centurionmegaways| Haitong Securities: The short-term market may be in a period of rest and recuperation, focusing on mid-to-high-end manufacturing with better fundamentals

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Since the beginning of this year, the market's attention to mid-to-high-end manufacturing has continued to increase, driving relevant sectors to take the lead in launching a wave of repair markets. In terms of market performance, during the period from February 5 to March 21, during the rapid rise of the market from the bottom, automobiles in Shenwan's first-class industries increased by 26.centurionmegaways6%(13.9 percentage points compared with the Shanghai Composite Index, the same below), 26%(13.3 percentage points) for the defense industry, 24%(11.3 percentage points) for machinery and equipment, and 23%(10.3 percentage points) for power equipment. During this period, the excess returns of mid-to-high-end manufacturing-related industries were significant.

Haitong Securities said that the current overall attention of the mid-to-high-end manufacturing sector is still within a reasonable range. The congestion level of most sectors is still not high, and the excess returns of the mid-to-high-end manufacturing sectors have converged since the end of March. However, from the perspective of institutional positions, the positions of institutional investors in the mid-to-high-end manufacturing sector are currently at historically high levels, and there is some division within the sector. In the short term, the market may be in the process of resting and gaining momentum, and mid-to-high-end manufacturing with better fundamentals in the medium term may become the main line.