提示聲明：

　　本文所涉及的市場策略分析不代表中證網觀點，不作為投資者買賣股票的依據，股市有風險，投資須謹慎。

　　華創證券：理性看待市場調整 把握戰略配置機會

　　華創證券(quan)首(shou)席(xi)策略分(fen)析師王君5日接受中(zhong)國證券(quan)報(bao)記者采訪(fang)時表(biao)示，投(tou)資(zi)(zi)者應該理性看(kan)待市(shi)場(chang)(chang)的(de)下跌(die)，立(li)足(zu)中(zhong)長期(qi)視野(ye)，把握(wo)下半年戰略配(pei)置(zhi)期(qi)的(de)窗口。從資(zi)(zi)本市(shi)場(chang)(chang)開放(fang)背(bei)景來(lai)看(kan)，改革的(de)紅利持續(xu)釋放(fang)，互聯互通(tong)的(de)機制放(fang)開及A股入摩，不斷(duan)擴容(rong)使(shi)A股對外資(zi)(zi)吸引力(li)明顯提(ti)高。中(zhong)國宏(hong)(hong)觀(guan)經濟(ji)韌性仍在(zai)，宏(hong)(hong)觀(guan)調控和改革政策儲備充足(zu)，具備打贏重大風(feng)險(xian)攻堅戰和應對外部風(feng)險(xian)的(de)諸多有利條件(jian)，支撐A股有利運行。從市(shi)場(chang)(chang)本身運行角度，估值(zhi)處(chu)于(yu)底部區間，7成(cheng)上市(shi)公司中(zhong)報(bao)業績(ji)預(yu)喜，A股市(shi)場(chang)(chang)投(tou)資(zi)(zi)價值(zhi)凸顯。

　　資本市場深化改革 紅利持續釋放

　　“資(zi)(zi)本(ben)市(shi)場(chang)(chang)改革紅利(li)持續釋(shi)放，重塑著(zhu)市(shi)場(chang)(chang)運行的邏輯，夯(hang)實資(zi)(zi)本(ben)市(shi)場(chang)(chang)穩健運行基礎。”王(wang)君認為，一系列監(jian)(jian)管(guan)政策密集落地，下半年(nian)積極推(tui)進。中國資(zi)(zi)本(ben)市(shi)場(chang)(chang)法律環境越來越好，對上市(shi)公司(si)停牌(pai)要求更嚴，信(xin)息(xi)披露(lu)標準(zhun)不斷提高。從(cong)規范再融資(zi)(zi)、并購重組，到(dao)(dao)督促(cu)上市(shi)公司(si)分紅；從(cong)減持新規打擊“野(ye)蠻減持”，到(dao)(dao)重塑發審制度(du)，市(shi)場(chang)(chang)監(jian)(jian)管(guan)水平近年(nian)來明顯(xian)提升。同時，中國資(zi)(zi)本(ben)市(shi)場(chang)(chang)近年(nian)來對外開(kai)放步伐不斷加(jia)快。滬港通、深港通順利(li)開(kai)通，A股(gu)成功納入(ru)MSCI指數，隨著(zhu)資(zi)(zi)本(ben)市(shi)場(chang)(chang)穩健運行基礎的夯(hang)實，長(chang)(chang)期資(zi)(zi)金和海外投(tou)(tou)資(zi)(zi)者比例(li)增加(jia)，兩者均偏好理性的價值(zhi)投(tou)(tou)資(zi)(zi)，長(chang)(chang)期促(cu)使A股(gu)波動率收(shou)斂，價格發現功能也將更加(jia)完善。

　　具體來看，王(wang)君說，資(zi)(zi)本市(shi)(shi)(shi)場(chang)對(dui)外(wai)(wai)開(kai)放(fang)(fang)格局不斷加(jia)(jia)深(shen)，國際資(zi)(zi)本不斷涌入(ru)。2018年(nian)以來，外(wai)(wai)資(zi)(zi)通(tong)過(guo)滬股(gu)(gu)(gu)通(tong)、深(shen)股(gu)(gu)(gu)通(tong)渠道持(chi)(chi)續增(zeng)持(chi)(chi)A股(gu)(gu)(gu)資(zi)(zi)金(jin)(jin)累計凈流入(ru)1620.9億(yi)(yi)元，除受春節影響(xiang)的2月(yue)以外(wai)(wai)，其(qi)余月(yue)份均(jun)實現百億(yi)(yi)水平的凈流入(ru)，其(qi)中(zhong)(zhong)5月(yue)份更(geng)(geng)是達到創(chuang)紀錄的508.51億(yi)(yi)元。A股(gu)(gu)(gu)正式(shi)納入(ru)MSCI新(xin)興(xing)市(shi)(shi)(shi)場(chang)指數后北上資(zi)(zi)金(jin)(jin)表現活躍(yue)，6月(yue)成交(jiao)金(jin)(jin)額達4370.85億(yi)(yi)元；其(qi)中(zhong)(zhong)滬、深(shen)股(gu)(gu)(gu)通(tong)成交(jiao)活躍(yue)，成交(jiao)金(jin)(jin)額創(chuang)下今年(nian)以來次(ci)新(xin)高。全球資(zi)(zi)本持(chi)(chi)續流入(ru)A股(gu)(gu)(gu)市(shi)(shi)(shi)場(chang)背后是基(ji)于中(zhong)(zhong)國經濟基(ji)本面(mian)韌性，A股(gu)(gu)(gu)納入(ru)MSCI長(chang)期利好市(shi)(shi)(shi)場(chang)健康發展。A股(gu)(gu)(gu)入(ru)摩(mo)中(zhong)(zhong)長(chang)期重塑市(shi)(shi)(shi)場(chang)結構，推(tui)動市(shi)(shi)(shi)場(chang)更(geng)(geng)加(jia)(jia)開(kai)放(fang)(fang)。就(jiu)中(zhong)(zhong)長(chang)期而言(yan)，A股(gu)(gu)(gu)納入(ru)MSCI后外(wai)(wai)資(zi)(zi)對(dui)于A股(gu)(gu)(gu)的配置更(geng)(geng)加(jia)(jia)確定，中(zhong)(zhong)長(chang)期的外(wai)(wai)資(zi)(zi)增(zeng)量會進一步(bu)增(zeng)加(jia)(jia)。有利于重塑市(shi)(shi)(shi)場(chang)結構，推(tui)動市(shi)(shi)(shi)場(chang)更(geng)(geng)加(jia)(jia)開(kai)放(fang)(fang)。

　　此(ci)外，王君認為，伴隨著史(shi)上“最嚴(yan)減(jian)持(chi)(chi)(chi)(chi)新(xin)(xin)規(gui)(gui)”實(shi)施一(yi)年，高(gao)管減(jian)持(chi)(chi)(chi)(chi)市(shi)(shi)(shi)(shi)(shi)(shi)值(zhi)(zhi)明(ming)顯銳(rui)減(jian)。減(jian)持(chi)(chi)(chi)(chi)新(xin)(xin)規(gui)(gui)實(shi)施的(de)(de)(de)前一(yi)年，滬深(shen)兩(liang)(liang)市(shi)(shi)(shi)(shi)(shi)(shi)重(zhong)要股東(dong)通過(guo)二級市(shi)(shi)(shi)(shi)(shi)(shi)場的(de)(de)(de)減(jian)持(chi)(chi)(chi)(chi)市(shi)(shi)(shi)(shi)(shi)(shi)值(zhi)(zhi)約(yue)為429.03億(yi)元、滬深(shen)兩(liang)(liang)市(shi)(shi)(shi)(shi)(shi)(shi)高(gao)管的(de)(de)(de)減(jian)持(chi)(chi)(chi)(chi)市(shi)(shi)(shi)(shi)(shi)(shi)值(zhi)(zhi)約(yue)為708.75億(yi)元；新(xin)(xin)規(gui)(gui)實(shi)施后的(de)(de)(de)一(yi)年，滬深(shen)兩(liang)(liang)市(shi)(shi)(shi)(shi)(shi)(shi)重(zhong)要股東(dong)通過(guo)二級市(shi)(shi)(shi)(shi)(shi)(shi)場的(de)(de)(de)減(jian)持(chi)(chi)(chi)(chi)市(shi)(shi)(shi)(shi)(shi)(shi)值(zhi)(zhi)約(yue)為684.84億(yi)元、滬深(shen)兩(liang)(liang)市(shi)(shi)(shi)(shi)(shi)(shi)高(gao)管的(de)(de)(de)減(jian)持(chi)(chi)(chi)(chi)市(shi)(shi)(shi)(shi)(shi)(shi)值(zhi)(zhi)約(yue)為253.62億(yi)元。減(jian)持(chi)(chi)(chi)(chi)新(xin)(xin)規(gui)(gui)落地(di)一(yi)年之(zhi)后，高(gao)管通過(guo)二級市(shi)(shi)(shi)(shi)(shi)(shi)場減(jian)持(chi)(chi)(chi)(chi)的(de)(de)(de)市(shi)(shi)(shi)(shi)(shi)(shi)值(zhi)(zhi)較上一(yi)年明(ming)顯減(jian)少約(yue)450億(yi)元。從存量(liang)上緩解了市(shi)(shi)(shi)(shi)(shi)(shi)場對于大量(liang)解禁的(de)(de)(de)恐慌情緒，逐步疏導減(jian)輕市(shi)(shi)(shi)(shi)(shi)(shi)場壓力(li)；從方向上引導部分套利過(guo)橋(qiao)資(zi)金逐步脫虛向實(shi)。