Original title: Policies continue to exert “steady growth” main line performance is dazzling
Nearly 40 active equity funds are deployed ahead of schedule, with returns exceeding 5% this year
Since the beginning of the year, the trend of the main board and the ChiNext has intensified, and the popular tracks in the early stage have experienced a relatively large correction, while the main line of “steady growth” represented by financial real estate and infrastructure has performed well. Yesterday, the Shanghai Stock Exchange recovered 3,500 points and closed slightly down 0.66%; the ChiNext Index fell 2.84%, below 2,800 points, and closed at 2,746.38 points. It fell 5.59% in the five trading days after the Spring Festival holiday, and rose 3.02% with the Shanghai Stock Exchange. In sharp contrast.
Funds that have laid out the main line of “steady growth” in advance have reaped a wave of dividends. Industry insiders said that the main line of “steady growth” is expected to continue to be strong, and the attention of institutions is also increasing.
“The financial data in January exceeded expectations, which may be called ‘stable opening’.” After the release of the credit and social financing data in January this year on the 11th, the strategy department of a leading public fund company came to this conclusion after analysis.
The chief macro strategist of the department believes that the data is generally positive, and the growth rates of M2 and social financing have rebounded significantly, which is obviously driven by the “steady growth” policy. “Generally speaking, credit expansion is on the way, and the direct starting point for credit expansion should be various new and old infrastructure projects. It supports the main line of ‘steady growth’ in the current market.”
According to Yinhua Fund analysis, the total social financing growth in January exceeded expectations, and the growth of loans and government bonds contributed greatly; the growth of credit exceeded expectations, but there are still certain structural problems of weak market demand, which is in line with the initial stage of counter-cyclical adjustment. The general law of social financial growth. Overall, the strengthening of social financing data and wide credit expectations will still support the main line of “steady growth”. Looking forward, short-term government bonds are expected to become the starting point for stabilizing social financing and drive the growth of on-balance sheet loans. As social financing continues to stabilize and rebound, there is still room for policy efforts.
Industry insiders believe that the financial data that exceeds expectations is one of the important positive factors in the fundamentals. Although the market has not yet fully recovered, it will eventually perform in line with the fundamentals.
Since the beginning of this year, the new energy, military industry, technology and consumption of the popular tracks in the early stage have all experienced significant corrections, while the stable growth sectors represented by financial real estate and infrastructure have performed well. Judging from yesterday’s disk, the real estate, finance and other sectors are active, but the sectors that institutions prefer or even hold heavy positions are more differentiated. Among them, the “Ning combination”, biopharmaceuticals and other sectors have been adjusted significantly, reflecting from one aspect that the institutional capital adjustment position is firm, and the relative return expectation of the main line of “steady growth” is gradually becoming an institutional consensus.
In the second half of last year, some public funds set the main line of “steady growth” forward-lookingly, and they have already reaped a wave of dividends. Statistics show that as of February 10, the average returns of active stock funds and partial stock mixed funds have been -9.68% and -8.93% respectively since the beginning of this year, of which nearly 40 active equity funds have returned more than 5%. The performance of products with the main line of “steady growth” ranks among the top.
Huicheng Fund Research Center summarizes the funds that focus on the main line of “steady growth” by the end of 2021 through statistics of the quarterly reports of public funds in 2021. Specifically, the allocation ratio of the two funds of Invesco Great Wall China Return and Invesco Great Wall Resources Monopoly managed by Han Wenqiang to the main line of “stable growth” is as high as 78%. The main line of “steady growth” with a higher proportion is Qianhai Open Source Event Drive A, Zhongrongxin Value A, Wanjia Xinli, Wanjia Selected, Wanjia Macro Time and Multiple Strategy, Guolian An Dividend, and Western Profit Strategy. Funds such as A and Western Profit Juhe A are preferred. As of February 10, Wanjia Xinli, Wanjia Select and Wanjia Macro Time-Selected Multiple Strategies managed by Wanjia Fund Huanghai have yielded 11.66%, 10.96% and 12.23% respectively this year.
China Asset Management stated that the probability of systemic risks in A-shares is currently low. Considering the continued force of policies in the later period, the market fundamentals are still very resilient. Compared with the external market, A-shares still have a large valuation advantage. After the adjustment, in addition to the main line of “steady growth”, there are also quite a few opportunities in the growth field. It is recommended to pay due attention to the booming tracks of biomedicine, new energy, and core technology that have undergone major adjustments in the near future but have a clearer industry development direction.
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