U.S. stocks fell sharply overnight, but today A-Shares came out of the independent market. The three major stock indexes opened low and went high, among which the new energy sector became the most beautiful.
It is worth noting that recently, a number of asset management veterans who have passed through multiple rounds of cattle and bears have made rare sounds, including Mo Taishan, chairman of Bodao fund, Qiu Guolu, founder of Gaoyi assets, Lin Lijun, chairman of Zhengxin Valley, and Liang Yuejun, general manager of rosefinch fund. Veterans have quite the same view. At present, the A-share market is in the bottom range.
In the view of insiders, the above asset management veterans rarely express their views intensively and clearly, revealing a positive signal. In addition, combing found that several new funds have actively picked up chips and accelerated the pace of position building.
A-Shares out of independent market
For the overnight decline of US stocks, Tao can, general manager of Equity Investment Department of CCB fund, said that the decline of US stocks was different from that in the past. Since then, the rise of US bond interest rate led to the killing of valuation of growth stocks and turned to the killing of performance of consumer stocks under the expectation of recession.
A shares are relatively strong today. Does it mean that the independent market is open?
Tao can believes that China's steady growth policy has been implemented one after another, and the production impact caused by the epidemic has gradually weakened in April. In the next quarter, the market style will significantly outperform the previous steady growth value and turn to the style rotation of balanced value and growth. The repair of growth style mainly comes from the slowing upward trend of external US bond interest rates and the oversold rebound under the repair of market sentiment. However, the follow-up performance of the track type growth sector will be differentiated, and the market funds will be concentrated in the sector with the strongest economic certainty of fundamentals and the sector with strong short-term beta attribute.
Yu Zongliang, chief equity research officer of Xingshi investment, believes that A-Shares will lead us stocks to the top and also lead us stocks to the bottom. Taking the historically recognized policy bottom as the dividing line, the decline of A-Shares before the policy bottom is significantly greater than that of US stocks, and A-Shares significantly outperform US stocks after the policy bottom.
According to Yu Zongliang's analysis, there are two reasons behind it: first, the fluctuation of A-share valuation is dominant, and the fluctuation of U.S. stock earnings is dominant. The valuation of A-Shares before the end of the policy will contribute to the main decline, and the performance after the end of the policy will be put into valuation hedging, while the opposite is true for US stocks. Second, China's economic cycle is ahead of the United States, driving A-Shares to lead U.S. stocks.
In addition, from today's disk, the new energy sector rose strongly, and the Shenwan wind power equipment index and Shenwan photovoltaic equipment index increased by more than 6%.
Liu Xiaoming, manager of Tianhong fund, said that in terms of news, the European Commission recently announced that it plans to double Cecep Solar Energy Co.Ltd(000591) photovoltaic power generation capacity by 2025 and install 600gw by 2030 In addition, the data show that the scale of photovoltaic modules exported by China to Europe in the first quarter of 2022 increased by 145% compared with the same period last year. It is expected that the overseas layout of photovoltaic industry chain will become an inevitable development trend in the future.
Liu Xiaoming added that according to the National Energy Administration released the national power industry statistics from January to April. By the end of April, the installed capacity of power generation in China had increased by 7.9% year-on-year. Among them, the installed capacity of Cecep Solar Energy Co.Ltd(000591) power generation increased by 23.6% year-on-year. In the near future, the photovoltaic industry is expected to usher in a phase of continuous improvement month on month in the second half of the year, which will bring systematic opportunities to the sector.
positive signal display
In addition, two recent positive signals deserve attention. First, asset management veterans who rarely appear have spoken one after another, and everyone's views are more consistent. At present, the A-share market is at the bottom.
For example, after nearly three years, Mo Taishan made a rare sound again. He believes that the current market probability is close to the bottom range, and "good price" has appeared.
"At the bottom of the cycle, we should maintain confidence and don't be overly pessimistic in difficult times. The bear market is used to cherish, not to lament," Lin Lijun said
Qiu Guolu said bluntly: "after the substantial adjustment of the market, the valuation level hit a new low in ten years, which has reflected most pessimistic expectations, and the adjustment has been relatively sufficient."
Liang Yuejun, general manager of rosefinch fund, stressed: "the market is at the bottom of the region and holds the chips of high-quality companies."
On the other hand, some fund managers are already taking action and actively building positions. For example, taking Guangfa Ruihe hybrid a managed by Lin Yingrui as an example, the fund was established on March 25. Previously, the fluctuation of the fund net value has been small. Since the end of April, the fund net value has fluctuated significantly, and the fluctuation of the fund net value further increased last week.
Changes in net value of GF Ruihe a fund
Similarly, CAITONG ingenuity managed by jinzicai preferred to hold hybrid a for one year. The fund was established on April 7. As of May 18, the latest net value of the fund was 0.8907 yuan, which means that jinzicai has also actively established positions.
