In the annual report, valuation and profit become the main logic of fund managers' stock selection. A number of fund companies said that they would pay attention to blue-chip leaders and low-valued growth stocks. Wang Yifa, head of the macro research strategy group of Jiutai Fund, said that opportunities for SMEs are brewing for two main reasons: First, the 20 18 liquidity is expected to improve, and the interbank interest rate may be lowered, which is conducive to the stock price recovery of SMEs. Second, the overall valuation of GEM is already in the bottom area. If the market risk appetite picks up in the later period, it will bring more profit space. Since the beginning of this year, many Public Offering of Fund have focused on small and medium-sized companies. Although the knowledge of redistribution has not yet been formed in the industry, most of them have begun to prepare for "outpost warfare".

Zhao, the proposed fund manager of Shanghai Bank, believes that we can focus on some low-value small and medium-sized blue-chip stocks with low market expectations, good liquidity and clear long-term growth logic. The investment core of such companies lies in the matching of performance and valuation and the sustainability of performance growth. At present, the overall market style is dominated by institutional game, and the core of investment lies not in the absolute amount of performance growth, but in the difference between performance growth and expectation. At the same time, we should also pay close attention to the industries that have a turning point in performance in the first quarter and the sub-industries that maintain a high business cycle.

Specifically, in the investment field, CICC suggests to tap high-quality growth stocks in a bottom-up way, which can tap growth stocks with gradually reasonable performance expectations from TMT, medicine, new energy and environmental protection fields that have been adjusted for more than two years.

In addition, since the beginning of the year, the value blue chip has continued to lead the rise, leading the index to rise sharply, and institutions also have considerable expectations for the annual report market of such companies. Zhao believes that when grasping the annual report market, we should focus on enterprises whose performance exceeds previous market expectations, such as companies that have recently raised their performance expectations and companies with inflection points in profits in the fourth quarter of last year.

CICC said that in the layout of blue-chip companies, we can pay attention to two aspects: First, blue-chip consumers will be divided, and they are relatively optimistic about home appliances and some leading companies in food and beverage, catering and tourism. Second, there is still a big expectation gap between the real estate industry chain and banks, and we should focus on companies with large performance expectations in cyclical industries in order to obtain phased opportunities brought about by repair.

Chen Shanfeng, an analyst of Mi Ying Wealth Fund, believes that there are three points to pay attention to when participating in the annual report market. First of all, the performance of listed companies that dare to disclose the annual report first is generally good, which is also the basis of the annual report market. Secondly, pay attention to the performance reports of listed companies and pay enough attention to industry leaders. Finally, due to the continuous entry of foreign capital with a preference for high dividends and the attention paid by the regulatory authorities to the cash dividends of A shares, high-scoring bonus stocks are also worthy of allocation.