Second half of a shares first yang after suppression

Based on the trend of China's steady economic recovery has been established, and liquidity is also expected to maintain the situation is likely to be maintained judgment, the state securities on the second half of the trend of a shares cautious optimistic view.　　Capital Securities are expected, the second half of the year a-share market may appear before the trend of suppression, should be around the economic recovery and inflation expectations of the industry allocation, the proposed focus on financial real estate, energy resources, energy-saving innovation and consumption of the four major industrial issues of investment opportunities. Capital securities that the second half of the domestic credit easing policy is expected to continue, and investment will remain strong, especially the real estate recovery pattern has been established, the trend of steady economic recovery is clearer.　　However, too fast investment is not sustainable, exports are difficult to recover in a short period of time, and in the short term consumption also can not bring more than expected contribution, the first half of next year's economy is still facing a fall in pressure, will eventually show W-type trend. For the performance of listed companies, the capital securities are expected in 2009 all a-share performance growth rate of about 12%-14%. In the second half of the year the performance of listed companies increased gradually, conducive to boosting investor confidence.　　At the same time, ample liquidity and rising inflation expectations also underpin a a-share valuation. In addition, the market in the improvement of corporate earnings, especially in the context of rampant liquidity is still expected to shake upward, but due to the limited valuation space, as well as the next year's economic performance concerns, the market first Yang after the possibility of greater inhibition.　　The overall market presents a wide range of vibration pattern, the Shanghai Composite Index reasonable operating interval of about 2,500 points-3,300 points. In terms of investment strategy, the securities proposal focuses on the two main investment lines of economic recovery and inflation expectation. In the context of economic recovery, cyclical industry will continue to show, and consumer goods will also show a warmer pattern. With rising inflation expectations, the resource and asset sectors will be the preferred breed of inflation-resistant industries, including banks, insurance, brokerage, real estate, coal, non-ferrous metals, food and beverage and retail businesses.