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Summary
[Ajustar el ritmo de inversión, los administradores de fondos son cautelosos sobre el “descanso” del mercado]On January 18, the A-share semiconductor chip sector rose sharply. At the time of the organizational group changes in the early stage, the strong performance of the chip sector has sparked heated discussions in the market: Will the semiconductor chip industry become a new direction for the organization group? In response to this, many fund managers of public offering institutions told the China Securities Journal that the market has been hot recently and that market funds are actively looking for various market opportunities. Under current market conditions, the strong performance of the chip sector is not so much a new goal for the organization to become a group, but rather a performance of market opportunities. Although the market is “restless” currently, we should focus on longer-term opportunities. (China Securities Journal)
On January 18, the A-share semiconductor chip sector skyrocketed. At the time when there were changes in the early institutional grouping, the strong performance of the chip sector triggeredmarketHot Discussion: Will the semiconductor chip industry turn in a new direction for the organization? In this regard, manyPublic offermechanismbackgroundThe manager told a China Securities News reporter that the market has been hot recently and that market funds are actively looking for various market opportunities. Under current market conditions, the strong performance of the chip sector is not so much a new goal for the organization to become a group, but rather a performance of market opportunities. Although the market is “restless” currently, we should focus on longer-term opportunities.
Strong performance in the chip sector
On January 18, the Shenwan Electronics sector led the market and the Shenwan Electronics Industry Index closed 3.57% higher that day, including the chip sector significantly.Lift up，Tongfu Microelectronics、Weir Actions、Leonwei、Jingfang Technology、Wingtech、Shengbang Actions、North Huachuang、Changdian technologyOther actions were strong. As for the news, the news of the “lack of cores” in the market has become a great incentive for the chip sector to strengthen.
Soochow ValuesHe noted that the semiconductorArtWith the improvement of the manufacturing process, the complexity of the semiconductor device structure, and the promotion of the expansion of wafer manufacturing capacity, the semiconductor equipment market is expected to maintain steady growth. At present, the world market of semiconductor equipment is dominated mainly by foreign manufacturers.monopolyCompetitive landscape. At present, the self-sufficiency rate of China’s semiconductor equipment market is relatively low, and there is a wide scope for internal replacement.With the continuous development of the global semiconductor equipment market and the advancements of domestic semiconductor equipment manufacturers in the independent control process, local semiconductor equipmentindustrySubjects related to the chain are expected to benefit.
The strong performance of the chip sector has also led the market to discuss whether chips will take over popular sectors such as new energy.Become a backgroundThe new direction of the organization. In this regard, the fund institution said that the chip sector has always been the direction of the key nuggets of fund institutions. It is not so much a new pool direction, it is better understood as a market turnover performance. “Funds are currently more sensitive to any shocks and the chip sector appears in the right place at the right time,” said a fund manager.
Adjustmentinvestment“position”
The strong performance of the token sector on a trading day may not explain the problem. However, there has been a lot of controversy recently about institutional groups and many fund managers have started to adjust their investment pace.
“The market is very hot recently.” A high-value-style fund manager said the stock price will rise after the year.the companyMost of them are excellent companies in the industry, but some companies have short-term stock price increases of 30% or more, and there is some bubble in valuation. He noted that this round of market performance is similar. to most of 2015Branch officeThe situation for general increases in share prices is different: At the time, many companies whose share prices rose sharply did not have core competitiveness and lacked fundamental support, but this time the top risescompanyBasically excellent companies in all walks of life, if the market adjusts right now, there is a high probability that there will be a reasonable adjustment within a certain range.
It revealed that the funds it manages recently have been appropriately reducedPositionAnd at the same time, reduce the holdings of some companies with large increases in short-term stock prices, and look for other high-quality companies with reasonable valuations. But he also admitted that different industries will behave differently in different time periods due to different business conditions, but the general trend of chasing the top will not change.
Shenzhen Union Liye said the liquor and new energy sectors have already started to peak. Procyclical industries, including finance, real estate, resources and cycles.manufacturingSemiconductors are expected to be further strengthened,Military sectorYou can also keep paying attention.
Zhuang Hongdong, the fund manager at Cheese Fund, believes there are still structural opportunities in the A-share market in 2021 that are worth exploring. Currently, the valuation of some high profile sectors in the market is no longer cheap and is in a historically high position. Next, if the fundamental growth of publicly traded companies doesn’t meet market expectations, you’re prone to callback risks.
Key research direction
For fund institutions, investing is not about moments. Although the beginning of the year is “restless”, the design of the year is the center of investigation and judgment of the funding institutions.
Zhuang Hongdong introduced that based on current market trends andStock baseIn fact, in 2021, the investment scheme of the Cheese Fund will be basically adjusted in place. On the one hand, we will remain optimistic about home appliances, drugs, spirits and other stocks performing well in 2020. On the other hand, rightinsurance、Bank, Real estate and other sectors of low valuation and low expectation.Add warehouse. If the market fluctuates significantly, dynamic adjustments will be made based on the risk ratio of individual stock returns.
Coincidentally, another fund manager interviewed by a China Securities News reporter also adjusted positions recently.To exchange. In addition to considering the high valuations of some first-class stocks and the need for time to digest, this year’s investment design is also a major reason for its recent portfolio adjustments. He said that the trend of investment opportunities throughout the year is not yet clear, and the direction of investment is more inclined to a balanced design, waiting for certain opportunities to appear.
Golden Eagle BackgroundHe said the high probability of the first quarter will continue to repeat the spring market again due tocoinThe environment is relatively neutral and the stock market will still have a high “three sevens” probability. The base factor can lead to a significant improvement in profitability in the short term in most industries, and stock selection should carefully consider the performance of earnings valuation. Short-term recommendations remain positiveattitude, Pay attention to the rally logic of pro-cyclical products such as external demand, consumer services and the manufacturing investment chain, and seize the opportunities of the growth sector, select the core products that improve the profitability of the quarterly report and focus in the following aspects: First, the manufacturing industry related to procyclical external demand. Including non-ferrous metals, chemicals, military industry, machinery, etc .; the second is offline consumption and service-related fields, including household appliances,insurance, Social services, auto parts, liquors, airport and retail; third, growing sectors with sufficient profitability in early 2021, such as computers, new energy vehicles, military industry, etc.
(Source: China Securities Journal)
(Responsible editor: DF512)
I solemnly declare: The purpose of this information is to spread more information, and it has nothing to do with this booth.
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