2022 is about to open. As one of the important institutional investors in the A-share market, the latest investment strategies of various bank wealth management companies have been released one after another.
A number of bank financial management companies said that they expected the liquidity of the A-share market to be abundant in 2022 and were optimistic about the structural market.
In terms of industry, we are optimistic about new energy, consumption and other industries. At the same time, the performance of new infrastructure, semiconductor and other industries is also worth looking forward to.
optimistic about the structural market
Huihua wealth management said that it is expected that in 2022, residents' property will migrate to the capital market, the general trend of adding overseas funds to China will remain, and the overall liquidity of the A-share market is good. Similar to 2021, the probability in 2022 fluctuates exponentially, and it is more important to grasp the investment structure and rhythm. Different from 2021, the demand side rather than the supply side is the main driver of stock price return in 2022.
However, due to the high valuation of Companies in some boom tracks, the probability fluctuation will increase, and it is expected that it will be more difficult to make money than in 2021.
Industrial Bank Co.Ltd(601166) Xu Hanfei, chief bond strategist of financial market business and chief of xingyin financial research, said that it is expected that the risk of rising raw material prices in the upstream will decrease in 2022, and there may be significant profit improvement in the middle and downstream. Considering that the valuation has a margin of safety and the increase is relatively low, the middle and downstream industries (especially those related to new and old infrastructure) are expected to have a considerable "make-up" market.
From the perspective of the whole year, the stock market may still be a "structural bull market", but the "structure" has changed greatly compared with 2021.
Everbright wealth management also said that it is moderately bullish on the A-share market in 2022, and it is expected that the Shanghai and Shenzhen 300 index has about 8% upward space. Among them, profit growth contributed 5% and valuation expansion contributed 3%.
optimistic about new energy and consumption
Huihua wealth management said that in 2022, there are several investment directions that are expected to achieve excess returns: first, the new energy (energy production and energy use) industry chain under the goal of carbon peak and carbon neutralization (with large scope and probability of diffusion); Second, scientific and technological innovation under the background of high-quality development (semiconductor materials, analog chips, alot, automotive electronics, military materials, etc.); Third, consumer goods under the background of a better life and common prosperity (better combined with rural demand); The fourth is the band opportunities of some high-quality companies in the middle and upper reaches.
Everbright financial recommends that investors surpass power distribution, semiconductor, consumer and other industries in 2022. On the one hand, the prosperity of Dianxin and semiconductor will drop compared with 2021, but the absolute prosperity is still outstanding; On the other hand, the absolute prosperity of consumption is moderate, and the landscape is expected to improve. With the reduction of demand side differences among industries, the good competition pattern highlights the advantages of the consumption sector again.
The data show that by the end of June 2021, bank financial products had invested 1.17 trillion yuan in equity assets such as equity of unlisted enterprises, accounting for 4.08% of the total assets of 28.68 trillion yuan. Experts said that there is still much room for improvement in the proportion of equity assets in bank financial management in the future.
(China Securities Journal)
