Uncertainty is still ahead of the opportunity than the risk – assessment, China and United States, technological innovation, especially, smaller – Securities Times


Original title: Uncertain factors are still at a greater opportunity than risk

For the 2019 stock market, foreign private equity said A shares still face many uncertain factors, but from the perspective of valuation, policy, globalization and other aspects, now is a good opportunity to insert shares A. Foreign private placements are particularly optimistic about the Chinese consumer market, and technological innovation, medical health and other sectors are also getting attention.

A-share crisis

Chen Zhanglong, general manager of UBS Asset Management (Shanghai) believes that at the macro level, 2019 will be much better than 2018, and there will be more structural opportunities in the long run. "The appreciation of the market is now low, but in fact many companies are doing very well and their valuations have fallen to a lower level as the market slows down, and these companies can bring good opportunities for investors."

Zhang Yu, a UBS analyst for global emerging markets and Asia-Pacific stock markets, believes the short-term risks of A shares are basically released, and investor confidence is recovering. China's stock market is still very low in the allocation of assets in the global market and is attractive to foreign capital. In your opinion, if you invest in the next two to three years, now admission is a good time to make money.

Guo Wei, president of Schroder Investment China, said the medium and long term is very optimistic about the opportunities in the Chinese market, and now is the time to strategically increase investment in stocks.

Fudun Investment believes that in 2019, A shares' confidence will remain unchanged, with a focus on industries related to economic restructuring.

Fidelity International fund manager Ma Lei said investors are concerned about the escalation of Sino-US trade friction, the depreciation of the renminbi and the slowdown in China's economic growth. The A-share market will continue to fluctuate in the near future. At the same time, with the recent adjustment of the stock market, the appreciation of the market has decreased. In addition, Sino-US trade frictions are declining, and the market may enter the market in the next two to three quarters.

Luboma believes the stock market will recover its appeal in 2019. Among them, the rate of return of US stocks will depend primarily on the expansion of the P / L index, and real investment opportunities are outside the US, especially in emerging markets , including China's shares.

Optimistic about upgrading China's consumption,

Science and technological innovation and other fields

Speaking of specific opportunities, Chen Zhanglong said that UBS's assets are optimistic about the vitality and resilience of private companies. They are optimistic about China's economy for a long time. They are optimistic about China's consumption. main driver of China's economic growth in the future.It is mainly optimistic about four aspects of structural opportunities: quality. Consumption, technological innovation, urbanization and demography. The main strategy is to focus on leading industries of high quality and leading companies that can grow in the long run.

Guo Wei believes that the investment value of A shares is slowly emerging, and the recovery is expected to increase in 2019. In the specific direction of the investment, we are optimistic about artificial intelligence, the Internet of things and consumer updates .

Insmann believes that diversified allocation will be a more conservative investment model in 2019.

Ma Lei said he is still attentive to the "New China" sector, less sensitive to short-term macroeconomic pressures, especially for pharmaceutical, insurance and pharmaceutical companies, and can be used in automation, artificial intelligence, big data and services in a cloud. Look for opportunities in the field.

Fidelity International Quiet's fund manager noted that the balance sheet of Chinese companies has improved significantly, companies are paying more attention to capital spending, and management is taking a more mature approach to reducing leverage and achieving effective capital allocation. In the obvious change to improve shareholder value, people also began to pay attention to dividends, a trend that has not received sufficient attention and recognition in the market.


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