China Securities Daily reporter recently investigated the operation trend of insurance institutions on the eve of the Spring Festival. A number of venture capital investment managers revealed that they continued to track the investment targets before the festival and have prepared enough "bullets" for the position increase after the Spring Festival. After the Spring Festival is a better time window for adjusting or adding positions. At that time, we will pay close attention to the layout according to the new characteristics of market fluctuations.
carefully screen the target
"Adding positions after the Spring Festival is a 'sure thing'." The head of the equity investment department of a large insurance asset management company told the China Securities Journal that before the Spring Festival, this time point is in the performance window period. The main work is to observe and think about the market and resume the work of the past year.
Insurance institutions have trillion yuan of assets, and their "every move" has always been the focus of the market. The person in charge said that many investors look forward to the "accelerated entry" of insurance capital, but for insurance capital, it should be both profitable and stable. Before the festival, we should actively seek valuable investment targets, and be particularly cautious about specific choices.
"It is unlikely that there will be an overall general rise in the stock market this year. It is likely to maintain the rotating structural market in 2021." The above-mentioned investment manager said that the structural opportunities mainly come from the sectors that continue to exceed expectations in the afterview of the correction, the undervalued sectors with marginal improvement in profitability, and the "specialized special new" small and medium market capitalization sectors that support China's high-quality transformation and development. Controlling positions and balancing operations are the main strategies for 2022.
Zhang Wei, general manager of everyone's asset equity investment department, said that through the internal and external investment strategy meeting, we will analyze which stocks will achieve better income and profit growth throughout the year, which industries can have more than expected policy support, and which chains are in the outbreak period of the industry, and carry out continuous tracking. According to the investment plan and research results, combined with the market trend and the actual situation of fundamentals, it is confirmed to pave the way for building positions after the festival.
watch the two main lines
Jiang Jincheng, asset and stock investment manager and leader of the value cycle group, believes that the layout can be carried out along two ideas after the festival: first, before the economy stabilizes, the steady growth policy will continue to make efforts, and look for companies that are undervalued by the market and have medium and long-term growth logic, such as real estate chain and infrastructure chain, along the direction of policy making efforts; Second, carbon neutralization is one of the long-term themes. We will continue to look for cost-effective companies in the direction of long-term growth, such as electrification and intellectualization of new energy vehicles. Since 2022, the market operation has been mainly affected by factors such as China's economic downturn has not yet bottomed out, the policy force has not yet been effective, the expectation of the Federal Reserve to raise interest rates in overseas markets, and the increased volatility of overseas financial markets. In this environment, the risk appetite of A-share market is restrained, which is mainly reflected in two aspects: the valuation of growth stocks shrinks significantly, and the decline of small cap stocks is large.
The opportunities for oversold repair in the direction of new energy and the allocation of undervalued blue chips will be locked in the next step.
The investment manager of Life Asset Portfolio Management Department said that after two years of overall rise, the performance differentiation of new energy targets may occur, and there will be a double kill in the performance and valuation of some targets whose performance is less than expected and whose fundamentals have not been fulfilled. We should focus on the growth and valuation of selected targets. For the TMT sector, the valuations of electronics, communications and computers are in a low to medium position. Independent control is the only way for economic development, and industrial support policies are expected to increase.
For the consumer sector, focus on the callback targets with small correlation with the macroeconomic cycle, strong profitability and stability. For example, the price increase brings condiments with flexible performance in 2022, as well as related targets of airlines and hotels. In addition, cyclical stocks are generally flexible. It is suggested to focus on low absorption, and pay attention to infrastructure and securities companies.
the time point for adding positions is coming
After the Spring Festival, it is expected that the risk of external market will be basically released, China's policies will further strengthen and stabilize growth, and the adjustment of A-Shares at the beginning of the year will be basically in place. Under the influence of multiple positive factors, insurance capital said that the probability would choose to increase positions on bargain hunting.
The relevant person in charge of Everbright Yongming assets said that there will be a better time to increase positions after the Spring Festival. The main investment line in 2022 will become clearer in the first quarter, and we are optimistic about the market performance after the festival. "The first quarter is a good time window for adjusting or adding positions. We will step up our research according to the new characteristics of market fluctuations." The person in charge said.
"Annual report forecast is an important window for us to track the performance of listed companies. From the annual performance forecast report, we can find many excellent companies, which will become potential targets for position increase." Jiang Jincheng said that after the Spring Festival, it is also the peak period for enterprises to receive orders, from which we can see the prosperity of the whole year. We will actively investigate listed companies and their upstream and downstream industrial chains to find high-quality targets.
The investment manager of Life Asset Portfolio Management Department said that from the announced performance pre increase report of listed companies, the performance growth rate of Listed Companies in the fourth quarter of 2021 showed a differentiation trend, which can focus on the targets with excellent performance in the fourth quarter and choose the opportunity to configure.
