Strategic point of view in May: structural rebound along the performance support layout.
Looking forward to MayMostpopularvideopokergamesWe must pay attention to several new changes: first, the revision of the shift of overseas central banks to expectations: the second inflationary pressure in the United States has led to the further postponement of interest rate cuts.MostpopularvideopokergamesAt the same time, Japan's currency normalization is also significantly lower than expected, which is expected to disturb the short-term market risk appetite, and global capital is also facing phased redistribution demands. The second is the policy tone guidance of the Politburo meeting in April: at the end of the month, the Politburo meeting affirmed a good start and highlighted many challenges, and gave stronger market expectations in the acceleration of policy implementation, follow-up reduction of reserve requirements and interest rates, and optimization of real estate policies, which is expected to give a certain boost to market sentiment. In the follow-up, we should focus on the detailed deployment of real estate policies, the acceleration of special debt issuance and the implementation of projects. And the third Plenary session of the CPC Central Committee to be held in July. Third, the medium-and long-term impact of the new national nine articles on the investment value of A shares: the new edition of "National Nine articles" marks the acceleration of a new round of capital market reform, performance quality and dividend returns will lead to more capital allocation, and the concept of value investment of A shares will also continue to deepen. The allocation of high-quality dividend assets is expected to achieve a central upward move.
How will it be arranged in the future? It rebounded structurally along the performance support layout in May.
At the monthly level, continued upward breakthroughs still require sustained verification of economic recovery, and structural valuation repairs are expected to continue. However, in the current two-way contraction of supply and demand on the capital side, performance support is the key to the continued repair of valuations. Looking to the future, on the one hand, the AI capital expenditure of overseas technology giants continues to increase, the performance growth of relevant domestic beneficiary enterprises has also been realized, and the trend of the technology industry led by AI will continue; on the other hand, although economic uncertainties at home and abroad remain, a new round of replenishment clues for the global manufacturing industry is increasing one after another, and the export chain benefiting from external demand also needs continuous attention. Specifically, considering the current chip congestion, performance boom and stock price location three dimensions, focus on semiconductors, computing, consumer electronics, construction machinery and home appliances and other directions.
May gold stock recommendation:
1) Nonferrous-Luoyang molybdenum industry: copper and cobalt giant minerals can be concentrated, helping the company's profitability greatly improve compared with the same period last year; 2) Chemical-Wright Optoelectronics: OLED boom has arrived, "China UDC" accelerated rise; 3) Chemical-Jacques Technology: domestic storage rise, precursor leader to enjoy dividends; 4) Dianxin-Oriental cable: 24-year sea breeze is expected to expand construction, cable leading domestic and foreign orders are expected to increase in volume. 5) Building materials-Punai shares: overseas business accelerated volume, mine gestation long-term performance flexibility; 6) Communications-Intermediate Xuchuang: Q1 performance is in line with expectations, AI-driven 800G/1Mostpopularvideopokergames.6T volume; 7) Communications-Xin Yi Sheng: Q1 outstanding performance, AI-driven 400G/800G products release; 8) Communications-Tianfu Communications: year-on-year performance in the first quarter increased greatly, follow-up capacity expansion momentum is sufficient; 9) computer-wave information: 24Q1 performance exceeds expectations, AIGC tide is expected to gradually benefit; 10) Agriculture-Pastoral shares: cycle boom is coming, recommendation cost leading pig production leader 11) Pharmaceutical-Coren Pharmaceutical: the traditional main contribution to stable cash flow, Colombo Tai pull innovation second growth curve.
Risk tips: 1, policy tightening more than expected; 2, overseas liquidity tightening at a faster-than-expected pace; 3, global geo-conflicts further intensified.