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北京赛车官网app下载:China-Europe Fund Wang Pei: Volatility in Baima Leading Shares Increases Investment Opportunities for “True Growth”

时间:2018/3/12 18:38:45  作者:  来源:  浏览:0  评论:0
内容摘要: To understand the investment style of a fund manager, it is indispensable to understand its growth path. Wang Pei, head of the China-EU Gro...

To understand the investment style of a fund manager, it is indispensable to understand its growth path. Wang Pei, head of the China-EU Growth Selective Strategy Group, is a typical "scientific man." After graduating from polymer materials, he naturally chose to do cycle studies. As the research deepens, he begins to feel the "cycle fluctuations" and experience the power of the cycle.

Over the past few years, Wang Pei insisted on exploring longer-term investment opportunities from a longer-term perspective, and focused almost exclusively on white-horse shares with relatively transparent information, and achieved excellent results. For investment opportunities in 2018, Wang Pei believes that this year or will be a year of “white horse differentiation, welcoming innovation, waiting for growth”. In his view, the revaluation pricing of most leading Baima stocks has basically been put in place, and this year's volatility may rise, and investors can expect more "small black horses" to emerge.

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All things have a cycle

After graduation, Wang Pei entered the Guotai Junan institute. At the beginning of his career, he was mainly engaged in the research of petrochemical, basic chemical industry . This job has far-reaching implications for his investment philosophy.

Wang Pei said: "First, this is an industry with partial cycles. Since the industry chain is long, the involved fields include not only the upstream mining but also the midstream, as well as downstream consumption, new materials, and new technologies. Research must be done through a variety of methods.”

With the deepening of research, Wang Pei found that all the links have a certain cycle characteristics, but the cycle length and fluctuation range are different. And the long-period industry still has a certain small-period characteristic, which can be said to be a "period set cycle."

Wang Pei found: "Under the above characteristics, the valuation of listed companies shows a very clear pattern of fluctuations. This has also gradually allowed me to study the basic logic of each company."

The most important thing is to invest Going down “

Talking about the investment-related books that have been read, Wang Pei said that his favorite is Howard Max’s most important investment. After many years of experience in the market, Wang Pei believes that the most important thing for investment is to “live”, and as a public fund, it is the long-term sustained gain that exceeds the benchmark.

Wang Pei believes that home appliances, medical biology, computers, electronics, food and beverage , etc. are not only the representative industries in the past 10 years, but also the investment priorities in the next 10 years or more. In this objective context, he has been insisting on excavating longer investment opportunities and is only focusing on Baima shares with relatively transparent information.

White horse differentiation waiting to grow

In 2017, the A-share market performed a “19” market. According to Wang Pei, in 2018, it will be a year of “white horse differentiation, meeting innovation, waiting for growth”.

He believes that most of the revaluation pricing of the leading shares of Baima has been basically completed. With the passage of time, its logic and fundamentals need to be verified by financial reports and data. At this stage, there are often more uncertainties that will inevitably increase the volatility of such assets. Therefore, this year's investment needs more attention to risk. If international pricing and revaluation are used as the background of 2017, the background of 2018 is the realization of fundamentals.

In addition, compared to the outshoneness brought by the white horse stock premium in 2017, 2018 can expect more “small black horses”. Wang Pei believes that the pessimistic expectation of liquidity led to the decline of small and medium-sized companies, which is very likely to cause the wrong share of individual stocks. This opportunity has occurred in both 2008 and 2012. At that time, the market had created several 10 times shares. I believe there may be such an opportunity this year. Only in the end is the bull stock valuation pitfall, the need for more professional investment institutions to filter.

Wang Pei stressed that most of the opportunities for real growth exist in emerging areas, and that their higher valuation levels have obvious risks of high volatility. Therefore, more stringent core indicators need to be established. For example, the current price of the investment target has significantly underestimated the long-term value, the market is less concerned about its short-term, and considers gradual participation at a relatively reasonable time and cost. This will not only avoid certain investment volatility, but also ensure the efficiency of capital utilization.

In the medium to long term, Wang Pei believes that China's economy has shifted to a high-quality development stage, and investors can focus on the two major areas of manufacturing upgrading and consumption upgrading. This includes both white and black horses. It requires investors to look for more subfields and exceed expectations. This is also the focus of his future search.


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