2018-12-03 04:09:25 Source: Securities & # 39; News of China
Since the beginning of & # 39; this year, the general trend of the A-share market has been slow, and performance & # 39; funds & # 39; partial shares also hit. According to the data, by 30 & # 39; in November, up to 99% of the fund & # 39; Partial stocks suffered losses this year, which is not uncommon for the first 11 months to lose more than 40%.
In the context of & # 39; no significant improvement in the market environment, many fund managers believe that the "weak" city where A shares remain range will continue, and it is difficult to make major advances index , but individual stocks and sectors can & # 39; a structural opportunities. In the eyes of fund managers, such structural opportunities are mainly due to the impact of countercyclical policies and operation of the industry.
Yang "long" avoid "short" value & # 39; Pursuit
For many fund managers who are & # 39; value for money, short-term trend of & # 39; A shares is confusing, and excessive repetitive shocks make it difficult to achieve positive results, however, if the investment time prolonged, can & # 39; is used to seeing partners.
Manager of the fund & # 39; stocks in & # 39; Shanghai believes that the economic growth of China is under increasing pressure, but the structural transformation of the economy of China is also speeding. While the traditional economy and the declining growth rate of macroeconomic growth is declining, is in line with the future development direction. Economic development is fully managed, and it shows that if chosen the right direction, investment & # 39; A shares over & # 39; medium and long term m & # 39; should not be pessimistic. "It's gold, and it always will. Now is a good opportunity to buy such stocks," said the fund manager.
Meng Liang, the proposed fund manager of Morgan Stanley Select Fund, believes that the development of China & # 39; new kinetic energy growth and development of the new generation of China key -axis is firm. And the industries and sectors representing the direction of & # 39; technological development, innovation, upgrading of consumption, improvement in manufacturing, etc. will inevitably receive more support and worthy of investor attention.
When you talk about the direction of & # 39; & # 39 development; a new generation of & # 39; key assets, Meng Liang said, for example, in the communications industry, China has already conducted a large-scale applications in & # 39; 5G and other products and is also the first in the world to get commercial trials, whether operators & # 39; The vendors and equipment suppliers & # 39; the application in the middle and lower reach accumulated score & # 39; The first very large liabilities. At the same time, there are still many strategic directions such as 5G. Thanks to the huge market of domestic demand and technology and talent accumulation, such as new energy vehicles, pharmaceuticals, fotovoltajiki and other sectors have great potential for development.
Confidence in the bottom area
In fact, although the status quo of "weak city" is recognized, many fund managers have basically the same attitude towards the bottom of the A-share market.
The director & # 39; investment & # 39; share & # 39; fund company said three dimensions, A shares have a long-term attraction: First, corporate earnings remains stable, and profit share with & # 39; share in 12 months coming from higher levels declined, but still in the last few years, foreign capital is still actively in shares through a & # 39; channels such as Shanghai-Hong Kong Stock Connect, and the proportion of & # 39; A shares held by foreign investors is increasing, thirdly, from a technical perspective, Shanghai and Shenzhen in history after 300 withdrawn from the high point b & # 39; more than 20% in & # 39; six months, there is usually a big leap .
Zhou Xuejun Haifutong the Fund believes that in the bottom area, the market will gradually show some structural opportunities. In the specific operation, it prevents the economic cycle industry, and the consumer goods sector will also be cautious. In the future, the main focus will be on cyclical sectors, such as infrastructure and real estate and b & # 39; relatively low periodicity, such as computers and communications, to provide stable services to governments and financial institutions.