Style switches are now focusing their differences private "blue chip + growth" double main line

  Growth stocks is expected to increase "Since February, the GEM board has gone up and fell back, which can be seen as market revaluation periodic rest, but also convert normal operation of the market。 When the blue chips become less expensive, the market will naturally have been expected growth stocks。 "Double Ninth investment co-chief investment officer Chen expressed heart。   The new value of the investment research director Fan Bo believes that the main reason for the strong growth stocks there are two: First, after two years of adjustment, the overall valuation of small and medium-invasive leading companies already not high, part of the company's price-earnings ratio is only 20 times earnings growth there are about 30% level, it will naturally have a certain appeal; the second is that this year, slightly turned to the outlet, from the industrial to the Internet "unicorn" basically closer to the "new economy" direction。
  In the long red capital president Qiu Jiantang view, the recent growth stocks continued strong, after all, or because the early fall appear undervalued, plus around the Spring Festival market from blue-chip market to "nurture" and "mining" the market "unicorn", on behalf of the "new economy" innovative industry leading companies showed a more sustained high growth potential, part of the innovation industry segments leading growth of over 50%, while the current valuation is about 35 times, according to 2018 and 2019 expected performance estimates, valuations are very low, attracts growing flow of capital of listed companies。   " 'Unicorn' green channel open enterprise, which provides a favorable policy environment for 'a blue-chip' stock market。
In addition, GEM refers to the valuation at historically low levels, is technically rebound in demand。
In particular, some victimizes 'a blue chip' stocks due to the stable performance, high growth rate, there are the 'new economy' concept, thus becoming a pioneer in the GEM rebound。
"Winter Tinto investment researcher Liu Jinting representation。
Basaltic investment Lixian Jun, president also believes that the presence of blue-chip market pullback after pressure continued to rise, continue to maintain the upward trend needs more funds to promote, can not be sustained on the objective; the other hand, small-cap growth stocks, due to the lower pre-shock some good growth stocks already has configuration value, it is expected to follow these stocks share price will gradually rebound。
  Now switch the style differences "from the past couple of months the trend, there are signs of market-style switch, because the blue-chip market rose more than two years, average valuations relative to history is already not cheap。
While the pre-growth stocks fall, the valuation bottomed out, switching to cost-effective funding of growth stocks, but also a reasonable choice。 "Fan Bo expressed。
In Liu Jinting view, since February 9, Shanghai 50 turnover slightly in the doldrums, trading volume moderate zoom GEM, indicating funds continue to flow to the GEM market, market style may have occurred in the conversion。   Qiujian Tang believes that the broader market blue-chip sector will not adjust too, recognized the logic value is still the mainstream market experienced in 2015 – the shock of mid-2017, investors in the valuation of listed companies has been quite rational judgments, do not repeat the past cap blue chip and small-cap stocks innovation severe "seesaw" effect。
" 'Real growth' listed companies will continue to get estimates to enhance and accelerate the precipitation attract funding approach, 'pseudo-growth' of listed companies after the overall rebound may still deserted and attributed the downturn, can not be too optimistic that the market in terms of risk preference coefficient a major shift, the core logic market still has not changed, still the fundamentals of listed companies around the changes in the share price to reflect。
"Qiu Jiantang representation。   "If a shift in market style, we feel that the market value from the revaluation to stage the discovery phase, rather than the transitions between market participants often talk about growth and value。
"Chen heart represents。
  "The future should no longer distinguish the style or large blue-chip growth stocks, but should focus on growth potential and value of the company itself, relying on storytelling and funds to promote the shares of individual stocks is difficult to continue to rise, the real high-quality stocks regardless of the size of the dish will be gradually strengthened。 "Lixian Jun representation。
  Focus double mainline "From the large investment logic, blue chips and growth stocks are parallel investment theme, but there is a deviation cycle in guiding the flow of funds in the market。
To 2018, the blue-chip sector has continued to rise after a year and a half, from the overall look of the valuation need to rest, and sell sentiment has led to 'real growth' segments of the leading companies generally suffered victimizes。 "Qiu Jiantang representation。   Tang Guo Meng is now chief strategist of wealth that, in fact the market for blue chips and growth stocks division is not particularly accurate, high-growth market, there are stocks, small cap in there, so high-growth direction is the core configuration。 "TMT stocks such as high-quality, good profitability many companies, but the market is subject to investment style repression, many fund positions in the TMT configuration than two years ago has been greatly reduced, media and consumer goods stocks like have this phenomenon。 "He said。


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