Since the beginning of this year, investors are eager to “borrow the base” to enter the market, and the issuance of equity funds has increased significantly. In the structural market, the difference of new fund positions appears.
Data show that in the past January, 32 of the newly established active equity funds issued shares of 5 billion yuan (initial funds, including limited funds).
According to the latest fund net value data, e-fonda’s competitive enterprises and gf’s core value are relatively slow to build positions, while Huatai Bairui’s leading quality, harvest’s Hong Kong stock advantage and gf’s growth selection are relatively fast to build positions.
In addition, the latest net value performance of these “hot money” funds also reflects that the difficulty of fund position building is increasing.
//Structural market will continue//
Yu Hao of Guangfa Fund thinks that the rhythm of the whole A-share and Hong Kong stock is not the same. For A-share, in history, if the share price of A-share is divided into stock index and profit, the profit situation of A-share and profit is relatively optimistic under the trend of good macro fundamentals.
Historically, the stock index mainly depends on the whole monetary environment, but the monetary environment, as seen in the news these two days, may be neutral or even partially tight after the Spring Festival. Therefore, for a shares, the follow-up should be a structural market with improved macro fundamentals, improved profitability and neutral liquidity.
Wu Weizhi, chairman of China Europe Ruibo, said that the A-share market started to be bullish in early 2019. By early 2021, the bull market lasted for more than two years. Therefore, the valuation of this place is not cheap, especially compared with the beginning of the bull market.
In addition, the biggest difference between this bull market and the past is that there is a big structural differentiation. The overall valuation of the market is reasonably high. But from a local perspective, there are structural bubbles in quite a number of fields, and there are structural underestimates in many areas.
The investment and research team of Jingshun Great Wall Fund pointed out that A-shares have been disturbed by capital liquidity in the near future under high valuation, but the trend of economic growth in the medium and long term will not change, and they are optimistic about structural and bottom-up investment opportunities.
At the same time, the willingness to allocate funds to Hong Kong stocks southward is still strong, the logic of optimistic about Hong Kong stocks still exists, and the long-term trend of Hong Kong stock market remains optimistic.