多数基金认为目前适宜配置低估值品种

多数基金认为目前适宜配置低估值品种 自4月16日以来，沪深两市展开反弹。截至5月21日收盘，上证指数在这轮反弹期间上涨5.64%，深证成指上涨7.67%，中证500指数上涨13.15%，而创业板指数成为当之无愧的明星，反弹期间上涨28.3%，今年以来涨幅已达50%。风格转换能否持续成为公募近期关注较多的话。 “市场经过前一段时间盘整，近期有所突破，短期内或将完成风格转换。”博时新兴成长基金经理韩茂华分析，时隔两年，创业板指数再次冲上千点，该指数表现明显较好。目前创业板估值泡沫比较大，但个股或将会有好的表现。风格转换能否继续将是近期市场关注的焦点。 5月以来随着成长股投资热情继续高涨，中小板和创业板相对沪深300(2605.525,-12.51,-0.48%)估值PE(TTM)在逐步提升中逼近2010年以来新高。摩根士丹利华鑫认为，近期的分化行情强烈体现了在经济转型期，投资者追逐成长、追逐新兴产业与商业模式的热情日渐高涨;事实上从中外股市历史看，资本市场可以更有效地筛选和推动新兴产业、新兴商业模式和高科技产业。成长股初期往往受质疑，但是经得起市场检验的成长股最终将用业绩高成长来化解高估值。 To insisted from actual starting, classification Guide, put focus put in grass-roots, put in branch, timely summary promotion grass-roots branch in learning education aspects of good experience, and good practices, timely found and corrected signs sex, and tendency problem; to strengthened publicity Guide, full using water website, timely publicity interpretation Central, and provincial, and municipal draw party on learning education of deployment and requirements, followed up reported progress and effectiveness, efforts for learning education create good of opinion atmosphere. Second lead. Education of leading cadres is not only learning organisers, facilitators and regulators, but also participants, always at the forefront, as a good example, set strict demands on themselves, and set an example by asking others to do it, first do; others not doing, he determined not to do. Example of superior to subordinate, team leader for team members for example, level to level, level with the level, layer model, layers of lead, formation of the shots, the overall general effect of linkage. While, regardless of what ranks, what post of members leaders, are to to General members identity put himself pendulum in, implementation provincial, and municipal draw party on learning education of the requirements, strictly implementation double organised, basic system, lead learning discussion, lead on experience, and told party lecture, and for report, lead participate in organised will, and democratic comments, lead shoe vocational due diligence, and based post for contribution, efforts do one "four told four has" of qualified Communist, strive to makes learning research more in-depth, check pendulum problem more deep, Rectification to implement more thorough, more venerable pioneer image 不过，他们进一步提醒，近期投资者需要警惕小盘股以及创业板的回调风险。因为中小板和创业板的净减持金额已经接近历史高点。而产业资本的密集减持往往对应着市场顶点。 无独有偶，海富通基金也提醒，目前而言，成长股整体估值已经偏高，未来一旦出现业绩普遍性低于预期、宏观经济超预期复苏或下调、整体估值超越市场承受能力，这类股票则可能面临阶段性回调风险。投资者近期需密切跟踪其公司业绩变化情况、市场结构调整幅度、中游各行业景气程度，以及IPO重启传闻。 “对A股市场而言，近期需要重点关注的政策内容是新股发行改革和房产税试点的进展情况。”信达澳银基金表示，预计相关政策内容将会对市场的运行方向和风格转换产生重要影响。 “总体来看，后市能否出现明显的风格转换，还需观察多方面的条件。”申万菱信[微博]基金认为，首先，需要经济层面出现环比上升的趋势，尤其是投资产业链的回暖是重要的考察对象;其次，推高股票市场估值的动力可能来自于贸易顺差的上升，即国外需求出现趋势性回暖，特别是欧美经济向好。如果上述因素形成，A股后市将会出现较为明显的上升趋势。反之，则需谨慎对待。 南方基金则预计近期两极分化格局可能有所减弱，但逆转可能性To insisted from actual starting, classification Guide, put focus put in grass-roots, put in branch, timely summary promotion grass-roots branch in learning education aspects of good experience, and good practices, timely found and corrected signs sex, and tendency problem; to strengthened publicity Guide, full using water website, timely publicity interpretation Central, and provincial, and municipal draw party on learning education of deployment and requirements, followed up reported progress and effectiveness, efforts for learning education create good of opinion atmosphere. Second lead. Education of leading cadres is not only learning organisers, facilitators and regulators, but also participants, always at the forefront, as a good example, set strict demands on themselves, and set an example by asking others to do it, first do; others not doing, he determined not to do. Example of superior to subordinate, team leader for team members for example, level to level, level with the level, layer model, layers of lead, formation of the shots, the overall general effect of linkage. While, regardless of what ranks, what post of members leaders, are to to General members identity put himself pendulum in, implementation provincial, and municipal draw party on learning education of the requirements, strictly implementation double organised, basic system, lead learning discussion, lead on experience, and told party lecture, and for report, lead participate in organised will, and democratic comments, lead shoe vocational due diligence, and based post for contribution, efforts do one "four told four has" of qualified Communist, strive to makes learning research more in-depth, check pendulum problem more deep, Rectification to implement more thorough, more venerable pioneer image 也不大。他们认为，主要有以下三个因素:(1)经济复苏偏弱;(2)新增资金较少;(3)IPO没有重启，周期股要持续压制成长股有一定困难。 短期市场或延续反弹 大盘连续四个交易日带量上行，中小市值个股更是刺激市场人气。基金们对短期的市场较为乐观，但对反弹的空间也颇显谨慎。 “短期大盘或维持震荡上扬。”申万菱信认为，本轮反弹的主要原因在于:流动性环境较为宽裕、外围环境良好，结构调整和经济转型期新兴产业投资机会良好，上述多重因素促使近期A股反弹，一定程度上也覆盖了短期经济数据的负面影响。同时，近期国务院召开的常务会议释放出改革、转型的信号，无形中提振了市场信心。但是，由于当前经济处于弱复苏阶段，基本面并无较大的改变，后市走势仍需谨慎。 光大保德信也表示，对于未来市场，短期可能会延续反弹。他们同时认为，由于经济偏弱，政策方面保增长预期不及控通胀和防风险的流动性收紧预期，加上新股发行重启的预期，反弹时间和空间有限，未来市场更大可能呈现底部区间震荡行情。 “在价值蓝筹带动下，市场仍有望震荡上行。”摩根士丹利华鑫To insisted from actual starting, classification Guide, put focus put in grass-roots, put in branch, timely summary promotion grass-roots branch in learning education aspects of good experience, and good practices, timely found and corrected signs sex, and tendency problem; to strengthened publicity Guide, full using water website, timely publicity interpretation Central, and provincial, and municipal draw party on learning education of deployment and requirements, followed up reported progress and effectiveness, efforts for learning education create good of opinion atmosphere. Second lead. Education of leading cadres is not only learning organisers, facilitators and regulators, but also participants, always at the forefront, as a good example, set strict demands on themselves, and set an example by asking others to do it, first do; others not doing, he determined not to do. Example of superior to subordinate, team leader for team members for example, level to level, level with the level, layer model, layers of lead, formation of the shots, the overall general effect of linkage. While, regardless of what ranks, what post of members leaders, are to to General members identity put himself pendulum in, implementation provincial, and municipal draw party on learning education of the requirements, strictly implementation double organised, basic system, lead learning discussion, lead on experience, and told party lecture, and for report, lead participate in organised will, and democratic comments, lead shoe vocational due diligence, and based post for contribution, efforts do one "four told four has" of qualified Communist, strive to makes learning research more in-depth, check pendulum problem more deep, Rectification to implement more thorough, more venerable pioneer image 分析，中国经济转型将为成长股带来巨大机遇，但近期政府推出的系列措施既兼顾保证经济平稳发展，也布局中长期转型发展，有望使得市场对经济平稳发展及成功转型的乐观预期上升。这有利于提升价值板块如银行、地产的估值水平，从而带动市场震荡上行。 “短期来讲，各国降息增大了中国央行降息的预期，成为近期推动市场走好的新能量。技术上，上证指数和300指数都获得年线支撑，并且已经脱离整理平台启动上行，突破了主要的压力线。乐观预计市场已经启动第二轮上涨，主板市场机会来临。”德邦证券认为。 低估值品种迎配置时机 与摩根士丹利华鑫和德邦证券的观点类似，近期多数基金认为目前适宜配置低估值品种，成本是他们考虑的重点。 农银汇理就认为， 5月A股延续了市场对于“中国梦”的投资概念，创业板指数连创新高。上周的下半周开始权重指数有所表现，主要是市场对地产板块有可能放开再融资的期待，后续要看国家改革的方式和决心。目前小股票涨幅较大且估值偏贵，预计未来周期股将成为承接行情的第一梯队。 “目前适宜配置价值股、周期股，市场风格可能会转换。”韩茂To insisted from actual starting, classification Guide, put focus put in grass-roots, put in branch, timely summary promotion grass-roots branch in learning education aspects of good experience, and good practices, timely found and corrected signs sex, and tendency problem; to strengthened publicity Guide, full using water website, timely publicity interpretation Central, and provincial, and municipal draw party on learning education of deployment and requirements, followed up reported progress and effectiveness, efforts for learning education create good of opinion atmosphere. Second lead. Education of leading cadres is not only learning organisers, facilitators and regulators, but also participants, always at the forefront, as a good example, set strict demands on themselves, and set an example by asking others to do it, first do; others not doing, he determined not to do. Example of superior to subordinate, team leader for team members for example, level to level, level with the level, layer model, layers of lead, formation of the shots, the overall general effect of linkage. While, regardless of what ranks, what post of members leaders, are to to General members identity put himself pendulum in, implementation provincial, and municipal draw party on learning education of the requirements, strictly implementation double organised, basic system, lead learning discussion, lead on experience, and told party lecture, and for report, lead participate in organised will, and democratic comments, lead shoe vocational due diligence, and based post for contribution, efforts do one "four told four has" of qualified Communist, strive to makes learning research more in-depth, check pendulum problem more deep, Rectification to implement more thorough, more venerable pioneer image 华称，具体到板块上，他指出，地产、白酒等周期股或有比较好的表现，新兴成长或随着市场风格做些转换。 在行业配置方面，光大保德信维持对TMT、银行、电力、家电和汽车板块的关注，并建议关注房地产、建筑建材、工程机械和轻工制造板块。“利用此次反弹进行减仓操作，降低前期涨幅较大、估值较高的成长股仓位，重点关注低估值蓝筹股。”他们称。 类似操作建议的还有信达澳银。他们认为，在经济波动温和与流动性充裕的情况下，股票市场将维持震荡格局，创业板的持续强势上涨打开了整体市场的估值提升空间。策略上建议对前期涨幅较大的小盘股稍作减持，并积极布局前期涨幅较低，但景气度较好的家电、装饰、机械等中盘股。 国泰基金[微博]也明确表示，看好地产股未来一阶段的投资价值。一方面，地产销售数据向好，地产存在向上突破基础;另一方面，地产股弱势格局已久，等待向上机会。 本文出处: 甲鱼养殖技术 www.help1688.com/jiayu 转载请注明出处～ To insisted from actual starting, classification Guide, put focus put in grass-roots, put in branch, timely summary promotion grass-roots branch in learning education aspects of good experience, and good practices, timely found and corrected signs sex, and tendency problem; to strengthened publicity Guide, full using water website, timely publicity interpretation Central, and provincial, and municipal draw party on learning education of deployment and requirements, followed up reported progress and effectiveness, efforts for learning education create good of opinion atmosphere. Second lead. Education of leading cadres is not only learning organisers, facilitators and regulators, but also participants, always at the forefront, as a good example, set strict demands on themselves, and set an example by asking others to do it, first do; others not doing, he determined not to do. Example of superior to subordinate, team leader for team members for example, level to level, level with the level, layer model, layers of lead, formation of the shots, the overall general effect of linkage. While, regardless of what ranks, what post of members leaders, are to to General members identity put himself pendulum in, implementation provincial, and municipal draw party on learning education of the requirements, strictly implementation double organised, basic system, lead learning discussion, lead on experience, and told party lecture, and for report, lead participate in organised will, and democratic comments, lead shoe vocational due diligence, and based post for contribution, efforts do one "four told four has" of qualified Communist, strive to makes learning research more in-depth, check pendulum problem more deep, Rectification to implement more thorough, more venerable pioneer image