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Insurance institutions: When the Shanghai index falls to around 2800, we are ready to shoot.

May 15, 2019 06:59
Author: Huang Lei
source: Shanghai Securities News
edit:Eastern Fortune Network

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[Insurance institutions: We are ready to shoot when the Shanghai Composite Index falls to around 2800 points] The equity investment manager of a large insurance institution in Shanghai said that we internally believe that the Shanghai Composite Index has strong support at 2800 points; therefore, the Shanghai Composite Index fell to this point. When we are ready, we are ready to shoot. (Shanghai Securities News)

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  Targeting key points, insurance is ready to shoot

“There has been a lot of twists and turns in the external environment in the near future, but there is a lot of room for domestic policy adjustment, so there is no need to worry too much about the fundamentals, and there is no need to panic too much.” When talking about how to look at the recent market fundamentals and A-share trends, the interviewed a mainstreamInsuranceThe head of the institutional equity investment firmly stated to the reporter.

The person in charge said that the capital market fell rapidly in 2018 because of uncertainties at home and abroad, including economic fundamentals. This year's market risk appetite will not reproduce the scenario of 2018.

"We internally believe that the Shanghai Composite Index has strong support at 2800. Therefore, when the Shanghai Composite Index falls near this point, we are ready to shoot." A large ShanghaiInsuranceThe attitude of the institution's equity investment manager is very clear. "We will prioritize the allocation of quality stocks with PB between 1 and 2 times."

More than this one holding the same viewInsurancemechanism. AnotherInsuranceThe asset management body told reporters that after experiencing the recent rapid adjustment, the market returned to the previous low equilibrium position, the stock market trend did not change upwards, but in the case that risk appetite is difficult to recover quickly, it is necessary to regain the upward trend. A certain time.

The above-mentioned persons further stated that we believe that the valuation is re-adjusted to a more reasonable and low level, which is optimistic for the follow-up market, but it is still in the left trading stage. The overall thinking on the industry configuration does not need to change. We have the same view on non-silver, farming, and consumption sectors, and adhere to the bottom-up selection of individual stock strategies. In addition, follow-up needs to pay attention to the opportunities of technology stocks.

  Public and private long-term beliefs remain unchanged

In the face of continuous adjustments in recent times, how do public and private placements respond? The latest data shows that some private equity funds have slightly reduced their positions in April. At the same time, public funds have been slightly reduced. Industry insiders said that institutions are cautious about short-term market trends, but in the long run, long-term beliefs still exist.

  Public and private equity positions declined slightly

According to the latest data released by China Resources Trust, as of the end of April, the average stock position of the CREFI Index (China Resources Trust Sunshine Private Equity Index) was 73.22%, down 0.63% from the end of March, and the proportion of constituent funds with stock positions exceeding 50%. It was 80.20%, down 1.36% from the end of last month.

China Resources Trust said that there was a certain degree of correction in the market in April. The average stock position of CREFI index constituent funds did not change significantly, but the head interval decreased significantly. The proportion of constituent stocks with stock positions between 80% and 100% decreased by 55.34%. It was 47.52%, indicating that some investment managers have appropriately reduced their positions to cope with short-term market corrections.

Specifically, in April, the industries with the largest increase in CREFI index component positions werebank, durable consumer goods and clothing, food, beverages and tobacco. Among them, the long-term average ratio of food, beverage and tobacco has a long-term average, which has been rising since June 2015 and has exceeded the historical maximum.

Public funds are also slightly reduced overall positions. The latest data released by Fortune WeChat shows that in the first trading week of May, the partial stock fund slightly reduced its position by 2.02%, and the current position was 63.38%. Among them, the stock fund position decreased by 0.8%, and the standard hybrid fund position decreased by 2.19%.

From the perspective of industry configuration,bankThe three sectors of home appliances and communications were relatively largely priced by public funds.

  Short-term caution

Last week,Everbright SecuritiesInstitutional business headquarters and public funds,InsuranceA number of institutional investors have exchanged. They believe that they are currently in a period of performance vacuum. In the previous quarter, the market was mainly based on valuation repairs, and there were more profitables. In this context, it is less likely that institutions will be able to increase positions.

Although relatively cautious on short-term market trends, in the long run, most fund managers are still optimistic about the slow trend of A-shares.

Huang Wenqian, manager of China Consumer Upgrade Fund, said that the fundamentals of A-shares are improving, and the valuation is not expensive. In the medium term, A-shares are expected to fluctuate in the next two or three years. Huang Wenqian bluntly said that it is rarely operated at present, and the position remains at a medium-high level. However, some structural adjustments are made based on whether the quarterly report exceeds expectations or is lower than expected.

Shi Bo, deputy general manager of the Southern Fund, is still optimistic about the trend of slow cattle. He believes that the market valuation is low. Buying a good company at the current price will have a good return in the long run. In the short term, the strategy of increasing the position will be adopted.

In the selection of individual stocks, high-quality companies with fundamental support have become the target of institutional investors. The Nord Fund said that the follow-up high probability will open up the fundamental-led rising market as the company's earnings bottom out. In this process, NORD Fund is optimistic about quality companies with fundamental support in line with the direction of industrial development.

Zhuque Fund believes that asset pricing will gradually shift from risk appetite and liquidity to profit recovery. The market will continue to fall, and the disclosure of annual and quarterly reports will further differentiate the market structure, the changes in the competitive landscape of emerging industries and the leading companies in traditional industries. The results of the transformation and upgrading are clearly reflected in the company's financial statements, and high-quality companies with growth space and certainty of performance growth will receive a premium.


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(Article source: Shanghai Securities News)

                                (Editor: DF380)


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