Since the beginning of the year, the A-share market has been adjusted continuously, but many private placement companies have expressed confidence in the market after the Spring Festival and will maintain high positions. Private placement is actively looking for assets with high risk return and cost performance. On the one hand, it pays attention to consumer medicine, undervalued large cap stocks, the Internet, etc. on the other hand, it is also optimistic about manufacturing upgrading, including medium and long-term opportunities such as new energy and automobile intelligence.
most private placement plans to hold shares for the holiday
Most private equity respondents are optimistic about the market after the Spring Festival and intend to hold shares for the holiday. Lei, chief research official of Xingshi investment, said that since 2000, the probability of the stock market rising after the Spring Festival is high. Take the Shanghai Composite Index as an example. In the week and month after the opening of the Spring Festival, it rose 16 and 14 times respectively, with a rise probability of 73% and 64%. "Don't pay too much attention to holding shares or holding money for holidays. For medium and long-term investors, the rise and fall of one or two days is difficult to form the basis for trading, and the probability will not affect the medium and long-term earnings. Generally, it is more important to buy high-quality companies at a reasonable price."
Qinghequan capital said that in most cases, it is a constant position and does not make short-term timing. Based on the judgment that 2022 is not a bear market, it will maintain the operation of medium and high positions. "China's stock market is limited by the tightening of US monetary policy, and the probability of A-Shares is not a bear market. Especially after the correction at the beginning of the year, we still have confidence in the stock market after the Spring Festival, and there are more opportunities. This year's portfolio allocation will be more balanced, and the sensitivity to valuation when building the portfolio will be higher than last year."
Zhang Binbin, general manager of Chenxiang fund, said that 50% of the positions will be used for the holiday. In the past two years, it depends more on the growth changes of industry companies, the possibility of exceeding expectations and the rationality of their corresponding valuations. "At this stage, we also attach great importance to the short-term static valuation and financial situation to a certain extent. After the substantial valuation and stock price adjustment of many industry sectors, we are also looking for the subject matter with reversal or rebound opportunities."
Jingrui capital said, "At present, we can find enough companies that meet the requirements of our risk return rate and will not adjust their positions due to the holiday. Overall, we believe that there are still many opportunities in the market in 2022, and the market liquidity and policy are better than last year. We can find and allocate assets with high risk return price, avoid the impact of declining profits caused by the economic downturn, and allocate assets in the growth space High quality enterprises with supply side barriers are the main direction. "
However, Tao Ye, general manager of Hanchuan investment, believes that the market is tangled at the beginning of the year, because people prefer to look for opportunities from a wide range and logic, such as whether the real estate rebound as a whole and whether infrastructure needs another big stimulus. However, in this process of discussion and verification, it is also found that it is difficult to find a big starting point for short-term industry analysis, Even if we can clearly see the positive or negative nature of the industry, the differentiation of individual stocks is becoming more and more obvious. Therefore, in terms of stock selection and layout strategy, it is now necessary to independently analyze the medium and long-term value and valuation risk return relationship of each industry and company.
China Europe Ruibo said that it is optimistic about the new economic track for a long time, but it is necessary to return to common sense, switch from the Growth Theme investment of buying the track to the growth investment of buying the company, and explore the companies with reasonable valuation and high quality in the secondary and tertiary menus deep in the industrial chain. "We have made a good layout in advance and adjusted our positions according to market changes, so as to earn excess returns."
Wang Shuojie, general manager of Yuanwei investment, believes that industries and companies with high growth rate and relatively low value need to be grasped at this time, and the high growth rate will be verified in the future.
focus on consumer medicine and undervalued large cap stocks
At this stage, many private placements are concerned about the field of undervalued value. China Europe Ruibo said that high-profile will appear in industries such as electric vehicles, photovoltaic, wind power and power semiconductors, and the Internet, China concept stocks, real estate and finance may usher in opportunities for a turnaround.
Jingrui capital said that it hopes to allocate assets with high certainty and good risk performance price ratio in order to achieve absolute return. At present, we pay attention to three directions: first, there are asymmetric opportunities of risk and return in undervalued large cap value stocks in ah market, such as a group of state-owned or central enterprises in telecommunications, energy, infrastructure, mining and other industries, which have a stable industrial position and excellent cash flow. At the same time, their industry has little downward relationship with the real estate cycle. The extremely low valuation of these companies provides a high dividend rate and implied rate of return, The business level of the company is less affected by the economic downturn. At the same time, the attention of domestic and foreign capital is not high, and the transactions are not crowded; Second, continue to focus on the upgrading of the manufacturing industry. Many opportunities have emerged, whether it is the domestic substitution of breaking the "neck", or the consumer electronics that already has the status of the industrial chain, as well as the automotive electrification, intellectualization and dual carbon transformation. At present, some manufacturing industries have high valuations, and tend to study the supply side technical barriers in detail when looking for relevant opportunities; Third, consumption and medical care that benefit from the general direction of common prosperity.
Fang Lei believes that under the structural market this year, some segments with a rebound in scenery and reasonable valuation may be worthy of attention. Taking the consumption sector as an example, with the effect of the steady growth policy, China's economy will improve, and consumer demand will continue to converge to the pre epidemic normalization level; In addition, the logic of supply clearing may gradually be reflected in the consumer industry; At the same time, the ppi-cpi scissors difference converges and CPI keeps rising moderately, and the profit pattern will gradually be conducive to downstream consumption; The relative valuation of some consumer sectors is in a reasonable space, and the characteristics of market high-low switching at the beginning of this year have initially appeared.
Private placement is also optimistic about medium and long-term opportunities such as new energy. Wang Shuojie said that in the long run, the fundamentals of the photovoltaic industry have not changed quarter by quarter in 2022. He is optimistic about photovoltaic, green power operators and other industries, in which small and medium market value varieties contain investment opportunities. In addition, with the deduction of the science and technology cycle, the opportunities for the next generation of power semiconductors, digital infrastructure and other fields that fully benefit from the empowerment of this round of science and innovation cycle will become more and more obvious. In addition, with the deep correction of the consumption field in 2021, the inflection point of medicine and the Internet is also gradually taking shape, and some varieties have performed in the near future.
Zhang Binbin said that in addition to the recent opportunities for valuation repair in the real estate industry chain, banking and insurance, in the medium and long term, we should look for Future champions specializing in special new and subdivided tracks under the background of common prosperity and China's intelligent manufacturing.
