Summary of the views of public funds The consistent views of leading equity public fund companies can be roughly summarized as follows: the market has little systemic risk, the overall trend continues to be slow, and value and growth will be balanced in 2021.

The specific views of each company are as follows: HSBC Jintrust Fund: The liquidity margin is tightening, and the market mainly fluctuates in a range.

(1) As economic recovery deepens, corporate profits are expected to see a strong rebound in 2021.

(2) With the tightening of monetary policy and liquidity margins, the market mainly fluctuates in ranges.

(3) There is no shortage of opportunities in the structural market, and holding on to the main line of profit is the key.

For example, procyclical sectors include non-ferrous metals, petroleum industry chains, finance, etc. that benefit from the global economic recovery; optional consumer sectors include home appliances, home furnishings, and automobiles; and high-prosperity sectors whose profit growth rate can absorb valuations include electronics and military industries.

, new energy, etc.

Qianhai Kaiyuan Fund: A-shares have entered the third year of the "golden decade" and continue the slow bull and long bull market.

(1) Monetary policy will not be excessively tightened, and fiscal policy will be more active.

(2) A-shares have entered the third year of the "golden decade" and will continue their slow bull and long bull market. It is expected that the Shanghai Stock Exchange Index will rise by about 10%-20%.

(3) Long-term funds from various sources continue to increase their positions in A-shares, equity fund sales continue to be booming, and foreign capital inflows total around 300 billion throughout the year.

(4) The market differentiation characteristics are more obvious. We continue to be optimistic about the white dragon horse stocks in the three major directions of consumption, securities companies and technology, while poor-performing stocks and theme stocks continue to be marginalized.

(5) Value investing has gradually gained popularity and become the most mainstream investment concept.

(6) The Federal Reserve reduced its efforts to release water, and U.S. stocks fell back after rising, fluctuating at high levels.

Summary of views of private equity funds Qinghequan Capital's 2021 annual strategy: a long track for prosperity under the financial contraction pattern "History will not repeat the details, but the process will repeat itself."

2020 is like a condensed version of the financial crisis. The COVID-19 epidemic and economic blockades led to a rapid recession, and easing policies and economic reopening soon led to a rapid recovery.

Looking back at the active capital market, the market was still shrouded in extreme panic in early March and had already launched an epic rebound in early April.

Standing at the moment, although with the sharp rebound of the market and the optimistic progress of vaccines, the epidemic seems to be gradually getting away from us.

However, after the public health crisis, policy thinking paradigms and economic development laws continue to evolve and affect us, which is worthy of our in-depth thinking and tracking.

Both offense and defense, great structure!

Chongyang Investment’s 2021 investment strategy is here. Looking forward to 2021, we believe that the market will still continue to have structural market characteristics, but it may be more focused in scope, and the strategy must focus on both offense and defense.

The structural characteristics of the A-share market may last for a long time and are determined by a variety of factors.

Under the background of economic transformation, total volume fluctuations have become smaller, internal integration and differentiation within the industry, and new economic structural highlights have appeared frequently, which are the macro background of the structural market.

The central government attaches great importance to the capital market and fully implements the registration system to curb short-term market speculation, which is the institutional and micro-foundation of structural market conditions.

Historically, the lower valuation differentiation of A-shares corresponds to the market top, and the higher valuation differentiation basically corresponds to the market bottom.

At present, the market has been rising for two consecutive years, but the valuation differentiation is rarely at a historical high, which reflects the evolution of the market under the background of the registration system.

At the same time, mainstream institutions in the market have achieved relatively high returns in the past two years, and investors need to lower their return expectations for structural winners in the next 1-2 years.

Fengling Capital's Outlook for 2021: From looking up at the stars to being down-to-earth Zhang Kexing, general manager of Gray Asset: The future capital market has huge potential, and in the long run it is likely to be a volatile and upward slow bull market. The best investment era for China's capital market has arrived.

The future capital market will be like Beijing’s housing prices 15 years ago, with huge potential.

In the long run, it is highly likely that the market will fluctuate upward and be a slow bull market.

A-shares and Hong Kong stocks will have good market performance next year, especially Hong Kong stocks, I think there are greater opportunities.