Early Ultra Drop Lead Institutions Dig Gold To Lay Out Future Core Assets

Since the middle of May, the A-share market has had a significant profit-making effect. The science and technology innovation board is the "leader" in this round of big rise, and many funds have copied the bottom of the science and technology innovation board.

In the latest round (May 11 - June 9), Kechuang 50 rose as high as 13.78%, significantly outperforming other sectors. In contrast, the Shanghai index, Shenzhen Composite Index and Chuang index rose by 4.77%, 5.75% and 9.79% respectively in the same period.

In the science and technology innovation board, 86 stocks increased more than 20% in the past month (May 11 to June 9), accounting for 30% of the total number of science and technology innovation board. Rongbai technology rose 70.67%, Longruan technology increased 70.34%.

According to the trading situation in the past 20 trading days, the stocks with the largest inflow of capital were Shitou technology, SMIC international, kangxinuo-u, Huaxi biology, Hehui optoelectronics-u, Aojing medical, rongbai technology, Nuotai biology, China Resources micro, and Zhongwei, etc. in addition, the inflow of hot landscape bio, Jinshan Office and Shanghai silicon industry-u was also more than 5 billion yuan.

How to look at this round of rising market of science and technology innovation board? How do institutions lay out the science and technology innovation board?

Why rise?

For this round of science and Technology Innovation Board's big rise, most people in the fund industry believe that the main reason is the oversold rebound of the science and technology innovation board, as well as the growth of science and technology innovation board stocks, which attracted a batch of funds into the science and technology innovation board bottom.

Yang Delong, chief economist of Qianhai open source fund, said: "since May, the scientific and technological innovation board has shown relatively good performance. The main reasons are: first, the early adjustment is relatively sufficient, and some bottom copy funds enter the market at low prices; Second, the overall growth of the science and technology innovation board is good, attracting the attention of some funds that prefer growth stocks. "

Zhao Lisong, chairman of shangdegu Investment Co., Ltd., believes that "the sharp rise of the science and technology innovation board is related to the full adjustment of the board before, because the performance of individual stocks of consumption and cycle in the early stage is very good, which is sought after by funds, while some individual stocks of science and technology have relatively large adjustment, which also makes the risk of this plate released and the valuation is relatively low, There is a certain attraction for money. "

Lin Jiayi, CEO of Xuanjia finance, also pointed out that due to the large-scale adjustment at the beginning of the year, with the relatively loose liquidity again recently, some of the oversold targets initially have the possibility of over falling and rebounding, resulting in the recent round of sharp rise.

Pan Xinyi, a senior researcher in the stock Department of Yuanrong investment, believes that due to certain investment threshold restrictions, the liquidity of the scientific and technological innovation board is relatively poor, and most of them are companies with strong scientific and technological attributes. In the rising market of core assets before the Spring Festival, the turnover of many companies has continued to shrink, and the valuation of many companies has returned to a reasonable or even low level. With the adjustment after the Spring Festival, part of the capital flows out of the core assets. Under the price comparison effect, some good companies on the science and technology innovation board continue to receive attention and come out of a wave of market.

In addition, the liquidity is loose, the market risk appetite is rising, and new funds are also in the Kechuang board.

Dong Haibo, an investment researcher at GESHANG's Jinzhang investment group, analyzed that the main reason for the market of the scientific and Technological Innovation Board since May was the loose margin of liquidity, which was mainly due to the close of the centenary and the policy remained stable. However, the continued loose monetary policy abroad, the depreciation of the US dollar, the appreciation of the RMB, and the acceleration of foreign capital inflow into China have made the domestic liquidity more abundant. In addition, since the middle of May, commodity prices have surged higher and fallen, and the market's expectation that the central bank will tighten liquidity to cope with inflation has somewhat cooled down, which is also one of the factors to promote the liquidity environment to remain comfortable.

"In the short term, the overall market has gradually come out of the impact of the previous big drop in group stocks, and this round of rebound, the performance of China Science and technology innovation board is the strongest." Chunshi group partner Yang Ruyi said.

Yang Ruyi said that in the short term, from the perspective of market sentiment, the market risk preference is rising, which is suitable for the growth style of stocks, so small cap stocks and science and technology innovation board benefited the most from this round of market.

Yang Ruyi pointed out that MSCI incorporated five stocks of the science and technology innovation board on May 27, which has a stimulating effect on the market and the incremental funds of the future science and technology innovation board.

Focus on future core assets

After two years of listing on the science and technology innovation board, the investment value has gradually been recognized by the market, and there are not a few investors in the scientific and technological innovation board.

"Our offline innovation strategy has been involved in investing in the science and Technology Innovation Board since it was listed on the science and technology innovation board. At present, many products also hold part of the science and technology innovation board target." Lin Jiayi said.

However, a number of fund managers told reporters that in the past two years, the valuation of individual stocks has been very high, so they did not participate in the investment in the board.

"Basically, we haven't invested in the stocks of the science and technology innovation board. We think the overall valuation bubble of the science and technology innovation board is still very large. When the overall return to a reasonable price, the bubble is not too big, we will consider investing in the stock of the science and technology innovation board. " One fund manager said.

For the layout of the science and technology innovation board, the orientation of the organization is different.

Some institutions believe that investment in the science and technology innovation board needs to be more cautious at present, and it is not recommended to pursue high in the short term, but should focus on the medium and long-term layout.

"For future investment in the science and technology innovation board, we will continue to invest through rigorous bottom-up fundamental research, and explore structural investment opportunities with high cost performance," said Lin Jiayi

Lin Jiayi further said that at the beginning of this round of industry, some sectors, such as biomedicine, will rise generally, but there will certainly be further structural differentiation in the follow-up. For the subject matter with better expectation of future performance growth and more reasonable valuation, the market will go longer.

However, Lin Jiayi believes that the recent surge in some individual stocks may lead to adjustment in the future. If the expectation of credit crunch remains unchanged in the future, most stocks, including technology stocks, will be damaged. In particular, the stocks that have overspent should be carefully avoided. At present, Lin Jiayi is more optimistic about undervalued and pro cyclical stocks.

Lin Jiayi pointed out that due to the high IPO pricing of the new shares on the science and technology innovation board, investors need to pay attention to valuation calculation, patiently wait for the valuation of excellent enterprises to fall into a reasonable valuation, and then allocate them when they are seriously undervalued.

Li Kejie, general manager of Quanhong private equity fund, also said: "at present, the market is still in a state of" plate rotation ". In the near future, it's the turn of the science and technology innovation board, and the next period may not be the science and technology innovation board. At present, the valuation bubble of the science and technology innovation board is still very large. However, the science and technology innovation board is the representative of the new economy, and there are great opportunities in the future. "

Yang Ruyi believes that the short-term market risk preference increases, and the science and technology innovation board benefits. From the perspective of medium and long-term valuation, the pharmaceutical and TMT sectors in the science and technology innovation board industry benefit from the relatively high growth of the industry performance as a whole. After the previous adjustment, the current overall valuation is at a lower level this year compared with that in 2019 and 2020. The leading industries of sci tech innovation board, such as 5g, semiconductor, electric vehicle, and biomedicine, have good prospects.

"In terms of operation, as the short-term growth is too fast, it is not ruled out that some profit margins will stop the profit and cause the plate to fall. It is not recommended to chase higher. However, in the medium and long term, core enterprises in the science and technology innovation board can enter the market on bargain when the plate is adjusted." Yang Ruyi said.

Dong Haibo said: next, as the US Federal Reserve may tighten liquidity faster than expected, domestic liquidity volatility will also increase correspondingly. In the financial report vacuum period, there is no performance level stimulus. Superimposed on the high valuation of the science and technology innovation board itself, it is expected that the upward trend of the science and Technology Innovation Board will not be sustainable, and the approximate rate will turn into a shock. If there is a big adjustment of the science and technology innovation board, there will be a layout opportunity.

Dong Haibo suggested that investors should not be too pessimistic or optimistic. At present, they should pay attention to the performance price ratio, and focus on the selection of individual stocks. After the centenary, they should observe the changes of market environment, and then tilt and adjust their styles.

Yang Delong said that the science and technology innovation board should be allocated according to the individual's risk return preference. If you like growth stocks and are willing to take certain risks, you can allocate them; But for conservative investors, we should be cautious. The expected return rate of science and technology innovation board is higher, and the risk is also greater.

"Of course, if the science and technology innovation board wants to build a" Chinese version of the NASDAQ ", it is not ruled out that some companies will grow into industry leaders and become big companies, but the probability is small. We should objectively look at the investment opportunities of the science and technology innovation board." Yang Delong said.

Some institutions are optimistic about the current sci tech innovation board.

Zhao Yuanyuan, investment director of Jianhong times, pointed out that growth stocks are more likely to obtain excess returns in a market environment with lower nominal interest rates. According to the forecast model and the time spread of bond futures, the nominal interest rate will continue to decline in the second half of this year. In addition, the foreign capital outflow expected from the Fed's tightening monetary policy will also enhance the relative returns of growth stocks to consumption blue chips.

"Throughout the second half of the year, investors are advised to pay attention to the science and technology innovation board and growth stocks, especially the TMT industries related to automobile intelligence, Hongmeng ecology, semiconductor materials, and metauniverse." Zhao Yuanyuan said.

For the science and technology innovation board, most fund makers suggest investing in industries consistent with China's future development direction.

Pan Xinyi said that the future investment opportunities of the science and technology innovation board should continue to focus on high-quality companies with an upward boom, such as companies that provide basic scientific research services with the nature of "water sellers", network security companies with more new businesses, and high-quality medical device companies in some subdivided fields. As most of the listed companies on the science and technology innovation board are strong in R & D and partial to science and technology, the research is relatively difficult. Therefore, if we are optimistic about the market of science and technology innovation board, it is a better choice to participate in the investment of science and Technology Innovation Board through the technology innovation 50 ETF.

Zhao Lisong suggested that when investing in individual stocks of the science and technology innovation board, we should focus on the industries that are consistent with China's future development direction, such as chips, new energy vehicles, and some technology stocks in industries where foreign countries restrict China.