China News Service, Beijing, January 6th (Reporter Xia Bin) Fidelity International held the "2021 Investment Market Outlook" online on the 6th. Zhou Wenqun, Fidelity International’s China stock investment director and fund manager, told reporters that due to valuation With attractiveness and continuous inflow of foreign capital, A shares still have a chance to outperform the average return of the global market in 2021.
Zhou Wenqun said that the above judgment is mainly based on three reasons.
First, the cycle returns, and demand is strong in the short term, showing a situation of supply being less than demand.
Second, the restart of optional consumption will usher in investment opportunities.
Third, since the epidemic, the trend of “the strong and the strong” has become more and more obvious. Some Chinese “leading” companies “going to the sea” are expected to become global companies and open up the market value ceiling.
However, she also reminded that investors still need to pay attention to potential risks, including the slower-than-expected vaccine advancement, and the increased polarization between the rich and the poor. At the same time, they should also be alert to the decline in valuation caused by the decline in performance growth and the impact of credit events. .
"We believe that in 2021 the A-share market will usher in the long-awaited normalization of the stock market, and the market is expected to consolidate at a high level. The specific trend depends mainly on the company's performance and tightening schedule." Zhou Wenqun said that in the past two years, we have seen The market has been heavily inclined to the TMT, consumer and healthcare sectors. Although they are still the long-term drivers of economic growth, this situation may normalize this year as the macro economy recovers.