Partial stock funds:
Choose industries and allocate balanced excellent funds.
At present, A shares are still in the upward cycle since June 20 19, and the market will gradually deduce the logic of "from liquidity drive to fundamental drive". The mid-year report of listed companies has disclosed that the overall profitability of A-share companies has recovered substantially in the first half of the year, and the profit growth rate of some small and medium-sized board companies has rebounded to positive growth. In the second quarter, the performance of most industries improved, and the industries with better performance and upward prosperity were mainly concentrated in the mid-stream manufacturing industries such as automobiles, machinery and electrical appliances, and medicines, food and beverages with increased consumption under the epidemic. Looking forward to the second half of the year, financial sectors such as insurance banks, cyclical sectors such as building materials and chemicals, cyclical consumption sectors such as post-real estate, and tourism consumption sectors such as aviation, hotels, airports and movies are also expected to recover.
In the choice of investment targets, investors are advised to give priority to excellent funds with stable long-term performance and balanced industry allocation, and carefully avoid focusing on industry theme funds in sectors such as technology and medicine with large previous gains and high valuations; Pay attention to investment opportunities in low-valuation sectors such as finance, cyclical consumption and post-cyclical consumption of real estate, properly match relevant theme funds, and grasp the investment opportunities brought by sector valuation repair.
Bond fund:
Attach importance to the strength of the fund credit evaluation team
From the current point of view, the economic cycle interrupted by the epidemic will usher in a recovery relay, and the nominal economic growth rate will maintain an upward trend in the second half of the year. Generally speaking, due to the upward nominal growth rate, the secondary expansion of credit stopped, and the upward interest rate process may not be over.
Investors are advised to pay attention to the investment value of short-term and medium-term debt funds and consider allocating them as bottom positions in order to obtain stable income and smooth portfolio fluctuation. When choosing specific investment targets, we should pay attention to the strength of the fund company's credit evaluation team and avoid credit risks while considering the liquidity demand of funds.
QDII Fund:
Pay attention to the allocation value of safe-haven assets such as gold ETF
Judging from various data, April this year was the bottom of the global economy, and the global economy has continued to improve since May. This trend of continuous improvement is determined by two factors: one is the sustainability of recovery and improvement in a single country, and the other is the time lag of improvement in different countries due to the development of the epidemic. The superposition of the two determines that the improvement of overseas economic fundamentals is sustainable. The overseas recovery may shake the style of domestic and foreign stock markets, and continue to promote the style switch from growth to value and the repair of value stocks. It is worth noting that fundamental changes have made overseas monetary policy easing expectations face potential changes, and the stage of enjoying the "liquidity feast" may have passed. The Fed has no incentive to increase easing, otherwise it will have a long-term impact on the stock market and bond market.
According to the principle of risk diversification, investors with high risk preference are advised to allocate certain overseas assets, focusing on the allocation value of safe-haven assets such as gold ETF. In terms of fund selection, investors are advised to choose the products of fund companies with rich overseas management experience and strong investment team.
It is suggested that investors with low risk appetite can look at bank wealth management products more. Moreover, it is recommended to check the risk assessment report before investing to fully understand the risk points of the bank's wealth management products and effectively ensure the safety of funds.