Positive changes in emerging market consumption

Securities Research Institute: Recent data show positive changes in emerging market consumption. Private consumption has recovered strongly in countries including China, Brazil, India and Indonesia, and consumer confidence in advanced economies has been picking up. From the production cycle point of view, the enterprise shipments of the rise and inventory decline, reducing the production pressure of enterprises. As global manufacturing inventories are slowly slowing, the rate of decline in industrial production will slow in coming months.　　From the financial environment perspective, the most serious credit crunch in the United States and the eurozone has seen marginal improvements. We insist that the A-share market will generate a hybrid bubble: the initial performance of the valuation of the push, in the late performance of the valuation and profit double push. In this context, it is recommended that the main configuration has a profit advantage of the industry, the industry's configuration sequence is real estate, coal, finance, consumption.