Last weekend, the central government made positive judgments on the economy in the first quarter. The overall situation was stable, better than expected, and the start was good. At the beginning of this week, the central government pointed out that it was necessary to strengthen the macro-policy counter-cyclical adjustments, keep fiscal policy efficient and monetary policy moderately tight. Although the central bank launched the second phase of TMLF this year in conjunction with market demand, the signal that the monetary policy margin is no longer relaxed is a foregone conclusion. It will be the key to the trend of this year that whether there is more positive information indicating stabilizing economy and whether companies are profitable in the first quarter implying a promising future. HSI has recently faced upward resistance and continues to hover at 30,000. Despite the considerable pause mood in the market and the tightening of funds, high-quality companies that are supported by policies, good performance and attractive valuations can still consider with buying opportunities.

Xinhua News Agency, the People’s Bank of China

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