Ten Major Fund Companies Cautiously Optimistic About The Second Half Of The Year

For the future trend of A shares, most fund managers believe that the overall valuation of A shares has been in a reasonable range, and the market pessimism has basically been released through the two quarter's decline. It is expected that the A shares will go up in the afternoon.

In view of the rebound since 7 and August, most fund managers believe that the rally may be limited.

Wang Yawei, a Chinese strategy fund manager, is cautiously optimistic about the market in the second half of the year, which has become the mainstream of fund managers' views.

Yinhua quality growth shows that, in the second half of the year, the market is still a shock market, and the probability of a large upward and downward trend is not large.

At present, the valuation of large cap stocks has been at a reasonable low level, and the possibility of continuing to drop in this position is less likely.

However, the selection of China's industry is pessimistic. In the report, the fund wrote, "in the long run, the structural imbalance of the economy is a problem that our country has to face and solve. The task of structural adjustment in the future is very arduous.

In the second half of 2010, the international and domestic economic situation is still very complex. Whether the European sovereign debt crisis can be successfully solved, whether China's real estate regulation can achieve the desired results, there are great uncertainties.

The fund is also pessimistic. In the context of global economic rebalancing and domestic restructuring, China's economic growth rate in the next few years is a big probability event. Therefore, it is difficult for the capital market to have the overall trend of the trend, and the probability of wide shocks is large.

If the mainstream view of the A share market trend is a neutral view of concussion and stabilization, Schroder, a stable fund manager of the Bank of China, represents the voice of the optimist. The fund manager said he expects that in the second half of the year, there will be better investment opportunities in the condition of easing the policy and improving liquidity, and the market will bottom up and recover.

The configuration of the company is also optimistic that there is no need to worry too much about the risk of the two dip in China and the global economy, so it is not pessimistic about the market trend in the second half of the year.

Yinhua's leading strategy also believes that the A share market will see a trend of upward shock.

Position:

Overall maintenance at medium and high levels

The top ten fund companies announced some of the fund managers referred to the three quarter of the operation of the forecast.

Many fund managers have prudently kept their positions at a low to medium level. However, compared to the two quarterly report, fund managers who are optimistic about the future and claim to maintain a higher position are increasing.

Schroder, a stable fund manager of Bank of China, is the representative of optimism.

He said in the China Daily that under the current market conditions, he still plans to maintain a higher share asset allocation and strive to seize the opportunity to rebound.

Gf's steady growth is his ally. The fund also indicated that from the perspective of investment operation, considering that the market is still at the bottom of the long term valuation, China's economic growth prospects are determined, and a higher position will be implemented in the second half of the year.

Similarly, Yinhua harmony also indicated that the strategy of maintaining a higher position in the positions and tilting to the value stocks in the structure should be able to cope with the market in the second half of the year.

However, fund Fung said that it would continue to maintain the level of secondary positions and continue to look for structural opportunities for industries and stocks.

The rich theme of silver Hua also said that, considering that the economic recovery may be a long and tortuous process, control of the position will be normal.

However, under the premise of stable economic expectations, clear policy expectations and reasonable valuation, it is possible to make flexible adjustments to the positions according to the changes in the economic operation process.

From a strategic perspective, Dacheng's innovative growth may represent a mainstream view.

The Fund said that looking at the capital market in the second half of 2010, there is little probability of a sharp rise or fall in the market when pessimistic expectations are fixed.

Therefore, leading enterprises representing the direction of economic development and structural adjustment remain the mainstream of the market.

Against this background, "desalting the market, focusing on industry adjustment and selecting stocks" is still the main investment strategy of the fund.

Plate:

Two themes of big consumption + emerging industries

Looking at the daily report, we found that from the food, beverage, medical and other consumer industries to financial insurance, to the mobile Internet, triple play and Internet of things as the core of the "broadband" theme, to the energy saving, environmental protection, new materials, new energy as the representative of the low carbon economy, to the western development sector and then to the central enterprises reorganization concept, fund managers optimistic about the industry sector is different, but the mainstream idea is to bullish on big consumption and emerging industries, and moderately carry out band operation for the cyclical industry.

The investment strategy of Yi Fang Da's strategic growth is to look at the market and position in a relatively neutral way, looking for two types of investment targets from the bottom up: first, screening the stocks with better fundamentals and flexibility in the cyclical enterprises and waiting for the opportunity to increase their holdings; two, waiting for the "new economy" stock valuation to fall back, and exploring the innovative consumption patterns or the larger consumption growth stocks.

Yi Fang Da Zhong small cap stock fund reported that the A share market in the second half of the year is expected to remain in a shock pattern, and that the new economic models, which benefit from economic growth mode pformation, such as big consumption, new materials, low carbon, new energy and information technology, are still likely to be sought after by the market.

In addition to promising industries such as emerging strategic industries, mass consumption, regional economies and medicine, Huaan's innovation also maintains close attention to traditional industries that underestimate value.

Despite the fact that the restructuring of the economy is not a day's work, it will still adhere to the main line of investment in "consumer goods + new economy".

Dacheng preferred Kim Zhong Bao also shows that at present, the valuation level of large market capitalization stocks is more reasonable, and the valuation level of small and medium capitalization stocks is relatively high, and structural bubbles still exist.

The cyclical industry has a certain attractiveness in the valuation level after a sharp decline, but firmly optimistic about big consumption sectors, such as medicine, household appliances, retail and other industries, as well as new energy and energy conservation and emission reduction benefiting from policy support. At the same time, we should pay close attention to the phased opportunities that the policy relaxation may bring to some industries.

The quality growth of Yinhua also indicated that in the selection of specific industries, it will further increase the allocation of industries benefiting from economic restructuring such as consumer services, mobile Internet, energy saving, environmental protection, new materials, new energy, new economy, and advanced manufacturing industries.

However, there are also funds that favour a robust breed with performance support.

The theme of Yinhua harmony is different from the premium of the theme investment and growth stocks in the first half of the year. The second half of the year will probably prefer the undervalued variety with performance support.

Gf's strategy optimization also indicates that the more advanced consumer goods and the advanced manufacturing and emerging industries with competitive advantages in the world are three promising trends.

Harvest service value-added industry said that in the medium to long term, considering the valuation level, investment opportunities brought by strategic emerging industries and income redistribution will still be the focus of attention.

At the same time, we should pay close attention to the investment opportunities of the cyclical stocks provided by the real estate regulation.

Brilliant ideas.

Investment is like baseball player Ted Williams, who is known by Munger. He only swings when the ball falls on the best grid, even though he may get out of it.

Because swinging to fight the difference lattice will greatly reduce his success rate.

Harvest theme

In the short term, unless there is a major technological revolution or institutional innovation, it is difficult for the market to have a trend.

Therefore, we need to avoid buying when we are full of hope and selling when the prospect is lost.

Yinhua advantage enterprise

For stock selection, economic restructuring is both a challenge and an opportunity.

Under the same expectations, how to find opportunities and avoid risks still need to be independent thinking and the courage to reverse investment.

Huaxia market selection

In the past few years, we have fully realized the effectiveness of the market. In fact, the market is not only in front of the real economy, but also rarely lagged behind the policy changes.

Although the market is likely to have a "last fall", the timing of the last fall is hard to predict.

Dacheng value added

Although we agree that some industries have the opportunity to cause excessive downturns because of panic, we insist that this is only a phased investment opportunity. It is simply too hard to judge by comparing the static valuation ratio and market share between industries.