After the structural bull in 2021 and the rapid adjustment in January this year, Gao Yuncheng, general manager of Jinglin assets, said that the A-share market and zhonggai shares are expected to find a “double bottom” of economic and corporate fundamentals from the first quarter to the second quarter of 2022, and this “bottom” of the market is also expected to become the starting point of the “new development paradigm”.
Jinglin assets focuses on investment opportunities in three areas: one is the online and intelligent of all equipment, the other is the real Internet, and the third is the change of energy structure.
the A-share market will usher in a “double bottom”
Gao Yuncheng said that looking back on the stock market in 2021, A-Shares showed structural market characteristics throughout the year. The main investment opportunities were generally carried out along the context of the prosperity of the industrial cycle and industrial policies, and maintained good market liquidity and activity. The daily market turnover of more than trillion yuan has become the new normal of a shares.
In terms of the Hong Kong stock market, Hong Kong stocks showed a pattern of “capital outflow and continuous decline in risk appetite after the impulse market at the beginning of the year” in 2021. Among them, lack of investment confidence and lack of liquidity are two important reasons restricting Hong Kong stocks.
Overall, the biggest macro variable in 2021 is the emergence of local risks in the real estate industry, which also represents the end of the economic “old paradigm”. After 2021, investors are expected to see the promotion of infrastructure investment and urbanization, but its volume and growth rate may no longer be the driving force driving economic growth.
For the macro research and judgment of the year of the tiger in the lunar calendar, Gao Yuncheng believes that the repeated epidemic in a few regions of the country will bring certain constraints to social consumption, especially the service industry, and may have some impact on consumption, one of the three engines of China’s economic growth. In the next quarter or two, the economic data may still have some deceleration pressure, but the macro policy of steady growth is expected to be introduced gradually.
The main impact of this macro background on the stock market is expected to be “the improvement of valuation level and the decline of profits of hedging enterprises”. On the whole, A-share and other equity markets are likely to “find a double bottom of economic and corporate fundamentals” in one or two quarters of future market turmoil.
Gao Yuncheng also predicted that in the next quarter or two, the stock price operation may still have a relatively significant volatility, but the “bottom” of the market is also expected to become the starting point of the “new development paradigm”.
optimistic about three investment opportunities
In terms of investment opportunities brought by the new development paradigm, Gao Yuncheng believes that in the following three areas, the world’s major economies will compete and develop rapidly, which is also the promising investment direction of Jinglin assets in 2022.
First, all devices are online and intelligent. With the development of communication technology and artificial intelligence, the improvement of algorithm and computing power will make most equipment from human operation to self-operation and self-learning. Investors can use the concept of “generalized Siasun Robot&Automation Co.Ltd(300024) ” to understand this intelligent wave, such as sweeping Siasun Robot&Automation Co.Ltd(300024) , self driving vehicles, unmanned delivery vehicles, etc.
Second, Quanzhen Internet. Mobile Internet has greatly improved the efficiency of human communication and cooperation in the past decade, and provides a large number of LBS (location-based services) applications. Driven by higher algorithmic computing power, Quanzhen Internet will bring a series of changes, such as digitization of all-round social activities not limited to entertainment, unmanned production process, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integration, maximization of people participating in interaction and so on. Entertainment is the characteristic of this field, and the core competitiveness is the combination of rules and computing technology.
Third, the change of energy institutions. At present, behind the consensus of global powers on the goal of carbon neutrality is the competition for low-carbon and renewable energy, as well as the competition for energy autonomy. Relying on the advantages of the industrial chain, China is likely to lead in carbon neutralization and energy structure transformation. This kind of leadership is not only conducive to economic growth, but also conducive to energy security after the transformation of energy structure.
Gao Yuncheng said that the above three areas are not only the key direction of scientific and technological development, but also the new driving force of economic growth. It is worth the agency to find companies with core competitiveness around the world. At present, the investment portfolio of Jinglin assets is ready for the future.
