Since this week, A-share market volatility in the international market by getting smaller and smaller, their own initiative, continued to increase. We believe that with the easing of monetary policy increasingly clear, and pro-active fiscal policy in the next economic downturn, investors will worry about the overall decline. At the same time, the current stock market is undoubtedly one of the largest category of assets in the most expensive of a class of assets, with the future of the gradual increase in liquidity, the stock market is expected to also significantly enhance the attractiveness of investment. However, at this stage, the stock of short-term risk may be that the inventory impairment in the plate. Macro-economic policy of hedging down This week the introduction of data-intensive economic data, although from the industrial added value, such as power generation and a number of economic indicators, the real economy slowed markedly, but the recent series of timely macro-control policies introduced but this was an effective hedge. Compared with the previous policy, the current policies targeted to stimulate greater strength and scale. Although the policy into effect and may take time, but we believe that these policies should be built up step by step to curb the momentum of rapid economic decline. More importantly, the timely introduction of the policy makes the economy should be able to bear the short-term decline in demand, and policy to stimulate the role of gradually return to its normal growth path. On the other hand, for liquidity problems, statistics show that this week the central bank through open market operations has increased money, all week the central bank through open market put in a net 500 billion yuan, hit a single in the second half of open market operations to release funds The largest amount. This policy is the central bank in a timely manner to the financial institutions to provide liquidity support to further support the position after the action is expected in the future will be the central bank to relax the liquidity of the banking system is an important channel. Of course, in the future to achieve an appropriate standard of easy monetary policy to further cut interest rates and deposit reserve rate cut can be expected. The stock market has been attractive In addition to the macro-control policy support, we believe that the A-share market to support another strong factor is the stock market is the cheapest major categories of assets. At present, 7-year bond yields to 2.93 percent, the main areas of housing rental yield of 3.72 percent, above the 5-year long-term deposit interest at the rate of 5.13 percent for the stock market, according to the calculation of earnings yield for the countdown to 7.69 percent . It is clear that compared with other assets, the stock market is the largest category of assets in the market the most attractive category. In fact, through our domestic and foreign several major economies during the economic recession, the trend of asset markets and economic cycle is running simultaneously with the general nature. From international experience, accompanied by severe economic contraction in the real economy needs a substantial decline in liquidity, the non-existence of the real economy of excess money. These excess liquidity chasing assets will be in the area of most of the assets of the match. At the same time, in the context of the credit crunch, liquidity is not sufficient in particular, it will certainly choose the cheapest assets. We believe that with the world's major economies continue to inject liquidity and economic aid policy, some of the excess liquidity will re-distribution to the largest category of assets, the future will be to choose the cheapest assets to intervene. At present, the stock market's valuation is very cheap, so we good performance of the stock market in the future. We believe that with the coming loose monetary policies, bank credit expanded, pro-active fiscal policy is gradually reverse the downward trend in the economy, capital markets will be gradually completed at the bottom of the building, may have to wait from a quantitative to qualitative changes in the process, A-share market trend will continue to strengthen the independence of their own. As a result, in operation, current investors need to focus on the layout for the coming year, the selection of future growth is expected to exceed the expectations and a reasonable valuation of long-term varieties. Of course, some of the stocks in the short term risk can not be ignored, especially in a cyclical industry, with the bulk commodity prices continued to fall, in the early accumulation of a large number of the company's inventory contains the risk of inventory impairment, the company recommends that investors concerned about the inventory control or management The efficiency of the high and low, the stock has not released the company's risk provision to be on high alert.
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