Haifu fund Zhou Qiyuan: steady growth investment mainline still has a certain deductive opportunity
By the end of Feb. 11, the Shanghai Composite Index rose or fell 3.02 percent to 3,462.95 points.The Shenzhen Component index rose or fell -0.78% to 13,224.38 points.The Csi 300 weekly index rose or fell 0.82% to close at 4601.40;The 100-week gain or loss was -1.19% at 8969.67;The chinext index rose or fell -5.59 per cent to 2,746.38 points.Haifu fund investment manager Zhou Qiyuan said that the overseas market, the US inflation data significantly exceeded market expectations and interest rate rise expectations, the market risk appetite disturbance.Prior to the US inflation data, central banks in the UK, Russia, Brazil, South Korea and other countries had already started raising interest rates. The upward interest rate usually indicates the downward phase of the money liquidity cycle, which has a negative impact on stock market valuations, especially in the middle and later stages of a sustained upward trend.Domestic market respect, experienced last year close currency, adjust structure.Steady growth has been set since Last December.Infrastructure plays an important role in ensuring steady growth. China’s policies are closely aligned with economic fundamentals, and their effectiveness will be realized through the revitalization of the real economy.Policy in our country’s regulation of the economy ability stronger, the sensitivity of the economy to monetary policy from the past 3-6 months gradually promoted to the lagging behind of the current lag 1-2 months, at present, we can already see many provinces have started many item of large-scale projects, we can for macroeconomic stabilisation recovery is very confident.Looking to the future market, steady growth this line has not ended, in the policy further force, economic “Indian Summer” before the emergence, I believe that steady growth related stocks still have a certain deduction opportunity.To be specific: 1) Construction, orders can reflect the situation of steady growth and increase, with periodic profit expectations.2) Building materials, real estate, home appliances, furniture and other industries, demand is also expected to recover, building materials are more optimistic about consumer building materials.3) Big financial sector, which performed relatively poorly in the past year. The environment of monetary easing and fiscal easing is positive for big financial sector, relatively positive for securities firms, followed by insurance and banks.The reason for the bullish view is that securities companies will provide services to the real economy during the economic recovery process, and the return of Chinese concept stocks and the long-term logic of wealth management will bring opportunities to the brokerage industry.4) Required consumer goods, optimistic in the short term.In the stage of steady growth, consumer goods are not affected by the economy;The second quarter and the third quarter are more optimistic about alternative consumption, because under the economic recovery environment, alternative consumption opportunities are greater and more flexible.5) With the further downward valuation of growth stocks and business sectors, opportunities are also expected to appear in the second quarter, but the differentiation will be very large, requiring higher ability to select individual stocks.6) Hong Kong stocks, some of the technology stocks have undergone a substantial adjustment in the early stage, and have better configuration cost performance.