| 资源简介: |
What does trading liquidity tell us? We analyse changes in average daily trading volume for MSCI China sectors since 17 August 2007 and the last three months, six months, 1-yr and 3-yr, along with the last three corrections Momentum trading (sectors that have seen rising daily trading volume, like materials and industrials) has been the right strategy to outperform but, sector rotation is underway With the market up 63% y-t-d and 487% since 2003, valuation is rich at 21x12m forward PE. Reiterate sector call to switch from cyclicals to energy and financials, and raise utilities to |