For finance and real estate, change the track? For some fund managers, that is impossible.

Although the new energy theme fund is facing the controversy over the end of the popular market and the net fund value of heavy positions of financial real estate is strong under the factor of standard reduction, which has the potential to seize the cross-year market dividend, the online Red fund manager of heavy positions of new energy said in an interview with the Chinese reporter of the securities firm that the attraction of the new energy track lies in the market space, not the short-term valuation, It will not chase hot spots because of changes in market style and short-term performance ranking.

A person from the Great Wall Fund also believes that it will continue to be optimistic about the new energy track for a long time, but the short-term funds are likely to be diverted from the mainstream sectors in the early stage to the real estate and financial sectors. The low allocation of funds in the two sectors has reached the extreme bottom in history. Before the end of the year, it is possible to play games from non mainstream tracks such as financial and real estate.

net value of Daifei fund in financial and real estate sector

on December 7, the net value of the Western profit strategy optimization fund rose again. The net value increased by 8% in the last week, ranking the first in the whole market. The net value increased by 14% in the last month, also ranking the top five in the whole market.

Is the Western profit strategy optimization fund another new energy theme fund? Obviously not, the fund’s main target is the previously unpopular financial real estate in the market. According to the position information disclosed by the Western profit strategy optimization fund, as of the end of the third quarter of this year, about 40% of the positions of the Western profit strategy fund were invested in the financial sector and about 24% were invested in real estate.

In other words, the financial real estate sector accounts for 64% of the above fund positions. Why invest such a large position in the traditional old economy? He Qi, fund manager of Western profit strategy, said that with the marginal weakening of China’s high-frequency economic data, the necessity of judging cross cycle macro-regulation has been strengthened, and there are good expectations on the margin of monetary and fiscal policy. Based on this, there may be more opportunities in the market, especially in the direction of undervaluation and stable growth. Since July, the fund has gradually increased its positions, increased its structural allocation to finance, real estate and infrastructure industry chain, and significantly reduced its allocation to optional consumer industries in the early stage.

In terms of stock selection, the above fund managers focused on adding positions in value blue chips with low valuation and benefiting from loose policy margin. For example, China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) , Gf Securities Co.Ltd(000776) , Hithink Royalflush Information Network Co.Ltd(300033) , China Vanke Co.Ltd(000002) , Huaxin Cement Co.Ltd(600801) and other financial real estate stocks.

game funds or withdraw from the new energy fund

the revival of financial real estate in A-Shares is directly due to favorable policies.

GF said that the RRR reduction is good for the market as a whole. It is expected that the financial real estate sector and the market value style that are most affected by policy repression in the short term are expected to be repaired. As the direction of structural wide credit is still high-end manufacturing, green energy and small, medium and micro enterprises, from a longer time dimension, the more favorable RRR reduction may be the growth style of small and medium-sized enterprises dominated by scientific and technological manufacturing.

The macro strategy Department of GF pointed out that the central bank’s RRR reduction is a comprehensive RRR reduction, mainly replacing MLF, which is in line with expectations. A total of about 1.2 trillion yuan of long-term funds will be released, and the operation mode is basically similar to the standard reduction in mid year in July. Part of the released funds will be used by financial institutions to repay the due medium-term loan facility (MLF). At present, the global epidemic trend and economic situation are becoming more complex. China’s economic and social development environment is stable and safe, but there are also some challenges. Consumption has been suppressed repeatedly due to the epidemic. This RRR reduction is expected to boost the demand of market players,

GF said that the RRR reduction is good for the market as a whole. It is expected that the financial real estate sector and the market value style that are most affected by policy repression in the short term are expected to be repaired. As the direction of structural wide credit is still high-end manufacturing, green energy and small, medium and micro enterprises, from a longer time dimension, the more favorable RRR reduction may be the growth style of small and medium-sized enterprises dominated by scientific and technological manufacturing.

according to the analysis of the above fund companies, the central bank’s RRR reduction is a comprehensive RRR reduction, mainly replacing MLF, which is in line with expectations. A total of about 1.2 trillion yuan of long-term funds will be released, and the operation mode is basically similar to the standard reduction in mid year in July. Part of the released funds will be used by financial institutions to repay the due medium-term loan facility (MLF). At present, the global epidemic trend and economic situation tend to be complex. China’s economic and social development environment is stable and safe, but there are also some challenges. Consumption has been suppressed repeatedly due to the epidemic. This RRR reduction is expected to boost the demand of market players,

Guotai Junan Securities Co.Ltd(601211) the strategy team also believes that with the loose financing of real estate enterprises and the acceleration of residential mortgage loans, the negative feedback expectation of the industry is expected to be broken, and the financial real estate sector ushers in valuation repair. In addition, under the expectation of the outbreak of Omicron epidemic, the uncertainty of the pace of economic repair has increased, and the high boom independent track further highlights the profit advantage.

“In the short term, market funds are likely to be diverted from the early mainstream sectors into real estate and finance related sectors.” Great Wall Fund believes that, on the one hand, the valuation and institutional allocation of these sectors have reached the extreme bottom in history. On the other hand, from the perspective of capital game, the market differentiation is relatively serious this year. Before the end of the year, the market may win relative returns from non mainstream sectors. In terms of real estate, this Politburo meeting clearly proposed to promote the construction of affordable housing, support the commercial housing market to better meet the reasonable housing needs of buyers, and promote the healthy development and virtuous cycle of the real estate industry, which to a certain extent shows that the systemic risks of the real estate industry have been basically released.

how to invest after pulling out the valuation market?

Affected by the hot spot of short-term capital game, the revival of the old economy with undervalued values such as finance and real estate has affected the net value performance of new energy theme funds to a considerable extent.

in sharp contrast to the financial and real estate funds, the theme funds with heavy positions in the early stage of new energy have been significantly affected in the recent week, and most of the top new energy online Red funds have lost their income in the recent week. The Chinese reporter of the securities firm noted that a considerable proportion of the decline of the active equity funds investing in A-Shares in the recent week came from the new energy theme funds.

Is the new energy theme fund really ready to give way to financial real estate?

Zeng Wenhong, fund manager of Nord fund, said that the A-share market will probably show a structural market in the future. However, due to the relatively high base of high boom electric vehicles and new energy tracks and full market expectations, even if the performance is still excellent, the market of pure valuation may end.

He believes that the funds of these mainstream tracks may be scattered to the newly emerging “real growth” field next year. If there is a cross year market or a “restless” market next spring, there may be good opportunities for financial sectors such as securities companies.

Societe Generale fund Liu Fangxu also believes that from the perspective of opportunity, it is estimated that the plate with a longer adjustment time will rebound with the fundamentals in the middle of next year. From the perspective of risk, some sectors with high growth in the early stage may face the risk of shock, but from the perspective of macroeconomic growth, the new energy track will be the main investment line of the capital market for many years in the future.

“I won’t change the track. The short-term valuation actually has no practical significance for long-term investment. The investment in new energy should be judged from the market space.” A fund manager in South China, who manages 30 billion funds, said in an interview with a Chinese reporter of a securities firm that the great investment opportunity of new energy can sacrifice short-term performance and ranking, and should look at the new energy track from the perspective of longer-term layout.

The above fund managers stressed that the attraction of the new energy industry, especially lithium battery and photovoltaic, is currently the largest in the A-share market. Other industries do not have the attraction of long-term investment. It is difficult to exchange some investment opportunities for the long-term performance of the fund.

future strategy

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Niuji’s “unique heavy position stocks” change, and new energy is still favored

Next year’s economic work direction will be established, and four main lines will emerge in the cross year market

(brokerage China)