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网上赌博注册送白菜:The view of the turbulent market institutions: Gabriel's willingness to pick up Hunting for "cash cows"

时间:2018/6/7 20:27:05  作者:  来源:  浏览:0  评论:0
内容摘要: A shares formally entered the "Mountarum", CDR acceleration and many other good things did not seem to strongly encourage the con...

A shares formally entered the "Mountarum", CDR acceleration and many other good things did not seem to strongly encourage the confidence of investors, the market continued tepid shocks, more performance for the structural market, since June Shanghai Stock Index slightly rose 0.45%, GEM refers to fell 0.77%. Standing at the current time, as an important institutional investor in the market, investment trends in public offerings, private placements, and investment guarantees are worthy of attention.

willingness to risk capital gallon rise in the second half was equipped with defensive sectors

\u0026 nbsp; this year is the insurance company and then configure small, due to poor market liquidity, risk capital investment in the secondary market tend to be more prudent and conservative defense. Under the background of the relatively high market rate of and the overall weakness of the capital market, the proportion of insurance funds in terms of fixed income has increased, and the proportion of stocks and securities investment funds has fallen. Many insurance companies told the China Securities Journal that in the second half of the year, insurance assets will be mainly fixed income assets; in the stock market investment, continuous adjustment will increase market rebound expectations, stable cash flow, consumption and medical protection with defensive attributes. The plate is the first choice.

Flexible allocation of debt

Under the premise that investment in A shares will not weaken in the second half of the year, insurance companies will adopt more flexible strategies to adjust their positions.

According to the relevant person in China Life Assets Management, when it comes to specific stock picking, it is more concerned about the faster compound stocks in the growth cycle of the next 3-5 years, but the choice of stocks from the bottom up after rapid growth should be underestimated. The value is the starting point, and there are more stringent requirements in terms of valuation, such as setting a maximum acceptable level of valuation.

His reason is: After experiencing a short-term risk release, many of the targets have returned to a more reasonable valuation range. Due to the initial sell-off of small and medium-sized boards, the valuation bubbles of many small and medium-sized companies have been squeezed. From the perspective of individual stocks, there are already a number of small and medium-sized market capitalization companies with lower valuations. Therefore, in the second half of the insurance fund, based on white horses and blue chips, as long as it matches the performance and valuation, and meets the company's target return rate, it will consider the allocation.

"In the second half of the year, we will focus on two areas, one is to represent China's high-quality standard of 2025. For example, high-tech chips, innovative drugs, and other industries that are tilted by national policies, the second half of the year will require the search for leading companies in emerging industries. The second is the consumption upgrade. From the first half of the year, consumer stocks that rely on consumer upgrades have risen significantly. The so-called 'drink and drink medicine' market is still a certain point of view.” A large insurance company headquartered in Beijing The investment manager said that under the background of deleveraging, the Chinese economy has a low probability of a large stock market, so in the second half of the year, industries with low dependency on financing, and relatively small exposure to credit risk have stable cash flow and defense properties. Consumption, medical sector is the first choice.

The investment manager of the insurance institution explained further that the repression of the stock market may continue into the third quarter, and that the adjustment of a fully-valued blue chip is the object of the group’s warmth. In other words, insurance agencies generally pursue absolute returns. "I choose what I can see or see. According to last year's experience, the low valuation of white horse stocks and cyclical stocks was affected by the supply-side reforms, and the market performed well. It is expected that there will be a wave of prices in the second half of the year."

" In the second half of the year, it is expected that the liquor sector may usher in a secondary market, and in particular, the second-tier liquor that has stagnated in the previous period has received extensive attention from the funds.The superposition of A-shares into the Moor and the arrival of the tourist season will be followed by the buoyant tourism sector. In addition, the process of consistency assessment of generic drugs is expected to accelerate, which will help the rise of high-quality domestically-made generic drugs, and the pharmaceutical sector will have investment opportunities.” Huaxia Insurance stakeholders pointed out that in the long run, mass consumption, new energy vehicles, pharmaceuticals, military industry, 5G, etc. Topics may have structural opportunities. In addition, there are some positive signals at the macro-policy level, and there is a high probability that the market will choose marginal repair opportunities in the large-cycle sector to gain a rebound. In the short-term, real estate and coal will have more room to repair.

Contrary to the roller coaster market in the stock market, in the fixed income investment market, insurance funds have steadily gained profits. Insiders pointed out that for insurance funds, the second half of the year is an important time window that impacts the overall investment rate of return, and this task is not all expected on stocks.

small insurance company in case of relocation of

"This year, venture capital investment rate of return are not ideal, the annual yield of some companies in the first quarter was only 3.9%, while last year at more than 8%." Many of insurance and information management People told the China Securities Journal that this year's stock market has been relatively sluggish, and that the performance of good sectors last year saw a sharp adjustment this year. Insurance companies’ preference for blue-chip stocks is more general, which has dragged down investment income from insurance assets to some extent.

silver CIRC latest data show that from January to April of insurance funds income 239.715 billion yuan, an increase of 6.13%, funds yield 1.57%, essentially flat with a year earlier, but the April stock returns 15.55 billion yuan, down 8.34 %.

Tianfeng Securities analyst Lu Yunting that this year is a small insurance company reconfiguration years to China Life for example, new and re-allocation of assets to increase the size of more than 440 billion yuan last year, more than 20% of the total scale of investment, It dropped significantly this year, the insurance company and then configure this ratio is between 5% -10%. Her judgment, on the equity investment, the insurance company to take defensive strategy, equity investments accounted for the slight decline in the 12% -15% range.

"In the long term, steady growth in the premium income of the main tone, risk capital investment in A shares slacken its efforts. A-share valuation is at the low, from a profit perspective, the A-share non-financial corporate sales overall profitability in the uplink channel, ROE began to improve, the financial institutions the right to re-plate Bank earnings growth in 2017 to resume its rally. "far XU Cheng, chief analyst at Orient Kim Chen said the second half of venture capital investment strategy, still concerned about the performance Better blue chip stocks and strategic growth stocks. The managerial thinking of insurance capital may be "heavy stocks, light sector", mainly in the previous stock price increase is not large, holding relatively less concentrated in the pharmaceutical sector, continue to tap the performance and valuation of matching small and medium cap growth stocks.

An insurance investment manager told the China Securities News reporter: “From the market style point of view, there has been a lack of mainline this year, and this is a game of shifting sides. Individual stocks are divided in performance, with more emphasis on fundamentals, stable cash flow and overall debt ratio. Low industries are favored by the market, and in the second half of the year, we remain optimistic about the medium and long-term market, and continuous adjustment will increase market rebound expectations.On the basis of balanced allocation, we will seek structural opportunities in the industry and individual stocks. The most popular is the dividend value strategy, which tends to allocate those stocks with low valuations, stable operations, and stable dividends each year. What we earn is not the band income, but the money that will continue to grow.” (China Securities Journal)

Public Offering New criteria for stock selection: hunting cash cows

\u0026nbsp;"Cash flow, cash flow, and cash flow." One of Beijing's cutting-edge fund managers Li Lei (a pseudonym) recently posted three messages in his five messages. To "cash flow" word. In his view, this indicator will become the core keyword in June and the third quarter. The fund manager who prefers growth stocks had an additional “cash cow hunter” status in May – investment preference tends to be more cash-rich listed companies.

moment, become a "cash cow hunters" of public fund is gradually increasing, making the A-share market formed a wave of investment cash flow.

cash flow value Re

reasons for this boom generated by the fund manager of a large public fund in South Chen Wei (pseudonym) said that behind this wave of short-term event-driven factors, listed companies more than debt default event not only the institution's risk appetite declined, so they had to re-examine the cash flow indicators.

Tianfeng Securities issued research reports that the market began to chase the cash flow is significantly enhanced investor risk aversion caused. Domestically, the main part of the corporate debt financing capacity blocked, leading investors to avoid the lack of cash flow, there is the subject of high interest debt; Internationally, the former Argentina, Turkey, exchange rate fluctuations, after the Italian political uncertainty caused Interest rates Volatility and other events caused Global stock markets fluctuations, these uncertain factors have stimulated investors' risk aversion.

In the past year or two, China Securities Journal reporters frequently interviewed fund managers. They always used valuation as the most important index for examining listed companies. However, in recent days, the fund manager put down "obsession" and put cash flow in the first place.

“At the moment, from the perspective of the importance of indicators, the cash flow is greater than the profit, and the profit growth is faster than the valuation.” Li Lei said that the company’s intrinsic value is the discounted free cash flow generated by the company during its life cycle, if it has cash. If you don't have any flow, you don't have to talk about the valuation. 7 _89456_85_65473_9

Liu Chenming believes that in fact, the A-share market's historical understanding of cash flow value is not sufficient. This is partly due to the fact that the credit environment was relatively loose before this time, and it was easy for companies to obtain funds. In the context of structural reforms on the supply side, the credit environment is very different from the past. For companies that lack financial discipline, not only the cost of financing will rise, but the availability of credit will also decline. Therefore, in this phase of financial discipline reconstruction, the value of cash flow cannot be overemphasized.

Zhengxintai Valley innovation capital chairman Lin Lijun example, saying that all successful companies, such as Amazon , Apple , Tencent, Ali, Maotai, Wanhua, Longsheng, the United States and so enjoying the spring-like emission of long-term freedom cash flow. All problem companies, such as LeTV and Tesla, which started out this year, have all been trapped by the exhaustion of free cash flow.

“I have made a statistics. There are not many industries that can continuously create free cash flow in the past 5 years. Only liquor, home appliances, food and beverage tourism, clothing textiles, and some light industry and IT service industries are also included.” Another Shenzhen Yang Yang (a pseudonym), a private equity fund manager, told the China Securities Journal that it is necessary to pay more attention to capital structure and cash flow. It is necessary not only to pay attention to the listed company itself but also to its major shareholders.

Pacific Securities analyst Zhou Yu said that the main board and small and medium-sized board have a leading role in the change in operating cash flow relative to earnings, and the cash flow leading role of the upstream cycle is more pronounced. In most cases, the main board and small and medium-sized boards have shown that operating cash flow has changed slightly over the first year of profit growth, while the year-on-year growth in capital expenditures has changed only one year after the relative profit growth rate. The gross profit rate and net profit rate tend to be synchronized. Or relative lag.

According to Chen Wei, the cash flow indicator will become his main screening stock basis in the following period. “The criteria for stock selection are similar: According to the strength of the company’s core competitiveness, insufficient cash flow, insufficient depth of the moat, etc., a stock pool is selected from the bottom up; then according to different market conditions, or its own operations Customs, style, and screening of the target in the stock pool." He said that he has conducted more in-depth research on cyclical stocks. According to his analysis, there are many cyclical cash flow problems in the industry, and this year's cyclical sector is unlikely to have great opportunities.

At the same time, he emphasized that the importance attached to the cash flow of listed companies does not mean that funds will blindly pursue companies with abundant cash flow. “This is just one of the stock selection indicators. From the perspective of managing the fund portfolio, in the already filtered pool of stocks, we need to determine whether we need to adjust based on the cash flow indicators.” Chen Wei told the China Securities News reporter, “There is I can't see much change in position adjustments. The cash flow performance of the company I own is pretty good.” According to statistics, out of the 3,319 listed companies in the quarterly disclosure of funds, there are 2,363 listed companies in 2017. The operating cash flow/operating income is greater than 1 (one of the important indicators for judging whether the cash flow of the listed company is abundant), accounting for 71.20%.

Materialized investment core in the third quarter

According to the China Securities Journal reporter, from the perspective of institutional investors, the cash flow theme will continue for at least the third quarter.

Rongtong Fund believes that the current valuation of A-shares is at a historically low level, and the downside is limited. Structurally, due to the tight cash flow of some companies caused by the breach of bonds, public goods with abundant cash flow and controllable debt ratios will have relative returns. At the same time, the performance of most of the sector's quarterly reports is better than expected. In the process of high volatility, the market or industries that prefer a high degree of certainty in performance include medicine, food, textiles, retail department stores, and tourism. The market is in a short-term process, and the market will be repeated. The negative factors are gradually being digested without pessimism.

Hu Yanze extended the timeline until the financial deleveraging ended. He believes that as long as the U.S. rate hike cycle has not ended and domestic financial deleveraging has not been completed, assets with cash flow creation capabilities have been relatively scarce. “Now, the free cash flow has become a cornerstone of asset prices. There are two pricing methods for assets: one is pricing according to comparable transactions, the price depends on the amount of funds in the transaction, and the second is discounting in accordance with the net cash flow generated in the future. The price depends on how much value one can create. The former is exogenous, while the latter is endogenous. In the debt-driven growth model of the past few years, companies that have a large number of emerging pricing models face assets in the context of financial deleveraging. The bubble reduced the risk."

Although the current public funds' pursuit of "cash flow" is accumulating, there are still differences in the market.

Liu Chenming stated that the cash flow trend is not sustainable. This trend is triggered by risk aversion. If the subsequent uncertainty is gradually eliminated, the retreat of market risk aversion will lead to the retreat of cash flow. If subsequent uncertainty continues to rise, especially if the risk of domestic credit contraction does not improve, the overall risk appetite of the market will be curbed and the cash flow trend will fade. In the medium term, behind the emphasis on cash flow, more attention should be paid to changing performance trends. Although cash flow is the foundation, what is really worth investing in is those industries and companies whose performance growth is still accelerating. Some cash flows are good, but in the medium term, industries or companies whose prosperity has begun to decline are still evasive. In terms of comparative advantage, the industry with a rebound in economic prosperity is the more rational choice in the medium term. (China Securities Journal)

A share successfully stood on the 3100 private placement: this main line was not shaken

\u0026nbsp; Yesterday, the white horse stocks represented by insurance stocks and home appliance stocks joined hands with technology growth stocks, which started a rally for the day. Both the Shanghai and Shenzhen Stock Exchanges rose on the day, with the Shanghai Composite Index rising 0.74% and the success point standing at 3100 points, while the GEM Index rose 2.54%. The general gain effect was significant. Then after the 3100 integer mark on the stock index station, how will the market trend be followed? Some people think that the A-shares are mainly adjustments, and there is little room for the GEM to fall. However, the market volume is sluggish, and it is still necessary to exercise caution.

A stocks to adjust to the main GEM index fell little space

For the market trend after 3100, Xiao Li Investment general manager Lai Shiyi said that from a technical point of view, after the Shanghai stock market fell to a new low on Wednesday last year, hit a new low The MSCI concept stocks favored by foreign investors started to rebound to support the market, while the GEM index continued to shrink and fall. Although it looks a bit scary in terms of form, we believe that the overall decline of the GEM index has little room for growth. , Below 1700 points is still the best Jiancang point area.

At the same time, Lai Shih stressed that the recent trend of the Shanghai and Shenzhen stock markets is relatively weak, and A-shares are mainly adjusted, but they need not be overly pessimistic and panicky. Although the technical market is currently trading at a poorer level, due to the fact that the market has adjusted for four consecutive months and the Shanghai market has fallen by more than 500 points, we believe that the current A-share market is completing the "last drop" or the real "empty bottoming". "! Then, in the months of June and July, the bottom low will be explored. At the same time, a staged bottom will be constructed this year. In the second half of the year, there will be a wave of large-wave rebounds.

According to Wu Guoping, Chairman of Perkins Private Equity, overall, the local stock market has a remarkable profit-making effect, but there is still an immeasurable rebound. It is recommended that investors should exercise caution. From the recent capital inflows of Shanghai Stock Exchange and Shenzhen Stock Exchange, we can see that the current A-share market at this point still has a lot of cheap chips and that exotic goods can live.

Jufeng Investment believes that the A-share market has finally reached the oversold bounce after continuous adjustment, but the market volume has not been effectively released, but there are some positive signals on the disk. On Tuesday, the concept of Apple, sub-new stocks, domestic software and other sectors jointly rose, together to promote the GEM index rose sharply, the Shanghai and Shenzhen stocks to increase the sentiment has warmed. However, the market volume has not been significantly enlarged, only 370.10 billion.

Ma Cheng, chairman of Juze Investment, revealed that overall, the large consumption of white horse stocks (medicine, alcohol, food, household appliances, etc.) and financial stocks (insurance) were jointly lifted, and Shanghai 50 SSE rebounded four consecutive days, A The sentiment of the stock market tended to stabilize, and the fund began to configure the ChiNext index of technical oversold, and ushered in a rebound in the rebound of Zhongyang, and the subject stock reawakened. In addition, taking into account the gradual convergence of the Fed's interest rate window and the superposition of the Bank of China MPA assessment, it is expected that the market will face a liquidity deficit of several hundred billion yuan in June. It is expected that the possibility of the central bank's recent implementation of the RRR cut will increase, and MLF operations will continue.

Hua Feng Jinfeng Fund Manager Li Feng said that last night's collective rise in European and American stock markets, A shares market also ushered in a structural rebound on Tuesday morning, in which the GEM shocks rose by 1%, the broader market stopped at 3100 points on the red station, stocks Ushered in long absence against general increase. Since the supervisory level will not undergo major changes during the year when the financial deleveraging theme is adopted, this wave is more likely to be a short-term respite. In the medium term, the A-share market is still difficult to accomplish.

Closely growing stocks have not shaken this main line

Then what are the recommendations from private placement agencies to investors? According to Lai Shiyi, the majority of small and medium-sized investors still need to control the position of the overall situation. Steady investors are currently suitable for the operation of 30% of the end of the warehouse + rolling positions; while the activist investors are currently suitable for the operation of 50% of the bottom warehouse + rolling positions. 7 Guo Guoping believes that the investors in the market should establish a more holistic thinking, and that the closeness of the main line of high-quality growth stocks will remain unchanged, because no matter how the market trend is repeatedly switched between Hakuba and growth, the fundamentals that have excellent performance support will ultimately be reasonable. The valuation. However, we should not control the risks in the subject matter where the fundamentals are perfect. We must also maintain close attention to high-quality technology growth stocks. Once the atmosphere is warmed up, technology growth will surely be a rising star. The market will shine.

Jufeng Investment believes that the A-share market is still dominated by the stock game. It is recommended that investors focus on outstanding stocks with outstanding fundamentals in the secondary stocks, and explore the high-quality and high-growth stocks in other sectors from the bottom up and balance in the shock market. Under the configured investment strategy, the Baima Blue Chip, which has a valuation advantage in the MSCI standard, is used for partial asset allocation.

Operation, Ma Cheng said that the market is in overhaul recovery period, there will be repeated, but stocks oversold and rebounded, pay attention to the size of the switch. It is recommended that stage traders focus on the rotational rhythm of the consumption of white horse stocks. Short-term traders focus on the effect of the sub-new stocks to identify stocks sentiment. (Private line network)

blue-chip fund

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Fund Code fund referred nearly a year fee income operation
161725 Merchants Securities liquor Index classification 63.48% 1. 00% 0.10% Purchase Opening Account Purchase
519772 BOCOM New Life Vitality Flexible Allocation 60.22% 1.50 % 0.15% purchase account purchase
160222 Thailand index grading permit food and beverage industry 55.14% 0.00 % 0.00% purchase easy to square up accounts to buy
001076 reform Dividend 50. 21%1.50% 0.15% Buy Households purchase
260108 Invesco Great Wall of emerging growth mixed 49.59% 1.50 % 0.15% purchase account purchase
Source: Oriental Fortune Choice data , Galaxy Securities, as of the date: 2018-06-06



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