机构投资者占比不断提升 价值投资渐成主流|杨德龙专稿

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Since the beginning of this year, Bailongma shares, represented by Maotai, Wuliangye and Ping An, have been hitting record highs and becoming a beautiful landscape in the market. The investors who insist on value investing have earned a lot of money. what?

There are many reasons. One of the important reasons is that the proportion of A-share institutional investors has been increasing, the proportion of retail investors has decreased significantly, and value investment has become mainstream. According to the statistics of CICC, from 2014 to 2018, the proportion of retail investors' funds in the free market value of A shares has dropped from 72% to 53%. From the perspective of pricing power, the pricing power of the market is gradually From the retail investors to the institutions, the institutions regained the pricing power. Some of the stocks that the institutions liked were constantly hitting new highs, while the stocks and performance stocks that retail investors liked showed a relatively large decline. The market is very different. Obvious. Now, with the gradual inflow of value-added investment funds such as foreign capital, this differentiation will continue in the future.

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In terms of market volume, the proportion of retail investors in the history of the A-share market has been more than 80%. When the market was the craziest in 2015, the contribution of retail investors to the market volume once exceeded 90%, and then began to gradually decline. The current contribution of retail investors to the A-share market should be around 60%. In fact, the process of the A-share market gradually moving towards a mature market is a process of de-stocking, which is consistent with the experience of the international market. In the past, developed markets such as the United States, Hong Kong, Japan, and Europe also experienced such a process of de-stocking. At the same time, the performance of stocks with good fundamentals has long dominated, which has already appeared in the A-share market and will be more evident in the future.

I clearly stated at the beginning of this year that the A-share market will usher in the golden decade. On the one hand, the golden decade of China's property market is coming to an end, and the expected return rate of the investment property market is gradually decreasing. From the property market, into the stock market.

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另一方面,我国已经基本上结束了自由竞争的阶段,进入到寡头垄断阶段,多数行业的都胜负已分,与其做实业和这些寡头竞争,不如直接通过二级市场买入这些寡头的股权,做它们的股东,享受公司的成长以及分红的收益。最后,我国对于资本市场的支持力度会逐步加大,政府工作报告中已经把股市提高到国家核心竞争力的重要组成部分,股市在未来可能会获得更多的政策倾斜。

路,一是买入白龙马股,做好公司的股东,不理会短期市场波动,一是站到机构的一边,通过买入优质基金或者直接买入FOF来实现。现在前海开源基金与建行合作创新发行的前海开源裕泽FOF正在全国各大建行销售,感兴趣的投资者可以去建行认购,这个FOF由我和苏辛女士一起来做基金经理,发挥各自的优势。今年我们合作管理的一只FOF产品 前海开源裕源FOF上半年收益达27.5%,在同类产品中排名第一,大幅跑赢很多同类产品。

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第16届中国基金业金牛奖近日在北京颁奖,前海开源基金喜获金牛基金管理公司荣誉称号,而前海开源工业革命 4.0 混合基金荣获三年期开放式混合型持续优胜金牛基金。作为一家成立仅6年的基金公司,从2017年首获“金牛进取基金公司”到2019年荣获“金牛基金管理公司”,仅仅用了2年时间。

xxxx现在科技委员会已经开业,第一批股票即将上市。科技委员会的成立也是中国资本市场的重要一步。它改善了中国的多层次资本市场,为投资者提供了投资科技企业的机会。当然,由于科技局的大部分股份仍处于初始阶段,股票和投资方式的选择与传统的二级市场不同。因此,建议投资者通过购买科技董事会基金投资科技股,或通过控制投资基金在20%的个人资金范围内在一定程度上控制风险,并分享利益科学技术委员会。

总体而言,目前的市场波动反弹是主旋律。虽然短期市场经历了一定程度的调整,但中期趋势并未发生变化。因此,建议投资者保持信心和耐心,并通过持有优质股票来维持市场波动。今年上半年市场仍有很多投资机会。