The fund manager said that from the market experience, the equity market in June 5438+ 10 is easy to form a multi-style parallel situation, which is usually the starting point of the "spring restlessness" market. After the Spring Festival, liquidity is relatively abundant, and policy expectations are heating up, which is the real time window for the "spring agitation" market.
"Spring Tide" market opens ahead of schedule.
Statistics show that as of the close of 65438+ 10/8 in June, the net purchase amount of northbound funds since the beginning of the year has exceeded the whole year of 2022.
Driven by the substantial net purchase of funds in the north, non-bank finance, power equipment, food and beverage sectors all increased to some extent. However, judging from the trend of domestic institutions, it is not completely consistent with the pace of capital going north.
Different from the preference of northbound funds to continuously increase their positions in core assets, the statistics of Cinda Securities Research Report show that in the first two weeks of the year, active partial stock funds continued to increase their positions, and industries with high allocation ratio included agriculture, forestry, animal husbandry and fishery, national defense and military industry, computers, real estate, medicine, non-ferrous metals, etc. And industries with low allocation ratio include banking, coal, food and beverage, steel, power equipment, new energy, basic chemical industry, etc. Perhaps because of this, there is a phenomenon that the plate rotates and rises on the disk.
In this regard, Luo Yongchao, investment manager of Jiahe Fund's equity investment department, believes that since the beginning of the year, while the value style market continues, the market has gradually begun to predict the industrial prosperity in the new year. At this stage, the equity market is easy to form a multi-style parallel situation, which is usually the starting point of the "spring agitation" market. After the Spring Festival, liquidity is usually abundant, and policy expectations are heating up. At that time, it will be the real time window for the "spring restlessness" market.
A top fund manager told shanghai securities news that the current rise of A shares is driven more by expectations than fundamentals. From March to the second and third quarters, there may be a process of switching from expected trading to fundamental trading.
Institutions are optimistic about three main lines.
Although we are still cautious about the market outlook, institutions are actively looking for the entrance. Jiang Feng, deputy general manager of the equity investment department of Jianxin Fund, recently said that there may be certain opportunities in the equity market in 2023, combined with the fundamentals and valuation level. Among them, the recovery of domestic demand, great security and the reform of state-owned enterprises in central enterprises deserve attention.
Subdivision direction, behind the recently active sectors such as medicine and semiconductors, we can vaguely see the figure of institutions. Choice statistics show that as of June 65438+1October 17, more than 40 active equity funds have increased by more than 10% since the beginning of the year, among which medical theme funds account for more than one third, followed by theme funds such as semiconductors, technology internet and new energy vehicles. The top three net gains were Beixin Ruifeng Healthy Living Theme, Huaxia Semiconductor Leading Mix, and Soochow Alpha Flexible Configuration Mix, with range gains of 13.98%, 13.36% and 12.75% respectively.
Taikang Fund believes that the recent recovery of the pharmaceutical sector is obvious, mainly due to the frequent policies in the field of medical devices, which generally shows a marginal easing trend, which is conducive to the stabilization of market sentiment and the repair of valuation. On the whole, after a long callback, the valuation of the whole sector is low, and the proportion of Public Offering of Fund's positions is also at a historical low. Coupled with favorable policies, multiple factors have provided impetus for the rebound of the pharmaceutical sector.
The semiconductor board is also in the "range" of the left layout of the mechanism. Yang, executive director and fund manager of Jing Shun Great Wall Stock Investment Department, said in a recent live broadcast that the investment opportunities of semiconductors are distributed in the inventory cycle, product innovation and self-controllability. The opportunities brought by the inventory cycle in the past two years may come to an end, and the structural opportunities of product innovation and self-controllability will be viewed more optimistically in the future.
Regarding the reform of state-owned enterprises, the person in charge of equity investment of a large fund company in Beijing said that he mainly observed the specific situation of the reform plan of state-owned enterprises. He believes: "In the past two weeks or so, several central enterprises and state-owned enterprises have issued some plans, and the market has basically given a relatively positive response. I think there are many opportunities worth exploring in the reform of state-owned enterprises this year. "