Last week, the Federal Reserve raised interest rates by 75 basis points and further explained the future monetary policy. In this context, the latest strategy research from the private equity industry shows that most private equity institutions are cautiously optimistic about the A-share market outlook. So today, Bian Xiao is here to sort out the relevant knowledge of the fund for everyone. Let's have a look!
A shares continue to consolidate.
Last week (July 25 to July 29), the A-share market as a whole showed a pattern of shock consolidation, with major stock indexes generally slightly adjusted back. By the close of last Friday (July 29th), the Shanghai Composite Index, Shenzhen Component Index, Shanghai and Shenzhen 300 Index and Growth Enterprise Market Index had dropped by 0.5 1%, 1.03%, 1.6 1% and 2.44% respectively. The Science and Technology 50 Index rose by 0.36%. In terms of market value style, the performance of large-cap style indexes such as SSE 50 and CSI 300 last week was relatively weaker than that of small and medium-sized market value indexes such as CSI 500 and CSI 1000. Specific to the rise and fall of individual stocks, Wind data shows that among the 4,838 A shares in the two cities last week, 27 16 stocks rose, accounting for nearly 60%.
In terms of market valuation, Tonglian data shows that as of the close of last Friday, the P/E ratios of Shanghai Composite Index, Shenzhen Component Index, Shanghai and Shenzhen 300 Index, Growth Enterprise Market Index and Kechuang 50 Index (holistic method) were 12.6 times, 27.4 times,12.0 times, 53.3 times, respectively. The P/E ratios of Shanghai Composite Index, Kechuang 50 and other indexes remained at historical lows.
Interference from external events is limited.
Regarding the impact of external news such as the Fed's interest rate hike, Zhang Zengji, founder of Gecko Capital, said that after the Fed raised interest rates by 75 basis points, the "radical interest rate hike cycle" may come to an end. Starting from September, the Fed's interest rate hike is expected to slow down. Since the beginning of this year, the interest rate hike by the Federal Reserve and the adjustment trend of US stocks have limited impact on the domestic financial market.
Wuxu Assets said that the landing of the Fed's interest rate hike boots last week meant the staged exhaustion of market sentiment. This event will not affect the long-term trend of A shares in the general trend, and the main factor that determines the performance of A shares lies in the domestic economic fundamentals. Looking forward to the second half of the year, the policy of steady growth is expected to continue, and the economic growth in the second half of the year may exceed expectations. On the whole, the institution maintains the view that the A-share market will be "suppressed first and then promoted" in 2022.
Wukong Investment believes that due to the continued high inflation data in Europe and the United States, the Federal Reserve continued to raise interest rates in June and July, and the market's expectations for the European Central Bank to raise interest rates have increased. As the economic growth in the United States weakens, the possibility of raising interest rates sharply again will decrease. For A shares, on the one hand, the pressure of external factors will be eased in the short term; On the other hand, considering the dislocation with overseas economic cycles, foreign capital is expected to increase China's assets again. For the A-share market, institutions currently hold a "cautiously optimistic" view.
The popularity of hot industries has not diminished.
From the perspective of strategic response, at present, most private placements generally indicate that they will keep their stock positions at a medium and high level and continue to be optimistic about hot industries such as electricity and new energy, new energy vehicles, large consumption, semiconductors and national defense.
Cui Lei, general manager of Zhaowan Assets, said that since A-shares bottomed out at the end of April, new energy sectors such as new energy vehicles, photovoltaics and wind power have become continuous hot spots in the market, which is not only the result of short-term performance growth trend and long-term industrial direction, but also reflects the upgrading trend of China's manufacturing industry. At present, the investment direction of institutions will continue to focus on the above industries.
Zhang Zengji stressed that he will firmly hold "certain positions" and reserve "low-priced chips" for high-quality stocks for a long time. In terms of industry, it is suggested to focus on leading consumer stocks such as new energy, semiconductors and national defense infrastructure, which have benefited from economic recovery and their share prices have been fully adjusted. At present, investors need to be patient and embrace certain opportunities.
Wukong Investment said that at present, the organization maintains a "medium position", focusing on the prosperity direction related to intelligence in the photovoltaic and new energy automobile industry chain that benefited from accelerated construction at home and abroad, some semiconductor sectors, and consumer stocks that benefited from the economic recovery after the epidemic.
According to statistics of Chaoyang Longshan, as of July 28th, in the overall market of A-share market in July, more than 3,000 strategic private equity institutions monitored by this institution had an average slight loss1.65,438+01%since July, and nearly 40% of them still achieved positive returns that month. Wuxu Assets said that the relevant private equity performance data shows that the market is in a consolidation pattern recently, and the profit-making effect of individual stocks is better than expected, so we can continue to be optimistic about the structural investment opportunities in the later market.
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