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金沙娱乐网址大全:Funds look at the city: capital management new regulations landing A shares valuations back to low again

时间:2018/5/3 18:27:56  作者:  来源:  浏览:0  评论:0
内容摘要:TEDA Manulife Fund : Low position, short duration and low leverage are the current preferred \n? From a long-term point of view, the toughne...

TEDA Manulife Fund : Low position, short duration and low leverage are the current preferred

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From a long-term point of view, the toughness of the economic fundamentals is still there, there is no risk of exceeding expectations, and the level of inflation may exceed expectations. At the same time, in the actual supervision of systemic financial risks, the continued introduction of policies and monetary policy Neutral tightness will further increase the upward pressure on the interest rate .

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Based on the above judgment of economic fundamentals, the current decline in bond yields is overdrawing over-concern about the economic downside on the basis that the liquidity is more than expected. The high probability of the overall data in the first quarter could not testify for the economic downturn. When the fund surface returns to a stable and neutral position, the reason for maintaining the current position of the yield is not sufficient, and the yield curve has callback pressure.

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Continuing to maintain low positions, short durations, and low leverage are the current top picks. After waiting for bond yields to fluctuate with the price of funds, allocation funds with little liquidity pressure can focus on high-grade credit bonds of 3-5 years. Interest rate Debt is still only used as the subject of the transaction. With the recent adjustment of the stock market, convertible bond callback a larger margin, it is recommended that the chips concentrated in the actual performance of the support of the White Horse is the subject of the corresponding standard, and be cautious about the smaller species.

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Cathay Pacific Fund : Fundamental + policy side dual-support medical sector Long-term investment value highlights

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Based on the double support of the “fundamental and policy side” of the pharmaceutical industry this year, we remain firmly optimistic about the mid- to long-term market for the pharmaceutical sector. The recent pharmaceutical sector continues to rise. This year, the sector’s gains ranks second in the industry category, second only to computers. Plates.

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In terms of policy, the State Market Supervision Administration announced today that it will gradually reduce the time for the approval review of new drugs from 7-8 years to 2-3 years. In addition, the National Health Council will hold a special press conference in the near future to introduce "Opinions on the Development of Internet + Health Care" and the Hospital Internet Health Service. The government has vigorously promoted generic drugs and innovative drugs before, and afterwards there are opinions on Internet medical care. This year's pharmaceutical industry policy is also favorable.

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Lastly, through an analysis of the industries and stocks held by Shanghai Stock Exchange and Shenzhen Stock Exchange’s recent preference for funds, it can be found that the number of companies holding shares in the Chinese medicine industry is the largest, and after averaging the proportion of shares held in circulation in A shares, The pharmaceutical industry is still at the top of the list. It can be seen that the pharmaceutical industry is more favored by the funds from the North. Whether it is out of excellent performance on the fundamentals or vigorous implementation of various favorable policies on the policy surface, the market has a higher degree of recognition for medicine.

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CITIC Prudential Fund: In the long run, A-share value stock assets have a strong attraction

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The first quarterly report of listed companies has been disclosed. In general, both the income side and the profit side continued the slowing trend in the fourth quarter. The sample growth rate of the entire market fell to 11% in the first quarter, and the profit growth rate fell to 15%. A situation that is more severe than the macroeconomic growth indicators; relatively speaking, the small and medium-sized board and the GEM have improved. In the first quarter, income increased by 24% and 25%, respectively, and profits increased by 20% and 38%, respectively, accounting for high-tech growth. Excellent structural market laid the foundation.

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The new regulations on assets management landed on the weekend, compared with the earlier draft of the exposure, which included the relaxation of the transition period to the end of 2020, which allowed the financial supervision to be implemented in a more orderly manner, which greatly reduced the probability of triggering new system risks; We believe that the direction and principles of financial supervision have not changed. Breaking the deadline, breaking deadlines, and preventing leverage from above and below are still goals to be achieved. Follow-up supervisors will formulate appropriate implementation rules according to the external environment and adjust more effectively. The magnitude and pace of financial supervision should not lead to premature optimism of regulatory peaks.

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At present, the overall valuation of A-shares is in a historically low position. The valuation of most companies' PBR is lower than the historical average. In April, A-shares bought more than RMB 36 billion. If you consider the 60 Billion yuan to sell, the actual northbound capital may create a monthly amount of land since the opening of land stock exchanges, reflecting that in the long run, the current A-share value stock assets have a strong appeal.

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Qianhai Open-end Fund: Be sure to implement value investing at the bottom of the market

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From the perspective of fundamentals and policies, there are many favorable factors in the recent A-share market, including the release of 400 billion yuan in liquidity by the central bank; the central government has proposed to promote the healthy development of credit, stock market, bond market, foreign exchange market and property market. , reflects the determination to maintain market stability; foreign capital continued to flow into the A-shares in the near future, which means that foreign capital in the bargain-hunting A shares of high-quality blue-chip stocks.

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Judging from the overall valuation, the Shanghai Composite Index is close to 3,000, with very limited downside. In addition, the MSCI Emerging Market Index Fund will passively allocate A shares in June, which will trigger more foreign capital inflows into A-shares.

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At present, the AH stock premium index is also at a low level. The Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect funds are mainly headed northwards in the near future, and the capital in the south is greatly reduced, which means that the current capital flows mainly to A-shares.

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The A-share market is now at the bottom of history, although the index may have some fluctuations, but the possibility of a sharp decline is not great. Investors are advised to actively pay attention to some high-quality segments and stocks that have performance support to resist market fluctuations.

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From an industry point of view, the consumption of white horse stocks, new energy vehicles, chips, etc., exceeded their expectations in annual reports, and may form a strong support for the stock prices of related companies. At the end of April, the annual report of the listed company and the quarterly report will be disclosed. Some stocks with annual reports and quarterly results that exceed expectations can be focused.


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