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彩乐乐专业彩票:Yang Delong: A-shares "come into Mozambique" usher in historic moments Investors can configure quality white horse stocks

时间:2018/6/1 18:48:24  作者:  来源:  浏览:0  评论:0
内容摘要: Today (June 1st) is a historic moment for the A-share market. Starting today, the MSCI Emerging Markets Index Fund starts buying A shares i...

Today (June 1st) is a historic moment for the A-share market. Starting today, the MSCI Emerging Markets Index Fund starts buying A shares in accordance with the first batch of MSCI constituent stocks! This signifies that the A-share has officially become a member of the international mainstream index family, and foreign capital changes from the “buy” of the A-share to the “must-buy”! This is an important step in the internationalization of A shares and a milestone event in the development of A shares.

Why is it important to include the MSCI index? This is because the MSCI index is the most widely used benchmark indicator for global portfolio managers. In North America and Asia, more than 90% of global institutional equity assets are based on the MSCI index. Nearly 100 of the top 100 fund managers in the world are MSCI. customer of. Up to now, the scale of the global direct or indirect tracking of the MSCI index is approximately US$10 trillion, while the MSCI Emerging Markets Index has been adopted by the global $1.9 trillion fund. MSCI's CEO Fernandez said that if Chinese A-shares are fully included in the MSCI index in the next 7 to 10 years, that is, the factor of inclusion is increased from the current 5% to 100%, it is expected to bring up to 3400 A-shares. About $100 million in incremental funds, the conversion into renminbi will reach more than two trillion yuan.

Last night, MSCI issued a temporary announcement to disclose the results of the share adjustment of the underlying index, adjusting the 234 constituent stocks of MSCI to be included in the A shares announced on May 14 to 226. This part of the adjustment is mainly based on the index preparation and design needs, some of the constituent stocks are currently in suspension, and the issue of A-shares suspension in the past is one of the major problems plagued international investors, because during the suspension of trading investors can not be traded.

On May 14th, Minghao Company announced the results of the adjustment of the semi-annual index stocks. 234 A shares were included in the MSCI index system. The first factor was 2.5%, and it will be further included in 2.5% in September this year. A total of 5% of the factors are included in the year, which may bring about $20 billion in incremental funds to the A-share market. The A shares to be added this time will account for 1.26% and 0.39% of the weight in the MSCI China Index and the MSCI Emerging Markets Index, respectively. MSCI’s list of the first batch of constituent stocks included in the Emerging Markets Index is almost all large and medium-sized blue-chip stocks, covering financial, consumer, and new energy vehicles.

Former Yanghai Open Source Fund Yang Delong said that in the past two years, the trend of the White Horse stocks was “outstanding”. I have always advised the allocation of industry leaders and Baima stocks. The constituent stocks included this time basically belong to the Baima stock I previously recommended. This also explains the concept of foreign capital stock selection. They tend to choose high quality white horse stocks with large plates, good liquidity, and fundamental support. This also provides a good reference for us ordinary investors. With the increase in the degree of internationalization of the A-share market, future funds will further favor the industry leader, and high-quality Baima shares will have more investment opportunities. And theme stocks will be further marginalized by the market.

In terms of sub-industries, the first batch of constituent stocks included in the MSCI Emerging Market Index belongs to the bank , , with the largest number of companies in the three major industries of non-banking finance and pharmaceutical biology, namely, 30, 20, and 18 companies respectively. From the perspective of the company's market capitalization, the banking industry accounted for the largest proportion, as high as 31.47%. Of course, this has a great relationship with the total market value of the banking industry in the A-share market, which accounts for more than 30% of the total. Followed by non-banking financial industry, accounting for 13.04%. Food and Beverages ranked third, accounting for 6.74%. In addition, industries such as automotive, real estate, bio-pharmaceuticals, and mining also hold a certain percentage in the MSCI Emerging Market Index.

The inclusion of A-shares in the MSCI Index is an important reference for foreign investors in the allocation of the A-share market. Many foreign investors did not allocate A shares before because A shares are not included in the MSCI index. In addition, prior to the opening of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, foreign investors can only invest in A-shares through QFII, and the liquidity restriction is severe. Now, the channel for foreign investment in A-shares has been fully opened up. The daily quota of Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect has increased by 4 times, and the annual quota has been cancelled. After the A shares are formally included in the MSCI Emerging Market Index, more foreign capital will flow into the A-share market. The amount of funds that it brings may be about 5 to 10 times that of the index funds allocated to the A-shares.

It is worth noting that, before MSCI announced the preliminary inclusion of constituent stocks of A-shares, foreign investors have already entered the A-share market in large numbers via Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect and other channels. According to statistics, in April, the A-share market experienced a relatively large-scale adjustment, in particular, the pressure on profit-taking of Baima's stocks was greater. However, in April, the net inflow of to reached around 40 billion yuan, setting a new record since the opening of Shenzhen-Hong Kong Stock Connect opened in January this year. In May, the momentum of foreign capital inflows into A-shares has shown signs of acceleration. The stocks bought by the North Funds are basically high-quality white horse stocks such as liquor, medicine, household appliances, food and beverages, and automobiles.

In the stock picking, investors are advised to refer to the constituent stocks of the MSCI Emerging Markets Index, select some high-quality Baima shares for allocation, and continue to stay away from the performance stocks and subject stocks. According to the experience of Japan and South Korea's stock market after joining MSCI, with the increasing amount of capital inflows from foreign capital and the return of “Unicorn”, the market’s funds will increasingly focus on leading stocks. A shares will gradually show some characteristics of mature markets. Stocks with large plates, good liquidity, and good fundamentals will attract more and more funds. And some small-cap stocks, especially some small-cap stocks with high valuations and poor performance, will gradually be marginalized.

Yang Delong said that I believe that the “slow cow” market started in the A-share market is a structural market. In the past three years, value investment has demonstrated its power in the A-share market. Investors who insist on value investing have obtained relatively good investment returns, and some investors with short-term speculation and short-term investments have suffered significant losses. . As the maturity of the market increases, the value of value investment will be reflected most vividly. Buffett said that in any market, value investors are a minority. Indeed, value investing is easy to say and difficult to do. Human nature itself is greedy and fearful. To truly implement value investment, it is necessary to constantly overcome human nature. In some panicked stocks, they bravely bought in when they were panicked, and they took profits when the market chased some cows. Implementing the value investment philosophy is the best way to be in an invincible position in the A-share market.


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