On March 1, the well-known 10 billion private equity evolution theory assets announced on the official WeChat, saying that the company's shareholders, employees and immediate family members will use 15 million yuan of their own funds to subscribe for the company's products on the same day. This is the second time since January 26 that the private placement has announced its own purchase, highlighting its positive attitude towards the market.
Bullish on market valuation repair
Evolutionary Asset said that the risk factors that plagued the market in the early stage, such as snowball knock-in, quantitative DMA, margin trading and other leveraged risks, have been released one after another, and the market has been fully cleared. The company has publicly stated many times before that the middle of 2024 may be a turning point in a long cycle, on the one hand, it has experienced a bear market for up to 3 years, referring to the past few rounds of bull and bear cycles, and the next time is likely not too bad. On the other hand, with the successive introduction of new capital market regulations (such as restricting refinancing, encouraging dividends, etc.) and the gradual clearing of excess inventory and production capacity in the manufacturing industry, the return on social capital is expected to increase, and the market is expected to usher in valuation repair.
On January 26 this year, Evolution Asset announced a self-purchase plan of 25 million yuan, and after the completion of this subscription, since 2024, Evolution Asset shareholders, employees and immediate family members have used a total of 40 million yuan of their own funds to subscribe for its active and quantitative products.
According to the incomplete statistics of the private placement network, as of March 1, a total of 5 private placements have issued self-purchase announcements this year, with a total self-purchase amount of 34.1 billion yuan. Among them, Hainan Shiva, Evolution Assets, and High-Flyer Quant are 3 private placements of 10 billion yuan, and Shanghai Zhuosheng private equity scale is 2 billion to 5 billion yuan, and Jiuyang Runquan is 500 million to 1 billion private placements, and more and more private placements are joining the self-purchase army.
Private equity confidence has steadily increased
After the Spring Festival holiday, China ushered in a strong situation, and the confidence of private equity institutions is also steadily improving.
Liu Xiaolong, chairman of Juming Investment, pointed out in the latest monthly view that the recent big ** is very important for the guidance of the market. In the unilateral market in the past six months, there was once a saying that ** is not important in China, and this **strong support**, it can be said that this concern of the market has been dispelled and the rumors have been shattered. The advantage of this is that investors can give a valuation under relatively stable expectations, instead of the previous mud and sand, good companies and bad companies fall together, and the value assessment often fails.
However, he also said that in terms of economy, real estate data has continued to deteriorate since the beginning of the year, and the Xiaoyangchun in March is estimated to be disappointed, and holiday consumption is acceptable, but the passenger load factor and air ticket ** have fallen sharply after the holiday, which is lower than the same period in 2019, indicating that the overall demand is still very weak. The overall mix has become a weak economy, strong liquidity, and strong policy support. According to the past framework, this kind of market is generally a strong theme market. High dividends, true growth and strong themes should make up the main market landscape. Real estate, industrial chain, and optional consumption may be the direction that needs to be avoided.
Guan Huayu, founder of Heyuan**, proposed in a recent roadshow that the winning rate of equity assets in 2024 will be relatively high, investors' inertial pessimistic expectations may be reversed, and the alpha of active stock selection is expected to be obvious. Macro should not be taken lightly, face up to the pressure and challenges of A-shares, closely follow the changes, and make corresponding investment strategies. **Strategy is steady and progressive. In terms of investment, based on high-quality growth stocks with appropriate valuations, medium and long-term high-quality growth companies can still obtain better excess returns, specific concerns, first, vigorously continue to follow up the changes in scientific and technological innovation, AI, robots, intelligent vehicles and other fields are the best ponds to breed in the future; The second is to pay close attention to the investment opportunities brought by enterprises represented by the manufacturing industry.
According to the survey data of the tripartite institutions, the A-share confidence index of hedge managers** in March was 1254. Compared with the previous month**681%。Private equity managers' confidence in March** soared. From the perspective of private placements, as of the end of February 2024, the average of subjective long strategic private placements was 77%, compared to 1% at the end of December 2023.
Editor-in-charge: Yang Yucheng.
Proofreading: Liao Shengchao.