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Original Title: New Year’s New Ideas Public Offering Fund Targets Industry Top Assets
Significant characteristics of the structural market
On the 4th, the two cities opened higher and funds poured into the pork, chicken and liquor consumer sectors in the morning. The strong uptrend in the consumer sector brought the Shanghai Index to 3,500 points in one fell swoop. Fueled by news of Tesla’s price cuts, funds once again poured into new energy vehicles, lithium batteries, photovoltaics and other sectors. The GEM index rose more than 4% during the session, approaching 3,100 points at a time, and the leading new energy vehicle of the Ningde era was up more than 15 points during the day. %, the market value is 900 billion yuan.
It is worth mentioning that, under the general expansion effect, the trade volume of the two cities has returned to the “trillion” mark. Data shows that on the 4th, the cumulative turnover of the Shanghai and Shenzhen stock markets reached 1.16 trillion yuan, a record in the past five months.
Qianhai United Fund believes that the current structural market for A shares has obvious characteristics, with investors preferring new energy vehicles, photovoltaics, liquor, medical and military sectors. Next, we must closely monitor changes in macroeconomic and monetary policies, adhere to the value investing philosophy, and seek long-term positions of good companies with high prosperity.
Lion Fund said that A shares will perform outstandingly in the global market in 2020, and their support for the upside is stronger than foreign markets. The spring market is worth taking advantage of in 2021. “Since 2020, most global stock markets have raised liquidity to all-time highs or new highs in stages. China’s macroeconomic recovery has been earlier, business prosperity has been higher, monetary policy has normalized earlier and is in the process of building the capital market system and The opening period. There is reason to believe that the upside support of the A-share market is stronger than that of Overseas markets. Given the good market liquidity at the beginning of the year and the overlapping expectations of a global economic recovery, the spring A-share market in 2021 is worth waiting for. “
Valuation pressure expected to be released
Zhao Yi, the fund manager of the ABC-Agriculture Industry 4.0 Fund, noted that market investment in 2021 will return from track selection and valuation to performance realization. “In 2021, we must pay attention to key factors such as whether the vaccine can be launched successfully, whether economic growth can be restored smoothly, and whether liquidity will decline after the economic recovery.”
Today, Zhao Yi believes that in 2021, liquidity will no longer be as weak as before, slowing valuation expansion, and companies must digest excessively high valuations through sustained performance growth. However, in the long term, prominent companies continue to trade and their competitiveness continues to strengthen, which will help the market stabilize and improve in the long term.
“If the trend of economic recovery can continue and the expected growth in earnings of publicly traded companies can be met, the valuation pressure of A shares can be released. This is a major source of investment opportunities in 2021.” said Zheng Chengran, manager of GF High-end Manufacturing Fund, in 2021 A Stocks are still expected to have a structural market, but there is limited scope for further valuation expansion. Under the neutral assumption, the net profit of A-share nonfinancial companies attributable to the parent company is expected to grow by approximately 20% in 2021. Among them, procyclical industries that benefit from the economic recovery are expected to emerge from the structural market supported by corporate earnings.
Liang Hao, fund manager of the Huashang Wanzhong Hybrid Innovation Fund, pointed out that technology and consumption are the two engines that carry the driving force of China’s future economic development. Sectors such as electronics, semiconductors and new energy vehicles are industries that are in line with the current direction of updating the national technology strategy. In the future, technological advancements in the fields of 5G and AI will bring huge investment opportunities to many industries, such as manufacturing of high-end equipment, new materials, and new energy vehicles.
In addition, Liang Hao pointed out that the space of the food and beverage industry in the consumer sector, such as high-end spirits, continues to grow rapidly, and the competitive landscape is stable. Leading companies have strong brand premiums and the moat continues to strengthen. The short-term structure does not see the possibility of change. At the same time, the pharmaceutical sector has both consumer and technological attributes. With the gradual increase in the proportion of the aging population in China and new demands for medical aesthetics brought on by improvements in consumption, some leading companies in the pharmaceutical industry are expected to continue to outperform the market.
Optimistic about the new energy vehicle sector
In response to recent Tesla price cuts, against the backdrop of the continued rise in individual stocks in the new energy vehicle industry chain, fund managers are generally optimistic about this popular sector.
Qian Jing, the fund manager of Ping An NEV ETF, told a China Securities News reporter that the national Y model will be launched on New Year’s Day 2021, which will significantly lower the price of the imported version. “Consumer expectations are also exceeding our expectations. We see that Tesla stores in all regions are basically crowded with people testing cars.” Qian Jing believes that this highly competitive pricing strategy will promote Tesla Sales reached a new level. For the entire national new energy vehicle industry chain, the first to benefit is undoubtedly the relevant A share target in Tesla’s supply chain, and its performance will benefit from Tesla’s increased sales.
Lu Bin, manager of HSBC Jinxin’s pioneering low-carbon fund, noted that in 2021, he is more optimistic about the new energy vehicle industry. “From an opportunity perspective, the structural characteristics of the bull market of some leading high-quality companies in recent years are very obvious. We can find it in many industries. More investment opportunities.”
Chuangjin Hexin’s new energy vehicle fund manager Cao Chunlin also told a China Securities News reporter that behind Tesla’s price cuts, it is a direct manifestation of the logic of “cutting costs and increasing volume. “in the new energy vehicle industry. Cao Chunlin said that Tesla’s price cuts will promote consumer awareness and help increase the penetration rate of new energy vehicles. However, it should also be noted that price cuts will also affect company prices and profit margins, but leading companies with cost advantages and production capacity have better living space. In addition, the continued price reduction of the major electric car companies has also verified the logic that electric cars can be cheaper or even more profitable, which will guide more traditional car companies to accelerate their transformation.
Cao Chunlin believes that next, investment opportunities in the new energy automobile industry will mainly come from rapid performance growth. Regarding the relevant sectors of the A-share new energy vehicle industry chain, we are optimistic about the battery segment, including upstream battery resources, midstream battery cells and battery materials. .
● Our reporter Yu Shipeng
On the first trading day of 2021, the turnover of the A-share market exceeded one trillion yuan, the Shanghai stock index rose to 3,500 points, and the front-line consumer and technology growth sectors began to attack, and flourished. the “good start”. According to the latest strategy of public capital institutions, the recovery of corporate profits in the context of economic recovery is a major source of surplus profits in 2021. The core assets of front-line consumer, new energy vehicles and procyclical industries will be the focus of A-share market design in 2021.
