology stocks become the focus of 'core assets'
yes2020OfAThe overall trend of the stock market, although some securities firms are cautiously optimistic, when it comes to the technology sector, institutions unanimously express optimism. self2019China Merchants Securities, which will shoulder the banner of "technology" at the mid year strategy meeting11month13The day represents,2020The strongest main storyline of the year still comes from5GThe new technological cycle brought about. At the industry configuration level, it is recommended to focus on technology, securities firms, and undervalued real estate construction. Specifically, liquidity driven securities firms, stable growth in real estate construction, and countercyclical pharmaceuticals are all expected to perform well next year.
From the perspective of technology and policy cycles, next year's market style may return to equilibrium or lean towards a small cap style, coupled with a new technological progress cycle, and mergers and acquisitions are expected to become active again,TMTThe sector also performed well. Liu Yi, Chief Analyst of Guotai Junan's Small and Medium Cap Market, stated that,2020This year may usher in a tech bull market represented by small and medium-sized startups. He pointed out that,2018year10month18Today, the overall valuation of the ChiNext board has hit a record high6At a new low this year, it is now slowly recovering and reaching the second or third percentile level of historical highs.
Zhang Yidong, Global Strategy Analyst at Xingye Securities, stated that based on the new driving force of economic transformation, he is optimistic about the opportunities of technology empowerment and the advanced manufacturing industryTMTCore assets in the field. Specific areas include: firstly5GDriven by“ToC”And“ToB”The development of the entire industry chain, especially5GMobile phone industry chain; Secondly, under the logic of low inventory, the prosperity of industries such as automobiles, chemicals, power equipment, and machinery has reached a low level, and attention should be paid to the opportunity for leading enterprises with strong technological innovation capabilities to reverse their profit trends first. This article is written byDoo PrimeDepu Capital:https ://www.dooprime.net, organize to the network