Fund: The Most Difficult Time In The A Stock Market Is In The Past

Any wind and grass may become

"At present, it is the period of intensive disclosure of the three quarterly reports, and some companies' performance is lower than expected, which makes the market wait-and-see sentiment strong."

Ji Hongtao, general manager of Penghua Fund (micro-blog) research department, told reporters yesterday.

Ji Hongtao believes that yesterday's market crash in fact there is no obvious negative factors, but such a big decline shows that the current market risk is still not released, any wind and grass may magnify the pessimism of investors, and will still be cautious in the short term, and do not blindly participate in the market to catch up.

At the same time, Ji Hongtao emphasized that in the current market operation, consumer goods and some cultural media with reasonable valuation and better growth are relatively optimistic.

Liu Jianwei, manager of the industry's rotation fund, also stressed yesterday that "three quarterly announces will give investors a more realistic understanding of the economy."

He believes that in September, statistics show that inflation is still at a high level, while the European debt crisis resolution process is still the main driving force leading the global market trend. Whether the G20 conference can give a credible market plan deserves our attention.

Liu Jianwei said that in the short term, the continuity of macroeconomic regulation policy will continue. The center of market valuation is still being revised. In future investment, the focus will be on industries with high profit growth and related enterprises. The sustainable growth capacity will bring investment value across the cycle.

At the same time, we will pay close attention to the change of global risk appetite and the potential opportunity of domestic policy shift.

It is worth mentioning that part of the performance of the fund is lower than expected, the three quarterly report of the heavily loaded stocks, to a certain extent, deepened the investors' wait-and-see sentiment for the current market, such as the recent disclosure of the three quarterly report, the fund's heavily loaded shares, Rongxin's share performance disappointed the institutional investors.

Rongxin shares achieved a net profit of 220 million in the first three quarters, an increase of only 20.52% compared with the same period last year. On the day of its disclosure on Wednesday, the stock market almost suffered a limit and finally plunged 9%.

Previously, agencies generally believe that the gross profit margin and market demand of the company in the second half of the year will enhance the performance significantly.

The Huaan strategy optimization fund, the harvest theme fund and the investment Core Value Fund totaled more than 36 million shares at the end of the second quarter, and the share price of Rongxin has fallen 29% since the end of the two quarter.

While fund managers' research efforts are not solid enough, the three quarterly report of Rongxin shares is lower than the expected performance. However, during the three quarter, there were still Taida Hongli industry selection, Taida Hongli market capitalization fund, and Shanghai Morgan domestic demand and other funds involved in the stock market.

Some fund companies believe that the current market slump may be related to periphery and financing.

According to the letter, Australian market believes that yesterday's market adjustment was mainly affected by the negative factors such as the external plummeting and the listing of China's water and electricity. The economic data were in line with expectations, and there was little relationship between the adjustment of the stock market and the economic data.

Deflation will not change in the short term, and is expected to be dominated by wait-and-see for some time. But structural relaxation is worth looking forward to. The most difficult period of policy tightening is over.

In the specific strategy, Morgan Stanley Huaxin resources manager, he bin, said that the four quarter of the market is still likely to be under the influence of the economic downturn and overseas problems, and will be expected to have a staged market in the light of the good signal of the economy and policies.

In the early stage of the fourth quarter, we should be cautious, mainly by adjusting the position structure and adding a small margin. If there is a clear improvement in fundamentals in the later stage, the positions will be raised.