Haifutong Fund pointed out that from the end of 20 12 to the beginning of 20 13, when real estate transactions were active, house prices were also eager to move. According to the attitude of the newly appointed central government towards real estate, once this kind of symptom is formed, it will not be ruled out that it will lead to a heavy blow and market confidence will be hit. However, after previous high-pressure control policies such as purchase restriction, the marginal utility of the real estate industry for control policies will tend to decline in the future; Once the regulation is overweight, the psychological impact on real estate stocks will be greater than the actual level. At present, the financial situation of listed real estate enterprises is relatively healthy compared with historical data, with low valuation and large room for growth imagination, which is still worthy of attention in the medium and long term.
In terms of economic data, Haifutong Fund believes that with the increasing optimism of investors, the current market expectations for economic data after the Spring Festival this year and even the annual economic data are better than those at the beginning of the year. If the actual economic data released in the future is lower than market expectations, it will have a negative impact on market sentiment. In terms of configuration, Haifutong Fund supports blue chips, and believes that there is still room for safety margin and valuation improvement in large-cap blue chips. Banking stocks are at the bottom line of market valuation, while real estate stocks have room for imagination for low valuation and growth. The automobile sector is the representative of staged economic recovery in low valuation. Relatively speaking, the valuation of growth stocks is relatively embarrassing after the net value of 20 12 is raised, so we can pay attention to high-quality listed companies with relatively certain performance growth for a long time.