Cao Wenyi, a reporter from China Fund News.
With the countdown to 2021, the decisive battle for the annual performance of the fund has begun. Judging from the latest war situation, the number of "doubling base" is constantly changing. On the other hand, the public offering at the end of the year opened an intensive research model to prepare for next year's investment layout.
A number of fund managers said that near the end of the year is a better allocation time. For stocks, there is usually spring restlessness, and the current central bank takes care of liquidity, so the New year allocation is also a good time.
Head public offering group to investigate the leader of the "North Stock Exchange"
As of November 26, the Beijing Stock Exchange has only been open for 10 trading days. According to incomplete statistics, 23 companies listed on the North Stock Exchange have been favored by institutions, with a total of 28 surveys and 223 participating institutions. Fund companies have become the main force of research, up to 75. Among them, Xujie Technology, Miao Technology and Jingsai Technology have all received two institutional surveys.
Specifically, from November 18 to 19, in the first week of the opening of the Beijing Stock Exchange, Star Technology received phone calls and on-the-spot research from four institutions, including Guangfa, Huaxia and Wanjia Fund. On November 24, Star Science and Technology received the second survey of Wanjia Fund again. On November 19, Huaxia, Guangfa, Huitianfu, Yi Fangda, Nanfang, Castrol, Dacheng and Wanjia funds collectively investigated the top two of the market capitalization of the Beijing Stock Exchange-- Betteri and Liancheng CNC. On November 22, according to the announcements of three companies on the Beijing Stock Exchange, 10 institutions, including Wanjia Fund, Xingsheng Global Fund, Ping an Endowment Insurance, Jianxin Fund and Huian Fund, investigated Su Axis shares, and 4 institutions including Yi Fangda Fund investigated Sen Xuan Pharmaceuticals. Huitianfu Fund and other five institutions investigated shared technology. November 25 Changhong Energy announced that it has received a number of fund companies, including Huaxia Fund, Wanjia Fund and so on.
From the perspective of the research content, the issues of concern include "company product application scenario", "future industry demand", "company industry status and competition pattern" and so on. in addition, core technology advantages and R & D investment have also become the focus of institutions' attention.
A director of investment and research of a medium-sized fund company in Shanghai said that behind the "research craze" of public offering, it may mean the preparation of a batch of new fund products next year. On the whole, head fund companies are accelerating the layout of the Beijing Stock Exchange, with strong interest in new energy, TMT, biomedicine, Internet, consumer upgrading and other areas.
Chang Yuan, the proposed fund manager of the Yongsheng steady Enhancement Fund, said that thousands of specialized and special new enterprises are individual champions, and at present, the alpha attribute is strong, and they will pay attention to the companies listed on the North Stock Exchange of the preferred track and the companies that overlap with the new list of specialized specialties.
Banks and food stocks are centrally investigated by public offering.
From the perspective of the industry, in November, the industrial sector received the largest number of companies surveyed by institutions, followed by the information technology sector. In addition, the more densely distributed industries of the surveyed companies include materials, optional consumption, health care, daily consumption, finance and so on. Among them, banking stocks and food stocks have become the focus of the market.
As of November 26, the most frequent survey of fund companies this month is the mustard industry "Maotai" Fuling mustard. In November, 99 public offering surveys were conducted, including Southern Fund and Wells Fargo Fund, among which star fund manager Zhu Shaoxing also appeared. The research content mainly includes the company's price increase plan, the reason and trend of raw material price rise, inventory situation, channel sinking progress and effectiveness, e-commerce channel layout and so on.
In addition, a short-term rebound in bank stocks in November attracted market attention. This month, a total of 88 fund companies participated in the survey of Ningbo Bank, ranking second in the frequency of fund company research this month. These include Zhang Kun, the fund manager of Yi Fangda, and the fund managers or researchers of many well-known fund companies, such as Ruiyuan Fund, Southern Fund, Huaxia Fund and so on. From the research content, the main problems of public offering fund relationship are risk management, business focus, the development of financial science and technology and so on.
In addition, Hailiang shares (87 times), Huali Group (77 times), New Zebang (67 times), Zhifei Bio (64 times), Haier Bio (63 times), Liad (57 times) and other stocks were among the most frequently investigated by fund companies.
Chang Yuan, the proposed fund manager of Yongsheng steady Enhancement Fund, believes that the impact of future policies in the consumer industry is still inconclusive, but some high-quality companies are making adjustments to their organizational structure or sales network. Once the industry bottoms out, these companies will have good growth and investment value. Judging from the recent behavior of some leading consumer goods companies, they have begun to try to raise prices because of rising costs. for those companies with brand and channel advantages, the downstream acceptance of price increases and the inventory situation of related companies may be further improved. in the short and medium term, you can pay attention to this kind of marginal improvement.
Near the end of the year, it is still a good time to configure.
Near the end of the year, fund managers are busy with research, but also repeatedly consider how to carry out next year's investment layout. A number of fund managers said that the investment layout needs to change. At present, the balanced configuration has become the choice of many institutions.
Changyuan, the proposed fund manager of the Yongsheng steady Enhancement Fund, said that fundamentals hit bottom in the short term, relatively optimistic in the medium and short term, moderate layout of inflation, waiting for policy catalysis. As the global economy gradually enters the post-epidemic era, he believes that the resilience of economic development in the future is still very strong, and he will adopt a balanced investment strategy and strive to achieve more excess returns by selecting stocks from the bottom up. In specific industries, he is optimistic about the high-quality targets of related industries, such as consumption, new energy, carbon neutralization, specialization and so on, which have a large callback, long-term development and good prosperity for 22 years.
Lin Xiaocong, manager of Cathay Pacific Rong Amdo Strategy and Cathay Pacific event-driven fund, said that in 2022, he will look for exceeding expectations and focus on new changes. On the whole, the economy is downward, liquidity is up, and policy is up. Look at the half-year to one-year dimension is optimistic about the market. However, among them, we will be more vigilant against the varieties that are highly related to the macro-economy (there is a greater risk of a downward adjustment in earnings forecasts). Pay attention to the two main investment lines of "consumption upgrading" and "industrial upgrading", such as new consumption, new energy vehicles and intelligent vehicles, semiconductors, photovoltaic + energy storage and so on.
Chen Xiao, the proposed fund manager of Taiping Ruiqing Mixer, said that next year, we will take into account both value and growth, and grasp the good companies in the industry: first, the sector where the economy has improved for a long time and the medium-and long-term development of the industry resonates with capital. including the direction of hard technology, such as new energy, science and technology industrial chain and advanced manufacturing industry. Second, the relatively sound performance of consumer, medical and other industries. Third, there are many potential companies in the leading stocks of some fine molecular plates, such as banking, chemical industry, automobile and so on.
A "fixed income +" fund manager in Shanghai said that near the end of the year is actually a better allocation time. For bonds, funds are usually tight at the end of the year, and the resulting upward yield is actually a good time; for stocks, there is usually spring restlessness, and the current central bank takes care of liquidity, so it is also a good time for new year allocation. For the market in 2022, he thinks there will be phased and structural opportunities for both bonds and equities.