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北京赛车开奖直播官网:Funds Say Innovative Pharmaceutical Opportunities Gush The key to the style debate is still performance

时间:2018/4/16 18:29:27  作者:  来源:  浏览:0  评论:0
内容摘要: Facing the impact of Sino-U.S. trade frictions, the Fed’s interest rate hike and many other negative factors, the structure of the A-share ...

Facing the impact of Sino-U.S. trade frictions, the Fed’s interest rate hike and many other negative factors, the structure of the A-share market in the first quarter was significantly different. The Shanghai-Shenzhen motherboard index fell sharply, and the growth pattern of small-to-medium capitalization grew. King Shun Great Wall Fund indicated that the follow-up development still needs attention. In the second quarter, it entered the verification period of growth and performance. It is expected that the listed company's performance can maintain a steady growth in the future, and the market may experience some disturbances, focusing on the real fundamental support. Quality stocks.

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In the news, on April 12, the State Council confirmed the "Internet + health care" measures. From May 1, the import of anti-cancer drugs will be zero tariff. In this regard, China National Gold Corporation said that the introduction of zero-tariff imports of anti-cancer drugs on the domestic market for innovative drugs in the short-term impact is limited, long-term pressure to force domestic accelerated innovation, which will benefit the development of domestic innovative drugs.

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China Life Insurance Fund believes that as trade frictions increase, market volatility intensifies, and with the intensive release of annual reports and quarterly reports, the matching degree between valuation and performance of growth stocks has entered the verification phase, and the market may return to certainty. Considering that the market has entered a new observation period, trade conflict factors have affected or eased, and the importance of reviewing the fundamentals will gradually increase. In the industry, market risk appetite is an important driver, and with the ups and downs in the game between China and the US, the defense industry, leisure services, agriculture, forestry, animal husbandry and fishing, medical biology, gold and other industries are worthy of attention. If the trade friction eases more than expected, it will be oversold before the plate meeting. Have rebounded. In terms of topics, the Boao Forum was held, and further opening expectations will restore market sentiment. Hainan, Xiong'an, Guangdong Hong Kong and Macau, and the “One Belt One Road” themes will continue to ferment.

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Morgan Stanley Huaxin Fund believes that in the short term, the possibility of sustained development of events will be greater, and the capital market will still face greater fluctuations. The duration and policy strength of the trade war may exceed expectations, and it has to be said that it has become a main line affecting the development of the capital market this year. However, the emotional impact of the trade war is greater than that of the real nature. The trade war may eventually resolve to the Sino-U.S. settlement and concessions to each other. Looking at the year, the negative impact of the trade war on China's exports is still relatively limited in the short term. On the one hand, this year's global economic recovery and good overseas economic growth will support domestic exports. On the other hand, the United States is still limited in its efforts to increase tariffs in China.

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GF Development Fund Cao Shiyu believes that this will increase the market's growing concerns about the inflation rate of and . From the perspective of the market, investor sentiment is generally cautious due to the impact of the escalating Sino-US trade friction. Often at this time there is no need for excessive pessimism, and structurally still think that growth stocks have relative configuration value.

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The key behind the market style competition is still the performance

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Invesco Great Wall Fund stated that in the second quarter strategy, the inclusion of A shares in MSCI, the return of “Unicorn”, and the launch of CDR pilots are the three major factors that have a long-term impact on A shares. A-shares will be included in the MSCI in June, and the potential inclusion of the target will be 230, including the initial total foreign capital inflows will reach 19 billion US dollars, although the impact of incremental funds on the market in the short-term, but will be to some extent The market sentiment is conducive to guiding the market's positive expectations. After the A-share market is included, it will hopefully attract more overseas institutional investors. With regard to the issue of GEM style switching in the current market, the key factor behind the style debate is still performance.

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Ping An UOB Fund believes that the direction of investment in the equity market in the second quarter must be closely related to the historical background of the rise of major powers. Existing leading companies still have long-term allocation value, and their market share, income, and profit rate will gradually increase, and profits will increase. There are relatively stable upsides; at the same time, attention is paid to the fast-growing companies in the sub-sectors that increasingly need to catch up in the history of the rise of China's great powers. The market will give such future companies a very high valuation premium. Among them, technological innovation will be the main configuration direction, focusing specifically on semiconductors, military industry, consumer electronics, innovative drugs, new energy vehicles and smart driving, 5G and Internet of things, and Internet applications.

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"Unicorn" to find high shareholder returns

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Since the "two sessions," the "unicorn" has become a key word in the capital market. Market analysts pointed out that the “Unicorn” New Deal has released signals supporting the development of the new economy. On the one hand, the Chinese economy is facing a major transformation and needs to grasp the world’s new round of scientific and technological revolutions and the general trend of industrial change; on the other hand, from the perspective of technological development From the point of view, the current market is in a new round of "intellectual networking" revolution. In view of this, the new era of policy and technology two-wheel drive has arrived, and the value of the “Unicorn” company in the process of transition between old and new kinetic energy stands out. According to Cao Wenjun of the Wells Fargo Fund , with the gradual transformation of China’s economy, some The outstanding listed companies that stand out in the improvement of the industry's competitive landscape will still have very large room for development. At the same time, China's stock market is rapidly approaching mature markets. High-quality companies that continue to focus on high shareholder returns are expected to become the "darlings" of the capital market. We are optimistic about new industries such as new energy, internet of things and artificial intelligence, as well as high-quality companies that will release dividends.

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In the security fund Chen Yifeng’s view, being able to understand and give a good safety margin can be a good investment. Only by understanding, can we have a correct judgment of valuation. In terms of stock picking, the principle of “cheap good company” is unchanging. In the coming decades, the advantages of engineers, industry clusters, and huge markets will remain an important advantage for China. The external pressure is also one of the driving forces, prompting China to move toward higher value-added manufacturing, and at the same time, consumption will also be upgraded. These two major areas will be born without shares. The global influence of automobiles, machinery, chemicals, and electronics will continue to increase. Some labor-intensive industries may shift outward, and some more open domestic industry competition may intensify. Universal consumption - optional consumption, must-consumption, medicine, media, etc. will all face enormous investment opportunities brought about by industry refinement and upgrading.

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TEDA Manulife Fund Zhuang Tengfei believes that it is recommended to focus on the types of consumption upgrades and technological innovations that continue to outperform each other in quarterly performance in 2018, focusing on industries such as finance, mass consumption, electronic communications, and medical services.

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Increased investment opportunities for innovative drugs and chain pharmacies

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The pharmaceutical industry has always been the birthplace of Ushimata. Since the beginning of this year, the pharmaceutical sector has seen significant gains. Furong Fund Hu Changhong believes that the biggest driving force for the rise of the pharmaceutical sector comes from the encouragement and direction of national policies, which will bring about an increase in the valuation of related companies in the industry.

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After the medical and medical sector was adjusted in 2016 and 2017, some targets have already reached a reasonable valuation level. Many of the targets with better growth are more than 20 times higher, and there are many new shares with good potential. . From the perspective of current valuation and industry development, there are great opportunities for the pharmaceutical, medical device and medical service sectors in 2018.

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“Regardless of pharmaceuticals, medical devices or medical services, as long as the valuation is adjusted to a certain degree, there will be investment opportunities.” In the sub-sector of the pharmaceutical industry, he is more optimistic about innovative drugs, chain pharmacies and some chained professions. The subject of medical services and medical devices, "This year's opportunities in medical devices and medical services may be more apparent."

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Hu Changhong believes that there are also risk points outside the industry in the pharmaceutical and medical sector this year, such as changes in the market's overall risk appetite, and weakening of the industry's comparative advantage. There are major risks in the industry that the approval of new drugs does not reach expectations, and the industry policies include the risk of declines in the growth rate of the industry caused by medical insurance control fees.

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