Fund calmly faces a sharp change in the style of A-share paintings: the “feast” of technological growth has not yet dispersed
Original title: The fund calmly faced the “painting style”
of A shares: “exchanging space for time”, and the “grand feast” of scientific and technological growth has not yet dissipatedThe shock was lower and the close ended, with the Shanghai Composite Index at 2987.
93 points, a decrease of 0.
83%; Shencheng Index reported 11497.
55 points, a decrease of 3.
02%; GEM refers to 2180.
70 points, down 4.
In this context, the industry sector also fell more or less, semiconductors, chips and other sectors fell the most, related ETFs also followed the plunge, chip funds, semiconductors, etc., once approached the limit.
”In the medium to long term, the market for technology growth stocks is still in its early stages. Whether it is going back in time or analyzing the current era, the technology growth sector will definitely usher in more opportunities.
Under this big logic, we don’t care too much about short-term fluctuations.
“Lv Yuechao, the fund manager of Fortis, said.
Like Lu Chao, many fund managers believe that in the short term, the market is indeed experiencing a fear of heights and profit-taking, and it continues to intensify overseas shock guidance, resulting in increased market shocks.
However, the big logic of technological growth and megatrends are deteriorating and damaging. The future is still the main line of interpretation.
In addition, from an operational point of view, as the undertaking strength under the A-share market has decreased, the decline has instead created favorable conditions for off-market dips.
Fund managers’ calm response measures spread further in many parts of the world. The European and American stock markets continued to plunge overnight. Today, both Shanghai and Shenzhen markets opened significantly lower, and then their trends diverged.
Capital construction, building materials and other cyclical sectors led the gains, while the banking sector protected upside.
In the afternoon, the market weakened turbulently, the Shanghai index fell below 3000 points, the technology stocks adjusted sharply, and the GEM index fell nearly 5%.
The two cities have traded over trillions for six consecutive trading days.
Disk, infrastructure, transportation equipment, shipbuilding, professional engineering, housing construction and other sectors led the gains; semiconductors, components, optical optoelectronics, electronics manufacturing, and other electronics sectors led the decline.
Judging from the performance of the ETF market, democracy’s most popular 5G, chip, and semiconductor ETFs have fallen by more than 7%, and the semiconductor ETF has fallen by as much as 9.
34%, it can be seen that the collective decline of technology stocks has become an important driver of the adjustment.
A private equity fund manager in Beijing said that although the two cities were affected by external factors to a certain extent, the only thing is that the market continues to maintain a trading volume of more than one trillion, which still reflects the positive investment sentiment of market funds and the market.Good investment expectations.
As the investment stocks with the strongest “gold absorption” effect in the recent stock market, if technology stocks continue to fall, they may trigger a large number of over-the-counter funds to enter the market and overcome external adverse market factors.
In addition, from the recent interpretation of the disk, with the strong index of technology stocks, the market still has a large number of high-quality listed company stock prices that are still in the bottom area, and the stock prices of a large number of listed companies have not repaired the gap on February 3, which in itselfThere is a certain amount of supplementary demand and risk defense capabilities.
On the whole, the undertakings under the A-share market have expanded, and the reduction has created favorable conditions for off-market dips.
However, considering the expansion of short-term market risks, for too many fund managers, avoiding short-term risks has become a near-term option.
A medium-sized private equity firm in Beijing said that “there has been some lightening recently, but it still maintains a mid-to-high position.”
The first is that 苏州夜网论坛 the market does have some risks, but trade is arbitrarily called qualitative.
The epidemic situation will always pass, but the development of the epidemic situation and its impact on the economy must be tracked and analyzed, and you need to look at it as you walk.
At present, the liquidity support of the market is obvious, and the performance of high-quality technology stocks in a hierarchical bull market is still optimistic.
At present, hedging methods such as stock index futures and budgets are being considered, but specific effects need to be evaluated.
Chang Jun, the proposed fund manager of Harvest Harvest Select Stock Fund, said that the epidemic is a short-term one-time shock to the macro economy and the market, and will not change the medium and long-term trend.
From an operational point of view, in the future, a stable position-building strategy will be adopted, and positions will be gradually built up by accumulating safety mats. Unless there is a penetrating downward shift in the market, dynamic adjustments will be made to accelerate the speed of position opening.
It is not difficult to find the trend of technological growth. Compared with a few short trading days, the interpretation of the strong sectors of the disk has shown a fundamental difference, but it is the trend of the blue-chip sector that is “stagging” to take the lead in the broader market.
As for the sudden change of A-share “painting style”, especially the collective replacement of the main technology line, too many investors ‘“ tech stock faith ”has shaken.
In fact, as far as the trend of the market is concerned, the market fear and profit-taking sentiment have improved in the short term, which has triggered overseas shock guidance and the market has oscillated.
However, a large number of fund managers believe that the big logic of technological growth and megatrends to correct damage are still the main line of the interpretation of the stage.
First, incremental funds are still entering the market. Second, the broad monetary environment continues, and the refinancing and relaxation cycle is approaching, and the same maximum benefits for technology stocks. Transformation. From a fundamental point of view, the current main line of technology growth can also support and boom. ”Is the collective interest of technology stocks mainly due to the gap in the previous period?
“Liu Weijie, fund manager of Zhejiang Hejun Asset Management Co., Ltd., said that from a long-term perspective, the interpretation of the main line of technological growth will not end, and after the” shifting and changing speed “within the sector, the internal leader of the technological growth sector will alsoThere is a certain rotation, and from the perspective of “space for time”, a new round of upward movement within the plate will still be worth looking forward to.
”In the sector, the short-term technology sector has benefited from increased liquidity and market risk. It has performed better, but stocks with purely thematic hype should gradually reduce their holdings on the upswing, supported by beneficial policies, and it is estimated that the true growth stocks that are still relatively reasonable are still worth holdingHave.
“China Merchants Fund said that accumulation can focus on the estimated repair opportunities of the reorganization sector benefiting from the countercyclical policy overweight and the need to catch up with work. At the same time, benefiting from the increased market activity, the replacement of the securities sector that is still relatively reasonable can also be concerned.
Xingshi Investment also holds an optimistic view on the performance opportunities of the main line of technological growth.
Xingshi Investment said that, for both institutional investors and ordinary retail investors, it is difficult or even impossible to predict the short-term rise and fall of the market.
However, if you pull the time dimension longer, you can see more clearly.
A new round of science and technology cycles has begun. The communications, electronic cycles, new energy vehicle industry cycles, and domestic substitution cycles, represented by 5G, are expected to gradually improve in the future.
The economic growth of various countries has shifted from a high speed to a more complete development, and the technology industry is bound to play an increasingly important role in the national economy.
And further industrial transformation and upgrading in the future will be a deterministic trend.
In addition, Xingshi Investment believes that the short-term rebound of cyclical stocks is more a response to the expected rise in resumption of labor and countercyclical adjustment policies to increase the steady growth of infrastructure.
For cyclical stock investment, traditional infrastructure is more of a bottom-up role, and its space is limited. In the long run, new infrastructure is an important development direction, and the new infrastructure will also give 5G, cloud computing, industrial Internet, etc.The industrial chain brings more performance support.