Home Business Nearly 80% of investment advisors are bullish on equity assets in the stock market in 2022 as the most worthy allocation jqknews

Nearly 80% of investment advisors are bullish on equity assets in the stock market in 2022 as the most worthy allocation jqknews

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[Nearly 80% of investment advisors are optimistic about the most worthy allocation of equity assets in the stock market in 2022]The survey shows that 62% of high-net-worth customers will achieve profitability in 2021, of which about 28% of customers have a return rate of more than 30%. Recently, the willingness of high net worth clients to increase positions has declined slightly year-on-year, with only 30% of clients planning to increase positions. Before the Spring Festival in 2022, 40% of high-net-worth clients plan to hold shares for the holiday. In this survey, nearly 80% of investment advisors are bullish on the A-share market throughout the year. In terms of the rhythm of market operation, most investment advisors believe that the stock market will be dominated by repeated shocks in 2022. At the industry level, technology stocks and consumer stocks are the most popular among investment advisors, while chips, food and beverages are the most popular. In terms of asset allocation in major categories, the survey shows that in the first quarter of 2022, equity assets such as stocks and funds are still the most worthy of allocation in the eyes of investors. Among them, the total proportion of investment advisors who believe that A shares, Hong Kong stocks and funds should be allocated most accounted for 81%. (Shanghai Securities News)

In 2021, the overall volatility of the A-share market will intensify, and the structural market will be prominent. This year, the traditional white horse stocks represented by the “Mao Index” have been quiet, the market value style has dropped significantly, and the overall difficulty of making money in the market has increased. The survey shows that there are still more than 60% of high-net-worth clients who will achieve profitability in 2021, but their investment risk appetite has declined. Most clients choose to maintain their original positions, and their willingness to increase positions has declined recently.

Looking forward to the market in 2022, investment advisors generally believe that the overall macroeconomic policy will become looser, and it is expected that the stock market may be dominated by repeated shocks in 2022. At the same time, due to the substantial adjustment of Hong Kong stocks last year, the valuation of some stocks has been low, so the allocation value of Hong Kong stocks in the first quarter of this year has once again attracted the attention of investment advisors.

  Advisors expect more liquidity

Compared with the same period last year, investment advisors are more cautious about the macro economy in the first quarter of this year. However, investment advisors also look forward to more abundant liquidity in the future.

  Be cautious about macroeconomic research

Among the investment advisors surveyed this time, 51% of the investment advisors have a “neutral” and “optimistic” attitude towards the macro economy, compared with 81% and 81% in the third and fourth quarters of last year, respectively. 67%.

Investment advisors generally tend to be cautious in their judgment on the macroeconomic growth rate in the first quarter. 45% of investment advisers believe that the economic growth rate will increase in the first quarter, compared with 70% in the same period last year; 30% of investment advisers believe that the macroeconomic growth rate is facing downward pressure, a significant increase compared with the same period last year, and the same period last year. The quarterly survey results were largely flat.

  Liquidity is expected to ease in the first quarter

According to the survey data, investment advisors’ views on liquidity in the first quarter of this year tended to be looser compared to the same period last year, and the number of investment advisors holding a “neutral-to-accommodative” view increased significantly.

Among them, the total proportion of investment advisors who expect the liquidity orientation to be neutral to loose and relaxed in the first quarter accounted for 46%, an increase of 6 percentage points over the same period last year; the investment advisors who expected the liquidity orientation to be neutral to tight or tightened in the first quarter accounted for 46%. The total proportion was 32%, which was basically the same as the same period last year.

Regarding the liquidity situation of the stock market, the overall view of investors is more neutral. 53% of investment advisors believe that the market will be in a game of stock funds in the first quarter, which is the same as the previous quarter. Investment advisors’ expectations for continued entry of domestic and foreign funds rose slightly, and the proportion of investment advisors who believed that OTC funds would further flow in increased by 8 percentage points to 31% compared with the fourth quarter of last year. Another 9% of investment advisors believe that the market will face many uncertainties, and funds may continue to flow out of the stock market, down 5 percentage points from the previous quarter.

  40% of investment advisors believe there is room for RRR cuts

Investment advisors’ judgment on macro policy is moderate or loose. 35% of investment advisers believe that the current macro policy is loose, an increase of 3 percentage points from the previous quarter; the proportion of investment advisers who hold the view that the policy will be tightened dropped to 12%, a decrease of 6 percentage points from the previous quarter.

Most investment advisors expect a moderate increase in policy easing this year. 42% of investment advisers believe that there is room for RRR cuts in 2022; 23% of investment advisers believe that the central bank may cut both interest rates and RRR in 2022.

  Economic recovery helps stocks strengthen

Looking forward to the first quarter of this year, investment advisors pay more attention to the role of economic recovery in promoting the strength of the stock market, and the rebound in economic growth has been selected by investment advisors as the main driving force for the strength of the stock market. According to the survey results, 23%, 19% and 18% of the investment advisors chose to implement proactive fiscal policies such as economic growth rebounding significantly, the central bank continuing to release liquidity, and tax cuts.In addition, 12% and 11% of investment advisors believe that overseas funds will continue tonet inflow, the entry of long-term funds represented by pension funds into the market will promote the strength of the stock market.

Regarding which risks should be alerted to in the first quarter, 25% of investment advisors believe that the epidemic is still the biggest risk facing A-shares, accounting for the highest proportion.In addition, the risk factors that investors pay more attention to are listed companiesperformanceLess than expected and liquidity significantly tightened.

  Nearly 80% of investment advisors are bullish on the annual market

In this survey, nearly 80% of investment advisors are bullish on the A-share market throughout the year. In terms of the rhythm of market operation, most investment advisors believe that the stock market will be dominated by repeated shocks in 2022. Specifically at the industry level, technology stocks and consumer stocks are the most favored by investment advisors.food and drinkThe most popular in other fields.

  Concussion may become the main tone

Looking forward to the full-year trend of A shares in 2022, nearly 80% of investment advisors are bullish. Among them, 48% of the investment advisors believe that the market will increase by 0% to 5%; 29% of the investment advisors believe that the market will increase by more than 5%; less than 20% of the investment advisors believe that the market will fall. Specifically in the first quarter, 75% of investment advisors believe that the market is expected to rise.

In terms of the specific operation rhythm, investment advisors generally believe that the market will not show a significant unilateral decline or unilateral rise. Among them, 45% of investment advisers believe that the A-share market will fluctuate repeatedly this year, and some sectors will rise sharply, with the highest proportion; 29% of investment advisers believe that the broader market will show a pattern of first fall and then rise.

In terms of forecasting the index fluctuation range in the first quarter, 38% of investment advisors expect that,The Shanghai Composite IndexThe operating limit will be around 3,600 points and above, which is a 6 percentage point drop from last year; 11% of investment advisors believe that the operating limit is around 3,500 points. Regarding the lower limit of the fluctuation range of the Shanghai Composite Index in the first quarter, the judgment point of investment advisors moved up slightly. 43% of the investment advisors are locked around 3500 points; 39% of the investment advisors choose around 3400 points.

  Investment advisors are bullish on consumer stocks and technology stocks

In the first quarter, the most optimistic sectors for investment advisors were consumer stocks and technology stocks, both accounting for 27%. Among technology stocks, the chip sector is still the most favored by investment advisors, while the “popularity” of new energy vehicle concept stocks has declined slightly.

Specifically, consumer stocks are favored by 27% of investment advisors, up 9 percentage points from the previous quarter; technology stocks are favored by 27% of investment advisors, down slightly from the previous quarter;Bank, real estate and other low-valued blue-chip stocks are favored by 20% of investment advisors.

In the technology sector, chips are still the most favored by investment advisors, accounting for 37%; followed by photovoltaic and wind power sectors, accounting for 23%. In addition, 12% of investment advisors are optimistic about new energy vehicles, a slight decrease from the previous quarter. In the consumer sector,food and drink, household appliances, and medical aesthetics have become the three most favored segments by investment advisors, with 28%, 26%, and 14% of investment advisors recommending them respectively.

  Metaverse concept on the rise

In 2021, the concept of Metaverse will be popular all over the world, and related companies will become the hot spot of capital, media, and the public, and the stock prices of many individual stocks will soar sharply. How do investment advisors and high net worth clients view this “window”?

According to the survey, 34% of investment advisors judged that the metaverse concept is generally undervalued, and some individual stocks are reasonably valued, accounting for the highest proportion; 14% of investment advisors believe that the overall valuation of the sector is reasonable and worthy of participation; 18% of investors Gu believes that the overall valuation of the metaverse concept is reasonable, and only some individual stocks are overvalued.

High net worth clients are actively investing in the metaverse concept. 76% of the investment advisors said that the client’s small positions participated in the investment of the Metaverse concept; 17% of the investment advisors said that the client was very interested and actively participated; only 7% of the investment advisor said that the client did not participate at all.

  Equity assets still have the most allocation value

In terms of asset allocation in major categories, the survey shows that in the first quarter of 2022, stocks,fundEquity assets such as equities are still the most worthy of allocation in the eyes of investors. Among them, the total proportion of investment advisors who believe that A shares, Hong Kong stocks and funds should be allocated most accounted for 81%.

  A shares have the highest allocation value

According to the survey, 60% of investment advisers believe that equity assets such as stocks and funds are still the most worthy of allocation in the first quarter, up 15 percentage points from the previous quarter; the proportion of investment advisers who think that bonds and other fixed-income products are the most worthy of asset allocation. The ratio is 15%, ranking second; only 2% of investment advisors believe that the currency should be held in the first quarter.

Among equity assets, A-shares have become the investment products with the highest allocation value in the eyes of most investors. In the survey, 38% of investment advisors believe that A-shares are the most valuable investment. Hong Kong stocks also made a “counter-attack” this quarter, favored by 22% of investment advisors. However, the proportion of investment advisors recommended to allocate U.S. stocks and gold is the lowest.

Investors generally believe that stocks are more attractive than fund products in the first quarter. In terms of stock positions, 58% of investment advisors recommend that clients keep their positions above 50%, a decrease of 11 percentage points from the previous quarter; 26% of investment advisors recommend keeping their positions at 30% to 50%, a decrease from the previous quarter. An increase of 3 percentage points; 16% of investment advisors recommend positions below 30%, an increase of 8 percentage points from the previous quarter.

In addition, in terms of fund allocation,partial stock fundProducts are still the recommended focus of investment advisors. Among them, 46% of the investment advisors suggested that the stock-oriented fund products should be the main allocation direction in the first quarter, which was basically the same as the previous quarter.

  60% of investment advisors think the Beijing Stock Exchange market is attractive

Since the opening of the Beijing Stock Exchange, the market has been running smoothly, the market benefits have been continuously exerted, and major reforms have achieved positive results. From the survey results, 60% of investment advisors said that the Beijing Stock Exchange market is attractive for investment in the first quarter of 2022; another 13% believed that there may be adjustments; 18% said it was difficult to judge.

High net worth clients have a relatively high degree of participation in the Beijing Stock Exchange market. First, in terms of account opening coverage, 64% of investment advisors said that 50% of their clients have opened accounts on the Beijing Stock Exchange. Among them, 22% of investment advisors said that 90% of their clients have opened accounts. Secondly, from the perspective of transaction participation, 40% of investment advisors said that 50% of their clients participated in transactions on the Beijing Stock Exchange.

In terms of stock positions, 40% of the investment advisors suggested a slight increase in the stock market of the Beijing Stock Exchange in the first quarter; 32% of the investment advisors suggested that their positions should remain unchanged; 14% of the investment advisors suggested that their positions be less than 30%.

  The allocation value of Hong Kong stocks has regained attention

In 2021, the performance of Hong Kong stocks is not satisfactory. After a sharp decline in the last year, the valuation of Hong Kong stocks is already low. In this survey, the allocation value of Hong Kong stocks has received renewed attention from investment advisors.

Regarding the annual trend of Hong Kong stocks in 2022, 52% of investment advisers believe that Hong Kong stocks will show a structural market, 28% of them believe that the index is expected to usher in a rebound, and only 3% of investment advisers believe that the Hong Kong stock market will continue to decline. Specifically in the first quarter, 68% of investment advisors believed that Hong Kong stocks were attractive for investment, and only 16% believed that the investment value of Hong Kong stocks was “average”.

In terms of specific sectors, new economic sectors such as the Internet have become the “first choice” for investment advisors, with 36% of the investment advisors favoring this category, the highest proportion. Followed by consumer stocks and blue-chip stocks with low valuations, 27% and 16% of investment advisors are optimistic respectively. In addition, for the long-standing AH share premium in the market, 52% of the investment advisors believe that the AH price difference is expected to gradually narrow in 2022; 36% of the investment advisors believe that the price difference will continue to expand, and A shares will have a long-term premium, accounting for a relatively high proportion. There was an increase in the same period last year.

  40% of high net worth clients plan to hold shares for the holidays

Looking back on 2021, more than 60% of high-net-worth clients have achieved profitability. From the perspective of operation, only 37% of customers have recently chosen to increase their positions, and most of them choose to maintain their original positions. Before the Spring Festival in 2022, 40% of investment advisors indicated that their clients planned to hold shares for the holiday.

For the Spring Festival holiday in 2022, the willingness of high net worth clients to hold shares for the holiday has decreased slightly. 48% of investment advisors said that their clients plan to hold shares for the holidays, down from 52% in the same period in 2021; 37% of investment advisors said that their clients plan to hold currency for the holidays, a slight increase from 31% in last year’s Spring Festival; and The investment advisors who choose to wait and see are basically the same as last year, accounting for 15%.

Judging from the recent willingness to increase positions, the survey shows that only 37% of investment advisors said that their clients intend to actively increase capital investment in the stock market in the near future, a decrease of 5 percentage points compared with the same period last year; 35% of investment advisors said that their clients do not intend to significantly Adjust funding; 10% of advisors said their clients plan to withdraw money from the stock market. In terms of capital increase and withdrawal ratio, nearly 50% of clients plan to increase or withdraw capital at about 30%, and nearly 30% of clients plan to increase or withdraw capital at about 10%.

For those clients who want to increase their funds into the market, 46% of the investment advisors said that the main source of funds for their clients is cash deposits, and 35% of the investment advisors said that they have redeemedBankfinancial managementMonetary Fundbond fundis the main source of client funds.

  Positions of high net worth clients fell slightly

The survey results show that 60% of high net worth clients will be profitable in 2021. Among them, 28% of customers have a profit of more than 30%; 37% of customers have a profit margin of 0% to 30%; 23% of customers have losses.

In terms of positions, the proportion of high net worth clients with investment positions of more than 60% is 46%, a decrease of 3 percentage points from the previous quarter; the proportion of clients with positions between 40% and 60% is 19%. In terms of the proportion of stock assets in total personal investable assets, 47% of clients have 10% to 30%, the highest proportion; and 27% of clients have stock assets accounting for more than 50%.

Judging from the operating style of the high-net-worth clients served by the surveyed investment advisors, aggressive clients accounted for 22%, down 11 percentage points from the previous quarter; balanced clients accounted for 75%, up 12 percentage points from the previous quarter; and 3% of customers are conservative. In terms of operating frequency, 18% of clients frequently exchange shares and have high transaction frequency; 75% of clients have low transaction frequency.

  Stock ConnectThe overall proportion of investment is low

The survey shows that the current proportion of Southbound Stock Connect investment in client assets is still relatively low, with 28% of the investment advisors saying that their clients’ Southbound Stock Connect investment only accounts for less than 10% of their total assets; 45% of the investment advisors said that their clients’ Southbound Stock Connect investment The proportion of investment is between 10% and 20%; about 22% of the investment advisors said that their clients’ Southbound Stock Connect investment accounted for more than 20%.

Among all the investment advisers surveyed, 39% of the investment advisers said that their clients reduced their investment in Hong Kong stocks in the fourth quarter of last year, accounting for the highest proportion; 19% of the investment advisers said that their clients increased their investment in Hong Kong stocks in the fourth quarter of last year , and another 16% of investment advisors said that their clients’ investment positions in Hong Kong stocks remained unchanged.

In terms of the targets favored by customers, 40% of the investment advisors indicated that the stocks listed in the two places simultaneously, and the H-shares with a larger discount than the A-shares are the most favored by customers.BankBlue chip stocks with high dividend yield represented by them are also favored by high net worth clients.

  High net worth clients increase their positions in consumer stocks

Looking back at the position adjustment operations of high net worth clients in the fourth quarter of last year, 39% of high net worth clients chose to increase their positions, a slight increase from the previous quarter.Specific to each sector, 39% of clients choose to increase their positions in consumer stocks, and the consumer sector has become the sector that has received the most attention from high-net-worth clients for two consecutive quarters; 18% of clients choose to increase their positionsETFIndex funds; 15% of clients choose to increase their positions in financial stocks.

Specifically, among high-net-worth clients in the consumer sector with increased positions,food and drinkAnd household appliances are the most popular, 30% of high-net-worth customers added food and beverages in the fourth quarter of last year; 28% of customers chose to add household appliances in the fourth quarter of last year, and automobiles and medical beauty also attracted the attention of high-net-worth customers .

New energy concept stocks suffered a sharp pullback in the fourth quarter of last year. High-net-worth customers were quite divided on the sector, and investors who lightened their positions and increased their positions were almost evenly matched. According to the survey, 42% of high-net-worth clients conducted rallies to lighten their positions in the sector in the fourth quarter of last year. Among them, 13% of high-net-worth clients have significantly reduced their positions, and 29% have slightly reduced their positions. At the same time, 41% of customers chose to continue to increase their positions. In addition, among the many sub-sectors of cyclical stocks, the energy sector has received the most positions from high-net-worth clients, followed by the real estate sector.

  Lower high net worth clientshit new incomeexpected

A shares in 2021hit newFor the family, it was a year of joys and sorrows, althoughNew crotchThe issuance has repeatedly set records, but the performance after the listing of new shares is not optimistic. According to the survey, 37% of high-net-worth clients choose to participate in new listings, rather than indiscriminate new listings, which is the highest proportion; 28% of customers choose not to participate in new listings, ranking second in this proportion. From the point of view of abandoned purchases, 43% of investment advisors believe that the phenomenon of customers abandoning purchases has increased significantly than before.

The overall expectation of investment advisors on the new yield in the future is not high. 43% of the investment advisors believe that the future yield rate may remain at the current level; 33% of the investment advisors believe that the yield rate may gradually decline in the future. As for the new strategy, 45% of the investment advisors said that their clients prefer to subscribe to innovative companies with strong growth; 25% of the investment advisors said that their clients prefer to subscribe to the leaders of various industries.

From the perspective of IPO trading willingness, 42% of investment advisors said that their clients choose to participate only in the new stage, and if they fail to win the lottery, they will no longer participate; 34% of investment advisors said that clients will actively participate in the IPO after the opening of the market; 11% of advisors said clients would choose a case-by-case basis.

  in conclusion

The results of the survey in the first quarter of this year show that the views of investment advisors are neutral to optimistic, whether it is expectations for the macro economy, forecasts for the operation of the stock market, and specific operational strategies.

At the macro level, investment advisors expect more liquidity. At the meso level, 70% of investment advisors are bullish on the A-share market in the first quarter. At the micro level, investment advisors are most optimistic about consumer stocks and technology stocks, and believe that Hong Kong stocks are attractive for investment in the first quarter.

(Article source: Shanghaisecuritiesnewspaper)

(Original title: Nearly 80% of investment advisors are bullish on the stock market equity assets that are most worthy of allocation in 2022)

(Editor in charge: 73)

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