With the end of the disclosure of the fund semi annual report, the investment views of many obvious fund managers such as Shi Bo, Dong Chengfei, Zhu Shaoxing, Cai Xiangyang and Sun Bin on the future market also surfaced. It is worth noting that star fund managers have different attitudes towards the future market. In the view of most fund managers, the current valuation level of the market is still low, and there is still room for investment in the medium and long term. However, some fund managers are cautious and believe that the current valuation level is not underestimated and it is necessary to reduce the expectation of investment return in the future.
From the perspective of valuation, many star fund managers believe that the overall valuation level of the market is still low and has long-term investment value. South Fund Shi Bo pointed out in the semi annual report that from the perspective of valuation, the stock bond yield ratio has been repaired, but it is still below the historical center. Historically, the stock valuation is still low, and there is still much room for improvement in the medium and long term.
Xie Zhiyu of Xingquan Fund believes that at present, the overall valuation of the market is still at a historically low level, the valuation of some high-quality enterprises is still cost-effective globally, and the continuous inflow of overseas funds also shows investors’ recognition of these high-quality enterprises.
With regard to the follow-up layout direction, Sun Bin of Huaxia Fund said in the semi annual report that in terms of domestic demand cycle products, China will increase the allocation of leading companies in the new energy vehicle industry chain. China’s new energy vehicles have a relatively perfect industry chain, and as the world’s largest new energy vehicle consumption market, the future prospect is worth looking forward to. In terms of the allocation of science and technology stocks, 5g information technology leading companies and China’s science and technology leading companies benchmarked on the science and Innovation Board will be added.
Cai Xiangyang, star fund manager of Huaxia Fund, believes that there are still structural opportunities under undervalued value. He said that in the first half of the year, consumption played a significant role in driving the economy, tax and fee reduction measures have also successively reflected the policy effect since the second quarter, and inventory has also played a certain supporting role in the economy in a short cycle. In terms of financial market, compared with 2018, the risks of external uncertainties and downward economic cycle of A-Shares have been greatly released, and some high-quality companies have reasonable valuations and have stepped out of the independent market. At the same time, some stocks have been undervalued and there are potential opportunities.
In addition, some star fund managers expressed a cautious attitude towards future investment. Dong Chengfei of Xingquan Fund said that although the policy will make some fine-tuning and hedging in time according to the external situation, deleveraging should be a long-term and consistent focus of work. After a wave of valuation repair in the A-share market this year, the valuation level of the whole market is not very high, but it can not be underestimated. Therefore, it is necessary to reduce the expected return on investment in the second half of the year.
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Blue Chip Fund Manager: actively looking for opportunities for science and technology consumption
In the semi annual report, several star fund managers said that they would actively look for market opportunities in the second half of the year and be optimistic about “core assets” such as technology stocks and consumption.
“In the second half of the year, we will closely track variables such as market liquidity and risk appetite, and pay attention to possible positive changes on the margin.” Fu Pengbo wrote in the semi annual report of Ruiyuan growth value hybrid fund.
Xingquan Herun fund manager said that in the short term, affected by factors such as the downturn of the real estate industry, the economy still has a certain pressure, but the continuous implementation of fiscal policies is conducive to the stability of the overall economy. At present, the overall valuation of the market is still at a historically low level. The valuation of some high-quality enterprises is cost-effective all over the world. The continuous inflow of overseas funds also reflects the recognition of these high-quality enterprises.
Xiao Nan of e-fund Ruiheng said that with the expected repair of A-Shares coming to an end, the short-term economic data fluctuation will be excessively amplified by the market. At the same time, the continuous easing of the interest rate environment will gradually disperse the hot spots of the market.
“The market trend in the second half of the year depends on the game between ample liquidity and concerns about corporate profits.” Liu Yanchun, manager of Jingshun Great Wall Dingyi fund, believes that equity investment is becoming difficult. The so-called “core asset” pricing generally includes more optimistic growth expectations. The biggest risk lies in the rapid convergence of market styles, the congestion of some asset transactions and the initial bubble of valuation. However, it is always optimistic in the long run.
“Our strategy is not to judge the market, but to select individual stocks. At present, it is still a relatively good node for selecting individual stocks.” Penghua Fund Wang Zonghe said.
For the promising direction, many fund managers favor technology stocks represented by 5g industrial chain, and are optimistic about “core assets” such as large consumption.
Bocom Schroeder growth 30 hybrid fund said that embracing the certainty of performance will be the magic weapon of “being able to defend and attack”. It should be noted that the new cycle of technology industry led by 5g and the general trend of industrial transfer represented by chips are becoming more and more clear, and the wheel of historical progress is unstoppable. At the same time, the reverse cycle blue chip varieties represented by real estate still have the value of configuration.
Huatai Bairui industry leading fund also said that it will continue to hold the core varieties of the consumer sector. From a medium and long-term perspective, we began to pay attention to the potential of macroeconomic marginal improvement. Looking forward to 2020, under the background of 5g commercial and decoupling of China US science and technology industry chain, Chinese science and technology companies may enter a new stage of development.
“In the second half of the year, the structural layout will continue to practice the basic judgment of ‘the new year of agriculture and the first year of science and technology’.” Liu Hui, a selected hybrid fund manager of Yinhua domestic demand, focuses on four directions: agricultural industry chain, science and technology industry chain, new energy industry chain and consumer companies.
ChuangJin Hexin consumption theme Fund said that when the consumption terminal is still depressed, the probability of large consumption industry will be a volatile market, and the core assets with high roe and excellent cash flow have become increasingly scarce and chased by global funds. Therefore, we are not pessimistic about the consumption of white horse leaders. At the same time, the trend of pig production capacity reduction caused by African swine fever is irreversible. The trend of pig cycle will be relatively determined in the next two years. In the second half of the year, we still adhere to the configuration of consumption of white horse and pig cycle.
Liu Gesong, manager of GF double engine upgrade fund, said that the current valuation of A-Shares is low, the policy environment is relatively friendly, and he is optimistic about the medium and long-term trend of the equity market; Industry allocation will be selected along the two main lines of core assets and flexible assets.
Boshi’s flexible allocation of returns expressed cautious optimism about the equity market and continued to be optimistic about leading enterprises with technology and product competitiveness in 5g communication, consumer electronics, semiconductors, cloud computing and photovoltaic new energy industries. Ten thousand industry optimization funds are also optimistic about the field of science and technology, focusing on the field of scientific and technological innovation in the medium and long term, including investment opportunities in enterprise applications, network security, core semiconductors, new energy vehicles, pharmaceutical research and development, etc. (China Fund News)
(Shanghai Securities News)
