Champion falls to more than 100! Pro cyclical market hot, big shift of Boping Niuji

category:Finance
 Champion falls to more than 100! Pro cyclical market hot, big shift of Boping Niuji


Benefited from the market in the first half of the year, as of June 30, 18 of the top 20 general equity funds were pharmaceutical theme funds, while 17 of the top 20 hybrid funds were pharmaceutical theme funds. It can be said that the pharmaceutical theme fund dominates the screen in the first half of the active partial stock fund list. However, in the second half of the year, the pharmaceutical sector has been greatly adjusted, and the pharmaceutical theme fund has begun to lose its luster. At present, there is no trace of the top of the list.

Take the first seven months of this years yield of more than 100%, ranking in the first half of the top 10 financing health care industry a as an example, as of November 25, the fund has been ranked outside the top 100 active partial equity funds. However, benefited from the first half of the market, the current net share growth rate is still up to 70%. At present, Qianhai Kaiyuan medical health Co., Ltd., the best performing pharmaceutical theme fund, ranked 49th, with the latest net share growth rate of 79.93%.

Cycle start

At the same time, some theme funds such as manufacturing and cycle are quietly rising.

Guangfas high-end manufacturing, Chuang Jin He Xins industrial cycle selection and ICBC Credit Suisses high-end manufacturing industries all performed well.

For example, as of November 25, the growth rate of the net value of the fund units reached 94.21%, ranking in the top 10.

The procyclicality industry has not performed very well in recent years, and it has been worse than the general market until the first half of this year. For a long time in the past, the structural market of the market was prominent, with the rise of consumer, technology and pharmaceutical stocks. The pro cyclical industry has experienced a long period of cold stool. From July this year, the procyclical plate began to have obvious changes. In recent years, the pro cyclical plate relative to the market has obvious excess returns, and the trend is still continuing. Tian Hong cycle strategy fund manager Gu Qibin said.

Pro cyclical market is just beginning

Towards the end of the year, some fund managers expressed their attitude towards the short-term ranking. Different fund managers have different operations. I think its a bit longer. We have started to lay out the plan for next year recently, and we will not change our strategy because of the end of the year. A fund manager said, but the problem is, recently, the operation of trading positions is also more testing.

Looking forward to the future, pro cyclical assets become the focus of fund managers. Under the background of sustained domestic economic recovery and overseas risk mitigation, the main line of the market began to switch to pro cyclical varieties with undervalued value.

Wang Keyu, director of investment and research of Hongde fund, said that with the dust settled in the US election and breakthroughs in vaccine research and development, investors in the international market began to pay attention to the opportunities of Companies in traditional industries after the normalization of economic activities. Domestic economic activity returned to normal in the third quarter and continued to improve since the fourth quarter. In the case of resonance of internal and external demand, the enterprise profit is expected to improve. In the future, internal circulation is still the most important development direction, while technology and consumption are still the focus; A-share profits continue to repair, and the pro cyclical industry rises sharply. In the future, the stock market may turn from valuation driven to performance driven, and from overvalued to undervalued. Gu Qibin said that in the future, the strength of economic recovery will exceed expectations. This round of economic recovery will last for a long time. At present, the excess performance of Pro cyclical assets is just at the beginning. Gu Qibin believes that in the context of global economic recovery, the global economy or pro cyclical assets are expected to be revalued. At present, the global valuation level of Pro cyclical assets is at the bottom of history, and the valuation gap between them and weak cyclical assets is pulled to the historical extreme value. This historical extreme value is caused by the epidemic situation. Pro cyclical assets contain very pessimistic expectations. Once the economy returns to normal next year and the economic growth rate goes up, this part of assets is very likely to usher in Davis double click. Editor: Xu Xiaohong source: China Securities Journal Editor in charge: Zhong Qiming_ NF5619

Gu Qibin said that in the future, the strength of economic recovery will exceed expectations. This round of economic recovery will last for a long time. At present, the excess performance of Pro cyclical assets is just at the beginning.

Gu Qibin believes that in the context of global economic recovery, the global economy or pro cyclical assets are expected to be revalued. At present, the global valuation level of Pro cyclical assets is at the bottom of history, and the valuation gap between them and weak cyclical assets is pulled to the historical extreme value. This historical extreme value is caused by the epidemic situation. Pro cyclical assets contain very pessimistic expectations. Once the economy returns to normal next year and the economic growth rate goes up, this part of assets is very likely to usher in Davis double click.