A fund manager's year-end thinking: the trend of investment in both China and Hong Kong under the new norm?

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Author: Li Shouqiang | Junmao Capital Partners

The editor is based on : when the Christmas bell sounded, 2017 gradually came to the end. looking back this year, Hong Kong stocks out of a wave of bull market go forward with great strength and vigour. Gelon exchange fortunate and enjoy the happiness of harvest with you, it will work with you to enter a new year, witnessed the coming era of Hong kong! Three thousand of the bull market, only once, that's enough. I wish you a happy Christmas, Merry Christmas!

, whether A shares or Hong Kong shares, this year is a polarizing, big market value company as a whole to win the market. With the increasingly close interconnection between the two places, investment behaviors and ideas are becoming more and more convergent. Investors are facing the cross market investment pattern of Shanghai Hong Kong Shenzhen three places. Mr. Li Shouqiang, Mr. Jun Mao's capital partners, has made an in-depth analysis of the current market structure for us, and discussed the investment strategies for 2018 and two places in the future. This exchange Gelon share this article by Mr. Li Shouqiang, in order to provide dinner for you.

2017 in the past year, Hong Kong stocks strong rise above 30%, A shares out of the bull market and the Shanghai and Shenzhen A50 structural 300 represents, in this process, some people worry about joy. Jun Mao shows the extremely differentiated market of A shares this year through a chart.

can see from the above chart, as of 2017.12.20, A share market capitalization above 50 billion, the company's gain is relatively large, and its average increase is more than 30%, but close to 80% of the stocks are down, and the number of stocks falling by more than 20% is 50%, accounting for 30%. That is to say, the loss of 20% of the investor this year is normal without considering the individual differences. This year, A shares popular "beautiful 50" and "want you life 3000", ice fire two days. In fact, not only A shares, Hong Kong stocks this year is also showing polarization, large capitalization companies outperformed the overall market, the interoperability between the two places increasingly close today, investment behavior and concept is increasingly converging, Chinese investors are faced with cross market investment pattern of Shanghai and Hong Kong - Shenzhen three.

has gone in the past, and the future has come. Standing at the end of 2017 and looking forward to the future, we should deduce the long-term investment trend from two perspectives, such as industry, equity and cross market investment experience at home and abroad.

first, what needs to be understood is what kind of age do we live in?

this picture is made and sent to the core customer at the beginning of 2017. It can be seen clearly that we are in the dual era of "global allocation of assets" and "Shanghai Hong Kong deep interconnected". Such a "double era" has a profound impact on the investment philosophy of the two places, especially the A share.

, a interconnection has to the

investment mature concept to A shares

Shanghai - Hong Kong - deep interoperability, A shares of the funds can buy Hong Kong stocks, but the most important thing is, because Hongkong is an international financial market, essentially A shares open to the global market, many large investment institutions in Europe and the United States via Hongkong can buy A shares, A shares one more important and mature capital the source, brought far-reaching influence on investment behavior and investment philosophy of A shares. So, what do they buy? Jun Mao found that the stock that foreign capital likes to buy has several characteristics: large market value, good liquidity, leading industry and excellent performance. Taking Shanghai airport as an example, foreign investment began to buy from the beginning of Shanghai and Hong Kong in 2014. Up to now, foreign shareholding has accounted for 30% of the shares of Shanghai airport.

why does foreign capital buy Shanghai airport? Back to the "double age", "the global allocation of assets". In this case, the investment experience of a hundred years on the foreign capital is more abundant than the A share capital. They are in a mature market and look back on the history of China with a deeper sense of history. If we take the Shanghai airport in the global asset allocation is relatively similar, you will find his high price: 2016 Shanghai airport passenger throughput of 66 million passengers, the market value of about 50000000000 yuan, compared to the Sydney Kingsford Airport passenger throughput of 43 million passengers, the market value of about 80000000000 yuan, the market value of about 100000000000 yuan of Paris Airport. By contrast, the Chinese economy behind Shanghai airport is more dynamic, growing and more populated. Its market value should be shoulder to shoulder. Today, Shanghai airport is the 86 billion market value. In the process of investment in foreign rarely do the Shanghai airport, band, long-term lock holding time; the market fell, the domestic capital panic sell, but foreign buying heavily, resulting in today Shanghai airport circulation of 30% of the chips have been locked in foreign.

therefore, the advantage of global asset allocation in the future of A shares is becoming more and more important, which requires a global perspective. Junmao do industry research analysis, from the global industrial chain investment the best companies have the whole world in view. For example, China's white electricity line


From: 一位基金经理的年终思考:新常态下中、港两地的投资趋势?
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