Comments: Shanghai Index rebounded, rose 1.14%, and returned to 3100 points. Photolithography concept stocks rose sharply

Topic summary

According to the research report of CICC, in combination with the current market environment, the implementation of the policy of stabilizing growth may be the key to the subsequent market orientation choice. The subsequent policies and reforms at the economic level of China are expected to continue to increase and drive investors to continue to repair. The recent periodic adjustment of the A-share market does not mean the end of the repair market since February. After adjustment, the main index is expected to regain its upward trend. Although the current market valuation has been repaired, the forward P/E ratio of the CSI 300 Index is only 10.5 times, which is still far from the historical average (the average in the past ten years is about 12.6 times). Moreover, the marginal repair of earnings expectations after the first quarter will also help the future performance of the index. In terms of allocation, the export chain industry and globally priced resource goods still have allocation opportunities in the context of better external demand; The market attention of some price rising sectors, such as utilities, has increased; Green sectors such as new energy focus on marginal changes in recent industrial policies, which helps to reverse investors' expectations.