The First Batch Of Ten Public Offering Strategy Analysis In The Two Quarter: All Love Infrastructure, Eight Are Optimistic About Technology.

According to incomplete statistics of twenty-first Century economic report, as of April 9th, the first 10 fund companies have released the two quarter strategy report.

The list includes merchants, Jing Shun the Great Wall, Ping An, Guo Hai Franklin, Wanjia, Hengsheng Qianhai, galaxy, founder Fubon, Changsheng, HSBC Jinxin and other fund companies.

After the end of the magic first quarter of 2020, various fund companies have said that the two quarter A shares short term shocks, but in the medium and long term optimistic about A shares.

It is worth noting that the areas favored by fund companies are mostly similar, mainly focusing on Yu Jijian (10), technology (8) and consumption (5).

Optimistic about the two quarter of A shares

Fund companies summed up the performance of A shares in the first quarter. Generally speaking, the A share affected by the epidemic in the first quarter is quite magical.

In the first quarter, A shares experienced a big shock. The Shanghai Composite Index fell 7.72% on the first day after the opening of the Spring Festival. After that, the retaliatory rebound continued to rise for half a month, and once it hit 3071.68 points. After that, with the spread of the epidemic in the world, superimposed oil prices plummeting, the external market plummeted, the four US stocks faltered, and A shares also followed a huge earthquake. The Shanghai Composite Index fell sharply to 2646.80 points.

Overall, in the first quarter of 2020, the Shanghai Composite Index fell 9.53%, Shenzhen composite index fell 3.89%, small and medium board index fell 1.01%, and gem index rose 4.56%.

In the first quarter, the A share market was dominated by general fall. It was divided into two stages: the first quarter was from January 1, 2020 to February 25, 2020, which was the rising stage.

From February 25, 2020 to March 31, 2020, the stage of decline was in the late stage. This stage was down because of the epidemic affecting the global risk preference. Agriculture, forestry, animal husbandry, fishery and medicine benefited from the epidemic.

Looking forward to the two quarter, fund companies are generally optimistic about the A share market and are optimistic about the good trend of the A share market.

Franklin of the state sea fund said, "China's resumption of work to speed up, liquidity is abundant, A shares will turn for the better, and the structural market will continue."

Investment Fund pointed out: "short-term stock market shock bottom, medium term optimistic rights and interests."

The reason is that in the short term, the repair of overseas market sentiment and the overweight of domestic hedging policy are likely to support the bottom of the market. But considering the unclear situation of the epidemic situation and the potential risks of the economic downlink, the short-term market trend is still dominated by shock consolidation. China still has a better performance price ratio.

Ping An fund also holds a view of "long-term optimism, short term or concussion". Therefore, it is suggested that the market may be relatively volatile in the near future and the short-term strategy is biased towards wait-and-see. But at present, the overall risk of A shares can be controlled, and those with lower positions will be able to adopt the fixed investment method after the market is stable.

Wanjia Fund pointed out that "after 2-3 months of adjustment, the biggest risk in the A share market is likely to be over."

It further indicated that from the perspective of the inter annual time cycle, enterprises will be able to see a year-on-year growth in the next quarter. Infrastructure related repair is faster and less sustainable. Consumer repair is slower, but the repair cycle can last for more than 2 years. This is a very rare opportunity for investment.

Founder Fubon Fund believes that the characteristics of A shares at the bottom or near the bottom are more obvious. The current liquidity is loose, the valuation level is low, and the attractiveness of A shares is enhanced.

However, it is pointed out that the potential risk lies in the fact that the highest point of the global epidemic is yet to come. It is also possible for the domestic to face the two epidemic risk brought by imported cases. At the same time, the negative impact of the epidemic on corporate profits has not yet fully emerged, and investment needs to be vigilant.

All fund companies have expressed their love for infrastructure. Xinhua News Agency

I love infrastructure, technology and consumption.

What are the 10 fund companies looking forward to in the two quarter?

According to the statistics, capital construction (including traditional infrastructure and new infrastructure) is the most favored sector of the fund companies. All the fund companies have expressed their love for infrastructure, accounting for 100%. It is especially mentioned that there are 8 fund companies that are optimistic about the new infrastructure.

For example, Wanjia Fund said in the two quarter strategy, "we hope to benefit from government investment in infrastructure, including construction, construction machinery and other traditional machinery, including IT, 5G, electrical equipment and other new infrastructure."

Secondly, fund companies love and frequently mention technology stocks. A total of 8, 80% fund companies recommend technology stocks.

Founder Fang Fubang said in the two quarter strategy, "once the epidemic is stabilized, the fear of the external market will be gradually restored because of the positive policies. The growth of A shares, especially those of the science and technology sector, will continue to show a high elastic advantage and will also achieve better excess returns."

It is worth mentioning that the field of science and technology is in harmony with the new infrastructure. The fund companies mentioned in the new infrastructure also mentioned the field of science and technology.

In addition, there were many fund companies recommended for consumption in the two quarter strategy, accounting for 5, accounting for 50% of the total.

It is worth mentioning that in the consumer industry, there are 3 fund companies clearly recommend the pharmaceutical industry, and fund companies also recommend liquor, automobiles, household appliances and other consumer sectors.

For example, the Franklin fund of the state sea said, "optimistic about the medical equipment in the pharmaceutical industry, the high-end raw material drug plate."

And Merchants Fund said, "the downstream demand stable, cash flow pressure smaller liquor and medicine plate is worthy of key allocation".

In addition, in the two quarter strategy, various funds also have some niche recommendations.

INVESCO the Great Wall fund and HSBC Jinxin fund recommend investors to pay attention to the quality stocks affected by the impact of the epidemic and the sharp reduction in share prices.

The galaxy fund recommends "securities dealers who may benefit from the index rebound".

Chang Sheng Fund believes that "structural, domestic demand varieties, and low shareholding ratio in North China".

Founder Fubon believes that related industries such as banks, coal, iron and steel, and transportation are expected to get better relative returns when the impact of the epidemic on market sentiment is impacted and suppressed.

In addition to the recommendation, some fund companies also specified some areas that should be avoided in the two quarter.

For example, the galaxy fund and Changsheng fund have indicated that they should avoid some of the stocks with high overseas revenues.

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