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Favors low valuation strategies for public offerings and consumer and technology stocks

Source: China Securities Journal
2019-12-30 10:27:49
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A shares stood at 3000 points again. Behind this, northbound funds have once again pushed Baima Dragons to attack and raise funds. Judging from the latest positions, Northbound funds have also significantly increased their holdings of strong technology leaders. The public offering pointed out that recent investors' expectations are significantly improved, and A-share valuations are at historically low levels, and the outlook will remain relatively optimistic. Investors can use the “low valuation” strategy to lay out domestic demand-driven and technological innovation sectors.

Northbound funds increase semiconductor leader

Qianhai Joint Fund pointed out that the Shanghai Composite Index stood at 3,000 points on Tuesday, reaching a maximum of 3039 points, which was close to the mid-September high. Technology stocks and brokerage stocks rose considerably, while real estate and agricultural stocks also performed better. At present, the market is relatively confident and the overall outlook remains relatively optimistic.

Statistics found that the SSE Composite Index has competed for 3,000 points five times since 2019, namely March, July, September, October, and December. Judging from these several callback rebounds, the blue chip sector that is mainly based on consumer white horses is the main force that plays the upside (some technology stocks participated in the 3,000-point bounce in October and December). Correspondingly, Northbound funds are also rushing to raise A shares. Data show that as of December 27, Northbound funds have accumulated a net purchase of 989.21 billion yuan in A shares. Among them, net purchases since 2019 have reached 347.123 billion yuan.

Specifically, in the 242 trading days this year, Northbound funds continued to favor White Horse. For example, there have been 145 stocks listed in the "top ten active stocks" since this year. Among them, Guizhou Moutai, Wuliangye, and Ping An of China all have more than 230 days on the list. Hengrui Medicine, Gree Electric, China Merchants Bank, Midea Group, Hikvision and other stocks have more than 200 days of active days.

It is worth mentioning that since the beginning of this year, there have been 1,162 stocks in Northbound Capital Masukura. Among them, 38 stocks have an increase of more than 5%, and there are many technology stocks such as semiconductors, software and services.

"All signs indicate that the economy is expected to grow steadily next year, and there is still much room for monetary policy to play. The overall market environment may be relatively loose." Shi Minjia, fund manager of the public equity department of Hifton, said recently that the auto industry index, excavator index, etc. The data all show a bottom-up trend, and it is expected that corporate profits will rise with a high probability next year, which will in turn push investors to become more emotional. Under the expected restoration of investment, the market may show a strong rise in the spring season.

Dips on consumer and technology stocks

Qianhai United Fund pointed out that as of last Friday, the dynamic PE valuation of the Shanghai and Shenzhen markets was 16.02 times, and the bottom area in history was 12-15 times. Looking back, Qianhai United Fund stated that it will maintain the allocation of low valuation + real growth + consumption leaders. Hou Jie, a fund manager of China Merchants Ruiyang Hybrid, said that at present, half of the 28 industries have valuations at historically low levels, and there are many configurable targets for low valuation strategies. For investors, investing in absolute return products does not require too much timing, as long as the investor's risk-return preferences match it, they can be configured.

Shi Minjia said that in the short term, the broader market may still fluctuate around 3,000 points, but the capital market will continue to be active next year. In the future, we will focus on the technology growth sector, which can be deployed along the main lines of 5G industry and domestic substitution.

"I am optimistic about the incremental capital driving the valuation repair of low-value industries such as banks and real estate, as well as the building materials, light industry, and home appliances industries that benefit from the recovery of real estate completion in 2020." Qianhai United Funds suggested that investors can pay attention to high-quality leading technology In the field of technological innovation, companies are increasing their valuations, such as cloud gaming, 5G, semiconductors, semiconductor equipment, cloud computing, and security. In addition, the consumption leader represented by liquor is expected to usher in valuation switching after the recent correction, which is also worth long-term configuration.

Qu Yang, a fund manager of the Qianhai Open Source National Comparative Advantage Fund, said that he is optimistic about two major directions, one is the domestic demand-driven industry, and the other is the technology innovation-driven industry. Qu Yang pointed out that there is a structural change in domestic demand, that is, the change from material consumption to spiritual consumption, which is the so-called consumption upgrade; science and technology innovation-driven industries mainly include TMT and some high-end manufacturing industries.

责任编辑:赵晓峰 Keywords: technology stocks, public offerings, Shanghai Composite Index, Haifutong, consumer upgrade responsible editor: Zhao Xiaofeng