Accompanied by male security stocks collective slump appears the trend, the Shanghai and Shenzhen stock index on Tuesday, the trend can be described as the same thing, both pulled back slightly, closing is below the 3200 point integer bit, while stock turnover is also shrinking again。For such a trend, market participants believe the hype about the theme of the regional stage will enter the game, while defensive sectors such as consumer or a further welcome investment opportunity。  From the day the market trend point of view, the Shanghai and Shenzhen stock index trend apparent differentiation strength after opening, the Shenzhen market trend to be significantly stronger than the Shanghai stock market。However, because of security stocks mostly male appears declines to many stocks is to be sealed at the lower limit, making the overall market sentiment is not strong。After 14:00 the stock began to clear the diving trend, the Shanghai index last closed at only 3196.71 points below the 3200 point integer bit, down 25.46 points, or 0.79%, turnover of 211.9 billion yuan; Shenzhen Component Index closed at 10411.44 points, down 39.42 points, or 0.38%, turnover of 255.9 billion yuan; Index closed at 1848.20 points, down 20.08 points, down 1.07%, turnover of 61.8 billion yuan。Two cities a day total turnover of 467.8 billion yuan, a slight decrease compared with the previous day to continue。  For such a trend, SW, chief strategist Wang Sheng and so that the second quarter will be confirmed with the industry to leverage a "fishing expedition" period, the central bank needs to keep the premium capacity in the policy game, liquidity improved after the time window or push。"Fishing expedition" The specific meaning to stress two points: First, the industry leverage continues to expand at risk from "usual suspects" in the diagnostic phase, so the industry leverage rate of expansion may be significantly slowed down; the second is the central bank is more realistic understanding of the situation, it may be in order to maintain the policy premium capacity in the fierce game, while maintaining inter-tight liquidity neutral state。  Despite the downward pressure on economic stage in the second quarter will gradually appear, and PI inflation is difficult to clear up, but bond yields down the space may also be relatively limited。For the A shares, this means choosing on the difficulty of systematic return of growth stocks increase; while banks will be subject to tighter supervision of influence in a more long time。(This also means that bank shares fall after the regulatory net interest margin improved to enhance the importance and valuation of fixed prices, and will keep track of when this part of the selection。) In short-term market analysis, Wang Sheng and so that there are two important input variables: First, insist on maintaining stability-oriented management will not be shaken。The second is to quantify risk appetite system tells us that the current period of contraction in money effect, the remaining end。This easy given the premise of the overall market and the rest of the judgment target point is: the next high cost areas will appear in the Shanghai Composite Index above 3200 points。Follow the market most likely interpretation of the path is a regional theme callback, after a brief pullback the market will return to high cost areas, adjusted more fully and fundamental trends in the consumer goods still will be the first to rebound。  The regional theme will enter the stage of the game, after the hustle and bustle and return to the consumer!Institutional investors return to configure the end positions, consumer goods relative gains of the time window re-opens。Structurally, the economy has continued to emphasize consumer goods after the cycle characteristics, the fundamental trend is still the focus of investment direction。Regional theme is about to enter the final stage of the game, the next game pattern stock, pre-money effect of strong regional theme to some extent, the allocation of funds diversion of consumer goods, after the hustle and bustle, cash earnings institutional investors will likely return again to configure the end positions, Consumer relative earnings contribution will resume, Highlights and medicine。  In the medium term, the growth cycle and will have the opportunity of leading shares, but the return of growth under the premise of risk-free behavior; rather wait period after clearing optimistic expectations demand, prices may not fall significantly in the coal and base metals is expected to usher the performance of investment opportunities to earn money, but is currently still need to be patient。  Xun Yu root chief strategist believes that the market fundamentals are the primary variable, secondary variable is the financial side。The pattern of the mid-market shocks is the central uplift of the city core logic is improved fundamentals, such shock city like spring, temperatures rise slowly。Since the mid-market is the pattern of the central uplift of the shock city, in the spring there will be late spring, minor variable is the financial side。Supply-side structural reforms "three to make up a down a" rising tension and interest rates in 2016 mainly to promote the production, de-stocking, in mid-2017 will be the highlight of deleveraging, will appear in the deleveraging process in the financial side of financial markets , can learn from history is 2013 when the bond market deleveraging, stage increased significantly。The short-term policy theme highlights。After the end of March quarter funds face intense impact, since April, more policy highlights, related topics brisk performance, since April male An District, Guangdong, Hong Kong gains were 36 large Bay Area.3% 20.9% over the same period certificate is only 0.2%。  Alert to the possibility of future late spring。Domestic concerns deleveraging impact on the financial side, foreign attention Sino-US trade friction。China Banking Regulatory Commission released nearly two weeks of continuous text, intended to guide the return to the traditional banking business, the progressive realization of interbank deleveraging, to avoid the potential risk arbitrage business model。2017 has been the monetary policy in mid-2013 analog, little inflationary pressure, monetary policy tightening will not systematic, but in the deleveraging target rate will be structured and phased increase。In addition, Sino-US trade friction concern。  From the strategic point of view to deal with Haitong Securities recommended investors to seek progress, at every step。Medium-term central uplift of shock city has not changed, the main logic is to improve profitability。Since it is back into the second one, there will be a retreat into the spring there will be late spring, the market disturbance variable is the financial side, the policy side, with particular emphasis on the second quarter, half and three-quarters, one domestic factors, focus on deleveraging policy the second is external factors, tracking US economic and trade relations。With mid-tier stocks, short-term focus on policy topic, see the second half of the financial。A-share investment into the two-dimensional era, theme upgrade cycle + consumption + value growth in various fields on the configuration selected line leading stocks, short-term attention to Guangdong, Hong Kong, the country changes, such as quarterly policy themes and bright company, pay attention to the second half of the financial。Rank Name Total portfolio return operation 195.295 63%.377 35%.477 72%.575 43%.97% of the data cut-off time: at 15:00 on April 17 2017 (Original title: male An flameout consumption upgrade mode A-share return of value investing?) (Editor: DF142)