On April 25, the market continued to decline in the bottom area, and the Shanghai Composite Index fell below 3000 points. Industry insiders believe that the market adjustment is caused by many factors, such as the epidemic, the lower than expected performance of some leading companies in the first quarter and the uncertainty in the overseas market.
A number of fund managers told China Securities Journal that they are full of confidence in a shares. The market is not far from the medium-term bottom, and the risk return ratio is becoming increasingly prominent. For the layout direction, fund managers prefer the main line of steady growth represented by real estate and banks and the main line of consumption represented by Baijiu and pork.
stock index fluctuated widely
On April 25, the A-share market fluctuated widely. As of the close, the Shanghai index fell 5.13%, the Shenzhen Component Index fell more than 6%, and the gem index fell more than 5%.
For market adjustment, fund managers believe that it is the result of the joint action of multiple factors.
From the situation in China, first of all, there are repeated signs of the epidemic in some areas. Shenwanlingxin Fund said that the market is assessing the impact of the spread of the epidemic, the impact on consumption and the repair of the supply chain. Secondly, the quarterly results of some leading companies were lower than expected. “Many growth stocks take Contemporary Amperex Technology Co.Limited(300750) as the ‘anchor’, and Contemporary Amperex Technology Co.Limited(300750) postpones the disclosure of the first quarterly report, which has aroused the concern of the market to a certain extent.” Said a fund manager of TEDA Manulife fund.
From the external situation, the hawkish remarks of the Federal Reserve triggered a significant adjustment in overseas markets. “US Federal Reserve Chairman Colin Powell recently proposed that a 50 basis point interest rate hike will be discussed at the May meeting. This speech triggered a significant adjustment in the overseas market. On April 22, the three major stock indexes of US stocks fell in an all-round way, and the adjustment in the overseas market disturbed the risk appetite of a shares. At the same time, in the morning of the 25th, the offshore RMB adjusted sharply again, hitting the 6.58 level, which exacerbated the market’s concern about capital outflow.” Wu Qiran, a macro strategy researcher at xingyin fund, said.
the bottom of the market is not far away
“At present, investor sentiment is in a relatively pessimistic state. According to the model estimation, the market is not far from the medium-term bottom.” A fund manager of GF said.
Yang Gang, chief economist and fund manager of golden eagle fund, said that in the medium and long term, the risk return ratio of the equity market is becoming increasingly prominent. Qinghequan capital said that from the perspective of valuation dimension and adjustment range, the current market position is low enough to attract long-term funds and increase allocation.
Jin Zicai, assistant general manager of CAITONG fund and director of fund investment department, said that the consumption and other sectors of the A-share market are expected to hit the bottom this year and are optimistic about the long-term investment opportunities of A-shares.
“If we focus on the dimension of one year or more, negative factors such as the epidemic will eventually pass, and performance and valuation will eventually be repaired.” Shen Chao, macro strategist of HSBC Jinxin fund, said.
layout two main lines
Golden Eagle Fund said that at present, most stocks in the market are in the stage of undifferentiated sharp correction. This is a good time for the waves to clean up the sand and select the target.
In the view of fund managers, the current layout should focus on the two main lines of steady growth and consumption. Golden Eagle Fund believes that the policy of stable growth in the future will work and can participate in bargain hunting. In addition to real estate and banks, the main line of steady growth can gradually pay attention to the post cycle varieties of the real estate chain. In the field of consumption, jinzicai believes that pork, Baijiu, hotels, tourism and other consumer goods may hit the bottom periodically this year, and it is expected that the rebound time window of relevant sectors may be in the second quarter of this year.
