Wang Jing: The growth style is still the main line of the market in the third quarter

China Securities Network News (reporter Yu Shipeng) On the evening of June 25, Wang Jing, chief strategist and assistant chief investment officer of Chuangjin Hexin Fund, issued a market view pointing out that the A-share related indexes have picked up significantly this week, and the growth index represented by the science and technology innovation board and the ChiNext board has performed particularly obviously. Looking forward to the third quarter, the growth style is still the main line of the market.

Wang Jing's analysis pointed out that the prediction of the main line of growth style in the third quarter is based on two reasons. On the one hand, the current domestic and foreign liquidity is biased towards an easing pattern, which is conducive to the continuous improvement of market risk appetite. Wang Jing said that with the implementation of the US fiscal expenditure plan, commercial banks face bottlenecks in expanding their balance sheets, and funds pour into the money market, resulting in a flood of short-term liquidity in the United States, short-end interest rates breaking through zero, forcing the Fed to launch reverse repurchase to recover liquidity to defend the lower limit of the interest rate corridor. Recently, the Fed's reverse repurchase operations have reached new highs, indicating that short-term dollar liquidity is extremely abundant, thereby pushing up global asset prices.

Domestically, Wang Jing pointed out that since March, due to the shrinkage of local bond issuance in recent years, funds in the interbank market have remained loose, while the central bank's open market operation is intended to maintain the stability of the capital surface, DR007 (7-day repo rate in the interbank market) has recently fluctuated up and down around the policy interest rate, reflecting the steady intention of "no sharp turn". Recently, due to the acceleration of local bond issuance in the near season and June, the DR007 interest rate rose above the policy interest rate, and the central bank implemented a slight increase in open market operations, and it is expected that the next capital will continue to remain stable.

On the other hand, Wang Jing pointed out that from the perspective of industrial development trends, the high growth trend of growth industry performance is more certain and is expected to continue to maintain a high degree of prosperity. In the rebound since the end of the first quarter, the subdivision industries with high performance such as medicine, consumption, new energy, and technology have been recognized by funds.

"At present, the economy is still in a strong range this year, the profitability of the whole market is expected to maintain a rapid growth rate, and the cycle and growth industries have benefited from the economic upward trend." However, it should also be noted that as the economic growth rate returns to the normal range, the market has doubts about the sustainability of the performance growth of the cyclical sector, and the subdivision of the growth sector that is in the rapid growth period of the industry has a high certainty of medium- and long-term performance growth and is expected to enjoy a sustained valuation premium. Wang Jing said.