Investment research creates value, risk control highlights brand

Deep investment research, strict control of risk, looking for investment opportunities

Home > Focus > Market Insights

August 2023 Market Insights

2023-09-06

The market experienced a sustained decline in August after policy announcements in late July, particularly characterized by a significant outflow of northbound funds and a weakening of the RMB exchange rate. At present, the offshore RMB interest rate is much higher than the onshore rate, close to the Hong Kong dollar interest rate, and it is still difficult to block the outflow of some foreign investment, indicating the difficulty of restoring confidence in the short term. In late August, the reduction of stamp duty and further relaxation of policies on real estate showed the urgency of high-level hopes to stabilize the market in the short term. But our view is consistent with the previous one. Any policy that does not reduce household leverage and income is difficult to substantially repair the economy under current macroeconomic conditions. Therefore, in the remaining period of 2023, the market will continue to engage in repeated policy games like most of this year, but the average will continue to move downwards.

Although macroeconomic recovery still takes time, we have seen in the report that many companies have achieved considerable growth at the micro level, which comes from the expansion of their own identity or through the layout of overseas markets. This also provides a solid foundation for us to long at the micro level.

< Previous

July 2023 Market Insights

Next >

No article

This report is produced and published by Shanghai Yaozhi Asset Management Co.LLP ("Yaozhi"). It is based on public information or data obtained through field research that Yaozhi and Yaozhi researchers believe to be credible, but does not guarantee the authenticity, accuracy and completeness of the information. The opinions and statements in this report only reflect the analysis and judgment of Yaozhi or Yaozhi researchers during the writing and publication of this material, and do not constitute any direct or indirect guarantee, commitment, express or implied to the customer's capital gains and losses or income returns. All assets, prices, strategies, market events, etc. mentioned in this material, as well as income from investment, may fluctuate, and past performance cannot be used as an indication and guarantee of future performance. At any time, Yaozhi and Yaozhi researchers may issue other materials that are inconsistent with the views, opinions, assessments and predictions contained in this material.

The information, opinions, conjectures or opinions contained in this report are only for the customer's reference and are not used as any investment suggestions or judgments. This material cannot be regarded as an invitation to sell or purchase securities or other investment objects. In any case, the information in this report or the opinions and opinions expressed in this report do not constitute investment suggestions to any institution or individual, nor do they have any relevance to any customer's specific investment entrustment, financial status and other factors. There are risks in the market and investment needs to be cautious. The customer must carefully consider any information, opinions, opinions and speculation in this report and make corresponding reference according to its own specific situation. If necessary, it should seek the professional opinions of qualified, licensed and regulatory recognized institutions or individuals.

Yaozhi's sales staff and other Yaozhi professionals may, based on different assumptions and standards, use different analytical methods to publish market comments or opinions in oral or written form that are inconsistent with this report. The market comments and opinions expressed by Yaozhi's salesmen or other Yaozhi professionals are only for customers' reference and are not used as any investment suggestions or judgments; Moreover, Yaozhi has no obligation to update the comments or opinions of Yaozhi's salesmen or other Yaozhi professionals to the recipients of this report.

The copyright of this report belongs to "Shanghai Yaozhi Private Equity Fund Management Center (Limited Partnership)". Without the written authorization of the company, no institution or individual may quote, copy or disseminate this report. To quote the contents of this report, please contact (email address service@yzamc.com ）Request authorization. If the report is quoted and published with the consent of the Company, it shall be used within the permitted scope, and the source shall be indicated as "Shanghai Yaozhi Asset Management Co.LLP Research", and no quotation, deletion or modification contrary to the original intention shall be made to this report.