Focus investment update fund investment focus on supply side reform – fund

The theme of investment renewal fund investment to focus the attention on the supply side reform fund channel Securities Times reporter Du Zhixin from 2013 to 2015, 3 years of market in emerging industries as the main line, but in the past 3 years after the bull market in 2016, the next market main line or in the past 3 years different. The day before to accept the Securities Times reporter fund manager said that this year the supply side reforms tend to grasp investment opportunities. Review can be found over the past 7 years, A shares market, each round of market related company stock trend line were different: 4 trillion in 2009 to stimulate the main line, engineering machinery, non-ferrous metals and minerals is two tier sought after market, 2010 is the biological medicine, food and beverage, technology media and communications (TMT) market preview, 2011 is Nishajuxia, the last 1 months of 2012 financial stocks back in 2013, is the media, 2014 is the brokerage stocks as represented by the blue chips, 2015 is TMT. Therefore, from the perspective of thematic investment, if the future direction of investment is to be found, the fully excavated plates and themes can be almost excluded. Now, the supply side reform is undoubtedly worthy of attention. General manager of the investment fund, a new economy, yifangda efund stable growth fund manager Chen Hao believes that the first quarter of 2016, in addition to concern the A stock market short-term risk release, supply side reform and real estate need to pay special attention to inventory and other relevant policies, this is a use of market means to enhance the profitability of the way. From the recent sharp decline in international crude oil prices and metals, steel prices began to rebound in part, market cycle products prices expected is extremely low, but may have a short-term rebound in the foundation; in addition, taking into account the relevant pre plate has been the focus of the lower plate in the future may have the stage of investment value. From a more long-term perspective, some segments of the industry may take the lead in the recovery of the current supply side reform, but also with investment value. General manager Boshi macro strategy Department Wei Fengchun also said that in 2016 the subject, continue to focus on the supply side reform proposals. If the new government’s industrial policy of "innovation", so that the policy changes this year is "innovation", rather than "new". He said that the implementation of the real economy, the traditional industries are moving. Among them, the iron and steel industry, the relevant departments are jointly drafting a "guidance" on the steel industry out of the document clearly the next 5 years to production targets for Yajian crude steel production capacity of 1~1.5 million tons, Yajian target will break down to the provincial level of government. Coal production capacity is also moving. In addition, some chemical, API industry in the past three or four years after the downturn in prices, the recent price rebound, titanium dioxide, calcium pantothenate and other industries have bottomed rebound. There are fund managers said that although the last round of market is TMT bull market, but also many traditional industries bull bull stock, such as printing and dyeing industry of Zhejiang Longsheng, Runtu shares, its logic is more stringent environmental protection measures in the background, a lot of backward productive forces are eliminated, improve the supply and demand pattern, printing and dyeing industry, the first to come out)

主题投资更新换代 基金投资重在把握供给侧改革-基金频道 证券时报记者 杜志鑫  从2013年至2015年,3年的行情以新兴行业为主线,但在历经过去3年的牛市之后,2016年接下来的行情主线或将与过去3年不同。日前接受证券时报记者采访的基金经理表示,今年倾向于把握供给侧改革的投资机会。  回顾过去7年A股行情可发现,每轮行情的 相关公司股票走势 主线均不同:2009年是4万亿刺激主线,工程机械、有色金属和矿是二级市场追捧的对象,2010年是生物医药、食品饮料、科技传媒和通信(TMT)行情的预演,2011年则泥沙俱下,2012年最后1个月金融股绝地大反击,2013年是传媒,2014年是以券商股为代表的蓝筹股,2015年则是TMT。因此,从主题投资的角度来说,如果要寻找未来的投资方向,此前被挖掘充分的板块和主题几乎可以被排除在外。  现在,供给侧改革无疑值得关注。易方达基金投资一部总经理、易方达平稳增长、易方达新经济基金经理陈皓认为,2016年一季度,除了关注A股市场短期风险释放之外,供给侧改革及地产去库存等相关政策导向需要格外注意,这是一条运用市场手段重新提升企业盈利的途径。从近期大幅下跌的国际原油价格和开始出现部分反弹的金属、钢材价格看,市场对于周期品的价格走势预期极低,但可能具备了短期反弹的基础;此外,考虑到相关板块前期受到的关注降低,这些板块在未来可能具备阶段性的投资价值。从更远期的角度看,部分细分行业可能在本轮供给侧改革中率先实现盈利恢复,也具备投资价值。  博时基金宏观策略部总经理魏凤春也表示,在主题上,2016年建议持续关注供给侧改革。若将新一届政府的产业政策归纳为“推陈出新”,那么,今年的政策变化主要是“推陈”,而非“出新”。  他说,落实在实体经济层面,传统产业正在行动。其中,钢铁行业方面,相关部门正在联合起草《关于钢铁行业脱困指导意见》,该文件明确未来5年去产能的目标为压减粗钢产能1~1.5亿吨,压减目标将分解到省一级政府。煤炭去产能也在动议之中。此外,一些化工、原料药行业在经过过去三四年的价格低迷后,近期价格有所反弹,钛白粉、泛酸钙等行业已经触底反弹。  还有基金经理表示,虽然过去一轮行情是TMT牛市,但传统行业也不乏走牛的牛股,如印染行业的浙江龙盛、闰土股份,其逻辑就是在环保措施趋严的背景下,很多落后生产力被淘汰,供需格局改善,印染行业率先走出来。未来,在供给侧改革的背景下,需要寻找这种逻辑的细分行业的投资机会。  作者:杜志鑫 (来源:证券时报网)相关的主题文章: