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Looking down on short-term adjustments, the fund is gradually paying attention to the main line of performance and the theme of science and technology.

March 15, 2019 07:38
source: Shanghai Securities News
edit:Eastern Fortune Network

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Summary
[Look at the short-term adjustments Funds are gradually paying attention to the main line of performance and the theme of science and technology.] After more than two months of continuous surge, the market has recently entered a shock mode. From the market performance on March 14th, the previous sector's better performance of the theme plate collective adjustment, industrial cannabis, farming concepts, rural revitalization and other sectors fell more. According to the reporter's understanding, in view of the current market adjustment, most institutions believe that short-term speculation is nearing completion, and the sector with larger gains in the previous period has adjustment pressure, but the overall market adjustment may be limited. The next market may be between the main line of performance and the main line of science and technology. Switch.

After more than two months of continuous surge, the market has recently entered a shock mode. From the market performance on March 14th, the previous sector's better performance of the theme plate collective adjustment, industrial cannabis, farming concepts, rural revitalization and other sectors fell more. According to the reporter's understanding, in view of the current market adjustment, most institutions believe that short-term speculation is nearing completion. The sector with higher growth in the previous period has adjustment pressure, but the overall market adjustment may be limited. The next market may bePerformanceSwitch between the main line and the main line of Kechuang.

  Adjustment range or limited

"This time theme speculation is more than expected, but the game of drumming is not sustainable, but in the context of rapid increase in risk appetite, the adjustment is not expected." On the morning of March 14, when A shares fell below 3,000 points, they were accepting a reporter interviewedfundThe manager said.

In his view, the sharp rise in the A-share market after the Spring Festival holiday has almost exceeded everyone's expectations. The large number of profit-making disks accumulated in the early stage also have the incentive to sell.

According to the reporter's understanding, many flexible private fund managers or individual investors have significantly reduced their positions on Wednesday and cleared up the stocks with larger gains in the previous period. "The market will tend to oscillate before the release of the quarterly report. During this time, the market will first wait and see. If the policy is warmer than expected, or if there is a good event opportunity, then we will judge whether it is a heavy position." Fund people told reporters.

Ping An Fund believes that the overseas market has also begun to adjust in the near future. Under the background of the increase in the linkage between A-shares and global markets, the A-share market will also be affected by overseas markets. At present, the market is undergoing a transition period from valuation repair to improved earnings expectations. This process will not be particularly smooth. Economic data and corporate performance fluctuations will affect market expectations and lead to adjustments to some extent.

Fu Wei, the manager of the Xinhua Outward Growth Fund, said that since the beginning of this year, the market has accumulated a large increase in the short term, and the adjustment of the current position is reasonable. “As the overall valuation of the market is still in a historically low position, the adjustment time and magnitude are expected to be limited. After consolidation, the market will continue to fluctuate upwards.”

  Performance mainline and science and technology theme are concerned

In the case of the market tends to oscillate, how to layout is becoming the focus. From the perspective of the fund manager's investment strategy, under the circumstances that the investor's risk appetite is improved, the strong theme investment such as Science and Technology is expected to continue for a long time, but the performance is an important reference indicator, and the company with performance support and compliance with the science and technology theme is connected. It is expected to get excess returns.

A public fund manager in Shanghai said that the investment in many leading industry stocks is very cost-effective. "Some high-growth technology companies have a price-to-earnings ratio of only 20 or 30 times, but a growth rate of 30% to 40%, from the PEG index. It is very attractive. In the context of the increase in investor risk appetite, Davis double-clicks that can enjoy performance and valuation in the future, which is the direction of our next focus."

Ping An Fund said that after the release of the pressure brought about by the rapid increase in the short-term market, it is still optimistic about the performance of the A-share market. Under the influence of multiple factors such as the increase in the proportion of MSCI and the large-scale tax reduction and reduction, the lower market valuation level still has room for repair. In the medium term, the market logic is expected to change from valuation restoration to profit improvement. The market will have a high probability of going from general to structural differentiation, and thematic speculation will gradually return to rationality.

"The listed company's first-quarter disclosure window is coming soon. Given that the quarterly report has a strong forward-looking for the full-year results, in terms of investment strategy, we tend to choose sectors and stocks with better fundamentals and superior profitability." The fund said.

Fu Wei said that the next two optimistic directions: First, the strategic emerging industries that are in line with the economic restructuring and upgrading, facing the future, including 5G construction and related applications, chips, independent controllable, biomedical, advanced manufacturing and other industries; second, the industry The boom is at the bottom of the turning point, or the industry where the turning point is about to occur, including consumer electronics, cultural entertainment and livestock farming.

(Article source: Shanghai Securities News)

                                (Editor: DF058)

 
 
 
 

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