How To Deal With The Global Stock Market Turbulence

Due to the long-term holiday of 22 days, only part of the fund will enter the long-term holiday due to the long-term holiday.

At the end of the day, the Shanghai composite index lost 3300 points to 3274.3 points, down 1.29%; the Shenzhen composite index fell 0.96%; the gem index fell 0.53%; the science and technology innovation 50 fell 0.55%.

A-share pre Festival exam

Overnight, U.S. stocks dived, gold dived and crude oil dived. The Dow once fell more than 900 points, reaching 3.3%, and the decline narrowed at the end of the day.

At the end of Monday's us time, the Dow was down 1.84%, the S & P 500 was down 1.16%, and the Nasdaq was down 0.13%.

The three major European stock markets also fell sharply on Monday, with London down 3.38%, Paris and Frankfurt down 3.74% and 4.37%, respectively.

On September 22, a shares fell, with a total turnover of 688.3 billion yuan, continuing to shrink.

Among them, the net sales of northbound funds were 2.002 billion yuan in the whole day, and the net outflow of northbound funds on the previous day was 6.496 billion yuan.

Among the 28 industry indexes of Shenwan class, only pharmaceutical and biological products rose by 0.21%, while the rest fell. The big drop is nonferrous metals, transportation, mining and other industries.

In the theme industry, securities companies surged higher, closing up 0.12% for the whole day, and once rose more than 3% in the session. Guoyuan securities trading limit, the first venture rose 4.11%, Soochow securities rose more than 2.22%.

Overall, the fund wait-and-see sentiment is still high, stocks fell more than rose less. 　

Fund industry insiders believe that there are several reasons for the market decline: first, the long holiday; second, the European and American stock market crash; third, high valuation.

"Now the market is generally worried about the market risk of long holidays, so now a lot of funds withdraw ahead of time to avoid the risk of holidays." Said Zhao Lisong, chairman of shangdegu investment.

Lin Jiayi, CEO of Xuanjia finance, pointed out that the National Day holiday superimposed the MPA assessment in the banking system, which would have a short-term disturbance on the capital level, and in serious cases, it would lead to the tightening of capital before the festival, and then the stock market trading was weak.

"In the peripheral slump, although the market fell, but the performance is still commendable. Recently, the market contraction is obvious, the popularity has been weakening, and the people's minds are slack. Before the festival, it's hard for the market to make great achievements. " Quanhong private fund general manager Li Kejie said.

Wang Zhongyuan, general manager of ziruixing investment, further pointed out that the collapse in the periphery was due to the second rise of Xinguan epidemic abroad. However, all countries have learned from the past in March, and the early policies for the economy and the market have been continuously promoted. It is not likely that there will be a serious liquidity crisis similar to that in mid March this year.

However, Yang Delong, chief economist of Qianhai open source fund, believes that the sharp fall of US stocks has an impact on the global financial market, and the sharp fall of European and American stock markets will affect the performance of A-share market in the short term. However, in the medium and long term, the A-share market will still maintain a volatile trend, especially the stock market of securities companies has started to rebound.

In addition, a number of fund managers believe that consumption, medicine, TMT valuation is still high.

Investment strategy before and after the festival

When a shares fell, fund managers were also thinking about investment opportunities before the festival and began to prepare for the fourth quarter. Fund managers have different opinions, some of them suggest holding currency to wait and see, and some of them suggest buying low positions.

"The recent market decline, on the contrary, is a good time to build a position, short-term brewing rebound. There are some opportunities in the market in the fourth quarter, but the situation like that in the second quarter of this year may be relatively rare. " Zhao Lisong suggested that, in operation, it suggested to allocate cycle stocks and technology stocks in a balanced way.

Lin Jiayi said that the market turbulence was downward on Tuesday, and basically remained in a box. Even if the short-term external market expected the disturbance resonance caused by the second epidemic, a shares were still clearly in a state of economic recovery.

"Before the festival, due to a variety of factors resonance lower, for some of the value stocks which have been obviously undervalued, further decline, the cost performance has been further improved, we should seize the opportunity to buy. In the fourth quarter, the economy of A-share market recovered and the credit was friendly. Value stocks should be able to get a good and sustained valuation repair. " Lin Jiayi said.

"We should continue to pay attention to buying undervalued stocks. If conditions permit, we should add new products under the net to further increase the income. Enterprises such as ant group will land in the capital market after the festival Lin Jiayi said.

Chen Wenjin, senior researcher of Qianming assets, said that the overall expectation of golden cross is actually high due to the low market price and weak global economic recovery in September. However, due to the external environment turbulence, the disturbance of the second epidemic in autumn, and the delay of US fiscal stimulus policy, the pre holiday layout is also risky. It is suggested that investors should strengthen screening and pay attention to the core with high expectation of annual performance growth In the premise of controlling the reasonable position structure, the individual stocks of the core assets hold excessive shares.

Li Kejie believes that "if it rises before the festival, its position should be reduced. In the fourth quarter, there is often no market or even adjustment. At this time, it is appropriate to adjust the position and cover the position if it falls. "

Xia Fengfeng, the future star fund manager of private placement paipaipaipai.com, said that although the easing policy will continue, the rise of the stock market this year has already reflected this expectation. Scientific innovation, medicine and consumption are all at the high valuation. If the expectation of recovery declines, the performance of cyclical stocks may lag behind, and the important force to balance the market will disappear.

"The market of A-share in October should be cautious. The market will fluctuate in an interval. Before the festival, the proportion of currency holding can be appropriately increased. If the market rebounds after the long holiday, further reduction can be made. If the market falls by a large margin, we can actively focus on the leading stocks of cycle plate with undervalued value." Summer scenery said.

Wang Zhongyuan, general manager of ziruixing investment, said that the domestic epidemic situation is well controlled, various economic indicators are also healthy, and indicators such as CPI / PPI scissors also indicate good growth. At the same time, the valuation of Dinghai Shenzhen needle plate in A-share market, including large finance and manufacturing sectors, is not high, so it is difficult to form a special risk.

"Of course, the valuation of the growth sector, including consumption, medicine and TMT, is still high, forming the main contradiction of A-share investment in recent years. At this stage, we need to calm down and firmly grasp the core assets with large space in our hands, and we also need to layout and select new tracks in the next few years. With the coming of the National Day holiday, it is not a contradiction between stock holding and currency holding, and it is not necessary to sell good assets in the future. We are optimistic about the resources and some large financial assets with definite future growth and reasonable valuation, as well as new energy and some core consumer companies. " Wang Zhongyuan said.

On the other hand, Liu Yan, chairman of anjue assets, believes that the A-share market is gradually entering a relatively orderly and stable fluctuation range. Although many stock prices deviate too much, the overall valuation is still in a relatively reasonable range, and the overall impact will not be too large. The main risks in the fourth quarter come from international politics. It is suggested that more attention should be paid to individual stocks and to the safety, growth and stability of listed companies. It is not a good choice to follow the trend of speculation in the current A-share market. It is only by carefully studying enterprises, industries and markets that investors should do.

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