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Haifutong Fund: Opening the door is due to the repair of the previous valuation. The market is not optimistic.
Financial sector fundEdit small Q
Financial Funds February 11th The first major trading day of the Year of the Pig, the Shanghai and Shenzhen major indices showed an upward trend. As of the close, the Shanghai Composite Index closed at 2653.90 points, up 1.36%. The Shenzhen Stock Exchange Index reported 7919.05 points, up 3.06%. The GEM and the SME board index rose sharply by 3.53% and 3.39%, respectively, to close at 1316.10 and 5174.37. In terms of industry, among the 29 CITIC-level industry classifications, agriculture, forestry, animal husbandry and fishery, food and beverage tourism, electronic components, food and beverage, and computers were among the top gainers.
Huang Feng, fund manager of Haifutong, believes that today's rise is mainly due to the repair of the previous valuation, mainly in the industry and stocks with deeper declines last year, which have different degrees of rebound today. On the face of the market, large-cap stocks outperformed small-cap stocks and led by high-quality stocks, which is also in line with the logic of short-term industry boom. thereforeIt is expected that the market will gradually move from a valuation to a narrow range..
However, in view of the “commercial reputation” that occurred in the previous years, Huang Feng believed that the impairment of goodwill affected the listed company's profit statement rather than the cash flow statement. In the long run, the future cash flow is the value of the company. In the medium and long term, Huang Feng believesThe overall market environment is still not optimistic, although short-term risks are alleviated, long-term concerns are still suppressed, out-of-control risks are eliminated, stall risks are still in place, and reform and transformation confidence needs to be improved.. From top-down perspective, there are various problems, which are intricately intertwined and difficult to study. Therefore, it is a sound way to strengthen the response and control the investment behavior and strive to do well within the scope of the competence circle.
Regarding the funds it manages, Huang Feng said that he will stick to the established framework and remain cautious as a whole, keep the ability circle and hold the core assets of high-quality enterprises in the medium and long-term perspective, but the scope of configuration will try to expand from contraction to moderately extend the tail. The selection range and allocation ratio of assets.
Editor in charge: Robot RF13015
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