Full of dry goods! How will investments be organized next year? Liu Gesong, Fu Youxing and other big lenders say so_ 东方 Fortune.com

Summary

[Pieno di merci secche! Come saranno organizzati gli investimenti il ​​prossimo anno? Lo dicono i leader di fondi come Liu Gesong e Fu Youxing]Fu Youxing, Liu Gesong and Li Wei all mentioned in unison that after two years of structural market, some assets have risen sharply and it takes some time to digest the valuation. Next year they should be moderately cautious and reduce Expected Rate of Return. (China Securities Journal)

There are less than 20 trading days left in 2020. A shares continue to fluctuate and industry hotspots are accelerating as well.consumption, Science and technology and other fields, I will appear on stage. Standing at the present moment, how to plan for 2021investment？

December 4thGF FundArrange a live broadcast online, GFbottomSenior directorGeneral managerWang Haitao, head of the Value Investment departmentmanagerFu Youxing, general manager Liu Gesong of the growth investment department, Li Wei, general manager of the strategic investment department, and Li Chen, director of the Jinniu fund and other equity investment “Tian Tuan” worked out next year’s investment.

　　Marvellous view

Fu Youxing: Some undervalued investment opportunities can be found in the callback (consumer, medicine, technology), cycle, finance and other sectors. Next year’s investment,The requirements for target selection will be higher.

Liu Gesong: What we need to do is extract the assets with the best cost effectiveness and the best growth potential to create returns for investors. The general trend towards home replacement is far from over.marketBig enoughenterpriseTo grow up.

Li Wei: Take a long-term view and pay attention to those who have large spaces andbusinessLong-term track with a good pattern and excellent competitive landscape, look for the ones that fitsocietyTrends of development and change can provide a better lifeProductorserviceofthe company。

　　Lower next year’s return expectations

Wang Haitao said that although there are some uncertainties about the external environment next year, A shares are still optimistic in the medium and long term. GF Fund’s three main equity departments will adhere to consistent value investment and investment philosophy long-term and will follow their respective styles andPositioningExtraction of excess income.

Li Wei also said the likelihood of a sharp decline in the market next year is unlikely: if there is some degree of adjustment, it will be a good opportunity to increase the allocation of equity assets. “After all, the main fundamental reasons supporting the long-term improvement of the A-stock market have not changed. For example, the proportion of resident capital asset allocation is low and the proportion of global capital allocation in Chinese assets is low. .

Fu Youxing, Liu Gesong and Li Wei mentioned in unison,After two years of structural market conditions, some assets have risen significantly and it takes some time to digest the valuation. Next year we should be moderately cautious and lower the expected return.

Fu Youxing introduced that the stock market andEquity fundThe new year, from the end of November 2018 to today,Equity fundThe average annual return of the equity fund is around 32%. “This yield is relatively high. Over the past 12 years, from November 2008 to the end of November this year, the annualized returnAverage yieldIt is 11.7%. “

He believes that after the sharp rise over the past two years, valuations in the consumer, pharmaceutical and technology sectors have reached a high level. Since entering the fourth quarter, the low valuation cycle, finance and other sectors may perform better.Investment incomeEvaluate expectations.

　　Select specific goals

As for specific investment opportunities, Fu Youxing believes that consumption, drugs and technology have all been lures in recent months. Some undervalued investment opportunities can be found in the callback sectors, undervalued cycles, finance and other industries. For next year’s investment, the requirements for goal selection will be higher.

Li Wei suggested paying attention to some industry leaders in the pharmaceutical, consumer, technology, high-end manufacturing and chemical industries.

Liu Gesong is still firmly optimistic about the technology sector. “Many tech companies have enjoyed the home swap bonus. This bonus is not over yet and will also last a long time.”

Liu Gesong further introduced that it wasResearchI found that many technology companiesmanagementBy working hard and doing their best to make up for shortcomings and make discoveriesshort termTechnical difficulties are only a matter of time. “I also said last year that 2019 is the first year of technology investments. I think this trend is far from over.”

(Source: China Securities Journal)

(Responsible publisher: DF537)