Galaxy Securities: Increased risk of shocks

Securities Qualcomm in early May, we put forward the "blue chip in the opera" view, that most of the potential risk of small and medium stocks is already greater than the potential benefits, the relatively low valuation of blue chips will become a hot spot in the market, which has been the market in the last two weeks of the initial test.　　Recently in the market index frequency innovation high, the majority of small and medium stock prices have been lower than the previous highs, indicating a decline in overall market activity, for many investors, the difficulty of making money increased.　　The market's structural bubble is obvious, because the economic adjustment has not finished, the fundamental recovery is lower than expected, most of the high valuation level of the small and medium-sized stock prices are not supported, in the future some of the stock volatility risk increased. A series of macro-data published last week were mixed, and overall, some of the components were slightly better than expected, but gross indicators were poor.　　For the overall economic recovery, we are most concerned about industrial production, electricity generation and upstream enterprise orders are not ideal, indicating that the pace of economic recovery is lower than market expectations, which will increase market volatility risk. Market Many empty disputes, we are optimistic about the risk of strong blue chips, including banks, securities, real estate, petroleum and petrochemical, coal, railway construction.