The stock market plummeted, the financial market was filled with smoke, and people were worried. After the country failed to rescue the market again and again, investors can no longer trust the national team. So in the case of market fluctuation, how should the fund prepare for the challenge? The following small series will analyze it for everyone.

The Great Wall Fund pointed out that in the current volatile market, the structural differentiation will be more obvious and the structural market will continue. In the absence of further tightening of policies, the market will mainly show a volatile pattern in the fourth quarter, and structural differentiation will increase again. On the one hand, the steady improvement of the market needs economic improvement, clear policy expectations and liquidity support, which takes time to verify; On the other hand, the blue-chip market has been in a long-term downturn, and its valuation is lower than the historical average. The policy of structural transformation will also support related industries, which makes the market have limited downside.

Therefore, the Great Wall Fund proposes that the investment strategy in the fourth quarter should be phased and random, because the market may face greater uncertainty and volatility in the fourth quarter. On the one hand, in the short term, the GEM and SME board are highly valued and will face greater pressure to lift the ban in the future; In the context of the continuous decline in economic growth, its profits may be further lower than expected, making these stocks more risky. Relatively speaking, the low-valued blue-chip market is expected to strengthen again in stages, making the short-term strategy a low-valued, steady-growing partial-value investment strategy. On the other hand, once the market fluctuates greatly and the structural valuation bubble is released, the urgency of economic restructuring will make growth stocks favored by the market again, so the investment strategy at this stage is partial growth.

Cao Mingchang, manager of Xinhua Preferred Dividend Fund, believes that in the short to medium term, the A-share market is more complicated during the economic restructuring period. First of all, there may be some new changes in the relatively tight policy in the second half of the year; Secondly, economic growth may gradually bottom out after the third quarter; In addition, changes in policies and economy will lead to changes in capital and a relatively loose direction, so we need to pay attention to the possible rebound or even reversal of the market. Future investment opportunities may be reflected in two aspects. First, the blue-chip stocks represented by finance are at the bottom of history due to the large decline in the first half of the year. Under the support of long-term fundamentals, they have the requirement of substantial upward revision; Second, low-valued consumer goods and growth stocks have grown steadily, and there is still room for growth on the premise of maintaining growth. In the future, we are more optimistic about banking, insurance, coal, machinery, household appliances, transportation equipment, food and beverage, information services, information equipment and other industries, and we are also actively concerned about the opportunities in industries such as medicine, electronics, retail, building materials and real estate.

Cai Bin, manager of Changsheng Active Allocation Fund, said that both traditional industries and emerging industries will be the focus of attention in the second half of the year. The government has deeply realized that China's economy must change its growth mode, and has successively issued a number of plans to revitalize emerging industries, striving to transfer more social resources from real estate and high-energy industries to new technologies, new energy and other emerging industries and economic growth points. These industries have obvious advantages and broad market space, among which some related small and medium-sized enterprises and growth enterprise market enterprises are the most representative, and their performance in the capital market is remarkable; On the other hand, if there are staged mistakes in traditional industries, there are still opportunities for oversold rebound and valuation repair. It can be said that these two aspects are the key investment opportunities in the second half of the year.