Since August, big financial stocks such as banks, insurance companies and securities companies have jumped up and down to become the focus of the market, while medicine and technology have led the decline. Is the market style about to switch?
Many public and private fund managers interviewed by the 21st century economic report have different positions adjustment under the market turbulence, and they prefer different styles. Some choose undervalued cycle, financial and real estate stocks, and some choose pharmaceutical, consumer and technology stocks with high valuation.
Since August 11, the Shanghai stock index has risen 0.91%, the Shenzhen composite index has fallen 1.26%, and the Chuang index has risen 3.82%.
Among them, the national defense and military industry index (Shenwan, the same below) performed the best, up 14.15%. This was followed by a 4.04% rise in cars and a 3.36% rise in banks. In addition, non bank finance rose 0.20%, including insurance up 2.06%, and securities companies fell 1.12%. The industries with the largest decline were Leisure Services - 7.09%, electronics - 2.58% and medical biology - 2.44%.
It is worth noting that on August 11, the northward fund started to go retrograde. When the late plunge, investors lamented turn off the lights to eat noodles, the net inflow of northward funds was 3.948 billion yuan, the highest since July 29; the net purchase of Shanghai Stock connect was 2.124 billion yuan. This is the highest net inflow of funds to the north since July 30.
On that day, the largest net inflow of foreign capital was Hikvision, muyuan shares and China Merchants Bank. It is worth noting that among the top 7 stocks with the largest net inflow of funds from the north, big finance accounted for 4 seats, namely China Merchants Bank, Ping An, Dongfang fortune and CITIC Securities. In addition, there are also a lot of inflows from consumer stocks and some capital inflows from technology stocks.
Huang Jiefeng, manager of Wolong Chuangxin fund, said that the recent escalation of Sino US friction has reduced the market risk preference, and some funds have left the market for risk aversion or carried out position adjustment and stock swap, resulting in the recent style switching performance. Among them, the valuation of some sectors of Shanghai Stock Exchange, such as banking, insurance, infrastructure construction, chemical industry and nonferrous metals, is generally low. With the orderly promotion of resumption of production and work, the industry fundamentals are also constantly repairing, which is easy to be favored by institutions to adjust positions. This also leads to the recent rise of large financial stocks led by banks, which drives the market, which is actually the action of capital position adjustment.
However, Huang Jiefeng pointed out that from a macro perspective, the current Sino US friction has upgraded from a trade war to a science and technology war. At present, the wind bias of funds against the science and technology sector has declined, and the valuation of science and technology stocks will fall accordingly, and the future market may maintain a volatile pattern.
The difference of position adjustment in the shock Market
Li Kejie, general manager of Hongquan private equity fund, said, I have recently adopted band operation, with a position of 67%. In the early stage, the securities companies took the lead in launching. At present, in addition to the securities companies, the big financial industry still has configuration value.
Xia Fengguang, manager of future star fund of private placement paipaipaipai.com, believes that science and technology stocks are good track, among which the probability of running out of high growth leading stocks is relatively large, but its overall valuation has reached the historical peak. Even the outstanding representative among them has already overdrawn the growth space in the future several years. Short cycle, relatively or more optimistic about undervalued plate some, but undervalued plate stock selection, to run out of excess return, still need some patience.
Yuan Huaming, general manager of Huahui Chuangfu investment, believes that due to the resilience of Chinas economy, the loose liquidity at home and abroad, and the positive attitude of investors, the probability and space for a sharp decline in the short-term market are not large, and it is more likely that there will be a weak blue chip market with undervalued value, including big finance, in the early stage. In addition, in order to hedge against external friction and promote economic transformation and upgrading, the industrial and financial market reform should continue to introduce policies and measures conducive to the growth of science and technology innovation and entrepreneurship enterprises, so as to promote the investment opportunities of beneficial varieties.
Some fund managers are more optimistic about technology growth stocks.
A public fund manager of a large fund company said that the core reason for the increasing volatility of A-shares in recent years is that many companies have gained a lot and their valuations are very expensive, so the overall fluctuation will become larger.
Wang Yanglin also said that he is more optimistic about the performance of science and technology stocks in the near future. Firstly, the valuation is relatively low. Secondly, the technology industry. With the engineers dividend and the gradual withdrawal of American technology enterprises, the domestic technology enterprises have more market space and better growth.