The unanimous view of fund companies' head equity public offering can be roughly summarized as follows: the systemic risk of the market is not great, the overall situation continues to be slow, and 202 1 value and growth are balanced. The specific views of each company are as follows:

HSBC Jintrust Fund: The liquidity margin is tightening, and the market range fluctuates mainly. (1) With the deepening of economic recovery, 202 1 corporate profits are expected to rebound strongly. (2) With the tightening of monetary policy and liquidity margin, the market range fluctuates mainly. (3) There are many structural market opportunities, and grasping the main line of profit is the key. For example, the pro-cyclical sector, including nonferrous metals, oil industry chain, finance and so on. Benefiting from the global economic recovery; Optional consumer areas, including home appliances, houses and automobiles; The profit growth rate can digest the high boom sectors of valuation, including electronics, military industry and new energy.

Qianhai Open Source Fund: A shares entered the third year of "golden decade" and continued the slow bull market. (1) Monetary policy will not be excessively tightened, and fiscal policy will be more active. (2) In the third year of "golden decade", A-shares will continue the slow bull market, and the Shanghai Composite Index is expected to rise by about 10%-20%. (3) Long-term funds from all walks of life continued to add A shares, and the sales of equity funds continued to be hot. The annual foreign capital inflow was about 300 billion yuan. (4) The characteristics of market differentiation are more obvious. We continue to be optimistic about white stocks in the three major directions of consumption, brokerage and science and technology, while poor performance stocks and theme stocks continue to be marginalized. (5) Value investment has been deeply rooted in people's hearts and has become the most mainstream investment concept. (6) The degree of water release by the Federal Reserve decreased, and US stocks surged back and fluctuated at a high level.

A summary of the views of private equity funds

Qinghequan Capital's 202 1 Annual Strategy: The Long Track of Prosperity under the Financial Tightening Pattern

History will not repeat details, but the process will repeat similarities. 2020 is like a condensed version of the financial crisis. The COVID-19 epidemic and economic blockade led to a rapid economic recession, followed by loose policies and economic restart. In contrast to the active capital market, the market was still shrouded in extreme panic in early March and launched an epic rebound in early April. At present, although with the sharp rebound of the market and the optimistic progress of vaccines, the epidemic seems to be gradually moving away from us. However, after the public health crisis, the paradigm of policy thinking and the law of economic development are constantly evolving and influencing us, which deserves our in-depth thinking and tracking.

Both offensive and defensive, structural cattle! Chongyang investment 202 1 investment strategy is coming.

Looking forward to 202 1, we believe that the market will continue the structural market characteristics, but the scope may be more concentrated, with equal emphasis on offense and defense.

The structural characteristics of the A-share market may last for a long time, which is determined by many factors. Under the background of economic transformation, the macro background of structural market is the reduction of total fluctuation, the integration and differentiation within the industry and the frequent structural highlights of the new economy. The central government attaches great importance to the capital market, and the registration system is fully implemented to curb short-term speculation in the market. This is the institutional and micro-foundation of the structured market. Historically, the lower valuation differentiation of A shares is synchronized with the top of the market, and the higher valuation differentiation basically corresponds to the bottom of the market. At present, the market has risen for two years, but the degree of valuation differentiation is rarely at a historical high, which reflects the evolution of the market under the background of registration system. At the same time, the income of mainstream institutions in the market has been relatively high in the past two years, and investors need to lower their expectations for the yield of structural winners in the next 1-2 years.

Fengling Capital 202 1 Prospect: From starry sky to down-to-earth.

Zhang Kexing, General Manager of Grey Assets: The capital market has great potential in the future. In the long run, the high probability is the slow bull market that oscillates upward.

The best investment era in China's capital market has arrived. The future capital market is just like the housing price in Beijing before 15, with great potential. In the long run, the high probability is the slow bull market that oscillates upward. Next year, A-shares and Hong Kong stocks will have good market performance, especially Hong Kong stocks. I think there is a greater chance.

Summary of brokerage views

Haitong Securities: The bull market is on the road

Guotai Junan: Mid-end blue-chip stocks in the Year of the Ox

CITIC Securities: Abundant market liquidity promotes the sustained and slow growth of A shares.

Gf securities: 202 1 the layout of eight major industries with rising prices.

CICC: The favorable environment promotes A-shares to be more radical and the cyclical recovery deepens.