Fund Manager Zhao Yi
Looking back at the first half of 2020, the market experienced great fluctuations that were rare in history.
At the beginning of the year, with the excellent performance of the 20 19 fund, the technology-based funds continued to sell well, resulting in a substantial increase in technology-based growth enterprises with semiconductors, autonomous controllable and new energy vehicles at the beginning of the year.
Since February, with the outbreak of the epidemic, global economic activities have been greatly affected, and the risk appetite of the overall market has been greatly reduced. Domestic demand led by consumption and medicine is obviously better than that of industries in global supply chain such as electronics and new energy.
In the second quarter, with the resumption of work and production in various countries around the world and the introduction of policies to stimulate the economy, the global market rebounded sharply in an environment of loose liquidity.
The Shanghai Composite Index has returned to the position of 2065438+early 2008, and the Growth Enterprise Market Index has also returned to the high level in the past five years.
On the one hand, affected by the epidemic, the global economy will slow down to varying degrees. Therefore, under the situation that the epidemic situation is "normalized", stabilizing the economy will become the focus for some time to come, and stimulating consumption, ensuring employment and making up for shortcomings will be the investment direction for some time to come.
On the other hand, under the advocacy of pursuing high-quality economic development, the state's investment in enterprise policy support, R&D and technological innovation has greatly increased, which makes more and more outstanding domestic enterprises begin to catch up with European and American enterprises in their respective fields, which will make these enterprises hopefully emerge in the new round of energy and technological innovation based on new energy and 5G.
At this point in time, with the gradual resumption of work in Europe and the United States in May, the corresponding economic stimulus policies of various countries have been introduced one after another, and the market will enter an observation period from policy implementation to policy fulfillment. Considering the loose market liquidity, it is more necessary to observe the implementation effect of the policy.
At the same time, with the gradual control of the epidemic and the approach of the US election, the whole external environment will become complicated, which will also disturb market sentiment to some extent.
In the future, in the case of unpredictable external environment and pricing, we will still be based on industry trends and company development.
On the high-quality track, selecting leading enterprises with core competitiveness, especially those fields and companies that can return or even surpass before the epidemic after the epidemic, will be our key allocation direction.
At the same time, we need to be alert whether the liquidity will be marginally tightened with the epidemic and the gradual recovery of the economy, which will have a greater negative impact on industries and companies that lack prosperity and rely solely on valuation expansion.
Specific configuration, or focus on the direction of technology+consumption. In terms of technology stocks, it mainly focuses on 5G industrial chain, new energy and high-end manufacturing; Consumer stocks, mainly medical devices and consumables, mass consumer goods.
Layout: Bao Xiao Wen
Selected previous issues
yesterday
Curb short-term speculation? Fund companies are intensively reporting such products.
Interview with Song, the partner of Ernst & Young Financial Services: On the first anniversary of the opening of science and technology innovation board, brokers "thorns" went the same way
The "88 curse" failed? In the second quarter, three major industries were added, and equity funds maintained high positions.
First-hand information of brokerage fund futures
E-mail: ifnfundnews@ 126.com