In 2021, the changing style of the A-share market has significantly increased the difficulty of investment. In 2022, how will public and private equity and foreign-funded institutions with large amounts of money judge the future market and investment opportunities?
Recently, the reporter of Shanghai Securities News interviewed a number of investment giants from public and private placement and foreign-funded institutions, combined with hundreds of important annual strategy reports, trying to reveal the territory of institutional investment in 2022.
review “wheel movement” as a keyword in 2021
Looking back at 2021, Liu Gesong, deputy general manager of GF, gave a keyword “rotation”. In his opinion, there are investment opportunities in many industries in the market in 2021. “In 2021, the supply and demand pattern of many subdivided industries has undergone drastic changes in the short term, resulting in a relatively huge increase in the upstream resource prices of some industries in the short term, resulting in a rapid rise in asset prices in this direction.” Liu Gesong said.
According to the analysis of qinghequan capital, the market feature in 2021 is that funds dilute the company’s texture and only focus on high profit growth. The data is the best proof. In 2021, Mao index significantly lost China Securities 1000 and all a index, with yields of – 5.27%, 20.52% and 8.45% respectively.
A 10 billion private placement person in Shanghai also said that A-Shares showed significant differentiation in 2021. According to the data, in the market value structure of A-Shares in 2021 (classified by CITIC industry), the proportion of power equipment and new energy increased significantly, the sense of presence of power and utilities also increased significantly, while the banking, non banking and real estate industries gradually declined.
According to Zhu Liang, China investment director of LianBo, both A-Shares and Hong Kong shares have been affected by some non market factors in 2021, which means that the share prices of many stocks have deviated from their fundamentals, and there are over trading and oversold in the market, which is a good time for value investment.
looking forward to 2022, the structural market is expected to continue
Looking forward to 2022, many blue chip fund managers are optimistic. In their view, the structural market is expected to continue.
Du Meng, deputy general manager of Shanghai Investment Morgan fund, believes that A-Shares have changed from trading market to allocation market, equity investment has become an important part of household assets, and the proportion of allocation will continue to increase. In the long run, China’s equity market will become one of the most attractive categories of assets at home and abroad. After nearly a year of adjustment, the overall valuation correction of the market has been largely completed. For stock investment, the beginning of 2022 may be a better time point for layout.
Han Chuang, manager of Dacheng state-owned enterprise reform fund, said that 2022 is still a year of risks and opportunities. “Some high prosperity tracks with a large increase in 2021 may have many risks, such as overcrowding of transactions, further deterioration of the competition pattern, slowing down the rate of penetration improvement, etc. we will adhere to the framework of combining the prosperity of the industry, the company’s own competitive advantages and reasonable valuation, focus on meso industries and micro companies, and strive to screen out large space and high margin of safety Individual stocks. ”
Xingshi investment believes that the traditional perception of “no more than three cows” will be broken in 2021, which is mainly due to the strong profit support brought by supply clearing. Looking forward to 2022, the supply clearing logic will continue to play a role, and there is still a structural market.
Zhang Kexing, chairman of gray assets, also said that from the perspective of the whole year, A-Shares will show a structural market in 2022, and the possibility of sharp rise of the index is low, but there are still very rich investment opportunities in individual stocks and industries.
Lu Jie, chief investment officer of Hebao China, believes that from the perspective of valuation, the current valuation level of A-Shares is in a more reasonable state both in historical vertical comparison and horizontal comparison with overseas markets. Under the current macro background, A-Shares have shown a very worthy value to allocate, so they will continue to attract foreign capital inflows.
“In 2022 and the next few years, if the strategy is appropriate, the attraction of investing in China will remain unabated. Despite several rounds of fluctuations in the recent market, the trend of foreign capital flowing into China’s onshore stock market is expected to continue because the long-term growth potential of China’s economy is still attractive.” Said Li Yili, investment director of Wellington investment management.
where to find the specific investment direction of the opportunity
Based on the basic judgment that the structural market will continue, what specific areas will institutions explore investment opportunities in 2022?
Han Guangzhe, manager of Jinying national emerging fund, said that at present, China is in the period of economic structure transformation and industrial upgrading. China’s economy contains new strategic opportunities, and there will be industries that play a leading role in the overall and long-term development of economy and society.
“In the follow-up, we will analyze the macroeconomic trend, industrial policy, industry prosperity, industry cycle, industry technological innovation and other factors affecting the medium and long-term development of the industry, capture the advantage track and focus on the medium and long-term industrial trend opportunities. In specific industries, we will focus on the investment opportunities brought by new energy, digital revolution, pension and industrial innovation and upgrading Yes. ” Han Guangzhe said.
Luo Shifeng, research director of Nordisk foundation, believes that the market style will tend to be balanced in 2022. He is optimistic about large consumption and medical and health sectors such as food and beverage and household appliances that benefit from consumption upgrading and population structure change for a long time. At the same time, he is also optimistic about new energy, intelligent driving, consumer electronics Technology and high-end manufacturing industries such as integrated circuits.
For specific investment opportunities, Shi Feng assets believes that a large number of structural opportunities will emerge in 2022, many emerging industries and excellent enterprises are rising, and the shares of these companies will continue to be sought after by the market. “However, in 2022, the company’s bottom-up difference is huge, and we need to continue to do in-depth stock research.”
Gray assets focuses on large consumer industries, including food and beverage, and related stock opportunities in the new energy vehicle industry chain that are still long-term positive after full adjustment.
Qi Ying, director of stock investment of Hanya investment, has long been optimistic about three directions, namely, population structure change, scientific and technological innovation and manufacturing upgrading. “Many potential leaders will emerge under these three themes. Our research direction is to find future leading industries and stocks in a dynamic macro environment.”
Yao Hongyao, director of Aberdeen and head of China equity investment department, said that he would continue to pay attention to the development at the macro and micro levels, and was ready to seize opportunities to attract companies with the ability to create growth at a lower price. “For companies that are able to adapt to changes in the regulatory framework and meet the policy objectives of digital innovation, green technology, affordable health care and improving people’s livelihood, we think their prospects are the most optimistic.”
(Shanghai Securities News)
