In the first week of the opening of A-share market in 2022, the performance of mainstream indexes fell all. New energy and nonferrous metals, which had the highest growth rate last year, led the decline. Household appliances, real estate and banks turned red, and their growth style, which lasted for a year, became loose.
Recently, public funds intensively released their investment strategy for 2022. Mainstream public institutions believe that the market in the new year may bid farewell to the extreme interpretation of last year’s style, and the market trend will be more balanced in the future. They are mainly optimistic about three investment directions: first, continue to be optimistic about the high-profile directions such as new energy and photovoltaic, and second, pay close attention to the changes in undervalued sectors such as banks, real estate and Hong Kong stocks, Third, we favor investment opportunities in consumption, medicine, tax exemption and other sectors.
growth school pursues high scenery
optimistic about new energy, military industry and semiconductor
In the past 2021, the new energy sector, which benefited from the “carbon neutralization” policy and the increased penetration of new energy vehicles, stood out in the secondary market. Although the market suffered a sharp decline at the beginning of this year, many public offerings still regard the high prosperity sector represented by new energy as one of the important directions of future investment.
Harvest Fund said that striving to stabilize the macro-economic market is the main tone in 2022. It is expected that the structural market of A-Shares will continue in 2022, but it will focus more on high boom industries and look for boom from bottom to top. Individual stocks are expected to continue to be verified; In the selection of high prosperity track, it is relatively optimistic about the new energy industry chain, military industry and new infrastructure.
Boshi fund also said that looking forward to the first quarter of 2022, the core of the market will focus on the following aspects – the marginal convergence of US dollar liquidity, the impact of the expected rhythm of interest rate increase, the marginal change of overseas economic growth momentum and China’s exports, China’s steady growth target and the key to steady growth and steady credit, and the impact of steady growth and steady credit on the market style, Industrial prosperity and sustainability of core track, etc.
According to Boshi fund, the restless spring Market in the first quarter will be a relatively certain time window for the profit-making effect in 2022. Due to the early spring festival in 2022, the restless spring market of A-Shares is expected to open in advance. In 2022, the allocation idea is “close to high boom continuation + boom reversal”, buy PPI decline, gross profit expansion, and “double carbon” structural wide credit.
CCB said that looking forward to 2022, the stable growth policy and the dual stable monetary and credit environment will support the stock market, and the market will continue the structural market. CCB is also relatively optimistic about new energy, military industry and domestic semiconductors.
Dacheng Fund also said that the macro policy will focus on “stability” and take into account medium – and long-term high-quality development and common prosperity. In 2022, the risk at the equity market index level is small and the structural market is dominated; The cost performance of track and lying win investment opportunities has decreased significantly. Grasping the long-term industrial trend with micro industrial research and paying equal attention to breadth and depth is the way to win high-quality decision-making. In terms of investment, the company focuses on the investment opportunity of “specialized and special new”. The company selects “specialized and special new” from bottom to top around industrial upgrading, focusing on three main investment lines: “carbon neutralization”, domestic substitution and independent control.
Huaxia Fund is also optimistic about the trend opportunities after the adjustment of high prosperity industries. The high prosperity industries represented by military industry and new energy will be more rare in the downward trend of overall profits this year. Among them, the military industry has strong certainty, although new energy β The income is weakened, but it is still an industry with a high probability of achieving a growth rate of 30%. If the adjustment is sufficient, it deserves special attention.
A bank in Beijing also said that after the central economic work conference, the tone of various ministries and commissions for stabilizing the economy has been very clear. It is expected that the joint force effect at the policy level will become increasingly prominent from the first quarter. In 2022, various macroeconomic policies are expected to focus on the two important objectives of stabilizing the economy and capital market reform. Optimistic about the high boom varieties with relatively low stock price after adjustment, such as semiconductor equipment, special chip devices and military industry driven by localization logic.
value school pays attention to undervaluation
market structure in the new year or towards equilibrium
In addition to the high boom sector, undervalued sectors such as banking and real estate, as well as sectors with full risk release last year such as consumption and medicine, have also been concerned by public funds.
Harvest Fund said that in addition to the high boom industries, the company is also optimistic about the opportunity to reverse the investment direction due to the boost of demand, including consumption. Among the structural clues that have the opportunity to reverse, the investment value of mandatory consumer goods is prominent, focusing on the two directions of mandatory food and agriculture.
In addition to focusing on the investment opportunities of “specialization and innovation”, Dacheng Fund also pays attention to the opportunities brought by the “turnaround”. The “turnaround” includes the industries with their own economic downturn and the industries catalyzed by external factors, the automobile and parts industry, the direction of agriculture (pig cycle), and the required consumer goods, Industries catalyzed by external factors include the real estate and infrastructure industry chain, the Internet and the reform of state-owned enterprises.
Compared with the extreme deduction in 2021, CCB believes that the A-share style will be more balanced in 2022. In addition to the continuous high boom growth plate, CCB is also relatively optimistic about two directions: one is the consumer plate with the trend of price increase, and the other is the dilemma reversal plate such as auto parts, hotels, aviation and Internet leaders.
Huaxia Fund also believes that, on the whole, under the demand for profit taking at the end of the year, the sectors with high growth have certain short-term adjustment pressure. It is suggested that investors should pay more attention to the three clues of “high boom track + dilemma reversal + specialization and innovation” than last year.
In terms of industry allocation, Huaxia Fund is also optimistic about the opportunity to reverse the dilemma and turn the bottom of the industry upward. It believes that the industry repair of consumer electronics, automotive intelligence, media, beer, tax exemption and other industries is relatively certain in 2022, and there is the possibility of double repair of valuation and performance β Will touch the bottom up.
Haifutong fund also said that looking forward to 2022, the first quarter is an important window period. The policy attitude of steady growth is very clear. The central economic work conference made it clear that economic work should be “stable and seek progress while maintaining stability”, and the force should be appropriately advanced. In terms of industry configuration, we will focus on the continuation direction of high prosperity and industries with dilemma reversal.
The above Bank Of Beijing Co.Ltd(601169) is a public offering. It is also believed that under the loose policy and mild macro and market environment, the best participation time point in the first quarter or the whole year, in addition to the high-profile industry, the company is also optimistic about the varieties whose fundamentals are still expected to be low, such as midstream manufacturing suppressed by cost problems in the early stage, In the first quarter of this year, it is suggested to pay attention to the tax exemption and entertainment content consumption whose fundamentals are still expected to be low; On the other hand, focus on the varieties whose valuation is still relatively low, such as high-quality developers, building materials and home furnishing enterprises after the expected mitigation of real estate credit risk, Hong Kong stock Internet leaders after the impact of medium concept stocks, and fine chemical enterprises with the ability to develop new businesses such as new materials.
The director of a large public offering investment in Shanghai said that from the perspective of each public offering strategy in 2022, the fund managers of the value group are relatively optimistic about medicine, consumption, undervalued banks and real estate sectors, while the fund managers of the growth group continue to be optimistic about the rising new energy, photovoltaic and other sectors. “This also shows that each public offering has a return to the expectation of extreme structural market and market style in 2021, and the extreme structural market style will gradually move towards equilibrium.”
Wang haobing, manager of ChuangJin Hexin digital economy fund, also believes that under the background of “stability”, the probability of systemic risk in the market this year is small, the structure will be relatively balanced, and it will not be as extreme as 2021. “Since the second half of November 2021, the market style has gradually shifted to equilibrium, and we are still optimistic about growth stocks with reasonable valuation as a whole.”
(source: China Fund News)
