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杨德龙:机构投资者占比不断提升,价值投资渐成主流,市场分化明显

2019-07-15 点击:1973
pp电子幽灵财富

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Since the beginning of this year, Bailongma shares, represented by Maotai, Wuliangye and Ping An, have been hitting record highs and becoming a beautiful landscape in the market. The investors who insist on value investing have earned a lot of money. what?

There are many reasons. One of the important reasons is that the proportion of A-share institutional investors has been increasing, the proportion of retail investors has decreased significantly, and value investment has become mainstream. According to the statistics of CICC, from 2014 to 2018, the proportion of retail investors' funds in the free market value of A shares has dropped from 72% to 53%. From the perspective of pricing power, the pricing power of the market is gradually From the retail investors to the institutions, the institutions regained the pricing power. Some of the stocks that the institutions liked were constantly hitting new highs, while the stocks and performance stocks that retail investors liked showed a relatively large decline. The market is very different. Obvious. Now, with the gradual inflow of value-added investment funds such as foreign capital, this differentiation will continue in the future.

In terms of market volume, the proportion of retail investors in the history of the A-share market has been more than 80%. When the market was the craziest in 2015, the contribution of retail investors to the market volume once exceeded 90%, and then began to gradually decline. The current contribution of retail investors to the A-share market should be around 60%. In fact, the process of the A-share market gradually moving towards a mature market is a process of de-stocking, which is consistent with the experience of the international market. In the past, developed markets such as the United States, Hong Kong, Japan, and Europe also experienced such a process of de-stocking. At the same time, the performance of stocks with good fundamentals has long dominated, which has already appeared in the A-share market and will be more evident in the future.

I clearly stated at the beginning of this year that the A-share market will usher in the golden decade. On the one hand, the golden decade of China's property market is coming to an end, and the expected return rate of the investment property market is gradually decreasing. From the property market, into the stock market.

xx另一方面,中国基本上已经结束了自由竞争的阶段。在寡头垄断阶段,大多数行业都赢了输了。与做生意和这些寡头相比,最好通过二级市场直接购买这些寡头。作为他们的股东,享受公司的增长和红利。最后,中国对资本市场的支持将逐步增加。政府工作报告已经将股票市场提升为国家核心竞争力的重要组成部分。未来股市可能会获得更多政策倾向。

道,一是购买白龙马股票,做好公司股东,忽视短期市场波动,一是站在机构一边,通过购买优质基金或直接买入FOF。现在,前海开源基金和建行联合推出了前海开源玉泽FOF,由全国各地的主要建设银行出售。有兴趣的投资者可以到建行订阅。该FOF由苏新女士及基金经理共同出资。优点。我们今年成功管理的一款FOF产品上海开元豫园FOF上半年实现了27.5%的份额,在同类产品中排名第一,并且明显优于许多同类产品。

第16届中国基金业金牛奖最近在北京上映。前海开源基金荣获金牛基金管理公司荣誉称号,前海开源工业革命4.0混合基金荣获金牛基金三年开放混合金奖。作为一家仅成立6年的基金公司,从2017年第一家“金牛与创业基金公司”到2019年“金牛基金管理公司”仅仅两年。

现在科技委员会已经开业,第一批股票即将上市。科技委员会的成立也是中国资本市场的重要一步。它改善了中国的多层次资本市场,为投资者提供了投资科技企业的机会。当然,由于科技局的大部分股份仍处于初始阶段,股票和投资方式的选择与传统的二级市场不同。因此,建议投资者通过购买科技董事会基金投资科技股,或通过控制投资基金在20%的个人资金范围内在一定程度上控制风险,并分享利益科学技术委员会。

总体而言,目前的市场波动反弹是主旋律。虽然短期市场经历了一定程度的调整,但中期趋势并未发生变化。因此,建议投资者保持信心和耐心,并通过持有优质股票来维持市场波动。今年上半年市场仍有很多投资机会。

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