Our reporter Wang Siwen
Shortly after the end of the Mid-Autumn Festival holiday, A shares adjusted again.
On September 15, the Shanghai Composite Index closed down 1.16%, the Shenzhen Component Index fell by more than 2%, and the ChiNext Index and the Science and Technology Innovation 50 Index fell by more than 3%.
On the same day, the topics of "stock market" and "funds" rushed to the hot search list.
What is the reason for the sharp correction in the market?
How should investors respond to market volatility?
"Securities Daily" reporters interviewed a number of fund companies such as Huaxia, Nanfang, Yinhua, SPDB-AXA, Shanghai Investment Morgan, Wanjia, Minsheng Jiayin, Chuangjin Hexin, Dacheng, Western Profit, and Hang Seng Qianhai. Quickly interpret and predict future investment opportunities.
Fund companies have stated that the obvious adjustment of the market is the result of a series of factors at home and abroad. The short-term market may still be subject to shock pressure, but the medium and long-term investment value is already available.
Multiple factors put pressure on the boom track
On September 15, some growth tracks experienced a large retracement, especially in the new energy sector, with the largest decline in photovoltaics.
Many fund companies believe that the main reason is that the impact of external events has caused the overall pressure on the prosperity track. Among them, changes in market risk appetite caused by external policies have in turn caused an impact on the new energy export industry chain.
"From the actual situation, we believe that the market has many misunderstandings." China Asset Management told the "Securities Daily" reporter.
On the other hand, fund companies generally believe that the growth track has rebounded from the low point to the present, and has accumulated a lot of gains. The rebound is large and fast, and the new energy, automobile and other growth sectors with a relatively high degree of transaction structure are short-term. It is too crowded and the proportion of transactions is high, so there is pressure on some funds to take profits, which further aggravates the overall volatility of the market.
"Investment in growth stocks is more closely related to demand prosperity, performance fulfillment, valuation-to-income ratio, etc. There are still opportunities to exceed expectations next year, and the logic of being completely bearish is difficult to stand." China AMC said.
Medium and long-term investment value breeding
In the short term, there may be some pressure on the market.
"Liquidity is still the main contradiction in the A-share market." According to the analysis of Shanghai Investment Morgan Fund, under the premise of no systemic risk, the A-share market will continue to be within the framework of liquidity as the main driving force, underpinning asset valuations .
But medium- and long-term investment value is being nurtured.
Wanjia Fund told the "Securities Daily" reporter, "The policy of stabilizing growth is expected to continue to exert its force. From a domestic point of view, financial data stabilized in August, and liquidity remained abundant, superimposed on the successive arrival of pre-financial funds and the policy of stabilizing jobs and employment. The economy is expected to regain its upward momentum. From the perspective of the capital market, the liquidity of the stock market is expected to remain reasonably sufficient, and we will continue to be optimistic about the investment value of high-quality A-share assets in the long run.”
Western Profit Fund believes that the market outlook should be balanced to grasp structural opportunities.
In the short term, the market structure will be adjusted between growth and value, and phased towards equilibrium.
In the long run, considering the effectiveness of policy implementation and the resilience of the domestic economy, we will continue to pay attention to the real estate and real estate chains under the main line of stable growth, the high-end manufacturing hard fields such as military industry, new energy, and semiconductors, as well as consumption recovery sectors, which will continue to be booming.
Judging from the comparison between the current A-share valuation level and similar historical periods, Wang Jing, chief strategist of Chuangjin Hexin Fund, told the Securities Daily reporter, "The potential rate of return and winning rate in the medium and long-term market are both at a high level, and the short-term irrationality is irrational. The decline has released some risks, we do not believe that the A-share market has large systemic risks, and we recommend investors to be bearish on short-term fluctuations and make capital arrangements according to their risk tolerance."
Dacheng Fund also believes that there is no systematic downside risk in the market. "Judging from the market trend, the short-term A-share market is more likely to fluctuate sideways."
For the market style that the market is particularly concerned about, the fund company believes that the recent market style has begun to show signs of switching.
"Recently, the low valuation and high dividend style has clearly outperformed the market. The weak consolidation trend of the growth style may continue for a period of time, and the new energy sector can be allocated when the valuation is digested." Dacheng Fund said.
In terms of industry allocation, SPDB-AXA Fund said that in the short term, it can be balanced and moderately allocated to undervalued sectors. In the medium and long term, high-end manufacturing and dual-carbon strategies are still sectors with high prosperity. The degree track is used as the main line of configuration.
Face up to the short-term adjustment of the market
In fact, since the birth of my country's fund industry, public funds have been adhering to the concept of "entrusted, financial management on behalf of others". The products cover bonds, stocks, commodities, futures, REITs and other basic assets. Investment also has a global asset allocation, which provides investors with diversified financial management needs of different risk preferences, different asset scales and different terms, and plays a very important role in residents' financial management.
"Compared with other wealth management products in the market, funds are professional, transparent, and inclusive. Investors can indirectly participate in capital market investment through funds and share the fruits of economic development. This is an important advantage of public offerings." Xie Jun, investment manager of Hai Fund, told the "Securities Daily" reporter.
From the perspective of long-term performance, the long-term excess returns of my country's public funds are very significant. The investment concept of value investment and long-term investment in public funds can help investors to form a correct concept of investment and financial management, and form a positive and virtuous circle.
So, what should investors do to deal with market volatility?
Xie Jun suggested that, first of all, funds are tools for long-term investment, and one should not impatiently expect investment funds to "get rich overnight", otherwise it may lead to irrational investment behavior.
Secondly, to establish the concept of long-term investment, investors should pay attention to the effect of "compound interest", invest in fund products with stable returns for a long time, and realize the growth and accumulation of wealth.
Finally, independent thinking and contrarian investment are very important. When the market falls sharply or at a low point, you need to keep calm, relax your mind, and face up to the short-term adjustment of the market.
Historically, a big drop is often a good entry point for long-term investment. Don't pay too much attention to short-term fluctuations, and should treat the decline rationally.