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Bo Zheng Fund Yuan Zhengguang: This year's major assets are in the stage of credit, convertible bonds, and convertible bonds to stocks.

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

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This year, "the transfer of bonds, from bonds to stocks", in general, we believe that the economy is in the process of gradually bottoming out, adjusting and clearing, the current market valuation is at a significant low, the three major macro lines have stabilized or better than pessimism this year. It is expected that once the macro economy is stable within a predictable window of time, the market will usher in a bottom pick.

From the short- to medium-term perspective, the impact of valuation on the market is not the most important factor. The market is more responsive to fundamental trends or liquidity. Valuation can be seen as the result of fundamental trends and liquidity. But in the medium and long term, under the premise of correctly understanding the profit trend of the economic cycle, the valuation must affect the market and decideFixed investmentOne of the core factors of the results. At the current point of entry, under the most pessimistic expectations, there is a high probability that long-term holdings will not lose money. This is the reason why the current strategic position requires more active placement of stock assets.

Under the overall macro cognition, the core judgment of this year's market is: the stock market is bottoming out, the bottom feature is already obvious, and valuation is becoming the core of long-term judgment. Once the macro fundamental trend is stable, it will usher in a bottom pick.

The process of macroeconomic fundamentals from economic downturn, regulatory shift, credit enhancement to economic stability, expected stabilization, and economic recovery is the process from debt to stocks. Specifically, it is frominterest rateThe process of credit, from credit to convertible bonds, from convertible bonds to stocks. This year's major assets are in the stage of credit, convertible bonds, and convertible bonds to stocks.

Based on this, this year for bond investors, doing a good job of credit research, picking out a combination of credit bonds with relatively high yields without credit risk concerns, is the most cost-effective investment. For investors with partial stocks,Convertible bondIt is a strategic asset, and it is a strategic investment strategy for the next one to two years to lay out the convertible bonds and switch to stocks on time.

In the process of bottoming out the economy, we believe that stable assets are still a relatively bright spot in the economy and one of the major investment opportunities in the stock market.PerformanceThe highly reliable white horse growth company, under the low valuation state, has a high probability of having the ability to cross the economic cycle through profit growth, and is a layout type that traverses the cycle. The blue-chip head company with stable demand, under the weak economic situation, the competitive advantage is still expanding, the market share is improving, and there will be better investment opportunities. In the state where the market valuation is generally low, there are a large number of companies that still have industrial prospects, no delisting risks and credit risks, and stable operations. They also have medium- and long-term investment values ​​from the perspective of industry-like, and are also traversable in the secondary market. The variety of the layout of the cycle.

(Article source: ChinafundNewspaper)

                                (Original title: Bo Daoyuan Yuan Zhengguang: Converting debts from bonds to stocks)

                                (Editor: DF387)


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