Liu Yun, industry analyst of Caixin Securities R&D Center
Caixin Securities Research and Development Center recently released the third chapter of the consumer industry thematic fund series of reports: consumer index and product analysis in different capital markets. Liu Jun, an industry analyst at the R&D center, said in a research report that the main lines of investment in the consumer industry can be simply summarized into two: focus on new consumer sectors and individual stocks with large growth space and low congestion; focus on the allocation of consumer targets in different capital markets .
From the perspective of the flow of funds in the consumer industry, since the beginning of 2021, the net shareholding ratio and market value ratio of funds in the daily consumption and optional consumer industries have decreased significantly (the fund holdings data caliber); November-December 2020, The proportion of northbound funds held in daily consumption and optional consumer industries has shown a relatively obvious downward turning point; the proportion of northbound funds held in daily consumption in the past three months has declined more significantly.
Liu Jun pointed out that the investment divergence in the major consumer industries is increasing at this stage, and there are several influencing factors that should be paid attention to: 1) The consumption cooling caused by the spread of the epidemic, the tax exemption of tourist and hotel delivery is under short-term pressure; 2) Fertility The impact of policy changes in real estate, education and training, games, and short videos; 3) Policies tend to guide changes in the consumption structure. Based on allocation and complementarity, consumption investment in different capital markets can be considered at the same time; 4) Consumption investment in different capital markets The tolerance of valuation has been reduced, and the matching requirements of performance valuation have been further strengthened. The flow of funds from the internal (public offering) and external (North Water) departments can explain the problem more than in the past.
From the perspective of target investability, the research report also focuses on analyzing and discussing consumer indexes and products in other capital markets. Related indexes include HKC consumer index, Hang Seng consumer goods manufacturing and service industry index, global consumption 50 index, global high-end consumer goods index.
Xiaoxiang Morning News reporter Chen Haijun
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