It Is Very Important For Market Hot Spot To Shift To Big Market Share And Grasp Policy Opportunities.

How can we seize the market opportunity in 2017? Fang Lunyu, chief investment officer of Hua Tai Bai Rui, judged that the future market is still a structural market, and the risk of GEM has been partially released. The main board market is basically good. This year we should grasp the investment opportunities brought about by the supply side reform and the mixed reform of state-owned enterprises. "It is not difficult to balance the market making money with policy thinking, but we must pay attention to fundamental analysis and avoid blindly following the trend." He said.

Looking at the overall trend of the equity market in 2017, Fang said that the market will continue to oscillate, and that the possibility of unilateral rise or unilateral decline is relatively small. From the perspective of market structure, the economic recovery is conducive to the good orientation of the main board, and at the same time, the market mentality is stabilized. Before the Spring Festival, the growth enterprise market has been down for a long time. Fang Lan Yu believes that the decline of gem is reasonable and will continue to release risks in the short term. In his view, it is an indisputable fact that the spanfer of market focus from gem to large cap stocks.

"In the background of vigorously implementing the supply side reform and the mixed reform of state-owned enterprises, the listed companies of the main board are relatively more benefited, and the market in 2017 is more optimistic than the market in 2016, and the probability of receiving the red market is greater." Fang said. However, he warned against the uncertainty of the international political economy. With more and more populist governments coming to power in 2017, the international trade and international exchange will cause great uncertainty, and the possibility of black swans will be frequent.

He said that the growth of gem in 2016 was about 35%, while the gem index PE value was more than 40 times, and the gem valuation was relatively high. Nowadays, the IPO market is speeding up, so the risk of so-called "quasi registration system" makes it possible. Growth stocks Scarcity has been greatly reduced, and many factors have led to a sharp fall in the growth enterprise market.

However, this does not mean that investment ideas are totally biased toward large cap stocks, instead of giving up investment opportunities in gem. Fang said that in the future, he will pay close attention to the growth and valuation of the stock in the gem, and make some early layout. Under the "new normal" of the stock market, the operation strategy has also been adjusted naturally. Fang Lan Yu bluntly said that in 2017, he will pay more attention to policy changes and grasp the structural market opportunities brought about by the reform of state supply side and the mixed reform of local state-owned enterprises. Market fluctuation Opportunities generated.

"The nineteen National Congress of the party is about to convene. We will further summarize and guide the existing reform strategy and policy direction. What we need to do now is to capture the market trend from the current market and maintain a certain perspective." Fang said.

From the industry perspective, Fang Lan Yu looks better at three broad categories. One is the supply side reform related industries, such as steel, agriculture, cement, glass and other cyclical products listed companies; the second is the industrial opportunities brought by the mixed reform of state-owned enterprises, such as military industry, telecommunications, railways and petrochemical industries; and third, the chairman will pay attention to the growth of quality growth stocks that will match the growth potential after the release of gem risks to a certain extent.

Specific investment recommendations to 2017, Fang Ling Yu said that in 2017, the balance of the city, if you can see the industry, grasp the structural opportunities, making money is relatively easy. But investors need to learn from 2015. asset bubble The lesson is that we should do more fundamental analysis, guard against risks and not blindly follow suit.

In the future, the stock market investment will be closely related to the two main lines of operation of the supply side and the reform of state-owned enterprises, so that they can obtain the opportunity of phased market hot call option in the maximum probability of the whole year, and avoid the liquidity risk caused by the gradual marginalization of most sectors. The weaker the market is, the more scarce the strong theme is, which is likely to lead to continuous pursuit of capital and continue to be strong. In the market with more valueless valuation space, the easier the policy theme is to expand the stock price space; the weaker the market is, the more important the driving force behind the strength of stocks is, the more persistent the subjective will will be.

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