Approaching the Spring Festival, A-shares ushered in a long-lost surge in volume yesterday, sending some warmth to investors. What factors are supporting the market rally? How will the follow-up market** be interpreted? Which sectors are the most noteworthy opportunities? The reporter interviewed a number of ** companies to bring the latest interpretation to investors.
* The company generally believes that the market rose sharply on February 6, thanks to the positive voices of many departments to boost market confidence, and the expectation of incremental funds entering the market to boost investors' risk appetite, and break the negative feedback of funds brought about by the rising risk aversion in the market in the early stage.
On February 6, ** Huijin Company announced that it fully recognized the value of the current A** market allocation, and has recently expanded the scope of exchange-traded open-ended index ** (ETF) holdings, and will continue to increase its holdings and expand the scale of its holdings, and resolutely maintain the smooth operation of the capital market. The China Securities Regulatory Commission also said that it will firmly support ** Huijin to increase the scale and intensity of its holdings, and create more convenient conditions and smoother channels for market entry operations.
Liu Jun, assistant general manager and director of the index investment department of Huatai Berry, believes that since the beginning of this year, in the case of the relative weakness of the A** field, Huijin, as a representative of China's medium and long-term institutional investors, has increased its holdings of ETFs against the market, showing strong confidence in the market outlook, to a certain extent, indicating that the capital market has entered the deep value range and the allocation value is highlighted.
Harvest** said that in the process of providing liquidity to the market, relevant investment institutions use ETFs as their main tools because ETFs have unique advantages in investing in the market in a comprehensive way. Investing in A-shares through ETFs allows you to deploy a large number of A-share companies with investment value with one click. For investors, ETFs can diversify investment risk; For the market, funds enter the market through ETFs, which can provide liquidity for more high-quality companies.
It should be pointed out that the cost-effectiveness of A-share investment has been recognized by many institutions, and Huijin is just one of them. Since 2024, a number of public and private equity companies such as Ruiyuan**, Vermilion Bird**, and High-Flyer Quant have announced their own purchases of their products and invested in the A** market.
In addition to medium and long-term institutional investors such as Huijin Company have increased their holdings, on February 6, E Fund, Huaxia, GF, Fuguo and other ** companies announced that the company will strictly implement the relevant requirements of the China Securities Regulatory Commission on securities lending business, suspend the scale of new refinancing** lending, and further restore market confidence.
Looking forward to the market outlook, a number of ** companies believe that there are obvious signs of over-falling in the current A** field, but at the same time, it has also created more space for the future, and the power of longs is accumulating.
The darkness before dawn is the hardest. Historically, A-shares have faced many difficulties, but they have all successfully come out of it. Huaxia ** said, "At this difficult bottom, we not only saw the influx of incremental funds, but also the sincerity and determination of the policy, the historical experience of the bottom, and the objective law of the cycle." In the future, as the short-selling chips are gradually cleared and the long-term power is accumulated, it means that any unexpected events in the fundamentals and capital can bring about a recovery in confidence. ”
Bosera believes that since the beginning of the year, A-shares have continued to be the best, the bottom characteristics are obvious, the market has entered a cost-effective range, and there is a demand for the best. "The current policy side continues to be positive, and the intention to maintain stability is obvious, which is conducive to the gradual recovery of market confidence. With the increasing number of positive factors, we can be more optimistic about the subsequent performance of A-shares. ”
Standing at the current point in time, many ** companies believe that the medium and long-term investment value of A-shares has gradually emerged, and investors can focus on the over-falling opportunities in the market.
Li Zhan, chief economist of the China Merchants Research Department, suggested that short-term policies should actively boost confidence, and the market is expected to bottom out and stabilize, focusing on the over-falling opportunities of growth stocks; In the medium term, the current valuation and risk premium of A-shares have reached a historically low level, and when counter-cyclical fiscal and monetary policies are introduced in a timely manner to maintain stability and stabilize the market, economic expectations will be revised upward, and the micro transaction structure will be gradually cleared, and A-shares will enter the medium and long-term allocation value range.
CITIC Prudential believes that at present, the entire market is caught in the dilemma of negative feedback of the fundamental spiral, the valuation of the market reflects the overly pessimistic medium and long-term expectations, the short-term overfall is more obvious, there are opportunities to repair, and the opportunity for the reversal of the dilemma of some growth stocks may appear in the second half of the year and re-enter the growth channel. The direction that the company focuses on throughout the year includes the super-falling growth industry with the reversal of the predicament in the second half of the year, and the high-quality white horse with a reasonable valuation for a long time after a long period of time.
*:*Times.