CCTV: The current enthusiasm of capital market investment funds deserves vigilance.
CCTV Financial Review pointed out that any kind of investment should be based on rationality and calmness, and the current enthusiasm of capital market investment funds deserves vigilance and deep thought. Some investors speculate on funds like stocks, chasing up and down, and frequently apply for redemption. Many investors don't understand the fund market, thinking that investment funds can make stable profits without risk, or even get rich overnight. If the fund returns well, it will pursue the star manager, and if the net value falls, it will scold the fund manager for hot search. Some investors don't study products or fund managers. They see that institutions and banks are selling new funds, which is to follow the trend and buy explosions. Many new funds have been "sunlit" this year, and some new funds with a scale of 10 billion have been fired to more than 230 billion. Blind and fanatical investment behavior is not conducive to the management of products by fund managers, nor to the investment income of investors. It is the blessing of the capital market and investors to clean up the source and let the market develop healthily and stably.
The duty-free industry is supported by policies and will become an important channel for overseas consumption to return.
The Central Office and the State Council recently issued the "Action Plan for Building a High-standard Market System", proposing to improve the policy of guiding consumers to go abroad, encouraging key cities to add a number of tax refund shops for departure, and increasing tax-free cities and shops in Hainan. It is understood that Shanghai, Shenzhen and other cities will also actively strive for the implementation of the city's tax-free policy and build high-end duty-free consumption centers. Import tax system and luxury pricing strategy lead to obvious price difference between domestic and overseas, and tax exemption has become an important channel for consumption abroad to return and upgrade domestic consumption.
On June 5438+ 10, the manufacturing PMI of Caixin China dropped to 5 1.5, the lowest since July 2020.
Caixin China released the manufacturing PMI (Purchasing Managers Index) 1 in February, 202 1 decreased 1.5 percentage points to 5 1.5, which was in the expansion range for the ninth consecutive month, but fell to the lowest level since July 2020. This trend is consistent with the manufacturing PMI of the Bureau of Statistics. The supply and demand of manufacturing industry continued to expand, but the speed slowed down obviously; Overseas epidemic has repeatedly led to the reduction of orders of foreign trade enterprises, which has obviously curbed external demand. Wang Zhe, a senior economist at Caixin think tank, said that the manufacturing industry in 2002 1 and1is still in the recovery period, but the recovery of supply and demand has weakened, and overseas demand has become a drag.
Strictly check the entrance, and show great power! In science and technology innovation board, within two months, 25 companies terminated the IPO review, and the number of companies voluntarily withdrawing materials has exceeded the whole year of 2065438+2009.
According to statistics, in June 2006, 5438+February 2020 and June 2006, 5438+1October, 5438, 25 companies announced the termination of IPO audit in science and technology innovation board, while only 23 companies terminated in May 2006, 5438+09. Before 2020 1 1 month, the total number of companies that terminated the audit was 26. In the eyes of many professionals, although this "high incidence" does not mean strict auditing, there are indeed many trigger factors. A person close to the supervision told reporters, "It can be understood from three aspects. First, the Shanghai Stock Exchange has kept the entrance closed through strict examination, which is consistent with the consistent tone of science and technology innovation board and has not changed. Second, through on-site supervision and on-site inspection, the exchange allows problematic enterprises to' get away with it'. Third, there is a point in time. Last year, a group of IPO companies of science and technology innovation board concentrated on supplementing the interim report, which just happened to be exposed at this time. "
The Hong Kong Stock Exchange released the trading arrangement of Shanghai-Shenzhen-Hong Kong Stock Connect during the Spring Festival holiday.
The Hong Kong Stock Exchange announced the trading arrangements for the Shanghai-Shenzhen-Hong Kong Stock Connect during the Spring Festival holiday, and the southbound Hong Kong Stock Connect will be suspended from February 9 (Tuesday) to February 17 (Wednesday); The trading of general rules between Northbound Shanghai Stock Connect and Shenzhen Stock Exchange will be suspended from Thursday, February 1 1 day to Wednesday, February 17. On Thursday, February 18, Shanghai-Shenzhen-Hong Kong Stock Connect was opened as usual.
(Investment consultant: Lin, practice certificateNo.: S02606 15 100004)
Second, the focus of market hotspots
Market Comments: The market remains volatile, and the emotional temperature of the market gradually improves, so you can participate in the appropriate elastic band.
Major stock indexes rebounded slightly on Monday. Throughout the day, the collective performance of weighted blue-chip stocks was relatively low, and the GEM index rebounded strongly, especially the sub-new shares were active and eye-catching. At the close, the Shanghai Composite Index reported 3505.28 points, up 0.64%, the Shenzhen Component Index reported 15024.24 points, up 1.36%, and the Growth Enterprise Market Index reported 3 159.99 points, up 0.99%. On the disk, the chemical, leisure services, banking, medicine and e-commerce sectors were among the top gainers; Cloud games, planting, shipping and other sectors were among the top losers. Sector stocks rose more and fell less. Overall, the market structure is still active. Judging from the transaction activity of the market, the overall mood will gradually improve. It can be seen that under the circumstances that the economic fundamentals are accelerating and the liquidity of the central bank is relatively loose before the holiday, the logic of improving the market in the medium term has not fundamentally changed. We can still be cautious and optimistic in operation, and the overall idea of stock selection will turn to cost-effective varieties. It is suggested that due attention should be paid to underestimating blue-chip and oversold technology stocks, paying attention to varieties with substantial growth in annual report performance, focusing on risky stock markets such as chemical industry, brokerage, pharmaceutical e-commerce and electronics, and investment should be cautious.
(Investment Consultant Gu registered investment consultant certificate number: S026066 1 1020066)
Macro: Establish a normalized delisting mechanism and increase the proportion of long-term capital equity investment.
Event: The General Office of the Central Committee and the General Office of the State Council recently issued the Action Plan for Building a High-standard Market System. The Action Plan makes it clear that it is necessary to steadily promote the reform of the stock issuance registration system, establish a normalized delisting mechanism, and not rashly introduce financial reform measures without supervision, increase the proportion of equity investment in long-term funds such as pensions and insurance funds, and carry out long-term evaluation.
Comments: the capital market has comprehensively deepened the reform and accelerated, from the establishment of scientific and technological innovation boards to the reform of the GEM registration system; From further improving the quality of listed companies to a new round of delisting system reform, a number of major reform measures have been introduced one after another, the service function of the capital market has been continuously improved, and the market ecology has been continuously consolidated, laying a good foundation for all kinds of long-term funds to enter the market. News analysis and judgment are conducive to the overall long-term development of the capital market.
(Investment Consultant Gu registered investment consultant certificate number: S026066 1 1020066)
Chemical industry: the proportion of positions in the industry continues to rise, and the segmentation leader is still the first choice for configuration?
Event: Recently, Public Offering of Fund released the data of the top ten awkward stocks in the fourth quarter of 2004: the proportion of chemical holdings rebounded to the historical median. In the fourth quarter of 2004, the proportion of chemical stocks held by Public Offering of Fund was 4.4 1%, an increase of1.26 pct from the previous quarter; The proportion of this position is basically in the middle between the historical low point (2.09%) and the high point (6.84%). It is expected that the overall allocation position is still expected to be further improved, and the valuation of industry leaders still needs to be repaired.
Comments: Since 20Q 1, Public Offering of Fund's willingness to allocate chemical stocks has rebounded quarter by quarter since the bottom of history, with obvious signs of adding positions. In the long run, with the effective control of the epidemic, the chemical industry is still expected to improve in stages, and the proportion of fund positions is expected to continue to improve. Analysis of position characteristics: the concentration of heavy stocks continues to increase, and the leading positions are still being optimized. Take the top 20 chemical positions as an example, 20Q 1-20Q2, which is greatly affected by the epidemic situation, and the concentration of chemical positions decreases; With the effective control of the domestic epidemic situation, the concentration of 20Q3-20Q4 chemical positions continued to increase, and the concentration of 20Q4 chemical positions was 83.9%, up 2.3 1pct from the previous month. On the whole, the third-level chemical sub-sectors such as polyester and spandex have the phenomenon of adding positions, which is mainly related to the outstanding performance of the leading companies in the above sub-sectors, and the overall allocation willingness of the institutions is strong.
(Investment Consultant Gu registered investment consultant certificate number: S026066 1 1020066)
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