CITIC Securities emergency retract "reversal theory"

As a A-share market trend is not optimistic about the second half of the judgment, the organization appears to be more cautious than before, but also the organization of a good interim strategy report on the interim "correction." Citic Securities ' sudden withdrawal reversal on the second half of the strategy report of Citic Securities in Tuesday, a sudden emergency recall of "reversal", the "reversal" of the moment indefinitely deferred. And before the lone sing more than one months, the difference is that the reference to CITIC Securities changed: "A-share market needs to wait for the initial success of economic restructuring before bull." "For the second half of the specific trend, Citic Securities said that early July investment logic will be around the" valuation repair "launched, from mid-July to August, the early adjustment effect appeared, the economic outlook improved.　　The 4 quarter will also appear risk points, such as the size of the small and medium plate shares, 4 quarterly export growth decline, the market will reproduce consolidation trend.　　And Citic's sudden, like, brokerage, the industry in the second half of the judgment, compared with the more cautious, the second half of the economic forecasts, a-share of the second half of the trend of judgment, more use of "uncertainty", "uncertainty" and other vague expression, a change has been bullish this year's a-share "before the high" trend Institutional ambiguity beginnings brokers and insiders now turn to: "In the next year, the market is more likely to go a slow upward trend, short-term economic growth and long-term economic restructuring of the uncertainty is the main factor in determining the direction of a share", "because of the European crisis, domestic macroeconomic and policy uncertainties intensified,　　This year a-share market can achieve "after high" still uncertain. In the second half of the strategy report, the Guangdong Securities said that the fourth quarter can get out of a higher upward market, but also depends on the government to save the economy into a small recession policy, balance short-term growth and long-term transition policy orientations, and the market recognition of the policy. In the next year, the market is more likely to go a slow upward trend, short-term economic growth and long-term economic restructuring of the uncertainty is the key factor in determining a-share.　　Market risk is still not fully released, the bottom range is expected to be a small step more likely, but the downward space is limited. At the meeting, Gong, China's chief economist at JPMorgan Chase, said that the stock market had not changed its judgment before the low, but because of the European crisis, the domestic macro-economic and policy uncertainties intensified, this year's a-share market can achieve "post-high" remains uncertain. In the coming years, investors should look for 5-10-year growth opportunities in a downturn in the consolidation pattern.