Summary
【Rare! The ChiNext fell and the Shanghai Index reversed! Fund companies shouted: We must cherish this opportunity]Many popular funds last year saw a sharp correction. In this context, many fund companies have voiced their support one after another. Some fund companies believe that the ChiNext below 2800 and the Shanghai Composite Index below 3400 should be cherished, and some fund companies believe that any industry with long-term logic will inevitably experience short-term fluctuations, and what needs to be done is to take a longer-term view. , adhere to the origin of value investment. Don’t be crazy when the industry has staged bubbles, and don’t easily deny it when the industry has excessive panic.
High-level track stocks make up for the decline, relatedfundPoor performance, how will the market go?
As of February 10,Shanghai Index4 consecutive gains, realizing a V-shaped reversal, and investors welcomed the good start of A shares, butGEM refers toThe numbers continued to decline.The high-level track stocks with heavy positions in the fund have entered a state of compensation, such asNingde eraContinuing to fall, it fell by more than 8% during the session, hitting the lowest level in nearly 4 months. The photovoltaic sectorJA TechnologyOnce the limit fell, the CRO sector’sWuXi AppTec、TigermedAfter falling more than 7%, the stock price continued to hit a new stage low.
Many popular funds of last year saw sharp corrections. Against this background, manyfund companySpeak out in succession.Some fund companies believe that the GEM below 2,800 points and those below 3,400 points should be cherishedThe Shanghai Composite Index, and some fund companies believe that any industry with long-term logic will inevitably experience short-term fluctuations. What needs to be done is to look at the longer-term and stick to the origin of value investment. Don’t be crazy when the industry has staged bubbles, and don’t easily deny it when the industry has excessive panic.
Growth-style funds fell nearly 10% this year
Since the opening of the market in the Year of the Tiger, the Shanghai Composite Index has achieved 4 consecutive rises, swept away the haze of the stock market before the Spring Festival, and the sentiment of A-share investors has gradually stabilized. However, for most fund investors, it is hard to say that they are happy. The data shows that the fund’s heavily held Ning portfolio, CRO index,power supply、semiconductorThe index and other high-level track sectors entered a state of compensation.
The stock prices of popular track stocks fluctuated violently, and there were even rumors that “Glen was redeemed by an institution for a fund of 40 billion yuan”, which once again made investors shudder.
The data shows that the growth-style fund index, which is concentrated in popular tracks, fell 9.57% during the year, the worst performance, and the value-style index performed the best, falling only 0.5% during the year.
suffer a lotFund NAVadjust drag,Fund issuanceThe market fever also hit a freezing point, with the monthly average issuance share shrinking sharply.Many fund products announced the extension of fundraising. Data shows that as of February 10, there have been 27 public offerings since the beginning of the year.Fund announcementThe fundraising period was extended, and active equity funds accounted for the vast majority.
Market adjustment, how do fund companies see it?
Fund companies generally believe that there will be many irrational emotions in the market in 2022. Has the popular track that has fallen sharply recently fell into place?
The new energy vehicle sector has pulled back sharply. Since 2022, the CSI New Energy Vehicle Industry Index has pulled back more than 14%. To this,Bosera FundIt is believed that the main reason is that the Fed’s interest rate hike has suppressed the valuation of growth sectors around the world, and in the context of strong domestic growth expectations, the short-term market’s preference for stable growth sectors has increased, and the current market lacks incremental entry. Funds have formed a staged suppression of the new energy vehicle sector. At the current point in time, we are still firmly optimistic about the investment opportunities in the new energy vehicle industry. Globally, new energy vehicle policies continue to increase, in line with the theme of carbon neutrality and the direction of energy conservation and emission reduction, and it is also one of the ways to promote domestic consumption and domestic demand. And the current penetration rate of new energy vehicles is still less than 10% in the world, the industry still has a high degree of prosperity, and the long-term growth certainty is strong. After the previous correction, the valuation of the sector has gradually approached the historical bottom, and the fundamentals of the industry are in a stage of upward short-term and medium-to-long-term growth at the same time. Relatively optimistic about the performance of the core leading companies in the industry chain.
Regarding the sharp drop in the CXO sector,China Merchants FundIt is believed that it is mainly due to the negative impact brought by overseas regulatory changes. The impact of this event still needs to be continuously observed in the follow-up progress. Companies listed in UVL can take relevant measures to strive for removal from the list. Generally, it will take several months for removal. time.For track-oriented companies, it is still necessary to continue to wait for the recovery of risk appetite, but from the medium-term perspective, the current CXO sectorperformanceAnd the valuation has gradually entered a reasonable range.
Public funds: cherish the ChiNext below 2800 and the Shanghai Stock Exchange below 3400
How will the market outlook play out?
Cinda Aussie FundIn a letter to investors, it is also pointed out that it is unlikely that the A-share market will decline sharply this year, and there is a high probability that the volatility will continue. The expectation of steady growth will also support the valuation of A shares in the future, and the market is expected to usher in a more favorable time window.The market expects that the central bank may cut RRR and interest rates in 2022.currencyAnd fiscal policy is prudent to loose. For investment in 2022, it is necessary to further focus on the mining of sub-sectors. There is no need to worry too much about the market as a whole. We should cherish the ChiNext below 2800 points and the Shanghai Composite Index below 3400 points. The industries with deep declines in the early stage have the intrinsic motivation to rebound in the short term. Hold on patiently. In terms of investment layout, we can pay attention to the following three aspects: first, oversold industries such as transportation, tourism, breeding, and real estate chains; second, green power, new energy, wind power, photovoltaic and other tracks in the “carbon neutral” field. The long-term development logic of these sectors has not changed; the third is counter-cyclical sectors such as environmental protection and construction, and the certainty of their performance growth will be more fully reflected this year.
Data show that the recent stock market volatility, the Shanghai Composite Index fell to a stage low of 3356.56, and the ChiNext Index fell to a low of 2782.28. After a brief adjustment, as of February 10, the Shanghai Composite Index closed at 3,485.91, and the ChiNext Index closed at 2,826.52.
Qi Teng, general manager of Hang Seng Qianhai Special Account Department, said recently,Looking forward to the market outlook, after the venting of emotions, the trend of A-shares may return to the normal track again. We are not pessimistic about A-shares this year. This year, A-shares may show a “V”-shaped trend, showing a slow bull trend for a long time. Any industry with long-term logic will inevitably experience short-term fluctuations, especially when there is a problem with the valuation and price/performance ratio, the volatility will intensify. What we need to do is to take a longer-term view and stick to the origin of value investing. Don’t be crazy when the industry has staged bubbles, and don’t easily deny it when the industry has excessive panic.
China Merchants Fund said:He is optimistic about the future trend of the A-share market, and structurally exerts efforts in the direction of low valuation. In terms of structural configuration, the liquidity test in 2022 is not yet completed, and the market risk appetite is low. In the low-valued sector, additional attention should be paid to the direction of profit reversal or marginal improvement in 2022, and to grasp the main line of steady growth centered on consumption and infrastructure chains.
Nord FundManager Xie Yi believes that,The economy will gradually recover, and all mainstream sectors such as the cycle will benefit, including consumption, technology and Hong Kong stocks. After the adjustment since the beginning of the year, the A-shares as a whole have gradually begun to show higher valuation advantages. Superimposed on their fundamentals, there is a high probability that in the subsequent market performance.
Market Outlook Raiders
The “confidence” of the long-term logic of A shares: the fundamentals of my country’s long-term economic growth have not changed
After the Spring Festival, the overall confidence of private equity has increased by more than half, and the positions have exceeded 80%. They are optimistic that A shares will enter a reasonable valuation range.
Brokerage: Optimistic about the “lower” research perspective of the main line of valuation repair
(Article Source:brokerageChina)
(Original title: Rare! The GEM has suffered a series of losses, but the Shanghai Stock Exchange has reversed! The fund company shouted: We must cherish this opportunity…)
(Editor in charge: 26)