National Gold Securities: The optimistic outlook has been fully anticipated

⊙ National Gold Securities recent macro-data transmission more positive signals, but from the perspective of the listed companies show that enterprises are under the pressure of greater profitability. In addition, some economic data also reflect the departure trend, such as fixed assets investment and value added, electricity generation and so on.　　The macroscopic and microscopic faces are showing divergence and enlargement, which makes us cautious in judging whether the current economic recovery is strong or not, and we will seek more confirmation of recovery. We think the current economic recovery is not going to be smooth sailing, and the fog has not completely dispersed. And the current a-share market has made full expectations of the optimistic outlook, so we still emphasize the judgment of rational valuation limit unchanged. In the configuration, it is recommended to focus on the upstream resources and the most downstream consumer products.