2021 latest semi annual salary flow of Sanming agency bank

  Semiannual salary flow of Sanming agent bank [E / V letter: 138-2229-4898] semiannual salary flow of Sanming agent bank Manufacturers can adjust a shares such as China Construction Bank, ICBC, transportation, Agricultural Bank of China, China Merchants Bank, Shanghai Pudong Development Bank, Ping An, CITIC and postal savings bank from yesterday to this morning
The probability is no longer driven by US bond interest rate concerns, but dominated by absolute return stop loss operation and negative feedback concerns, which constitutes the bottom of the first stage of the adjustment period
Under the influence of various factors, the acute pressure of transaction level concentration has been relieved, Although we do not rule out repetition, we think we can basically judge that the first stage of the adjustment period has ended
The short-term market has stabilized, and the A-share market has entered the second stage of the adjustment period: in the relief stage, we can appropriately grasp trading opportunities, but we still need to bear the courage, and the expected return should not be aggressive
We still believe that in the next few weeks, the exceeding expectation of the first quarter report is the core main line
Both white horse and non white horse can take into account the current valuation, The recent stock * performance and the first quarterly report exceeded expectations, and the target was selected

Future risks and challenges: the impact of the next round of US bond interest rate rise on a shares is expected to weaken marginally, but the market needs to beware of other factors
The force that may lead to the downward shift of the valuation focus of a shares is not only the US bond interest rate, but also the domestic credit cycle
It is a consensus that China's credit cycle has gone through an inflection point during the epidemic last year
Under the current tone of a series of policies such as real estate, the downward speed of credit and social finance growth in the future is also very critical
The most core indicator is the credit data in March
If the data is low, its influence on the A-share market after mid April, It may exceed the interest rate of US bonds
Therefore, from the perspective of risk prevention, investors still need to consider grasping the position and structure in the second stage of the adjustment period