Source: China Securities News
From the beginning of the year, the overall trend of the A-stock market has been slow, and the performance of part-share funds has also been difficult. According to the data, by 30 November, losses in this year due to losses of partial stock funds have been damaged this year, of which it is not unusual to lose more than 40% in the first 11 months.
Regarding a significant improvement in market environment, many fund managers believe that "poor city" where A-shares will continue to fluctuate, and the index can be a big success, but there may be structural opportunities in individual stocks and sectors. In view of fund managers, these structural opportunities are mainly due to the influence of policies and the counter-cyclical operation of industries.
Yang "prolongs" ignores the "short" chase value
Many fund managers are of value-money, short-term tendency of A-shares confusing and more repetitive shocks make it difficult to get positive returns. However, if time is increased, it can be used to see the clouds.
In Shanghai, a stock fund manager believes that the pressure of China's economic growth is increasing, but the structural transformation of the Chinese economy is also momentum. While the traditional economy is declining and the growth of macroeconomic growth decreases, it is in the direction of future growth. Economic development is in full swing, which shows that if the right direction is chosen, the medium and long-term investment of that stock does not have to be disappointing. "It is gold and it will always shine. Now it's a good opportunity to buy such stocks," said fund manager.
Mong Liang, the proposed fund manager of the Morgan Stanley Select Fund, believes that the development of China's new dynamic energy and the development of Chinese new generation's original assets is strong. And industries and sectors that represent the direction of technological development, innovation, upgrading, upgrading, upgrading, etc. will essentially receive more support and are worthy of investors' attention.
Talking about the development direction of a new generation of core assets, Meng Liang said, for example, in the communications industry, China has deployed large-scale programs in 5G and other products, and it is the world's first person to receive commercial trials, even if It is upstream communication operators or middle and lower access vendors and app providers too Only gains a big over-mover benefit. At the same time, there are also many strategic directions like 5G. There is a great potential for development due to China's large domestic demand market and technical and talent accumulations, such as new energy vehicles, pharmaceuticals, photovoltaics and other sectors.
Believe in the bottom area
In fact, although the "weak city" status is known, many fund managers have a fundamental tendency at the bottom of the A-share market.
The fund company's equity investment director said that A-shares have long-term lucrative presence with three dimensions: First, corporate earnings are still stable and earnings per share in the next 12 months have fallen from a high level, but in the last few years, the foreign capital Shanghai-Hong Kong Active stocks flowing through channels such as Stock Connect and A-Sharon, held by foreign investors The increase in the amount has increased. Third, from a technical perspective, after a return of more than 20% from the high point to more than 200 in six months in Shanghai and Shenzhen history, usually a large rebound occurs.
Zhou Xujun of the Haifatong Fund believes that in the bottom area, the market will gradually show some structural opportunities. In certain operations, it will avoid the economic cycle industry, and the consumer goods sector will also be cautious. In the future, the main focus will be on the counter-cyclical sector, such as infrastructure and real estate, and at relatively low intervals, such as computers and communications, which provide stable services to governments and financial institutions.