Paipai Net Survey: Financial and Real Estate Outbreak, Market Style Starting to Switch?

Paipai Net Survey: Financial and Real Estate Outbreak, Market Style Starting to Switch?
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Does the dual trend of finance, real estate, and medicine mean that the market style has begun to switch?Private equity ranking website also conducted interviews with private equity as soon as possible.
Shen Liangcheng, a researcher at Wanli Fuda Investment, stated in an interview with private equity ranking website that one should not only believe in the pendulum theorem of cycles, but also realize that there are huge differences in business models between different industries. Based on this thinking, a "balanced" strategy can be constructed.
Shen Liangcheng further pointed out that four or five relatively evergreen ones can be selected first(Thickly snowy and sloping)Industries such as consumption, pharmaceuticals, finance, technology, advanced manufacturing, etc., and then select the optimal solution for your texture and valuation in each segmented field, striving to seek relative returns in each field. In the long run, such a strategy may not make you a sprinter champion, but it is likely to make you a long-distance runner in the long run investment. More importantly, this is also a way to 'simplify complexity' and avoid“70timesPELeading pharmaceutical companiesVS 5~6timesPEFinance/Cross industry comparison of real estate leaders.
Wu Liangqun, Chairman of Dingye Investment and Head of the Investment Committee, stated that there are deep-seated internal reasons for consumer and technology leadership, and in the long run, they will still be an important driving force for China's structural transformation. However, in the short term, due to liquidity and consensus in the capital market, many related companies have overdrawn their short-term valuations. Although traditional industries such as real estate and finance are traditional, they are not simple. At present, China's urbanization rate is around 60%, and there is still a lot of room for improvement. At the same time, the large but not strong competitive landscape of traditional industries will still bring them huge opportunities for concentration improvement. Investment cannot be separated from valuation, and the law of mean regression has always existed. It is believed that there are still many opportunities for gold to shine in these traditional industries.
Binnuo Asset stated that from the perspective of the attributes of finance and real estate, on the one hand, they have excellent quality, sustained and stable performance growth, and high dividend rates. On the other hand, finance and real estate are generally valued at low prices, and are in a stage of oversupply and stagflation. The recent rise in the past two days is a repair of undervalued values and also a rotation of the market itself. In the second half of the year, as market funds become more institutionalized and mature, it is expected that there will be structural opportunities in finance and real estate, and investors can actively seize them.
Specifically, regarding the investment logic in the real estate industry, Cheese Fund Manager Zhuang Hongdong introduced to Private Equity Ranking Network,4Since the beginning of the month, real estate sales have continued to recover, and there is a high possibility that the annual performance will maintain stable growth, which will support the upward valuation level of the sector. For listed real estate companies, the overall sales performance of the industry has been ideal in the past two years,2020The high guarantee of annual settlement performance will provide strong support for the overall valuation of the industry. From a policy perspective, due to domestic demand for stabilizing the economy and promoting domestic demand, the policy and overall liquidity of the real estate market are expected to tighten again, and the stable development of the real estate market is still worth looking forward to. Under the tight balance of policy regulation, leading listed companies have highlighted their comprehensive absolute advantages in land resource acquisition, government review, financing costs, and operational capabilities. Recently, the real estate sector has been weaker than the overall market, with absolute valuations still at a low level. Zhuang Hongdong believes that the leading real estate companies have strong performance certainty, high dividends, and multiple positive factors(Marginal improvement)With the assistance of, it is expected to usher in the opportunity for valuation repair.
As for banks, due to the impact of the epidemic, the market is overly concerned about their non-performing asset ratios, coupled with the downward trend in loan interest rates, which has led to a pessimistic outlook on their profitability. As a result, the current valuation of bank stocks is very low, but the market is overly pessimistic, reflecting the non-performing asset ratios and future profitability of banks. With the improvement of the economy, banks may face opportunities for valuation repair, and currently have a configuration value that can be advanced, attacked, and defended.
Lin Yuan, Chairman of Lin Yuan Investment7month2The Japanese investors' Q&A program said that the high scenery and momentum of the Baijiu industry combined with the inertial rise is the logic of Baijiu's continuous innovation, which is also the basic knowledge and law of the stock market. This is the so-called trend, and investment is to earn money from the trend. The rotation of the industry is likely to be the main theme of the market and will continue to be played out,4300Point is the center of a bull market, and it is expected that12This point will be reached within a month.