A Shares Opened On The Eve Of Institutional Status: AB Corner Adhere To Perform Duties, Emergency Pressure Measurement Opportunistic Layout

"After our company arranges February 3rd, all of them will be at home except for on-site work." In February 2nd, a large fund company in Beijing told the business reporter in twenty-first Century.

As the most important participant in the A share market, the public fund needs to do a good job of "epidemic prevention" on the one hand, and also in the "compression stage" of the capital market, so as to make a strategic plan for asset allocation.

During the A shares closed, Xinhua FTSE A50 index has fallen by 7.52%.

"At present, the consensus of the market has been formed, and the impact of the epidemic on the trading rhythm is determined. After opening, the equity market is likely to suffer a severe concussion in a relatively short period of time." Wei Fengchun, chief macroeconomic strategist of Boshi fund, told reporters.

In fact, the "compression test" has been launched in many kinds of organizations. In twenty-first Century, an economic report reporter learned that most agencies are optimistic about the medium and long term trend.

The day before opening

In twenty-first Century, the economic news reporter was informed that some of the securities dealers were conducting stress tests on some stock pledge, margin trading and assets.

Prior to this, part of the securities dealers have already carried out corresponding stress tests on some stock pledge, margin trading businesses and assets.

"The company is preparing to calculate the risk exposure of individual stocks under extreme circumstances, especially those in Hubei, where local mortgage rates are relatively high," he said. A credit trader of a brokerage in Southern China said.

Although it is still on holiday, many financial industry practitioners are busy.

In twenty-first Century, the economic report combing reporters found that a number of brokerage research teams such as CITIC Securities and China Merchants Securities held a conference call on February 2 to explain the impact and impact of the epidemic on the market.

There has been busy public offering fund. As the mainstream investment organization, "these two days have been preparing for the opening of the market, and have done a lot of work of market interpretation." A public fund worker in Southern China told the twenty-first Century business reporter.

In fact, in the past few days, the SFC and the exchanges have released new measures to guide the capital market to stabilize expectations before opening.

For example, in February 2nd, the Shanghai Stock Exchange pointed out that we should rationally consider the impact of this epidemic and prudently develop securities investment. The SFC also pointed out that, in view of the occurrence of public opinion and the recent reaction from overseas markets, the departments concerned will remain highly vigilant about the possible changes in the A share market after the opening of the market, adhere to the bottom line thinking, and introduce and study hedging tools to ease the market panic.

From the perspective of a number of institutions, although the short-term impact of the epidemic is inevitable, the long-term investment value of the A share market remains, and the market adjustment brought by the epidemic will become a good medium and long-term investment opportunity.

"There is still confidence in the long run." In February 2nd, a public fund researcher Liu Lin (pseudonym) of Shanghai told the business reporter in twenty-first Century.

In February 2nd, Liu Lin had returned to Shanghai from his hometown, and there were faint fears about the resumption of work on the second day.

"Our company asks everyone to go back to work in Shanghai, but only a few people need to work in the company. Basically, the necessary posts are in one person, other employees are at home, and offices only meet the minimum number of people working normally." Liu Lin said.

"For example, traders and researchers, stocks and bonds all ask for one, and investment personnel are grouped and each group has to work for a week. But I have to do some handover on the first day. Liu Lin told the twenty-first Century economic news reporter.

Another employee of a public fund company in Beijing also said, "it can be telecommuting, and it is AB role rotation. The difficulties should not be too great."

Compared with the public offering fund, the requirements of some brokerage firms' work arrangements are more relaxed.

A broker from a brokerage firm in Beijing told the twenty-first Century economic news reporter, "we plan to work at home before the end of February. There is no urgent business."

For the Securities Research Institute, online office is already open. Many organizations began to work as early as the end of January, including WeChat, telephone and other three party platforms.

"The financial industry is more electronic and Internet oriented, and flexible work and telecommuting should not be a problem." A researcher at a brokerage firm in Beijing said.

Institutional response to epidemic situation

The opening of the market is coming. Under the common expectation of the market parties, how to deal with it is still a challenge.

CITIC, Guoxin, Huatai, Orient, Dongxing and most other brokerages through the WeChat public number, official website and other ways to make arrangements for transaction service tips. In twenty-first Century, the economic news reporter was informed that for a number of brokers who had an appointment appointment business, the reservation list had been cancelled in batches.

In February 2nd, Guangdong securities research found that, from the perspective of time rhythm, under the optimistic situation, the epidemic will be more effectively controlled before the peak of student return in the end of February, and the impact of the two tier market will also disappear.

Entering into March, the market is expected to consolidate or usher in a certain rebound at the bottom, and April is another intensive stage of quarterly reports. The negative effects of the epidemic on the relevant listed companies will also appear in the first quarter, leading to stock index or pressure again.

Bo time fund related people said, "the short and medium term market will be affected by the relative concentration of negative emotions. It is expected that there will be a marked decline in the first week of the opening market. Considering the performance of overseas markets and Hong Kong stock market last week, the relative market expectation is that the drop is at 5%-8%. Our view is relatively more optimistic. The expected period of decline is about 5%, and it will be concentrated in the 2 to 3 trading days before the start."

Some agencies believe that there may also be some structural quotes, such as medicine, electricity providers and other industries or themes, also brewing some investment opportunities.

In terms of configuration strategy, Boshi Fund believes that the impact of different industries in the epidemic is quite different. In the short and medium term science and technology, new energy, medicine and partial stability industries, due to the direct negative impact of the epidemic is smaller, the future will be more focused on the market; while the reverse cycle and growth promotion direction such as infrastructure, environmental protection, 5G, military industry and other industries are still worthy of increasing allocation in the future.

"In the long run, domestic and foreign economic and market environment continues to improve, A shares still have long-term investment value. The impact of event factors on market sentiment tends to be short term. The medium and long term performance of the market is more determined by multiple factors such as economy, policy and liquidity. With the deepening of the reform of the capital market, the market mechanism of the A shares has improved significantly. The long-term investment of A shares, including foreign capital, is more focused on the long-term value of the enterprise, and it will not be too much affected by short-term events. In the short term, transport, catering, tourism and other sectors may be affected by the epidemic, and the relative benefits of medicine and other fields. " Yi Fonda Fund believes.

In addition to making adequate preparations for investments and other businesses, financial institutions also rush to the epidemic areas through donations and donations.

According to incomplete statistics from the previous Fund Association, as of 20 January 30th, a total of 75 public fund companies, 88 private equity fund managers, 6 private equity management agencies, 1 foreign sole proprietorship private equity investment fund managers and 1 RQFII institutions were awarded 331 million yuan to Hubei Charity Federation, Wuhan Charity Federation, Wuhan Red Cross foundation, Shanghai Charity Federation and other related charitable organizations and related hospitals.

Data from the Securities Industry Association also showed that as of 12 February 2, 2020, a total of 64 member units (including subsidiaries, shareholder units, etc.) had donated funds and scarce supplies exceeding 430 million yuan.

"On the one hand, we should rush to the epidemic areas through donations and donations. On the other hand, we will do our best to do our own epidemic prevention work, protect the rights and interests of investors, maintain the smooth operation of markets and businesses, and do well in stabilizers and gatekeepers in capital markets." Some public fund managers said.