Since the beginning of the year, the trend of the main board and the ChiNext has intensified, and the popular tracks in the early stage have experienced a relatively large correction, while the main line of “steady growth” represented by financial real estate and infrastructure has performed well.yesterdayShanghai IndexIt recovered 3500 points during the session and closed slightly down 0.66%;GEM refers toIt fell 2.84%, fell below 2800 points, and closed at 2746.38 points. It has fallen 5.59% in the five trading days after the Spring Festival holiday, which is in sharp contrast to the 3.02% rise in the Shanghai index.
The main line of “steady growth” is laid out in advancefundA wave of dividends has been reaped. Industry insiders said that the main line of “steady growth” is expected to continue to be strong, and the attention of institutions is also increasing.
“The financial data in January exceeded expectations, and it may be called a ‘stable door’.” On the 11th, in January this yearcreditAfter the release of the Heshe Finance data, a top public offeringfund companyThis conclusion is drawn after the analysis of the strategy department.
Chief Macro Strategist for the DivisionanalystIt is believed that the data is generally positive, and the growth rates of M2 and social financing have rebounded significantly, which is obviously driven by the “steady growth” policy. “Generally speaking, credit expansion is on the way, and the direct starting point for credit expansion should be various new and old infrastructure projects. It supports the main line of ‘steady growth’ in the current market.”
Yinhua FundAccording to the analysis, the growth of total social financing exceeded expectations in January, and the growth of loans and government bonds contributed greatly; the growth of credit exceeded expectations, but there are still certain structural problems of weak market demand, which is in line with the initial counter-cyclical adjustment of social financing growth. general rule. Overall, the strengthening of social financing data and wide credit expectations will still support the main line of “steady growth”. Looking forward, short-term government bonds are expected to become the starting point for stabilizing social financing and drive the growth of on-balance sheet loans. As social financing continues to stabilize and rebound, there is still room for policy efforts.
Industry insiders believe that the financial data that exceeds expectations is one of the important positive factors in the fundamentals. Although the market has not yet fully recovered, it will eventually perform in line with the fundamentals.
Since the beginning of this year, the new energy, military industry, technology and consumption of the popular tracks in the early stage have all experienced significant corrections, while the stable growth sectors represented by financial real estate and infrastructure have performed well. Judging from yesterday’s disk, the real estate, finance and other sectors are active, but the sectors that institutions prefer or even hold heavy positions are more differentiated. Among them, the “Ning combination”, biopharmaceuticals and other sectors have been adjusted significantly, reflecting from one aspect that the institutional capital adjustment position is firm, and the relative return expectation of the main line of “steady growth” is gradually becoming an institutional consensus.
In the second half of last year, some public funds set the main line of “steady growth” forward-lookingly, and they have already reaped a wave of dividends.Statistics show that as of February 10, activestock fundThe average returns of mixed funds and partial equity funds were -9.68% and -8.93% respectively, of which nearly 40 active equity funds returned more than 5%, among which products with the main line of “steady growth” were deployed with greater effortsperformanceTop rankings.
HuichengFund researchThrough the statistics of the quarterly reports of public funds in 2021, the center summarizes the funds that focus on the main line of “steady growth” by the end of 2021.Specifically, Han Wenqiang managedInvescoGreat Wall China returns andInvescoThe allocation ratio of the two funds of Great Wall Resources Monopoly to the main line of “steady growth” is as high as 78%. The main line of “steady growth” with a higher proportion is Qianhai Open Source Event Drive A, Zhongrongxin Value A, Wanjia Xinli, Wanjia Selected, Wanjia Macro Time and Multiple Strategy, Guolian An Dividend, and Western Profit Strategy. Funds such as A and Western Profit Juhe A are preferred. As of February 10,Wanjia FundWanjia Xinli, Wanjia Select and Wanjia Macro Time-selected and Multiple Strategies managed by Huanghai have yielded as high as 11.66%, 10.96% and 12.23% respectively this year.
China Asset ManagementHe said that at present, the probability of systemic risks in A shares is low, and considering the continued force of policies in the later period, the market fundamentals are still very resilient. Compared with the external market, A-shares still have a large valuation advantage. After the adjustment, in addition to the main line of “steady growth”, there are also quite a few opportunities in the growth field. It is recommended to pay due attention to the booming tracks of biomedicine, new energy, and core technology that have undergone major adjustments in the near future but have a clearer industry development direction.
(Article source: Shanghaisecuritiesnewspaper)