How Do A Share Stocks Match? New Three Boards Have Many Investment Opportunities.

In 2015, because of the overheated two tier market in the first half of the year, in order to avoid risks, we shifted the main investment direction to the three year period, effectively avoiding the two level market slump, and the three year average yield of not less than 50%, reflecting the importance of timing allocation.

In 2016, we considered that it was at a low level after the market crash and made steady investment through fixed growth.

In 2017, the two tier market was more stable and more optimistic than 2016, and the investment income of the two tier market in the future is 20% years.

This year is prime time for the first tier market. It will increase PE investment and guide customers to configure.

Because of the new regulation, we need to change our strategy. The more scientific way is to increase the price in the two tier market, and increase the price as the reference standard for the establishment of the warehouse price.

In 2016, asset allocation was the main source of income, stock strategy and commodity futures.

Before 2016, the stock market was more active in March, and there was a low turnover rate in the second half of the year.

Commodity futures market is more active, because the effect of China's supply side reform is particularly good, giving rise to rising commodity prices.

In 2017, "risk prevention" means that it is not possible to allow large domestic enterprises.

On the other hand, it is not possible to allow new and bigger bubbles.

Following this logic, the allocation direction in 2017 is that the proportion of real estate and commodity futures has decreased, and the rights and interests of commodities have been increased.

We prefer the stock strategy to the two tier A share market and increase the allocation of the Hong Kong stock market.

In terms of bonds, at least in the first half of this year, it is not yet time to configure.

In 2017, the entire equity market, especially the two tier market, will not be particularly volatile, and structural opportunities are particularly important.

A shares can appropriately raise the proportion of investment, and the long-term valuation of Hong Kong stocks is low, which is worth increasing investment and attention.

The opening of Shenzhen Hong Kong Tong is an opportunity. There is a very clear sign of financial resources in the south.

This year, equity class is also a good investment year, because IPO has a fast distribution speed and quick cash flow.

The new three boards also deserve our attention. Many companies are relatively cheap in terms of their overall valuation relative to A shares.

Property and commodities should be allocated at a low price.

Starting from the fundamentals of industry and company, six major investment directions have been identified for a long time: new consumption, big health, intelligent manufacturing, Internet car and so on.

2017 view: three sides are concerned: in positive terms, the global economy is experiencing investment driven driving the upward cycle of the economy.

Point: global liquidity slows down, US interest rate restarts, China's domestic interest rate rises, and central bank monetary policy wording tightens.

From the global perspective, the most optimistic about equity investment, this year mainly around the industry leader, one is the cyclical industry leader, the two is the partial consumption industry leader, such as household appliances, liquor, automobile.

The views on bonds are relatively cautious. The refinancing regulation policy will restructure and increase market ecology. Convertible bonds may replace fixed growth, and there are many opportunities.

Opportunities for new three boards are very promising.

If A shares are compared to middle-aged people, the new three boards are teenagers with high growth potential.

The valuation level is only half that of the gem.

From the perspective of institutional dividend,

In the future, the inner ecosystem will be derived and now the system bonus can be enjoyed.

In terms of asset allocation, we are most optimistic about equity investments.

Specifically, around the two main lines: first, optimistic about the industry leader, that is, the Chinese version of the beautiful 50.

There are two kinds of concerns: leading industries with cyclical and partial consumption.

Cyclical leading enterprises, which superimposed two factors, one is cyclical economic recovery brought about by the upward trend of corporate profits.

The second is upgrading, because the administrative capacity of the state has increased the profitability of the enterprise unit cost passively, so that these enterprises have the money to do environmental governance or technology upgrading.

Therefore, we think that the supply side reform is not a short-term matter, but a more important strategy for the country now. The purpose is to guide the pformation and upgrading of the industry.

The two is the real growth stocks that can really evolve and upgrade.

In the past, the entire manufacturing industry in China was at the middle and low end of the value chain. Today, the change of resource cost and environment has forced the pformation and upgrading of Chinese enterprises, and the resources will be allocated in a new round. China's entire manufacturing industry will bring many opportunities to the top of the value chain, especially in the field of import substitution, such as high-end medical devices, high-end manufacturing, semiconductor and so on.

We are very optimistic about new three board investment opportunities.

First, the overall growth of the new three boards is better; second, from the valuation point of view, the new three boards conform to the IPO conditions, making the market valuation of the whole enterprise 26.8 times, which is half of the gem valuation; third, judging from the dividend of the system, in the future, whether it is to reduce the threshold of investors or the selection of layers, the new three board will generate the inner ecosystem.

From this point in time, we can enjoy the growth, undervaluation and institutional bonus of the new three boards.

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