A Stocks At The Bottom Of The Gradual Consolidation Is Expected To Usher In New Investment Opportunities.

Like ordinary investors, the agency recently released the strategic report in 2017, and began to prepare for the coming year.

We have interviewed many institutions from securities firms, banks and funds. According to their viewpoints, we have summed up a plan for asset allocation next year.

In the middle of November, the performance of all kinds of agencies is becoming more and more intense. For investors, this year's investment will gradually come to an end.

In the past half a year, after the risk test of various events such as the British referendum, the Fed's rate hike expectations, and last week's presidential election, the mentality of investors has been relaxed from the ups and downs.

Perhaps we have begun to think about how to layout in 2017 to stabilize earnings.

"From the perspective of time cycle, December will be a building period."

This is Shen Wan Hongyuan (000166) Securities Research Institute, joint director of market research Qian Qimin's recent view.

Many institutions also believe that the economy has stabilized in the short term, corporate profits have gradually picked up, and the market has experienced repeated shocks and digestion.

At the bottom, the new investment opportunities are expected to be consolidated.

Yang Delong, executive director of Qianhai open source fund, also expressed similar views.

It said that at the end of the year, A shares would welcome the best rebound this year, and optimistic about the trend in 2017, and said that the Shanghai stock index is expected to rise to 4000 points, mainly for four reasons: first, the turning point of the property market is the starting point of the stock market; two, the Shenzhen Hong Kong pass will soon be opened, which can raise the valuation of the stock market; three, the pension market will gradually fall to the ground; four, the economy will rebound and the fundamentals will be good.

Yang Delong believes that although the property market funds are not likely to be injected into the stock market, A shares, especially blue chips, are in a low position and have great attraction.

CICC also said that the possibility of capital flows to stocks, offshore investments or other alternative investments could be greater in view of the need for investors to increase overseas investment and the common physical assets of real estate and gold.

Specific strategies and suggestions are given to different types of assets.

Such as gold, the mainstream view is that although Trump took office and brought the gold price soaring in November 9th, it soon began to make a pullback. At the same time, the Federal Reserve's expectation of raising interest rates in December and next year is still going on, and the US dollar continues to strengthen. For gold prices, it is difficult to perform well next year.

A broker strategist told financial management that next year should control the allocation ratio of gold assets.

CICC also suggests that in the next 6~12 months, the reasonable allocation ratio of gold assets will be 2%~10%, and it can be concerned about the allocation opportunities of the US Federal Reserve raising interest rate window near the gold price adjustment in December.

As for the investment opportunities of the bond market, Shen Wan Yuan believes that although there is still unanimous expectation that there will be little opportunity for bond market next year, if the depreciation of the RMB is in place, the attraction of China's interest rate debt and money market in the global asset allocation will be highlighted. The influx of foreign arbitrage may become the key to opening up the debt market next year.

In addition, over the past two years, due to the emergence of "asset allocation shortage" and the possibility of less investment in products, the demand for offshore asset allocation has gradually increased. At present, offshore asset allocation has become the standard of many high net worth people.

In view of the investment prospects of specific countries or regions, CICC expects that the global economy will continue to grow moderately in 2017, and some emerging market economies will give priority to it. In the major developed economies, the growth prospects of the United States are better than that of the euro area, and the euro area is better than Japan.

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It should be noted that the main function of the allocation of overseas assets is to disperse risks and exchange earnings, but the risks in overseas markets are still low.

In fact, the rational allocation of large assets such as stocks, bonds, gold, commodities and real estate in different countries or regions can achieve the purpose of dispersing risks and increasing returns. However, ordinary investors want to make a portfolio of investment banks and other agencies often written in the report, and the probability is very small.

Is it possible that ordinary investors can only deposit money in banks? The answer is, of course, No.

At present, products issued by funds, trusts and bank financial institutions can help them complete.

Demand, especially public offering fund, has become the first choice for its rich variety, low investment threshold to 1000 yuan, strict supervision and convenient paction.

Next, according to the multi-party investigation and analysis, the focus is on sorting out a 2017 investment reference for different types of investors through fund portfolios.

Specific to different types of investors, at the end of the layout and even the investment opportunities across the year, obviously different.

For radical investors, CICC proposes to configure about 40% of equity assets and 30% of overseas assets, while the rest is allocated to currencies, bonds, alternative investments and real estate.

In view of overseas investment, CICC recommends that Hong Kong stocks should be overmatched.

Compared with the global stock market, the Hong Kong stock market has a valuation advantage, and it also benefits from the steady growth in earnings and the need for overseas investors to configure the mainland.

At the same time, there are few restrictions on the direct allocation of Hong Kong stock assets by ordinary investors in the mainland, and with the promotion of Shenzhen and Hong Kong, the channels for investing in Hong Kong stocks are further widened.

Among all assets,

It is also expected to have the highest rate of return.

In the feedback of Bo Shi fund to financial management, it also gave HK share 20% allocation ratio.

According to statistics, as of the end of the three quarter, there were 70 QDII funds that had invested in Hong Kong equities, and 38 of Hong Kong equities accounted for more than 50% of the fund's net assets, of which 13 were index funds.

The tracking index is mainly about the Hang Seng Index and hang seng index which represent the market style. The former is the largest, mainly including H-share ETF, Hang Seng H-share and H-share classification. The latter has Hengzhi ETF, Hang Seng Tong, Hang Seng ETF and Tim Hang Seng. The yield in the second half of the year is over 10%.

In addition, there is also a QDII tracking the S & P Hongkong listed China Small Cap Index, which is set up in June 24th this year, and the yield was 6.66% in November 10th.

In the aforementioned 38 QDII, the annual returns of China and Hongkong, which were selected by China and the state capital, were greater than 10%.

In addition, it has been shown that the Shenzhen Hong Kong Shenzhen fund has been set up to 45, and 37 are set up this year.

In terms of performance, there were 9 annual returns exceeding 10%, of which 8 were set up this year.

Shanghai Hong Kong Shenzhen fund mainly through Hong Kong stocks to invest in Hong Kong stocks, compared to the advantages of QDII is mainly from QDII quota restrictions, A/ H-shares can be flexible switching, low paction fees and higher efficiency of foreclosure.

It can be seen that the benefits of Shanghai Hong Kong Tong and Shenzhen Hong Kong pass, the public fund investment channels increased, Shanghai Hong Kong Shenzhen fund's obvious advantages, while the traditional Hong Kong stock QDII is bound to increase pressure.

In this regard, Wang Qunhang, deputy general manager of Jinxin Jinxin and director of the fund evaluation center, said that after the opening of Shanghai Hong Kong Tong and Shenzhen Hong Kong Tong, "the QDII gold content of Hong Kong stocks has not been very large.

If these products do not produce performance advantages or they can not change the investment area, they have already held.

People should make prudent decisions and even redeem them. "

Apart from Hong Kong stock market, some agencies are also optimistic about the India market, and Shen Wan Hongyuan is one of them.

The agency said that if India's political system can be smooth in 2017, the reform will usher in an accelerated period, and the India stock market will also have an excellent opportunity.

CICC also believes that India is expected to continue to maintain high growth in emerging economies.

At the end of the three quarter, there were four QDII funds invested in India assets. The asset market value of the two companies was the upper Asia Pacific mixed advantage, the global stock of China, the global configuration of ICBC and the global select stock of ICBC. The net assets ratio of India assets accounted for 12.2%, 4.62%, 0.59% and 1.04% respectively. The net growth rate of four QDII funds in the three quarter was 10.65%~3.58%.