The Game Of Value Stocks Is Fiercely Future Strategy Or "Left Side Reserves, Right Side Hands".

Since the beginning of the year, fund companies have conducted intensive research on listed companies.

Wind data show that only last week 37 listed companies welcomed the fund research, while more than 100 listed companies were surveyed in the first half of March.

From the point of view of the market, small and medium enterprises based on communication, energy and cultural media are still the focus of fund research.

Insiders pointed out that the current value of the game is more fierce than growth stocks, in order to find a high valuation and performance matching high safety targets, the future strategy or "left reserves, the right hand."

According to statistics, last week, 37 listed companies welcomed the survey of fund companies, and 4 companies were surveyed by more than 5 fund companies. The communication, energy, cultural and media related industries were highly concerned.

Tian Shun wind power received more attention last week.

Notice shows that ICBC Credit Suisse fund, Changxin fund, Everbright Baode trust fund and other 8 fund companies to investigate the company, while participating in the research there are many private equity, brokerage and other institutions.

The focus of these organizations is the layout of offshore wind power, the relationship between the cost and profit of wind tower products, and the construction of new energy equipment.

Last week, Beijing culture also obtained fund group research.

In March 17th, 5 fund organizations and product teams including Chang Sheng fund, the people's livelihood and the growth of domestic demand for silver were investigated.

The focus of the survey is the overall situation of the company's annual report in 2016, the company's 2017 film release plan, the company's 3 gambling companies' 2016 profit completion status, and 2017's performance.

Weixing new material and Fiyta A also came to research last week.

In March 16th, there were 9 fund companies, such as the Yongfeng trust fund, huitianfu fund, Zhonghai fund and China Europe Fund, and Fiyta A launched red clay last week.

, Hongta Redwood fund, Jianxin fund and Morgan Stanley Huaxin Fund and other companies.

From the perspective of industry distribution, the fund company's research industry is scattered and involves many industries. The industries with high attention are electronic equipment and instruments, electronic components, information technology consulting and services, heavy electrical equipment, energy, film entertainment, etc.

From the market point of view, small and medium-sized companies that continued to lose to blue chips in the second half of last year are still the focus of fund research.

Wind data show that in the first half of March, a total of 109 companies were surveyed by fund companies, including 8 listed companies in Shanghai stock market, 5 more than those in the same period in February. However, there were only 18 major Board Companies in Shenzhen, a decrease of 4 in the same period last month.

Among the other 83 companies, there are 49 small and medium board and 34 gem, accounting for 76.15% of the total.

With the active development of the research work of listed companies, the value concept of market value stocks and the growth view of growth stocks have been refreshed again.

Reporters interviewed many people involved in the survey found that from the perspective of cost performance, most fund managers and investment directors believe that now the game of value stocks is more fierce than growth stocks.

"Sometimes holding a value stock seems to be very safe, but it is likely to be overestimated, and it will be hurt if it comes back to the callback."

Shenzhen a large fund company investment director told reporters.

Coincidentally, a fund manager also told reporters that the same value share, if its real valuation is close to 15 times, but now it has risen to 20 times, there is a risk of valuation bubble; if the growth stock pre valuation is 50 times, it now falls back to 30 times, "this kind of stock is stable from the growth rate, and the valuation is relatively reliable. Therefore, from the logic of the basic logic, it will still choose the latter."

It is understood that there are two types of blue chip funds that are currently allocated to growth stocks: one is to choose the target of a premium premium, that is, to buy a lot of cheap, undervalued, safe margins and stable earnings growth.

One is to do the cycle, from the beginning of the black line to the later PPP, after the timing is good.

In addition, we are now relatively optimistic about the future economic expectations, but also observe that market funds are gradually moving from low PB, high ROE blue chip to electronic.

Shunt in other fields.

Shen Wan Hongyuan believes that the current market has been in the pition period of style switching, and some growth stocks will take the lead.

Although the basic trend logic of growth stocks has not yet been formed, systemic style switching still needs to wait. But in the current pition period of style switching, the focus of stock selection and research should be on the direction of growth.

Although the view that the turn from cyclical stocks to growth stocks has started to increase, it is worth noting that there is still no definite trend to prove that this turning point is really coming.

In the interview, most fund managers and investment directors have indicated that the current strategy is "left reserves, right side hands".

The core of this layout strategy is to prepare for the rainy day.

A fund manager in Shanghai told reporters that they would make some layout in the internal research work, accumulate knowledge about the subdivision industry, and screen the company's target as a "backup option".

"When the market changes, there will be no choice at hand."

He also stressed that in terms of timing, it would not enter on the left side.

"Even if the left side has started, it is also a small range fine adjustment, filling the warehouse bit by bit."

At the same time, he stressed that it should not be too right.

"There are many companies with solid fundamentals and stable growth performance. These companies will still be our targets of choice.

We are not going to abandon it because of the gem stock market. We still need to make a choice by observing the future prospects and fundamentals of the company, and the specific proportion will be flexible.

A quasi fund manager of a partial equity fund is issuing.

Southern fund equity investment director Shi Bo pointed out that with the valuation of small and medium sized plates and stocks fall, the value of investment is becoming more and more prominent, not only will attract the interest of incremental funds, but also reduce the pressure of stock capital adjustment.

"There should be no prejudice against growth stocks, and its continuous running lose is just the kinetic energy of inversion."

Shi Bo stressed.

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