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Not afraid of short-term adjustments, the fund is optimistic about quality companies with performance support

April 15, 2019 03:28
Author: Ye Siqi
source: China Securities Journal
edit:Eastern Fortune Network

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Summary
[Don't be afraid of short-term adjustments. Funds are optimistic about quality companies with performance support.] Recently, the A-share market has increased volatility. Last week, the Shanghai Composite Index began to pull back after hitting a high point of 3284.45, with a cumulative decline of 1.78% and an amplitude of 3.71%. In this regard, public and private funds generally believe that the recent shock is a technical callback, which is a normal phenomenon. At present, the internal and external environment is in a favorable situation, so it is still optimistic about the market outlook. In the future, under the touchstone of performance, the market is expected to usher in differentiation, and high-quality companies with real performance support will become the main line of the market. (China Securities Journal)

Recently, the A-share market has increased in volatility. Last week, the Shanghai Composite Index began to pull back after hitting a high point of 3284.45, with a cumulative decline of 1.78% and an amplitude of 3.71%. In this regard, public and privatefundIt is generally believed that the recent shock is a technical callback, which is a normal phenomenon. At present, the internal and external environment is in a favorable situation, so it is still optimistic about the market outlook. In the future, inPerformanceUnder the touch of the touchstone, the market is expected to usher in differentiation, and quality companies with real performance support will become the main line of the market.

Short-term rest is normal

When talking about market adjustment, Yu Xiaochang, deputy general manager of the Research Department of Gathering Capital, analyzed that since 2019, the A-share market has been biased towards the rapid remediation of the global liquidity easing under the favorable policies. The recent shock should be a technical callback. The internal and external environment is in a favorable position, so it is still optimistic about the market outlook.

Specifically, Yu Xiaochang said that domestically,currencyThe policy remains accommodative, the growth rate of social welfare is expected to continue to improve, and the signs of economic stabilization are obvious; the international economic growth is under pressure, and the monetary policy has now been fully transferred to “doves”; the market activity has improved significantly and the funds continue to flow in the market, coupled with the expansion of MSCI. Background,Northbound fundsIt will also continue to flow in.

“A-shares have risen by more than 30% from the beginning of this year to the high of April 8. There is almost no adjustment in the middle, so short-term rest is also normal.” Du Bin, chief economist of Hongyi Yuanfang Fund, also believes that the market may recover from the economy. There are some concerns about whether sustainability and monetary policy will continue to be loose, but export data and financial and monetary data after the close of last Friday still show that the economy is on the path of further recovery.

Wang Cheng, an Ivy Asset Management Partner, analyzed that the positive effects of monetary and fiscal policies in the past six months have recently begun to appear. The published macroeconomic data shows positive signals and even exceeds market expectations. These further enhance market confidence and continue this round of market. length. At the moment, improvements in macro data and corporate earnings will continue in the coming months.

However, Wang Cheng believes that the overall listed company's earnings growth may be more limited. At the same time, liquidity easing in the second quarter should not be higher than in the first quarter. Bond yields have risen significantly during the recent period, especially the long endinterest rateLevel, the bond price advantage of long-term funds began to manifest. In addition, the probability of economic growth in Europe and the United States is gradually declining, and these factors will have an impact on the Chinese economy.

Quotes are expected to differentiate

Looking forward to the market outlook, Xingshi Investment believes that under the effect of the industry's unexpected expectations in March, the current stock market is expected to re-orient the direction and continue to return to the trend of shocks. After the rapid evaluation of the previous period, under the touch of the performance, the market is expected to usher in differentiation, and the quality companies with real performance support will become the main line of the market.

Du Bin believes that after the adjustment is over, continue to be optimistic about market performance, but the future market differentiation will be more obvious, and the market will further shift from valuation restoration to profit catalysis. Recently, we are optimistic about the theme of manufacturing upgrading, infrastructure construction, and “One Belt, One Road”. The medium and long-term optimistic about the performance of the new economy and non-bank finance that are in line with economic transformation.

Yu Xiaochang said that the recent cyclical stocks performed better, mainly due toPMIUpstream overlays related industry events have led to improved demand and expectations of further contraction on the supply side. In the medium term, the market will still rotate between the sectors of technology, consumption, cycle and finance.

Wang Cheng said that the first focus is on the valuation and growth-matched sectors, but these sectors are currently relatively scarce. Second, topics such as new energy and 5G are the focus of continued attention. Finally, try to avoid the lack of performance, bigshareholderReduce the number of companies.

In the long run, Yuanleyi Asset Management Co., Ltd. said it is more inclined to find companies with enhanced competitive advantages in the economic recovery process.

(Article source: China Securities Journal)

                                (Editor: DF380)

 
 
 
 

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