JP Morgan Jing Ulrich: A A-share break of 3,200 points in the short term may adjust

Every reporter Wei Yuqing from Shanghai yesterday, JPMorgan's director, general Manager and China Securities Market Chairman Jing Ulrich held a media meeting in the Shanghai Grand Hyatt, looking forward to the second half of the Chinese economy and the stock market. Will maintain a loose monetary policy "three months ago, when everyone thought the Chinese economy and stock market still had a lot of uncertainties, we judged they were going to recover at an alarming rate and show a V-shaped rebound." We expect China's GDP to grow by more than 8% in the two quarter of this year, with the annual economy achieving a ' 8 ' target.　　"This is the first question that Ulrich talked about at the meeting. This v-shaped rebound is the result of a positive fiscal policy and easy monetary policy, which also gives the market a fear of future inflation, will it lead to a loose monetary policy shift? In this regard, Jing Ulrich, the second half of the rise in commodity prices and the global central bank to implement easy monetary policy, the latter half of the domestic inflation will appear again.　　But because the recovery needs to be backed by loose monetary policy, the pressure to sustain economic growth exceeds inflation, and loose monetary policy will continue in the absence of a complete stabilisation of the economy. At the end of March, Jing Ulrich had frankly said that foreign funds due to the impact of overseas environment, the A-share market and the Chinese economy held pessimistic views, making them instead Ta Kong this round a-share rally. "With the stock market gradually rising, the two-quarter pessimism has gone."　　"Jing Ulrich said to the daily economic news reporter yesterday, and recently the Global fund manager has been very bullish on the Chinese stock market." Short-term adjustments may occur in spite of the rebound, a-share has been staggering, but Jing Ulrich still believes that the A-share bubble has not yet formed. She said the Shanghai Composite index at 6,100 points, the corresponding price-to-earnings ratio of more than 45 times times, although the market is now close to 3,000, but the corresponding P/e is about 23 times times, and the market for corporate earnings expectations have been restored, the researchers are also increasing the forecast of corporate earnings, so although the exponential growth, But the P/E ratio does not necessarily increase.　　Of course the index continues to rise, and adjustment is normal, but the overall upward trend will not change, by the end of the year, the index will be higher than the present. "At the beginning of the year, we forecast a-share Shanghai stock index can reach 3,000, since January, the Shanghai Composite index rose faster than we expected, but we are still bullish on a-shares, and to increase the expectations of a-share market to 3,200 points." We think 3,200 points is reasonable, but it does not mean that it will not break through 3,200 points, 3,200 is only conservative estimates, not to raise it to higher, because of the possibility of adjustment in the near future, the performance of the stock market in the summer is relatively calm. The second half of the financial, real estate, infrastructure and domestic demand sectors will be worth looking forward to. "Ms Ulrich said.