On Thursday, May 19, US stocks fell sharply again at the end of their rebound of a few days ago. The Dow lost thousands of points, the Nasdaq fell more than 4%, and the Nasdaq 100 fell 5%, the biggest drop since September 2020.

Hong Kong stocks are under pressure to open low today, with the Hang Seng Index opening 2.41% lower.Hang Seng Technology Index ETF (513180.SH) $Down 4.3%. As of the press releaseHang Seng Index (800000.HK) $Down 2.25%. In the market, technology stocks led the decline, while new energy automobile stocks fell collectively.$Real Estate (BK1317.HK) $及Mainland property Management Unit (BK1220.HK) $Continue yesterday's decline to open low.

So what caused this round of panic to rise? At a time of correction in domestic and foreign markets, what investment opinions can be used for reference? In this regard, Gao Yi assets Chairman Qiu Guolu, 10 billion private equity boss Lin Lijun's recent voice is of reference value.

Let's look down together.

Two major reasons led to the sharp fall in the market this round.

To sum up, there are two main reasons for the sharp fall in the market this time:

First, the continued impact of Fed tightening.

In his speech the day before yesterday, Powell reiterated the possibility of raising interest rates by 50 basis points, stressed that sustained action to combat inflation, a number of Fed officials close to Powell, expressed hawkish views.

If the Fed gets tougher, the decline in growth or interest-rate-sensitive stocks will intensify, futures traders anticipate a lot of monetary tightening, sell and escape, and valuations of such stocks fall. Since the beginning of the year, for example, Microsoft Corp's forward price-to-earnings ratio has fallen from 34 times to 24 times, despite a rise in expected earnings. The same is true of the overall change in the S & P 500, with the price-to-earnings ratio falling from 22 to 18.

Second, there is growing concern about the outlook for the US economy and corporate earnings growth.

Boshi fund analysis said that recently coincided with the US stock market first quarter earnings season, as the leading technology and multinational companies as heavyweights generally weak guidance, magnifying growth concerns and market selling pressure, in addition to inflation and cost pressure, more or less related to weak supply chain and overseas demand. A preliminary summary has disclosed 92 per cent of the first-quarter results, with EPS growth of 9 per cent and 16 per cent year-on-year in the S & P 500 and Nasdaq Composite Index, down from 32 per cent and 39 per cent in the fourth quarter of last year. Current consensus forecasts forecast earnings growth of 10.1% and 8.1% for the s & p 500 and Nasdaq in 2022. In terms of trend, the S & P 500 is not yet obvious, but Nasdaq's profit forecast has been gradually lowered from its high in the third quarter of last year.

Specific to individual stocks, the two major consumers Walmart Inc$Walmart Inc (WMT.US) $And Target Corp$Target Corp (TGT.US) $Their own performance due to cost factors eroded profit margins less than expected, showing that American residents as a result of rising costs, consumption has slowed.

As stock prices are hit by different news, it is difficult to know how big the risk of a market recession is. But the overnight decline in U. S. stocks was mainly triggered by poor performance by retailers, suggesting that the risk of recession is increasing.

Qiu Guolu, chairman of Gao Yi assets: don't let panic dominate the mood and be optimistic about banks and insurance.

For the recent market correction, private equity boss Gao Yi assets chairman, CEO Qiu Guolu rare voice.

Qiu Guolu stressed that confidence should be strengthened on a special occasion. "standing at the current point, we still believe in the resilience of China's economy and the resilience of the Chinese nation, and remain relatively optimistic about the market prospects for the next year or two. Qiu Guolu said that despite the current low market sentiment,Hang Seng China Enterprises Index (Total return Index) (800172.HK) $It has fallen near the lowest point of the global financial crisis in October 2008, with the Internet index falling nearly 80 per cent from the top from mid-February last year to mid-March this year.

"the downward adjustment in the market has been relatively sufficient, and the new low valuation level of the decade has reflected most pessimistic expectations. In such an environment, we should be more optimistic about the capital markets while being cautious and explore potential investment opportunities more actively, rather than letting panic dominate the mood. "he said.

Qiu Guolu said, look good.Bank (BK0708.SH) $、Insurance (BK1003.HK) $, construction, energy,$Logistics (BK1219.HK) $And the high-quality companies in the Internet sector, even in the global "stagflation" environment, are expected to achieve relatively excellent performance growth in the next two years. Specifically, Qiu Guolu has laid out urban commercial firms and leading property insurance enterprises in developed areas.

For the Internet industry, Qiu Guolu is still optimistic about the molecular industry. He believes that some sub-industries have excellent business models, clear competition patterns, leading companies still maintain high profitability, and the management of these companies may be the most entrepreneurial people in China. Don't be too pessimistic about the relevant policy risks.

Lin Lijun, the boss of 10 billion private equity, is optimistic about medicine, new energy industry chain and automobile industry chain.

In addition, Lin Lijun, chairman of 10 billion Private Equity Zhengxin Valley, also talked about his views on the next investment opportunities at an investment sharing meeting.

"Don't worry too much and be pessimistic in times of difficulty. Bear markets are to cherish, not to bemoan. "Lin Lijun said that after 15 months of deep adjustment in the market, we can see that some enterprises that represent the future development direction of China's economy have reached the scope of investment. In the next stage, we are optimistic about medicine, new energy industry chain, automobile industry chain,$consumption (BK1294.HK) $Opportunities for high-quality enterprises and specializing in new companies.

In addition, Liu Ankun, a fund manager of financing reverse strategy, judged that the suppression of growth stocks by high inflation brought about by rising commodity prices may gradually weaken in the future. Supply constraints but no sharp decline in overseas demand, the external environment is still full of instability, so the process of falling commodity prices is relatively slow, we expect it to happen in the third quarter. Once commodity prices fall, the relative advantage of related cyclical products such as coal, steel and aluminum decreases, and so does the strong constraint of inflation on Fed interest rate hikes. At that time, growth stocks may usher in a real sharp rebound.