Fund Managers Increase Pressure On GEM Valuation

Here world clothing shoes Hat net Xiaobian introduced to you is the gem valuation pressure, fund managers to increase the difficulty of gold.

In the first 4 months of this year, A shares suffered a broad shock and fell into a weak market. In February 25th, the growth rate of gem rose twice as much as the plate index has doubled since last year, but it still hit a new high of 1571.40 this year. In the first quarter, the fund's total holdings of GEM stocks increased from 158 to 192 at the end of last year, with a total market capitalization of 77 billion 459 million yuan. However, the Securities Daily's Fund News Department reporter found that for the recent gem, the fund managers' views were divided, some people were sticking to it, and some fled. Many fund managers were hesitant in the "lighten up gem" to carry out the "gold rush" operation.

" market If the risk is not released, the fund will probably concentrate more on the GEM companies with both performance and themes, and the probability of generally increasing the gem is low, so that large and medium sized funds may become stabilizers of the growth enterprise market. Orient Securities said that the low matching of the gem and the reduction of the first quarter may give the large and medium fund some space to allocate the gem assets, so we need to pay close attention to the changes in the positions of the funds.

Xinhua Fund [micro-blog]: avoid growth stocks bubble

Xinhua fund is not pessimistic about the stock market in the two quarter of this year. It thinks that the structural market is still there, underestimating the value of blue chip is worth sticking to, and the high valuation growth stock bubble has the risk of disintegration.

"At present, the valuation of blue chips is lower than in the past, and the share price is lower than before, which has fully reflected the impact of the economic downturn. At present, many blue chips have a dividend yield of more than 5%. If the market's risk free yield in the two quarter falls below this level, the blue chips will attract a large amount of money back, and we think this probability exists. Xinhua Fund said, "the gem valuation level has been very high, especially the level of the city net rate has reached a record high. One of the important reasons for this is that the IPO is suspended for a long time, and the capital supply and demand side of the gem continues to improve. It is expected that the restart of IPO will completely reverse this situation and have a greater negative impact on the whole gem. IPO reboot is likely to become the fuse for the burst of growth stocks. To sum up, we believe that the two quarter should stick to undervalued blue chips and avoid growth stocks bubbles.

In terms of allocation, the Xinhua fund specifically chooses to underestimate the blue chip representative industries, such as banks, real estate, automobiles, etc., underestimating the blue chip representative plates, such as the undervalued blue chip stocks in the Shanghai securities market, and the undervalued blue chip companies in various industries.

Similar view companies: southern fund, Dacheng Fund [micro-blog] and so on.

INVESCO the Great Wall: GEM has plenty of opportunities.

INVESCO the Great Wall fund manager Yang Peng pointed out that from the valuation point of view, the price earnings ratio of small and medium sized boards and gem is at a relatively high historical level, which is facing some adjustment pressure in the short term. But in the long run, transformation and growth will still be an important investment theme in the market.

Yang Peng believes that in the context of reform as the core, Listed company The traditional industries in China will continue to transform to adapt to the changing situation. With the deepening of economic transformation, transformation and growth are still important investment themes. "In the long run, the transformation of enterprise competition from the past scale competition, who has innovation, seize the hearts of consumers, who can grow fast." Yang Peng believes that "the way of China's economic growth will change qualitatively in the future, and will be transformed from China to China. In this process, small and medium sized boards and gem will represent substantial investment opportunities. In the short term, the gem is facing certain valuation pressure, but after adjustment, those small and medium board GEM stocks that have really good growth and valuation levels fall to a reasonable interval will be favored by funds and will still have good market performance.

It is worth recalling that Yang Peng pointed out that picking up growth stocks should be selected from bottom to top, after inspection, review and prediction process. The first is to test whether the current competitive advantage of the company is obvious. It is necessary to examine whether the products are facing the market status, income scale, market share, upstream and downstream supply chain relationship, profitability and cash flow situation, truthfulness and spontaneous sustainability; review the reasons for the company's competitive advantage, and examine the factors such as management background, special relationship, license, preemptive advantage, technology, talents, management execution and other factors; predict its potential; investigate whether the industries that enter into the strategic entry industry or company are in line with the logic of the previous page; whether the advantages of the company are extensibility; whether the company has also chosen a positive strategy to develop its advantages, expand the market, capacity planning, technological preparation, customer exploration, competition response, and management execution enough. company Cash growth.