A Shares "Second Quarter" Curtain Opening: Fund Managers Open Up The Bottom, Prepare For War Spending, Technology Leader Into "Victory Or Defeat Hands"

Officially ended in March. In March 31st and the last trading day of March, the three major indexes of A share ended up. Overall, the gem index has fallen by 9.64% since March, and the Shanghai Composite Index has fallen by 4.51%.

Although the market shock adjustment, the index continued to fall to a new low, but in this process, a lot of funds accelerated "bottom up".

"At this point, the fund managed is basically maintained at a relatively high position. Because many companies have fallen to a reasonable price range, which is very attractive for configuration. In March 31st, the chief investment officer of a large public fund in Beijing told the business reporter in twenty-first Century.

In fact, from the feedback collected by the economic report reporters in twenty-first Century, many fund managers have already begun to increase their positions.

Everbright Securities estimates data show that last week (as of March 27th) the average positions of equity funds and partial equity hybrid funds were 87.14% and 88.55%, respectively, which increased 0.42 percentage points and 0.59 percentage points. Before that, partial stock mixed funds have been reduced for 4 weeks.

In addition to the A share, the market share of the capital will also extend to Hong Kong stocks and overseas markets as a result of wide fluctuations in the global market.

Twenty-first Century economic report combing reporters found that since March, Hong Kong stocks have been net inflow daily, the total net income of that month amounted to 139 billion 740 million yuan, and more QDII funds because of the influx of funds led to quotas.

Capital is busy.

"If the short-term market has not yet risen very rapidly, we believe that the position at 2700 will give the holder a higher return. In addition to the old fund being added, the new development fund will also accelerate its position." The aforementioned public fund investment director said.

"At present, the positions are maintained at around 80% to 90%, and the trend of equity fund placement is becoming more and more evident since nearly half a month ago." In March 31st, a brokerage fund manager told the twenty-first Century business reporter.

According to Everbright calculation data, the average position of equity funds was 89.46% in the week of February 28th, down 1.76 percentage points compared to last week, and the average position of mixed equity funds was 89.86%, down 0.39 percentage points from last week. Since then, three consecutive weeks, partial stock mixed fund positions have been reduced by the ring.

According to the weekly data of 4 weeks up to 27 March, the stock fund in the first week showed a rise in the position of the stock market, and the positions in the two weeks after the week were all down to the ratio. The positions of the partial mixed funds were downgraded continuously in the first three weeks, and the positions in the last week were higher than those in the last week in March.

In fact, many organizations mentioned the disposition value of A shares at present time, and thought that the current market adjustment also made A shares enter a more reasonable valuation range.

"In terms of valuation level, the CSI of Shanghai and Shenzhen 300 and Shanghai composite index is only 13X at present. Most industries are below the median of valuation over the past ten years. Steel, retail trade, textile and garment industries are at a discount. The overall valuation of the market is at a low valuation level, which means that the margin of market security is acceptable, and that the A shares have a long-term and cost-effective allocation." Founder Fubon Fund Index Investment Department Wang Yifa pointed out.

From the north to the capital flow situation, from March 11th to March 19th, after continuous large daily net outflows, in March 20th, the northward capital turned to net inflow, and thereafter, March 24th, March 25th, March 27th and March 27th all showed a net inflow on the 31 day.

In contrast, Hong Kong stocks have shown a continuous net inflow of funds since February 24th, and the total net inflow up to March has reached 139 billion 740 million yuan as of March 31st.

"A lot of insurance and other long-term funds continue to flow into Hong Kong stocks. The current investment value of Hong Kong stocks is also quite obvious. It is expected that the trend of Hong Kong stock inflow will continue." Beijing a public fund investment director said.

Data show that the Hang Seng Index fell 9.67% in March. In March 31st, the Hang Heng index closed at 23603.48 points, up 1.85%.

Another notable change in the allocation of funds since March is in the QDII fund. With the continuous adjustment of the overseas market, the decline in oil prices and the melting of American stocks, this has attracted a lot of funds to "copy" the overseas market through the domestic QDII fund.

According to incomplete statistics of twenty-first Century economic report, more than 50 QDII funds announced in March as a whole. Many funds continue to announce the "limit", and the purchase limit is further reduced or even suspended.

In March 31st, there were more QDII funds, such as the Asia time coupon income bonds, the merchants' S & amp; P BRICs index, the the Great Wall China Greater China mix, and Yinhua dollar bond selective bonds.

"Before the overseas market plunged, there was a large influx of funds, and now the suspension is due to insufficient quota." A large public fund in Southern China has been interviewed.

Retail consumption, technology

Opening up has become a trend, and consumption and technology are still mentioned by many agencies.

"At present, my configuration is more flexible in equilibrium, mainly in the two directions of consumption and technology. In these two directions, the valuation of many high-quality leading companies has fallen to a more reasonable valuation range. It is estimated that more than 20%-30% of the yield can be made over a year, and this yield is satisfactory. The aforementioned public fund investment director said.

"The liquidity of the market is well maintained. Once the epidemic is stabilized, the panic on the outside market will be gradually restored because of the positive policies. The growth of A shares, especially the technology sector, will continue to show a high elastic advantage and will also achieve better excess returns. We need to pay close attention to the volume and price of the two cities and the situation of the northern capital." Wang Yifa pointed out.

In addition, Wang Yifa pointed out that with the introduction of a more vigorous and steady growth policy, some cyclical industries, especially the new infrastructure sector, are expected to achieve relatively better performance. In addition, when the impact of the epidemic on market sentiment is impacted and suppressed, relevant industries with high dividend yield characteristics, such as banks, coal, iron and steel, and transportation, are expected to get better relative returns.

It is worth noting that the current quarterly reports of listed companies have been disclosed, and the impact of the epidemic on the first quarter results will also be gradually reflected. A number of interviewed fund managers also pointed out the need to focus on the impact of a quarterly report.

"All industries will not be affected by epidemics. For a relatively stable competition pattern, high moat, high barriers, and high ROE companies, the impact is relatively small; however, the impact on the industries with unstable competition pattern, low ROE, low moat and heavy assets will be slightly larger. Therefore, no matter which direction to be deployed, we should focus on the leading companies. The interest rate of the leading companies will decline by 10%-20%, but there will be many companies that end up losing their performance. The fund manager said.

For the two quarter A share performance, Huang Fu Feng, deputy director of the Ministry of investment and public interests of Haitong, said that the main index of the two quarter will enter a weak state of shock, and the structure will be more optimistic about core assets, although the core assets in the fundamentals and valuation advantages are not outstanding, but the certainty is strong. At the same time, under the expectation of weak shocks, market style is not expected to go to the extreme.

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