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网上赌博哪个网站好:Fund Manager's Growth Unit Gold Rush

时间:2018/3/26 17:53:27  作者:  来源:  浏览:0  评论:0
内容摘要: Recently, the A-share market has also ushered in a touch of spring. With the release of the annual report results, the financial attention ...

Recently, the A-share market has also ushered in a touch of spring. With the release of the annual report results, the financial attention of innovative sectors such as pharmaceuticals, computers, and defense and military has been significantly increased, and the growth stocks have achieved remarkable performance. According to statistics, after the Spring Festival holiday, the fund will quickly increase positions, and the growth stocks in the new growth sector will become the focus of jiacang.

How to identify genuine growth stocks and real growth stocks? After the author visited a number of fund managers in the past, he learned that, on the one hand, the authenticity of growth stocks will have many commonalities in the early stages of the development of the industry, but over time, the pseudo-growth stocks have quickly been falsified due to the lack of internal growth; On the other hand, when selecting genuine and false growth stocks, do not be fooled by the low valuations of the momentary high growth of and . Pay attention to the return on capital. In addition, after scouring into real growth stocks, it is not once and for all, and relevant indicators need to be researched and verified. The fund managers interviewed told the author that the inherent timing investment method is not very important for the growth stocks, and the most important thing is bottom-up stock picking.

Since the beginning of March, the small and medium-sized founding companies have rebounded, and the blue-chip growth stocks have become the "homegrown fragrances" pursued by major funds. Performance has become the most important consideration for the fund's stock selection. In particular, growth stocks with faster growth performance and lower valuations have gained a lot of merit fund additions.

True, false and true. Behind each fund rushing to lay out growth stocks, there is the possibility of “stepping on thunder” and pseudo-growth stocks.

A number of fund managers interviewed by the author recently stated that since growth stocks generally appear in fast-growing industries and the industry is still in the early stages of development, the short-term growth stocks have many commonalities, but not all high growth and low valuations. The companies are real growth stocks.

What is a real growth stock?

Wang Ran, an emerging growth fund manager in the East, believes that real growth must have at least the following characteristics: First, it is in line with the direction of the country’s strategic development and focuses on the main business. Second, the direction of strategic development of management is consistent, sustainable, and effective. Third, the industry or company is in the growth stage of the life cycle. Fourth, the predictability of performance is strong, real, transparent, and has a high degree of growth. There are fewer episodes of mergers and acquisitions.

Xinhua Fund Zhao Qiang, the fund manager of the equity investment department, gave a more precise explanation. He said that many people entrenched that the company's valuation is determined only by the growth rate, so the pursuit of high growth rates, low valuation of the company. In fact, corporate earnings multiples are determined by the expected growth rate and return on capital (ROIC). Both are indispensable. Therefore, real growth stocks should match the growth rate with the valuation and have a high return on capital.

How to identify genuine growth stocks?

Gan Rongqi, manager of Zhongrong Industrial Upgrading Fund, told the author that real growth stocks can continuously verify the company’s industry barriers, competitiveness, business models, etc. by tracking profitability of reports, income scale, and number of users, while false growth stocks may only Stay in the dream story.

Huashang New Energy Mixed Funds According to Liu Mengmeng, a fund manager, growth stocks usually appear in the fast-growing industries. Their market share in products has expanded rapidly, and revenue and profits have continued to grow. Companies with first-mover advantage in the industry, strong execution force, and correct strategy will become quality growth stocks within a certain period of time. And fake growth stocks usually appear in the conceptual hype stage, that is, the industry is usually in the formation period, and there is still a lack of stable products and profit models. At this time, some companies actively embraced the popular concept because of their own interests. Since everything is still in its infancy, it is difficult to falsify, short-term stock prices tend to perform better, but the tide retreats and is often quickly falsified.

Gan Chuanqi believes that science and technology, pharmaceutical and other sectors are more prone to pseudo-growth stocks. “The areas in which genuine and fake growth stocks appear are often extremely symmetrical. The more opportunities there are, the greater the risk. In general, companies with science and technology and pharmaceutical properties are most likely to have disagreements because their growth space is generally large enough, but business The instability of the model and the uncertainty of industry barriers are also large,” Gan Chuanqi said.

True Growers' Treasure Hunt Figure

“The source of investment is to find good companies. Good companies have good room for growth and can bring long-term returns to shareholders. If you choose companies according to this framework, regardless of value and growth, The most important thing is to give shareholders a higher long-term return." Changsheng electronic information industry hybrid fund manager of fund Nan Zhao said.

A number of fund managers told the author that when selecting the authenticity and growth stocks, they will judge according to certain dimensions and standards.

Zhao Nan said that he recognized four dimensions of Warren Buffett's stock picking: First, he must have a good business model, indicating that the company has very good profitability. The second is to have a deep "moat", which can maintain a higher level of interest rate , which can squeeze other competitors. The third is good management. Management is not to falsify, harm the interests of small and medium shareholders, but has an aggressive mind to work hard for shareholders and to realize their own value. This is also an important point. The fourth is to buy at a reasonable price.

Liu Mengmeng said that he will focus on the selection of "high-quality companies in a fast-growing industry + companies with competitive advantages, executive power, and correct strategy with clear equity structures and consistent interests". Judging whether the company has strong growth ability can rely on research and analysis to increase the probability of prediction. Predicting the growth ability of a company can also be carried out in different periods of time. Not every company needs to look at the development trend of 10 years and 20 years at a glance. In some cases, two or three years are enough.

With regard to the treasure-hunting path of real growth stocks, a number of fund managers said that they will have new views this year. It is generally believed that the biomedical sector is a "treasure mine" for potential growth stocks.

Gan Chuanqi believes that growth stocks have opportunities every year. The difference between this year and last year may be that the growth stocks are slightly rich in breadth. The potential investment directions include semiconductors, electric vehicles, 5G, and biotechnology. Wang Ran stated that there are two directions to go deeper and explore investment opportunities: The first is the concept of “national security”, including defense security, information security, life safety, food safety, etc., with high-end armaments/equipment manufacturing in the areas involved. , national defense informatization, localization of semiconductor integrated circuits, genetic engineering, biomedicine, food testing, environmental protection, new materials and other industries. The second is the development of new productive forces, which are mainly driven by the Internet and informatization. There are some applications and services in the field of computer software.

Zhao Nan believes that the most important directions for investing in growth stocks are the technology, internet, pharmaceutical and consumer goods industries. He explained that on the one hand, with the continuous improvement of the quality of labor and technology, emerging science and technology, the Internet industry has a good space for development; on the other hand, with the increase in income levels, aging population, will enhance pharmaceuticals, consumer goods Industry demand level. For the pharmaceutical industry, companies that previously had low requirements for R\u0026D capabilities and strong sales capabilities are also growing well. However, with the introduction of medical insurance control fees and drug price reduction policies, future research and development and sales are very important. Even in the long term, R\u0026D will be more important and will determine the value of a company. The current market is still very effective. It will follow this path to select some potential heavyweight companies.

The bio-pharmaceutical sector, which has been rising in recent days, has become the “depression place” for many real fund managers. Data show that Hushen 300 pharmaceuticals and other indicators substantially outperformed the broader market, and even hit a new high. From the stock point of view, Hengrui Medicine , Columbine medicine , Huadong Medicine only medicine and other leading shares hit a new high.

At the same time, the fund issue has begun to heat up. In addition to the current SDIC UBS Innovative Pharmaceuticals Fund, ICBC Credit Suisse Healthcare Industry Equity Fund , China Resources Yuanda Healthcare Quantitative Hybrid Fund, Huaxia Equity Health and Flexible Configuration Hybrid Fund, and Exchange Tian Fu innovative medical theme mixed funds and other medical theme funds.

Blind spot for real growth stocks

Investment growth stocks are not once and for all, but they also face the risk of “double killing” in the market. The test is to control the ability to withdraw.

"Growth of growth stocks requires continuous confirmation and verification of financial indicators. When performance growth falls or falls short of expectations, the market often fails to give valuations in accordance with PEG, resulting in a 'double kill' situation. This is our worst case. Willing to see the situation." Wang Ran said.

Liu Mengmeng believes that investing in growth stocks not only requires close follow-up and research, but also pays attention to timely retracement when risks arise. He said that most of the growth stocks are in a dominant position for three or five years, and only a few of them will eventually emerge and become industry leaders and evergreens. Therefore, the investment risk lies in whether the company can withdraw in a timely manner or when the road is declining, and it needs to be tracked and studied in a timely manner.

Zhao Nan also acknowledged the importance of controlling the withdrawal. “Actually, growth stocks make compound interest. Compound interest is essentially the value of time, and every year there is a certain amount of revenue, and accumulating through time brings a huge return, not a particularly high income in individual years. In this process, it should be noted that not There is a particularly large retracement," Zhao Nan said.

In addition, a number of fund managers also stated that the importance of timing in the process of investing in growth stocks is not as big as it seems. On the contrary, if you focus too much on timing, you will miss out on investment opportunities.

Gan Chuanqi believes that the core of growth stock investment is to obtain the compound growth of the company's performance in the growth cycle, and on-time transactions may miss this source of income. Selecting time is more about analyzing market styles and guessing what asset classes investors like at the moment, which may be more biased towards thematic investment strategies. There is no absolute standard for the valuation of growth stocks, because at each point of time, the investor's distribution of the company's growth expectations is very different, and the investors of different durations and different cognitive dimensions have room for growth of the same company. Judgment is also a big difference, there will be differences on the level of valuation of the stock. Therefore, timing is secondarily, and the most important thing is to think of the growth space more clearly than most people, and it is the ideal state to intervene when the market environment is not good.

emerging industries thematic funds

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Fund Code fund referred recent month earnings fee operation
001227 Post information industry Flexible Allocation 11.57% 1.50% 0.15% Buy Account Opening Purchase
001071 Hua An Media Internet 1.50% mixed 10.26% 0.15% purchase account purchase
519961 long TRULY wide mix A8.86% 0.80% 0.08% purchase account purchase
002863 Kim Shin Shenzhen initiate the growth of hybrid type 6.64% 1 .50% 0.15% Buy Account Opening Purchase 7_89456_186_6547 3_9
Source: Oriental Fortune Choice data , Galaxy Securities, as of the date: 2018-03-23





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