Every reporter: Huang Xiaocong Every editor: Ye Feng
In the past two days, the Shanghai and Shenzhen markets have undergone major adjustments. Some popular sectors such as liquor, medicine, new energy and other large consumption areas have seen significant adjustments. Some funds that have always liked heavy storage and large consumption have seen their net worth drop by more than 6% yesterday. Together with today's adjustments, the cumulative retracement in the past two days has exceeded 10%.
However, the reporter also noticed that despite the market adjustment, some fund managers still hold firmly, and some fund managers also bought their own products yesterday.
In addition, last year's champion fund manager Zhao Yi said: "For a long time in the future, the market will be dominated by structural market. It is difficult to form trending investment opportunities at the index level. It is necessary to select outstanding companies to grow together."
Some funds have fallen more than 10% in the past two days
On July 26 and 27, the Shanghai Composite Index fell 4.77% and the ChiNext Index fell 6.83%. From the perspective of funds, there were 88 funds yesterday (A\ C shares are calculated separately, and the same below) has a single-day net value drop of more than 6%, and there are more than 200 funds with a single-day net value drop of more than 5%.
Seen from the funds that have fallen sharply yesterday, the details are as follows:
Data source: Wind
Judging from the funds that fell by more than 7% yesterday, after today’s continued adjustments, many funds have lost money in the past two days. The cumulative net value decline may exceed 10%. For example, the Boshi Hang Seng Healthcare ETF, today's secondary market is approaching its limit, and it plunged by 9.86% in a single day. The cumulative decline in the past two days has reached 16.61%.
From the perspective of off-exchange funds, the net value of Soochow Shuangtriang fell by 7.99% yesterday. Although today’s final net value data has not yet been updated, from the estimated data of , the net value is expected The decline exceeded 2%, so the cumulative decline in the past two days is likely to exceed 10%. There is also Qianhai Kaiyuan Shanghai-Hong Kong Shenzhen Jurui, which dropped by 7.91% yesterday, and is estimated to drop by more than 3% today. The cumulative decline in the past two days may exceed 10%. Of course, the final net worth data will be confirmed after the evening calculation.
In addition, apart from these funds, Bosera CSI Global China Education ETF is the biggest drop in net worth these days. This is the product whose net worth was affected by the sharp drop in the education stocks of China Approximately. The net worth off-market on July 23 The net value dropped by 24.59% on July 26. The net value dropped by 12.84% on July 26. The secondary market has now seen a two-day drop limit, but it is still not equal to the off-market net value, and it may continue to fall.
Fund managers buy products managed by themselves
Faced with the continuous market adjustments, many investors choose not to look at their accounts for the time being, but some investors continue to increase their positions as the market adjusts, including Employees of fund companies and fund managers.
The reporter noticed that during yesterday's market adjustment, some fund managers said that they had bought products managed by themselves and would advance and retreat with their own products. If they continue to adjust later, they will continue to buy.
In addition, in today’s adjustment, a star fund manager also told reporters: “There is no adjustment of positions. The stocks they buy are based on a longer-term dimension. Although some sectors have risen more recently, they still feel that there is still a comparison. Large space.”
It is worth mentioning that after continuous adjustments, some fund companies have different views on the market outlook. Ping An Fund stated: “The current overall market valuation is not expensive, but the growth sector is overvalued. The value becomes more and more obvious, the market volatility in the second half of the year may increase, even in the growth style, there will be obvious rotations. Under the combined effect of fundamental expansion, technical support, good policy orientation and active trading, the follow-up market It is expected to fluctuate upward."
China Merchants Fund believes, "Looking forward, after two consecutive days of decline, the subsequent market decline momentum will slow down. The market outlook is expected to remain volatile in the short term, but due to liquidity and risk appetite, short-term Suppression, the structure will still be heavier than the index.”
SPDB AXA Fund pointed out that “peripheral market disturbances will not change the mid- to long-term trend of the A-share market. A fundamental change has taken place. The investment logic of “focusing on growth and paying attention to industry prosperity” continued in A-shares has not changed.In the future, the high-prosperity growth track represented by new energy vehicles, photovoltaics, and pharmaceuticals may still be the main layout direction.
champion fund manager last year: the valuation of the new energy sector is not particularly expensive
In addition, in the two-day market adjustment, the adjustment range of many sectors is actually more obvious than the large-cap index, such as China The cumulative decline of the Securities Liquor Index reached 11.38% in the two days, the cumulative decline of the CSI Medical Index also reached 8.27%, and the cumulative decline of the CSI New Energy Index was 7.36%.
How will the market outlook determine the adjustment of these popular sectors? ABC Hui Li Zhao Yi said: “Investment in the new energy sector should distinguish between dynamic and static valuations. From a static point of view, the absolute valuation of the current market is relatively high, but from a horizontal perspective and compared with other industries, the valuation of the new energy sector is not particularly expensive. "
In addition, "From a medium and long-term perspective, the global penetration rate of electric vehicles in 2020 is less than 5%. Different governments and car companies have successively proposed that the sale of fuel vehicles will be banned from 2025 to 2030 at the latest, which means that the industry may have 10 times -20 times more room for growth. In general, the penetration rate of new energy vehicles is rapidly increasing, and the performance of the entire industry, especially leading companies, is growing very fast. New energy companies can quickly absorb static high valuations through rapid performance growth. "Zhao Yu further said.
China Merchants Fund said: "The fund's interim report holdings data announced that the proportion of liquor allocation in the second quarter fell from 8.3% to 7.8%. The fund reduced its holdings of first-line liquor and increased its holdings of secondary high-end liquors, mainly based on secondary high-end liquors. Faster performance growth and outstanding growth; leading wine companies’ approving prices continued to rise from the previous month, and major wine companies continued their price-setting policies to welcome the peak season, paying attention to the double-season peak season and the layout of the valuation switch at the end of the year, and focusing on the macro-liquidity level. The industry’s fundamentals are solid, and the peak season can be expected in the second half of the year. You can gradually participate in fixed investment to smooth out the impact of short-term fluctuations. As time stretches, the liquor sector still has a better configuration under the trend of consumption upgrades and increased concentration. value. ”
Cover image source: Photograph.com
Daily Economic News
.
