Regulate or promote 400 billion of funds fled the property market

-Citic Securities Research Department Policy Group Policy regulation of pessimistic expectations will also have a negative impact on investor sentiment, the real estate and bank-led market cycle stocks will continue to drag the market in the short term, the Shanghai Composite Index is expected to be lowered to 2,900 points near. We believe that the introduction of "document Tenth" really shows the government's determination to regulate the real estate market, the future rules will be introduced, but also to the investor's psychological inhibition.　　The real impact of this round of regulation will also need to observe the entity and expected two indicators, that is, the real estate market changes in prices and real estate sector earnings forecast downward. The continued strength of the small disk growth stocks, in fact, represents the investors to the real estate and export as the representative of the traditional economic growth model of concern, and with the economic transformation of the policy of continuous promotion of real estate and other areas of repression inevitable, the size of the style "alienation" is inevitable. Worries about the sector, triggered by property, will continue in the short term, and worries about banks are piling up. Although real estate, building materials, such as cyclical plate valuation has begun to lower than the average level, especially with small stocks of the "trumpet" more and more, but this situation is still difficult to see the hope of improvement. This round of real estate regulation, "the country into the people back" and the volume of the reduction of the amount of money into the stock market, our recent research results also support this conclusion, the initial calculation of real estate control can squeeze out about 400 billion of the funds.　　Research shows that the current part of the funds are more inclined to the theme of investment and consumption of small and medium-sized stocks, not interested in the market cycle stocks, which supported the "style of alienation" in the short-term will continue to maintain the view. This week's focus on industry configuration leads is in the context of increased macro-cycle uncertainty and high valuations of the technology sector, to look for the investment opportunities of the growth of endogenous performance in the pan-consumption field, and to pay attention to the industry opportunity that the integration of the central Enterprise brings the growth of epitaxial performance, mainly recommend agriculture, commerce, medicine and building materials. Focus on recommending a unit of Air China, Chiaki Hi-Tech, East Hundred Group, Lu Anti-medicine, Rui Tai Technology, the large shares, shield environment, double crane pharmaceutical, Jiangnan high fiber, Great Wall development, China North Car, Yantai Wanhua, family resources, ambitious high.