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幸运飞艇下注网:Hakuho shares are frequently "stood valuations" to stage a series of lower limit "buy" or "inflection point"?

时间:2018/5/4 18:44:04  作者:  来源:  浏览:0  评论:0
内容摘要:White Horse shares frequently encountered "valuation kill" "Buy" or "turning point"?The strong upward movement...

White Horse shares frequently encountered "valuation kill" "Buy" or "turning point"?

The strong upward movement of the index on the afternoon of the 3rd did not eliminate investors' worries about the market outlook. Baima stocks frequently encountered “valuation killing” and market style switching was “unpredictable”. The investors lost their way for a time. .

It is worth noting that many fund managers stated that under the background of no incremental funds entering the market, the “valuation and killing” of the A-share market will become the norm, essentially not distinguishing Baima stocks or growth stocks. The so-called "estimation and killing" is actually just another round of "high expectations - getting capital tied up - stocks soaring - less than expected - funds fleeing - stocks falling" cycles.

At present, more and more fund managers regard "style balance" as the main theme of this year's A-share market. Some fund managers pointed out that the risk appetite of the market will be more balanced this year, and the situation of the White Horse stocks will gradually change in the past year, and there will be more investment opportunities for the small and medium-sized growth stocks.

White Swans Change to Black Swans

Baima's share price has entered the downtrend channel, not before or after May Day. As early as January of this year, such as Gree and other phenomenal white horse stocks last year has been a continuous sell-off, the stock price fell steadily. However, the last straw to smash investors’ fantasy is clearly the plunge of Baima shares after the 2017 annual report and the first quarterly report of 2018. In just over a week, the “protective colors” of the Baima shares faded and the basis for the valuation premium was shaken.

Shanghai Fund Company Director of the equity investment department believes that from the analysis of the stock market operation pattern, the frequent decline of the Baima Stock this year, which corresponds to the magnificent rise of last year, is actually a normal phenomenon, but under the influence of market sentiment, it will There is a phased phenomenon. He said that at the end of last year, many fund managers reminded investors that the valuation of Baima stocks entered the “bubble zone,” and that rising prices would break away from fundamentals and the investment would enter the game stage of uncertainty. However, the market sentiment at that time was more exhilarating and did not care about these reminders.

In fact, Sino-European Fund Wang Pei said in an interview with a China Securities Journal reporter that the revaluation of the Baima Shares has come to an end. In 2017, Baima's stocks as a whole moved from relatively discounted valuations to relative premiums, completing the jump in valuation internationalization to the New Year's style. As a whole, in 2018 its own excess return space is not large, and risks exist at all levels, including corporate events, policy influences, and changes in industry cycles.

Some fund managers observed that while the stock price of Baima shares plummeted, the volume of transactions suddenly increased and there was a clear departure of funds. Taking Gree Electric as an example, after the 2017 annual report announced that there was no dividend, it was expected that in two short trading days, the volume in the secondary market would exceed 27 billion yuan. CITIC Prudential Deputy Director of Quantitative Investment Department Yang Xu pointed out that after a strong rise in last year, the low valuation of blue chip stocks generally reached a high level, cash flow obvious, and after many risk events broke out, low risk preferences Investors have signs of leaving.

"Buy" or "inflection point"?

After consecutive sell-offs, Baima shares no longer enjoy the valuation premium and become the market consensus. The new question ensued: After the heavy losses, is the current price of the Baima stock providing a "buy point" for low entry or an "inflection point" for a specified direction?

In the interview, the reporter can clearly feel that although there was a psychological expectation earlier, many fund managers were caught off guard by the fast falling speed and large trading volume. In their eyes, the over-expectation of the fluctuations in the secondary market's stock price requires more attention than the change in performance, and it has evolved into an investment strategy, but there have been significant differences among fund managers.

Some fund managers who are sensitive to risk control have chosen to control positions and avoid risks. Hai Fortis Fund Manager Huang Feng told reporters that this year's market environment is relatively complex, in view of the current market uncertainty, consider reducing some of the positions to cope with the risk of fermentation, while taking a relatively balanced configuration.

However, in the view of fund managers who are still heavily armed with Baima shares, the market is clearly overreacting. A manager of a partial stock hybrid fund in Shanghai, , told reporters that from a rational perspective, the expectations of investors in the A-share market for Baima stocks are already too high. Among them, the report of the brokerage firm has played a role in fueling this, and the performance expectations that are apparently doped with emotional colors are not normal, so it will trigger an abnormal plunge in the market. The fund manager believes that if the rational analysis determines that the fundamentals of many white horse stocks have not changed much, the over-reaction of the market may provide a buying point.

The China-Europe Foundation pointed out that uncertainty may lead to short-term market adjustments, but mainly from the emotional level, and the medium and long-term still have confidence in China’s economy and stock market performance. The China-European Fund proposes to consider balanced allocation, dilute style, and tap stocks that have long-term investment value from the bottom up. If the market is overdrawn in the short-term, it may bring about better investment opportunities.

It should be pointed out that after the loss of Baima shares, there may be a clear differentiation after the adjustment, investors should carefully screen. 10000 New Opportunities For leading companies to be appointed fund managers, Gao Yuan pointed out that in the more balanced risk appetite this year, there will be differentiation within the White Horse stocks and small and medium-sized growth stocks. Although some of the Baima stocks are at the high point of the historical stock price, their profit cycle remains upward, or they can maintain their profitability more closely to the valuation for a period of time. The investment opportunities still exist.

Who is the next "Beloved"

Hakuma's stock price has retreated, again triggering the market's infinite imagination for style switching. A prominent phenomenon is that since the beginning of this year, both the public speech and the actual operation, the fund manager's concern for the growth stocks continues to heat up.

Fundamental improvement is the foundation for fund managers to focus on growth stocks. Wu Hao, the fund manager of CITIC Prudential Fund, said that the disclosure of the quarterly earnings of listed companies was completed. Overall, both the income side and the profit side continued the slowing trend in the fourth quarter of last year. The sample income of the entire market fell to 11% in the first quarter. The profit growth rate slipped to 15%, reflecting a more severe situation than the macroeconomic growth indicators. Relatively speaking, the small and medium-sized board and GEM have improved. In the first quarter, revenue increased by 24% and 25%, respectively, and profits increased by 20% and 38%, respectively, laying the foundation for the high-tech growth sector to dominate the structural market.

Chen Ping, HSBC Technology Pioneer Fund Manager, said that the overslide and rebound of the first phase of the growth stocks represented by the Growth Enterprise Market has been completed, taking into consideration that the growth performance of the GEM may continue to be a good trend, cautiously optimistic about the second phase of the market attitude. Chen Ping expects that in the second phase, there will be an inflection point in performance and continue to rise. Currently, it is waiting for the test of performance and is expected to be cautiously optimistic. The continued rise in the third phase requires a combination of factors. The factors to be observed include macroeconomics, Interest rate , policies, overall risk appetite, attractiveness of other stocks, etc.

It is worth noting that, although there are great expectations for the growth stock market this year, fund managers generally expect that the internal division of growth stocks will be very serious, and whether or not the performance is truly growing is the most critical factor. A equity fund manager said in an exchange with reporters that from the perspective of the whole market, the number of individual stocks with “real growth” is not large, and it is difficult to meet the demand for capital positions, so this year may appear in the investment of growth stocks. In two cases: On the one hand, first-rate "real growth" stocks will repeat the warming of white horse stocks last year, and share prices will rise faster than expected. On the other hand, second-rate growth stocks will be granted through brokerage research reports and other means. The more concepts and expectations, the short-term explosive power will be stronger, but the follow-up trend requires the falsification of performance, the risk of stock price volatility is more difficult to control. (China Securities Journal)

Continuously Falling in Limits What happened to the White Horse shares?

The recent market turmoil, superimposed on the final disclosure period of the annual report quarterly and various negative information, the Baima shares flashed and fell continuously. A few months ago it was still “beautiful 50” in the eyes of investors, and the white horse stocks with stable market positions were now paraphrased into “one daily limit”. Quite a few consumer electronics industry chain stocks, such as GoerTek shares , Sunway Communication , Blue Synopsys , Angela Technology other former big white horse, the share price in recent months is one Waist. However, at the time of the crash of the White Horse stocks, important shareholders were holding backside. China Ping An , trimer environmental protection , three security officers, the controlling shareholder of the photoelectric rushed to buy these days, highlights the confidence in the company's stock. Moreover, in the current market turmoil, the former “public capital brother” Wang Yawei representative of several private equity giants rarely speak at the same time: said that the valuation of blue-chip stocks in historically low areas, optimistic about the A-share long-term investment opportunities.

White Horse shares frequently fall below the limit

April 26th

Gree Electric Appliances Co., Ltd. does not pay dividends, and the stock is still in the red. The annual report disclosed no dividends in the year, and the stock price was once cut to the limit. Called the "non-profitable event," the evening said that the dividends will be paid in the middle of this year, and the stock price will continue to drop sharply the next day.

China Ping An , market rumor changed. Afternoon China Ping An, Ping An Bank The share price continued to fall sharply.

Sanan Optoelectronics, the performance did not reach expectations. It plunged by about 8% and tumbled nearly 5% in the previous trading day.

April 27th,

After clarifying the rumor, Ping An Group superimposed unsatisfactory growth in its first-quarter performance. The stock price continued to fall sharply on the following day and fell more than 7%.

Yili Group , the disclosure performance did not reach expectations. After the low open, it quickly stopped and closed the limit. The next day continued to fall by nearly 4%.

May 2

donkey-hide gelatin performance is not up to expectations, the lower limit; ring Asahi Electronic decline in performance, limit; BYD performance plummeted, plunged 7%; Shanghai Pudong Development Bank performance decline, plunged 5%; Yili shares continued to fall by 4%.

. . . . . . .

from January this year, the high point down, China Ping An fell more than 20%, ICBC fell more than 20%, Gree fell more than 20%, Moutai nearly 20%, Erie shares fell nearly 30%.

In fact, in the last six months, there has been a more drastic adjustment in the consumer electronics industry chain. Goer shares, the stock price is low; Xinwei communications, share price waist; blue Cisco technology, the stock price is low.

The maximum amount of holdings exceeds 2 billion

When the market is in turmoil, a negative message triggers the white horse stocks to fall or even stop. However, after the crash, important shareholders, including executives, controlling shareholders, etc., were holding backside. China Ping An’s core personnel have increased its holdings by RMB 600 million, and Sanan’s photoelectric shareholders have increased their holdings by RMB 5-15 million. The two companies collectively increased their holdings by RMB 1-12.1 billion.

In another major downturn on April 27th, Ping An’s executives and core staff bought 6 billion yuan on the same day.

China Ping An announced that the company's core personnel holding plan for 2018 will complete the purchase of shares through the secondary market on April 27, 2018, buying a total of approximately 9.6669 million shares, accounting for 0.053% of the company's total share capital, total transaction value. About 593 million yuan (including expenses), the average transaction price is about 61.29 yuan/share.

Sanan Optoelectronics and Sanju Environmental Protection also announced the increase in holdings.

Haidian Technology, a shareholder of Sanhe Environmental Protection, increased its shareholdings in the secondary market from February 13, 2018 to May 2, 2018. It increased its holdings of 1.132 million shares and increased its holdings by 35.6 million yuan. Among them, 200,000 shares were increased on May 2, increasing the holding amount by 5.4 million yuan. And after this increase in holdings, Sanhe Environmental Control's shareholders will continue to increase their holdings. "According to the situation of the secondary market and the ways permitted by laws and regulations, we will continue to increase our holdings of the company's shares."

Sanan Optoelectronics also disclosed its holdings announcement. “We have increased the holding of 5.6 million shares, and will increase holdings of RMB 5-15 billion (including the increase in holdings) in the next 3 months.” The company’s shareholder Sanan Group increased its stake in 5,557,600 shares, which accounted for approximately the company’s total share capital. 0.14%. After this increase, Sanan Group holds 326 million shares of the company, which accounts for approximately 8.00% of the company's total share capital.

It is planned that within the next 3 months (from the date of this additional holding), it will continue to increase its holdings in the name of itself and the concerted person. The cumulative increase in holdings (including this increase in holdings) shall not be less than RMB 500 million. More than 1.5 billion yuan, and the cumulative increase in shareholding does not exceed 2% of the company's total share capital.

Private Equity Calls for Mid-to-Long Term Growth

It is worth noting that in the recent market turmoil, thousands of joint venture capitals such as Wang Yawei, Freshwater Investment Zhao Jun, Chongyang Investment Tang Jinxi and other private equity executives have spoken. They believe that in the medium and long term, there is no basis for a sharp drop in the market. The valuation of blue chip stocks is historically low, and there are still many investment opportunities in the future. Several large investment

coffee generally believe that the recent market correction, has a wide range of factors, including concerns about the downside risks to the macroeconomic, equity and suppression of appetite for risk, a new information management regulations on the liquidity of financial markets and concerns about the domestic and overseas market linkage effect. According to Zhao Jun, the risk premium level in the market continues to maintain a high status; at the same time, the performance period of the annual report and the quarterly report is superimposed. If the market is unstable, it is easy to amplify the bearish effect when the performance does not reach expectations.

Tang Jinxi, said the market is not pessimistic, continue to maintain this year's "Covered upper and lower bottom," the judge. The current overall market valuation is relatively reasonable, it will be more reflected in structural opportunities.

Yawei analysis that the economic adjustment in 2018 is biased gentle cycle adjustment, rather than a downward trend; current Shanghai and Shenzhen 300 to represented by blue-chip earnings and book value in the history of the area is low, overall earnings growth still up, there is a basis for the capital market long-term upward. (Financial Investment News)

blue-chip fund

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Fund Code fund referred the past year operating income fee
519772 Bank newborn vitality Flexible Allocation 54.29% 1. 50% 0.15% Purchase Opening Purchase
003095 Central Europe Healthcare mixed A45.05% 1.50% 0.15% purchase account purchase
260108 Invesco Great Wall of emerging growth mixed 38.54% 1.50 % 0.15% purchase account purchase 38.41%
001717 forefront of medical ICBC stock 1.50% 0.15% Buy an account to purchase 7_89456_2 92_65473_9
519196 ten thousand new Blue Chip Flexible Allocation 33.08% 1.20 % 0.12% purchase account purchase
Source: Oriental Fortune Choice data , Galaxy Securities, as of the date: 2018-05-03



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