Wind's data shows that by the close of 1 1, the maximum retracement of the CSI Pharmaceutical (000933) index, the maximum retracement of the CSI Science and Technology Index (93 1 186) was nearly 15%, and the CSI consumption index. This is only an index, and if it is dominated by individual stocks, the decline may be even greater.
Dabai Maziqi callback, is now a good opportunity to buy? Huang Feng, a veteran of Haifutong's consumer investment, may agree with the general view of current institutional investors-he believes that in the long run, medicine, consumption and technology belong to the high-quality track of A-shares with high certainty and can be configured at any time; In the short term, after two years of rising, the valuation of high-quality white horses is expensive, so it has been adjusted in recent months. At the same time, we should do a good job in defense and wait quietly for the opportunity of "market failure"
For ordinary investors, timing is more difficult, and a better choice is to hand over assets to professional stock fund managers for management based on the concept of plate allocation.
Big consumption+big technology, focusing on the golden track of the times
In the past two years, pan-consumption (including medicine) and science and technology industry have been the heavy positions of institutional investors, with a profound background behind them. Looking back, under the background of "focusing on domestic demand" and new economic transformation, consumption and technology are still worthy of long-term optimism.
Huang Feng, the fund manager of Haifutong Mixed Growth Value, has 65,438+00 years of working experience, including 6 years of fund investment experience. He has worked in credit rating agencies, listed companies and brokerage research institutes. And has been focusing on the field of big consumption. Huang Feng firmly believes that with the economic transformation and upgrading in China, the leading companies in the field of large consumption contain huge investment opportunities, but at present, "Xiao He has just emerged". There are two reasons: first, the interest rate environment is unlikely to be greatly tightened, and low interest rates will be a relatively long-term process, which is conducive to the valuation of equity assets; The second is to look at the industrial structure, especially some mature industries, such as high-end liquor, raw materials and other industries. It is a high probability event for the strong to be strong. "The key to this core asset lies in the supply side, not the demand side." Huang Feng pointed out.
Fan, another proposed fund manager with mixed growth value of Haifutong, has a background in communication major of Fudan University and TMT industry research. Since he became a fund manager, he has been focusing on investing in growth stocks such as computers, communications and medicine, and has achieved quite beautiful results (for details, please refer to the performance of Haifutong small and medium-sized mixed stocks in the past year).
"Investment should be reversed and follow suit. We have all seen that the government insists on housing and not speculating, insisting on financial services to the real economy, and insisting on the development of hard technology. This is very firm, and the equity market will play an important role in it. " Fan said.
After short-term adjustment, asset prices are healthier.
In the second half of 2020, the sectors of science and technology, medicine and consumption began to adjust one after another, and some sub-sectors frequently underperformed the broader market. Can I buy a consumer technology fund now?
In this regard, Fan believes that as the economy returns to normal operation, the A-share market is likely to return to the perspective of long-term prosperity trend and performance realization to find the upward momentum.
On the other hand, although the valuation of "White Horse Stock" as a whole is still at a historical high level, it is unlikely that systemic risks will occur due to its low overall market position. This also means that it is unlikely that core assets will return to the price of 20 18. In the future, it is more likely that the asset rotation between sectors will accelerate, and the short-term trend will fluctuate and the long-term trend will continue to rise.
Huang Feng said that in the past six months, the hot spots in the market have been rotating very fast, with military industry, automobiles, new energy and banks coming one after another. The balanced investment style may perform well in the near future. But as a fund manager, we must exercise restraint and not blindly chase hot spots. He hopes to invest in the industry he knows best, avoid greater risks from the interests of the holders, and make investments with high winning rate.
"In fact, in the past six months, our attitude has been very cautious. If you look at the third quarterly report of Haifutong's domestic demand hotspots, you can feel that we started to guard against the risks of liquor stocks earlier in the market. " Huang Feng said, "We tend to think that there is bound to be a staged mean regression in the market. The most important thing now is to remain calm and restrained and seize the opportunity of market mistakes. "
Huang Feng stressed that it is difficult for ordinary investors to make short-term timing. A more scientific method is to focus on the long-term investment value and let professional fund managers manage assets and enjoy the compound interest of time.