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Yinhe Fund, Han Jing: Stock valuation is at a relatively low level, actively grasping the opportunities for convertible bonds

February 11, 2019 06:47
source: China Fund News
edit:Eastern Fortune Network

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In 2019, China's economy is still in the economic adjustment period of financial de-leverage inertia contraction, fiscal stimulus subsidy and external environmental deterioration. At least it needs to wait for the credit transmission channel to be re-established, the economy is expected to stabilize, and new after a series of long-term reforms. The starting point for a round of growth. We think that it is loosecurrencyWith the support of the policy, the actualinterest rateIt is expected to keep going down. In the first half of the year when the economic downturn was relatively strong,interest rateThe debt opportunity is more significant. However, after a rapid decline in 2018, the current interest rate bond yield is at a relatively low historical quantile level, and the downside will be weaker than last year. In the first half of the year, the stabilization of social financing and the intensive issuance of local bonds will cause disturbances to the market, leading to a gradual increase in the rate of return. After the market adapts to the rhythm of the issuance of local bonds, with the further downside of the fundamentals and the overweight of loose monetary policy, the certainty of the yield decline is higher. In terms of credit bonds, in the context of infrastructure development, we propose to participate in infrastructure and real estate related industry bonds and prudently invest in private enterprise bonds.

  Convertible bondOn the other hand, the stock market is currently at the bottom of the market, and stock valuations are at a relatively low level. In January 2019, foreign capital actively rushed to raise A shares, as of January 29, cumulativeNet inflowThe 51 billion yuan shows that the renminbi assets are more attractive. The valuation of convertible bonds is also at a historically low level, and there is debt protection. The retracement space is much more limited than equity. If the economy bottoms out in the second half of 2019, with the recovery of the equity market, investors' risk appetite will generally increase, and it will also help the convertible bonds to rise and increase the return on convertible bonds. We recommend actively focusing on investment opportunities in the convertible bond market.

(Article source: ChinafundNewspaper)

                                (Original title: Galaxy Fund Han Jing: Actively grasp the opportunity of convertible bonds)

                                (Editor: DF387)


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