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(正规买码网投48.9倍):Fund: How to play the "Unicorn" card

时间:2018/3/12 18:28:17  作者:  来源:  浏览:0  评论:0
内容摘要: While excavating the emerging White Horse "Unicorn", we still have to allocate more than half of our funds to traditional Baima s...

While excavating the emerging White Horse "Unicorn", we still have to allocate more than half of our funds to traditional Baima shares, and the traditional white horse stock market is far from over.

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In March, the A-shares ranged and shrank, showing a structural market. Since March, it has gained 1.47%, with an amplitude of 2.49%. Although the broader market index has shaken off the impact of the US plunge, the market has been repaired by twists and turns, and the two-year extension of the registration system and the "Unicorn" company's "read and write" policy are positively stimulating, and the small and medium-sized companies continue to rebound strongly. Qianhai Open Source Yang Delong This is called.

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Traditional and Emerging White Horse Shares Expect to Dance

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Yang Delong said that the outstanding performance of the recent plate, one of the largest profits in the new energy auto sector cobalt, lithium resources, and the other is the new white horse stocks, that is, technology leading shares, mainly in four directions: chips, artificial intelligence, 5G and new energy vehicles. Recently, with the rebound of small and medium-sized companies, the leading companies in these four directions have performed outstandingly. The concept of emerging white horse stocks mainly refers to the leading science and technology stocks that represent the direction of economic transformation. Corresponding to the traditional white horse stocks, such as liquor, food and drink , household appliances, medicine, etc. are traditional Hakuba shares, traditional Hakuba shares led the rise for more than a year in 2017, with the adjustment of the broader market, traditional Hakuba shares There has been a certain degree of correction, but from the perspective of the midline, the traditional white horse stocks have great opportunities. On the one hand, foreign capital flows in . On the other hand, pension funds will be allocated to the Baima shares.

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The idea of ??investing in small and medium-sized companies is the same as investing in the main board. We must choose the leading company to perform the configuration. Leading companies have valuation premiums. Leading companies are dominant in the industry and have strong anti-risk capabilities. They often have pricing in the industry. Right, even in the downturn of the industry, leading companies can survive. For emerging white horse stocks, we must choose leading stocks. Because for the traditional industry, the market is relatively large, there may be a number of leading companies coexist. However, for emerging markets, market capacity is small, and only one or two leading companies may be able to survive in the market.

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While excavating the emerging white horse stocks, more than half of the funds still need to be allocated to traditional Baima shares, and the traditional white horse stock market is far from over. There is only a periodical correction. With the inflow of funds, there will be opportunities for traditional Baima shares. Emerging Baima shares represent the direction of economic transformation. Some of the highly deterministic industries are domestic chips, artificial intelligence, 5G and new energy vehicles, particularly upstream cobalt-lithium resource stocks, of which the emerging industry's leading shares are emerging Baima shares.

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With the stabilization of US stocks, the A-share market is also expected to usher in a turbulent rebound. There are still many investment opportunities in March. We must seize the opportunity, on the one hand, to benefit from the cobalt and lithium resources stocks of new energy vehicles, according to industry researcher analysis. The international cobalt price will rise at least one year. At this stage, the company will focus on the leading technology stocks, and continue to deploy whitebait shares such as liquor, food and beverages, and pharmaceuticals that are in place. Yang Delong believes that 2017 is a year in which traditional white horse stocks stand out. In 2018, it was a year for traditional white horse stocks and emerging white horse stocks to dance together.

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The value of growth should be in one hand

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CCB Fund Wang Dongjie said that unlike last year's blue chip-led structural market, market hotspots will have spread this year, and value leaders and growth leaders will have opportunities. Investors may wish to grow in value. From the macro level, China's economy is currently in an important period of strategic development. The mode of economic operation and development is facing new changes. The industrial system has been fully upgraded, emerging industries have risen rapidly, and economic fundamentals have shown strong growth resilience. After more than two years of adjustment, the overall valuation of A shares has been relatively reasonable. At the same time, the balance of margin financing margins of the two cities has risen, reflecting investors' risk appetite is gradually increasing. In the short term, due to the high market corrections in overseas markets, the A-share market also ushered in a substantial adjustment, but the core factors affecting the direction of the A-share market have not changed, it is the favorable timing of Jiancang; in the medium to long-term, the outlook is also relatively optimistic And many investment opportunities have been relatively clear. In 2018, the style of the A-share market will be more balanced, and both value leaders and growth opportunities will be able to focus on consumption upgrades, environmental protection-related industry leaders, and major financial sectors.

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Integrated Circuit, 5G Hot Spot

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This year's "two sessions" proposed that we will speed up the building of manufacturing powers, promote the development of integrated circuits, fifth-generation mobile communications, aircraft engines, new energy vehicles, and new materials, implement major short board equipment special projects, develop industrial Internet platforms, and create "China Made 2025" demonstration area. Huaseng Fund said that the ranking of integrated circuits and 5G was advanced to the first and second places. From this we can see that integrated circuits and 5G are representatives of emerging technologies, and both have significant implications for industrial upgrading. At the same time, equipment and industrial Internet are also mentioned in this work report, especially the Industrial Internet. Recently, it has become a hot pursuit in the secondary market. This also shows that the market is very much in favor of the development prospects of emerging technology.

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China Merchants fund research member Liu Li said that the strong will of the country, the relatively mature industrial development, and the full support of social capital all indicate that in the next three to five years, integrated circuits (semiconductors), 5G, advanced equipment, industrial Internet, etc. The emerging science and technology represented will accelerate growth and it is expected to realize overtaking in some areas. "Only the great development of advanced manufacturing can bring new growth poles to the country and realize the rise of real powers."

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State Gold Fund also stated that the recent market structure is clearly differentiated. From the perspective of the theme, it benefits from the recent market discussions and policy expectations for “unicorn” companies, cloud computing, big data, artificial intelligence, and domestic chips. Emerging industries, such as chemical industry, industrial intelligence, and cyber security, have returned in a comprehensive manner and have performed strongly. To sum up, the differentiation stems from the fact that the recent cyclical industries are facing the risk of falling demand, and that policy support for innovation has been significantly strengthened. Continue to focus on structural opportunities, benefiting from continued good improvement in the economic structure, the traditional bank interest rates will remain high under and Insurance ; optimistic about the consumer upgrades and channel sinking consumer companies, such as food and beverage, pharmaceutical, household appliances , media and so on.

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Three-sided support of the bank's "Elephants dance"

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Harvest Fund Li Xin said that the financial sector is particularly optimistic about the banking and insurance sector. For bank stocks, the bank stocks will support the future market in three aspects: macro, fundamental and valuation.

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First of all, from the macro perspective, under the background of diversified financing development, Li Xin believes that the bank's sustained and stable income is not a problem. In addition, the demand for residential consumption upgrades and wealth management will also boost bank profits. In the context of increasing consumer demand, credit card fees will continue to be exerted, which is an important driver of bank fee growth.

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Secondly, judging from the fundamentals of the banking sector, the interest-rate reduction cycle has basically eliminated the negative impact of interest rate cuts in 2015; in 2016, the bad loan ratios of banks were turned down, asset quality improved significantly, and the interest rate increase cycle began in 2016. This is conducive to the performance of the bank's spread; the net interest margin has bottomed out in 2017, and the deposit and loan pricing is basically completed. "Overall, China and the global economy are recovering mildly, corporate credit demand is strong, and the fundamentals of A-share banks will continue to improve."

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Third, from the perspective of valuation, bank stocks in the A-share market still have large room for improvement in valuation. Whether it is horizontal or vertical comparison, the valuation of the financial industry is relatively low, especially the banking sector, this year the Spring Festival. In the past, banking sector PE was only 8 times, PB 1.1 times, and lowest in all sub-sectors.


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