Source: Journal of Securities in China
Since the beginning of this year, the overall stock market trend has been weak, and the effectiveness of partial funds has also been affected. According to the data, from November 30th, up to 99% of partial shares have suffered losses this year, which is not unusual in the first 11 months to lose more than 40%.
In the context of insignificant improvement in the market environment, many fund managers believe that the "weak city", where A-shares continue to vary, will continue and it is difficult for the index to make big strides, but individual stocks and sectors may have structural opportunities . In the eyes of fund managers, these structural opportunities are mainly due to the impact of policy and countercyclical performance on the industry.
Yang "long" avoids "short" chasing value
For many fund managers who are worth the money, the short-term A-Stock trend is confusing, and excessive repetitive shocks make it difficult to get positive returns. However, if the investment time is extended, it can be used to see the clouds.
The fund manager in Shanghai believes China's economic growth is under increasing pressure, but the structural transformation of the Chinese economy is also accelerating. While the traditional economy is declining and the growth rate of macroeconomic growth declines, it is in line with the future development direction. Economic development is in full swing, which shows that if the right direction is chosen, the medium and long-term investment of shares should not be pessimistic. "It's gold, it will always shine. It's a good opportunity to buy such shares," said the fund manager.
Meng Liang, the proposed fund manager of Morgan Stanley Select Fund, believes that China's development of new kinetic energy growth and the development of China's new generation fixed assets is tight. And the industries and sectors that represent the direction of technological development, innovation, upgrading of consumption, upgrades of production, etc. They will inevitably receive more support and will be worthy of the attention of investors.
Talking about the development of the new generation of fixed assets, Meng Liang said that, for example, in the communications industry, China has already deployed large applications in 5G and other products, and is also the first in the world to achieve commercial testing without Whether it is about communication operators, or Equipment vendors and application vendors in middle and lower achievements have accumulated a very big advantage from the first drive. At the same time, there are still many strategic directions like 5G. Thanks to China's large market for domestic demand and the accumulation of technology and talent, such as new energy vehicles, drugs, photovoltaics and other sectors have great potential for development.
Trust in the lower part
In fact, while recognizing the status quo of the "poor city", many fund managers basically have the same attitude to the bottom of the stock market.
The capital investment fund of the fund company told reporters that from three dimensions A-shares have a long-term attraction: first, corporate revenue is still stable, and earnings per share in the next 12 months has fallen from highs, yet in the past few years , foreign capital is still actively pursuing A shares through channels such as the Shanghai-Hong Kong Stock Exchange, and the proportion of A shares held by foreign investors is increasing. Third, from a technical point of view, Shanghai and Shenzhen in the history After 300 high-point withdrawals by more than 20% in six months, there is usually a big leap.
Zhou Xuejun of the Haifuton Fund believes that the bottom area, the market will gradually show some structural opportunities. In the actual operation, it will avoid the economic cycle industry, and the consumer sector will also be cautious. In the future, the main focus will be on countercyclical sectors, such as infrastructure and real estate, and those with relatively low frequency, such as computers and communications, which provide stable services to governments and financial institutions.