The first day of anti epidemic of a share: reduction of positions and differentiation of bottom reading

 The first day of anti epidemic of a share: reduction of positions and differentiation of bottom reading

According to the 21st century economic report, fund managers operate in different ways. Some reduce their positions for redemption risk, some copy the bottom and wait for the market to rebound, and some adjust their positions to find new opportunities.

Mechanism operation is quite different

From the perspective of disk, there are not many operations that can be done. If conditions permit, we will reduce our positions. On the one hand, we will deal with the possible liquidity risk - mainly redemption. At present, we dont know the specific redemption situation in the next few days. In addition, there is great uncertainty about how the epidemic will develop and how it will affect the economy. Therefore, we need to set aside some risk redundancy. On February 3, a fund manager of a large fund company told reporters.

Now I can only go one step at a time. I am cautiously optimistic about the future trend of a shares. The market may bottom in the next two or three days, and the short-term mood is relatively fully released. The epidemic will pass. Said the fund manager.

In fact, a large number of equity funds have high positions and risk preferences before the festival

Affected by the negative impact of the epidemic, there is a large pressure to reduce positions in the short term, which in turn leads to liquidity problems in some stocks, making the index under pressure.

In the face of the unexpected A-share decline, a fund manager ranking in the top for many years said, its not clear that the redemption pressure, I think its a one-off emotional catharsis, after the risk is released, the market or the opportunity is greater than the risk.

A fund companys chief investment officer said that in the slump, the redemption pressure is good, now we need to adjust the position, not reduce the position, because everyone generally holds the view of short and long.

On February 3, the bold style of private funds called out the slogan of adding positions.

To give traders instructions, the new fund will buy more leading liquor and battery companies, and more leading Internet Education and online education companies in Hong Kong stocks. Ive run out of bullets! Danbin, chairman of Dongfang harbor, wrote on Weibo.

Im filling up today. On the same day, Li Kejie, manager of Hongquan private equity fund, told reporters that this irrational crazy decline is an opportunity to buy and build a position. Such a crazy fall will not last for a long time and will rebound at any time.

This time its a gold pit. We mainly focus on adding and adjusting positions. Our layout for the beginning of the year is relatively favorable, so there is no pressure to redeem. I expect the future market will shake up after digesting the mood quickly. Zhai Jingyong, banyan investment, said.

Before the festival, weve reduced our position to 20%. Now lets see if theres a chance to enter the market to copy the bottom. Zhao Lisong, chairman of shangdegu investment, said.

On that day, the market as a whole fully reflected the impact of the epidemic, while the three fundamentals of the bull market: policy, economic and financial aspects, have not changed significantly. The exit risk and liquidity risk that we are most worried about have not occurred. So we dont panic. Now we have a good opportunity to increase our positions. Looking for the high-quality assets killed by mistake, avoiding the industries damaged by the epidemic situation, and expecting the definite market after the epidemic situation gradually subsides. Hu Bo, fund manager of private placement network, said.

However, private placement, which is eager to copy the bottom, is also cautious. Wu Xiaofu, director of investment and investment of Tianhe, pointed out that at present, it is a good opportunity to copy the bottom, but we need to pay attention to that before the turning point of the epidemic, the market is more just a short-term repair and the whole will still be weak, and it is still necessary to wait for the turning point of the epidemic to turn around.

Medium and long term bullish A shares

In the face of the surging selling on February 3, what will happen to a shares? How will investors seize the opportunity?

The sharp decline of a shares is in line with market expectations. Before the epidemic is clearly controlled, the market trend will be relatively weak. Yang Delong, chief economist of Qianhai open source fund, said.

Yang Delong said, there will be differentiation in the future, some blue chip stocks may be the first to rebound, while poor performance stocks and theme stocks will continue to decline.. If you hold poor performance stocks and subject stocks, you should be very careful. You can take advantage of this adjustment opportunity to adjust your position and exchange shares in time, and find an opportunity to copy down some high-quality stocks.

Boshi macro said that in the short term, despite policy support, the A-share market may still be dominated by the epidemic situation, and the market generally pays attention to and waits for the turning point of the epidemic. From the perspective of risk, considering the existing adjustment range, such as the epidemic did not exceed the expected negative development, the falling space of A-share market has been relatively limited. In the case of A-share slump, on February 3, foreign investment changed from net outflow to net inflow of 18.19 billion yuan, which indicates that the value of foreign investment in A-share is relatively recognized, which proves that the current adjustment range of A-share is sufficient. On the whole, the epidemic is still only a periodic disturbance of social and economic activities, and it will be mainly reflected in the first quarter. In the medium term, the investment opportunities of A-share are relatively attractive. Investors may consider gradually increasing the allocation of A-share.

For the recent A-share investment, referring to the industry and style around the Spring Festival of Hong Kong stocks, Wei Fengchun, chief macro strategy analyst of Boshi fund, suggested that on the one hand, avoid the industry or style related to the cycle, especially the energy, building materials, real estate and non essential consumption; on the other hand, the financial industry is relatively resistant to decline, in which the performance of banks may be better than that of insurance and securities companies; in addition, public utilities , medicine, science and technology, etc., or less affected by the epidemic.

However, institutions generally believe that the impact of the epidemic on the economy and market is short-term. Once the epidemic is under control, the stock market will rebound and not change the trend of the medium and long-term stock market to a good one.

BOC funds believe that in the short term, bond investment opportunities are better than stocks. However, in the medium and long term, although the A-share market suffered heavy losses in the first trading day of the Spring Festival, this round of adjustment may form a gold pit, which is expected to bring better medium and long-term investment opportunities.

In the short term, the optional consumption and cycle sectors that are greatly impacted by the epidemic will face greater adjustment pressure, while the pharmaceutical and technology sectors that are weakly related to economic expectations and benefit from loose liquidity expectations will relatively resist the decline. However, once there is a clear easing momentum of the epidemic, it is necessary to focus on the optional consumption with greater pressure in the early stage and the rebound opportunity of the cyclical plate. In addition, the current valuation of media, new energy vehicles and other sectors is relatively reasonable, and the future boom is expected to continue to repair, so investors can also pay proper attention.

For the aftermarket, China Merchants Fund believes that in the short term, the media (games, Internet, etc.) that benefit from the epidemic, medicine and public utilities that benefit from the demand for risk avoidance deserve attention. In the medium term, China Merchants Fund proposes to pay attention to two clues: one is the new energy vehicles (Tesla industrial chain, etc.) and technological growth with the industry continuing high prosperity and the valuation returning to a reasonable level; the other is the high-quality consumer and service companies with strong competitiveness, which are damaged by the epidemic, and worthy of bargain hunting and absorption.

Source: responsible editor of 21st century economic report: Chen Hequn, nb12679