Lezheng Capital believes that the valuation of A shares is at the bottom of history, and is the cheapest and most worthwhile asset in the current large class of assets. The long-term big opportunity has emerged. However, corporate profits are still in the process of decline, macro-leverage ratio has not been reduced to a reasonable level, and some systemic risks have not been eliminated. It will take some time to resolve these risks. In the short term, we should adopt a prudent strategy to flexibly adjust our positions, focus on the leading stocks of medicine and consumer defensive varieties, and pay close attention to structural opportunities such as pig cycles. If necessary, they can be supplemented by stock index futures hedging.

New Fortune Capital Research Center suggests that we should pay attention to the overfall sector and individual stocks, and the long-term layout of the fundamental repair sector: (1) the economic structure upgrade is irresistible, and we should pay attention to the 5G, new energy vehicles and other sectors; (2) the overfall sector: media, aviation (oil prices fall) and so on. From last week's A-stock market, resilience is stronger. In the short run, incremental funds are limited, and the market may rebound or repeat, but the upward trend in the "hard bottom" may become clear. In the medium and long term, the risk factors affecting the sharp decline of the market have been released to a certain extent, and the space for further sharp decline is limited. In the medium and long term, the market may be optimistic.

Pushi Investment said that shell resources, venture capital, ST and other concepts of stock rotation performance, low-cost theme stocks have increased significantly, the concepts of the plate is more active, investors speculation enthusiasm warmed up, market sentiment rapidly increased. Since last month's leadership voiced its support for A-shares, successive policies such as mitigating the risk of equity pledge, encouraging listed companies to increase repurchase, and increasing support for private enterprises have been introduced. The future stable market policy is still worth looking forward to. At present, market confidence is gradually restoring. In addition, after the continuous decline of A-shares at the present stage, all kinds of grief has arisen. The outlook anticipation has fully responded. In the future, we judge that the short-term rebound will continue. However, it remains to be seen how much rebound space there is for A-shares because of the obvious bank reluctance for loan at the present stage, the limited monetary policy relaxation, the tight financial environment and the macroeconomic downward pressure. But generally speaking, they do not have the conditions to get into a bull market.

In the direction of stock selection, Yuyi Asset believes that small stocks will dominate in the future, and the chips status may be more important than the fundamentals. In the early stage, it is difficult to get excess returns by the end of the year. On the contrary, there are few institutional positions in the early stage, and the stock price has experienced a sharp decline and is at the bottom. At the same time, some positive changes have taken place in the company fundamentals, which need special attention. They will be the main force of the market rebound in this stage, and also the variety of institutional warehousing purchases.

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