The Fed'S Interest Rate Increase Has Little Impact On A Shares.

Investors are worried.

The increase in interest rates has led to a significant appreciation of the US dollar and the pressure of RMB revaluation. This may become the last straw to crush A shares.

But the Huatai Securities believes that even if the Federal Reserve raises interest rates ahead of schedule, the direct impact on A shares is limited, leading the A share is still "getting rid of the false into the real".

Since the beginning of this year, the environment for financial regulation has become more stringent. The central bank, the Securities Regulatory Commission, the Banking Regulatory Commission and the CIRC have introduced new measures to strengthen supervision and drive funds to "get rid of the reality".

The capital market certainly feels this change.

Comparing gem and small and medium-sized board, Shanghai Stock Exchange has a downward trend in valuation of A shares.

Ping An Securities said that if the overall market remained weak and stable, the valuation of gem and small and medium board still had room for convergence of 15%-20%.

When the economy and liquidity in the authoritative speech after the tone, Huatai Securities believes that the next stage of the impact.

The main reason is risk preference, and the A shares have not yet fully responded to the decision makers' regulatory efforts to actively promote the "eliminating the false into the real" signal, and the A share consumption game continues.

Recently, the market has heated discussions on the Fed's interest rate hike ahead of time. Huatai's macro team decided that the Fed's interest rate increase would take place in September. It believed that even if the Fed raised interest rates ahead of schedule, it would not be the straw. The main contradiction affecting the A share was still "getting rid of the false into the real".

"The Fed's path to raise interest rates is very gentle, so it has little impact on equity, A shares and other equity risk assets.

Some investors worry about the Fed's interest rate hike.

China's economic stabilization will help stabilize market expectations.

Unlike the beginning of the year, the orderly depreciation will not have a big impact on the risk preference of A shares.

Huatai Securities said.

"The change of regulatory cycle will lead to a trend of convergence in the valuation ratio of gem, small and medium board and China Securities 500 and Shanghai A shares. As a new important variable affecting the market, the current market expectations are still very inadequate.

This is an important factor affecting short air length.

When the guidance of regulation begins to require the capital to go to the real market, the logic of the market will gradually change.

The environment of financial regulation has been more and more stringent since the beginning of the year. From postponing strategic emerging boards to cracking down on futures manipulation, returning stocks from rumor tightening, and reminding shell resources to speculation, and then reporting to the media about the merger and reorganization of cross-border virtual industries, Wall Street has seen from these clues that regulators are trying their best to drive capital out of reality.

The capital market certainly feels this change.

Comparing gem and small and medium-sized board, Shanghai Stock Exchange has a downward trend in valuation of A shares.

Ping An Securities said that if the overall market remained weak and stable, the valuation of gem and small and medium board still had room for convergence of 15%-20%.

But the bad thing is that once market trends are formed, market sentiment tends to magnify this adjustment.

With the rapid decline of current market sentiment, the partial overvaluation of the market becomes more and more difficult to support. Slow clearing means that the market needs to undergo a long time of suffering, and the rapid clearing may mean that there are a lot of adjustments in some stocks.

Ping An Securities Analysis.

At this point, Huatai Securities's views and Ping An Securities, the same view that the current A shares have not yet fully responded to the decision level regulators to actively promote the "false into the real" signal, A shares consumption game continues.