Economic Growth Is Still Bad And Stock Valuations Are Not Expensive.

After the fall of the previous market, the total value of the card is 16.3 times that of the AA, and the implied risk return yield is 6.13%. At present, the maturity rate of the 10 - year enterprise debt is 5.79%.

Gao Yi asset Sun Qingrui believes that the valuation of stocks is not expensive at present. Although some high-quality stocks have obviously rebounded from the low point, they are still in the stage of buying and holding, and there will be better returns in the next two or three years.

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In view of the fact that economic growth is still poor and the economy is in a downward trend, it has not reached the level of new potential economic growth.

In the environment of economic weakness, the central bank's monetary policy is loose and the interest rate level is dropping, which has certain support for stock market valuation.

Exchange rate changes exceeded in August.

In the past, the stability of the exchange rate has little effect on the market, but in the past period of time, the fluctuation of exchange rate has become the biggest disturbance and risk point affecting the market.

Since September, the difference between the offshore renminbi and the spot RMB exchange rate has shifted from negative to positive, and the exchange rate has gradually stabilized.

Meanwhile, the US economic data did not improve as expected. In September, the number of non farm workers increased by 142 thousand, significantly lower than expected, and the correction of the number of non farm payrolls from 173 thousand to 136 thousand in August, resulting in a low US dollar index and easing the pressure of RMB depreciation.

Although the international financial environment is stabilizing, the exchange rate is still a variable that needs to be focused.

Although China is in the process of aging, the overall physical quality of the whole population has been rising. Besides individual medical services, the demand for most basic medical services will not increase significantly.

As far as the environmental protection sector is concerned, the demand for environmental improvement has not been satisfied, and the progress of environmental protection is fast and slow.

Faced with a large market demand, these enterprises may grow slower in a year, but looking at 35 years, it is still a good investment.

The industry as a whole is optimistic about the media, environmental protection, some medicine, tourism and sports. In addition, the military industry is still in rapid growth, and the reorganization and integration of the industry are also accelerating.

In terms of China's economy, structural differences are relatively large.

Due to the growth of upstream resources, middle reaches manufacturing industry, and leading industries such as real estate, automobiles, household appliances, food and beverage, medicine and so on, the growth rate of corporate earnings has slowed down, and some of the industry's profitability has continued to decline.

At the same time, the adjustment and integration process of the industry is relatively slow, and the supply side has not improved significantly, so in these industries, we can only find individual Alfa investment opportunities.

There are still some industries with huge demand.

Sun Qingrui believes that after the per capita GDP and per capita income of residents reach a certain level, the peak of the 1 billion 300 million people's basic necessities of life, such as clothing, food and shelter, has passed. People are willing to spend more time and money on leisure, tourism and exercise, and pursue the satisfaction of spiritual life and healthy living environment.

Moreover, China's large population, unified and unique culture and language make entertainment entertaining. The hot demand of the box office during the national day shows that this demand continues to erupt.