A Shares Enter The "Two Sessions": Consumption, Infrastructure, Technology Into Three Major Focus Of Configuration

This Thursday, the "two sessions" will soon be held. A shares "two sessions quotes" attracted much attention.

In May 18th, A shares continued to be volatile. Shanghai index rose 0.24%, to 2875.42 points; Shenzhen index fell 0.40%; gem index fell 0.44%.

In fact, on the eve of the two sessions, A shares were relatively stable. Since May, the Shanghai Composite Index has been continuously oscillating near 2900 points.

Many fund owners said that consumption, infrastructure, technology or become the focus of attention of the "two sessions" market.

Most of the fund managers interviewed by the economic report reporters in twenty-first Century think that the A shares will run smoothly during the two sessions. Most of them are "dormant" at present, and some of them are dropping positions to wait for the opening of the two sessions. But the whole organization believes that in the medium to long term, it is a good period for investors to configure.

Fund manager's choice

"Two sessions have begun, but A shares have been relatively large. I am more cautious and suggest avoiding the market. " In May 18th, a Shenzhen private company official said.

The official said that in the near future, after the two sessions, such as lighten up the stock market, the market will be callback, or when there are definite opportunities.

Looking back at the past "two sessions quotes", Zhang Ting, a senior macroeconomic analyst on the grid, said that from the past 15 years, in the month before and after the two sessions, the number of years to rise was 80%. But if the time period is shortened, for example, a week or two before and after the two sessions, most of the stock market will fall. In the two sessions, in most cases, the A share market showed downward trend.

Past experience shows that the "two sessions" market has the highest winning time in the "one month before the two sessions", while in the "one week before the two sessions" and "two sessions", the winning rate has turned to dull.

And many public offering and private fund managers interviewed by reporters said that the recent "dormant" did not take special actions on the "two sessions" market.

"My existing operation strategy will continue to be implemented." A large public fund equity fund manager said. "I have no specific strategy for the two sessions. In terms of policy, the market has already been fully anticipated. I am more concerned about whether the policy will appear below market expectations and the effect of specific implementation in the future.

Another technology fund fund manager also indicated that he was not sensitive to the "two sessions market": "technology stocks do not seem sensitive to the two sessions, for example, the" new capital construction "which has a high degree of concern between the two sessions.

He said that the current technology stocks maintained a relatively high position.

Xia Fengguang, the future star fund manager of the private placement network, also said, "the market volatility is still in the holding range. I have no further operation plan for the time being."

An investment organization suggested that, as the trend of A shares fluctuated slightly during the two sessions, investors should reduce the expected return and wait or wait.

However, there are also those who are optimistic about the investment opportunities of the "two sessions" market.

"There will be some plate opportunities before and after the two sessions, such as some sectors benefiting from the policy of the two sessions. If the two sessions are held during the epidemic, they may take corresponding measures to deal with the epidemic, such as stimulating consumption, stimulating investment and new infrastructure, so there should be better structural opportunities for consumption and technology sectors. Qianhai open source fund Yang Delong said.

Summer scenery recommends: "in the current index range, opportunities are greater than risks. If we control the overall position, we can actively arrange the layout."

In fact, although many investment institutions are cautious about short-term operations, they are optimistic about the medium and long-term opportunities for A shares after the two sessions.

"For the A share market, in the short term, under the influence of the double factors of favorable policies and the intensification of overseas gaming, we can not rule out the possibility of increased volatility. But in the medium to long term, it will also provide a long-term intervention for the steadfast investors of A shares. Golden Eagle Fund said.

Zhang Ting also said, "at present, the risk of downside of A shares is limited, and the whole year is up, but there may be fluctuations in the middle. It is a good allocation period for 1-3 years to extend the time."

"Two sessions" investment opportunities

For investment institutions, the two sessions are a weathervane for observing policies, which also have an important impact on the direction of future investment.

"The biggest uncertainties in the current market lie in the performance of the peripheral market, the impact of the US containment of the HUAWEI incident on risk preferences, and the economic goals of the two sessions less than expected or no more than expected policy landing." Zhang Ting said, "and the future opportunities lie in the fact that the investment opportunities for the two sessions to develop ultra expected or economic goals, as well as policy certainty and profitability certainty will continue."

On this basis, Zhang Ting suggested two main directions for investment: first, 5G infrastructure construction, big data, TMT and other new infrastructure areas; two, old residential renovation, real estate completion industry chain and old infrastructure investment: chemical industry, machinery and equipment, building materials, furniture and household appliances.

Wang Yanglin, manager of the investment fund of Yi Bo, also believes that whether there will be support policies for the macro economy and supermarkets in specific fields will affect the performance of the whole market and related industries. "We can pay attention to whether the two sessions policy is beyond expectations, and choose the direction of investment in combination with the valuation level."

As for the policy direction of the two sessions, institutional people also have expectations.

"The first impact of the domestic economy has passed, but the overseas epidemic is still spreading. At the same time, the friction between China and the United States is repeated, and the external demand is obviously dragging down. With the domestic counter cyclical adjustment policy falling down one after another, especially the upcoming two sessions, it is expected to show a clearer policy layout. In the new and old capital construction, the market will focus on the relatively stronger domestic demand area in the direction of allocation. Hou Hao, manager of China Merchants Fund, thinks that

Li Kejie, general manager of Quan Hong private equity fund, said that the two sessions policy is worth looking forward to. On the one hand, investment will definitely expand, and the traditional "tie Gong Ji" and the new infrastructure will have a historic opportunity. On the other hand, on the whole, the capital side is relatively loose and good A shares. "I am currently in the direction of big finance, environmental protection and new industries."

Nie Shilin, a fund manager of Equity Investment Department of Anxin fund, said: "the overall profit is down, and some industries are valuing upward". This is the current pattern of the market as a whole. Our main idea of stock selection is that the company is relatively immune to the epidemic, while the valuation is still in a reasonable range. The company mainly chooses consumer goods, medicine and building materials, and at the same time configuring a very small number of industries that are partial to the trend of the industry, such as semiconductor, electric vehicle core components and so on.