At present, nine funds including Southern China have released their fourth-quarter investment strategy reports. Funds generally agree that China’s macroeconomic downward trend has been established, but they also believe that there is a possibility of a substantial rebound in the market with policy support. Last night, institutional experts who had expressed their opinions at the "Yangzi Investment University" and those who were about to take the stage were connected to another "Securities Heroes Meeting" to hear what funds think about the current market. Wells Fargo Fund: It is expected to stop falling and stabilize. "The A-share market is expected to stop falling and stabilize in the fourth quarter due to policy warming and expectations of economic downturn." Wells Fargo Fund pointed out that there are four factors that affect the stock market, corporate profits and stock supply and demand. , valuation and investor confidence. In terms of funding, in the fourth quarter, the central bank may take the initiative to increase investment or lower the reserve ratio, fiscal deposits are released from the central bank's accounts and other factors, which will help the stock market's funding situation improve; market valuations have entered a low-risk area and have begun to have positive effects. Attractiveness; the supply and demand relationship of stocks may improve to a certain extent under the expectation of shareholders of central enterprises to increase their holdings; investor confidence has also improved under the stimulation of market rescue policies. However, the economic downturn, which drags down corporate profits, is a fundamental factor in the stock market that is difficult to change. This will be the main constraint on the opportunity for a systematic rise in the stock market. Cathay Fund: Facing downward pressure, Cathay Fund pointed out that commodity prices have fallen sharply recently, domestic pork prices have loosened, and inflationary pressure has gradually eased. This has given the government more room to implement loose money. policy and fiscal policy. Cathay Fund finally stated that China's exports will face downward pressure in the future. The main reasons include the shrinkage of new orders and the impact of the global financial tsunami on exports, which will affect the real economy and credit external demand and the contraction of trade credit of foreign trading companies, which will affect my country's exports. , so export growth will also face downward pressure in the next few quarters. Invesco Great Wall: There will be no reversal. Invesco Great Wall Fund pointed out that governments of various countries have joined forces to rescue the market and basically avoided the collapse of the banking system. However, the negative transmission of banks' credit crunch to the real economy will not be gradually eliminated until financial rescue actions are implemented, and A-shares will inevitably be affected in the short term. The fund also stated that policies will be further relaxed, including significant interest rate cuts and reserve ratio cuts, but the predictability of corporate profits is poor and the reasonableness of valuation levels is no longer the main factor for investors to measure prices. In terms of investment strategy, Invesco Great Wall Fund believes that as the systemic risks of the market are released to a greater extent, the basic value of enterprises is expected to be re-examined. In terms of industry, stable varieties with a margin of safety are selected, mainly focusing on food and beverage, retail, pharmaceutical, transportation, petroleum and petrochemical industries. Bosera Fund: Looking for good dividend stocks Bosera Fund pointed out that overcapacity and exit are a major challenge that China will face at the economic level in the next few years. Regarding the overall situation in the next stage, Boshi Fund predicts: 1. The integration, adjustment and exit of production capacity are challenges that the future economy must face. In this process, we will see a number of companies shutting down and relocating. This is in the past Export-oriented small and medium-sized enterprises represented by Zhejiang and Guangdong have begun to appear. 2. Competition in large-scale local export manufacturing has been an important driver of China’s economic growth since the 1990s, but currently, this model is or will undergo some changes. Against this background of adjustment, Bosera Fund elaborated on its basic idea for the next stage of investment, which is to look for investment targets with stable future demand growth prospects, or with sufficiently large valuation discounts and good dividend returns. According to the feedback after the connection, the current equity-type funds among the new funds include Tianhong Yongding Value Growth, Dacheng Strategic Return, and CCB Core Selection. In addition to some vague attitudes, Celestica and CCB have expressed cautious optimism about the current market.