作者:admin 日期:2023-12-11 13:14:05 浏览:56 分类:资讯
2023年已近尾声,围绕2024年度的宏观展望也渐次展开。经济修复、人民币汇率、政策护航,都是当下热词。最为瞩目的是,中央经济工作会议将于12月中旬召开,2024年宏观政策基调也将明朗。
此刻,投资又该关注哪些重点?来看看长城基金权益基金经理们的观点。
杨建华:主题投资活跃,关注经济增长预期
回顾十一月,宏观经济方面,生产端有所恢复,但是消费端仍然较弱,居民消费信心和投资信心都受到较大的压制。随着美国通胀数据得到初步控制,美联储加息进入尾声,美元指数回落,十年美债收益率也见顶回落,人民币汇率压力缓解,短期出现一定幅度的升值。但外资仍在流出,或在观望国内经济复苏趋势。
国内市场仍维持震荡调整、热点轮换的格局,风格上仍是小盘股占优,北交所走出阶段性行情。主题投资活跃,关注度较高的新热点包括华为手机/汽车产业链、创新药、基药目录调整、流感、短剧等。从估值角度看,市场已经处于很低的位置,也反映了相对悲观的预期。如果预期不能被扭转,市场仍将会以主题投资为主。
展望十二月,中央经济工作会议值得关注。明年能否确定相对较高的经济增长目标?财政政策如何发力?这些问题都是影响居民消费信心的重要因素。对经济增长的预期将进一步影响增量资金及外资回流的趋势。
我们将基于更长期的角度,关注价值能够持续提升的个股,以及在国际市场具备竞争优势、外需较强且业绩持续增长的公司。
廖瀚博:寻找结构性亮点
当前国内经济仍处于磨底阶段。我们认为,经济转型是一个中期过程,可能需要3-5年时间,将逐步形成以高端制造业为支柱的新体系,同时也存在较多的不确定性。投资策略方面,我们将在市场中寻找结构性亮点,包括偏主题投资的前沿行业,以及困境反转的成熟行业。
张捷:小盘风格行情或将延续
今年以来,小盘风格出现两轮明显的行情,分别在一季度及九月至今。我们认为,最近这次小盘行情主要由两个因素造成。一是由于市场上没有基本面特别亮眼的行业,难以吸引资金形成趋势性行情;二是由于市场缺乏增量资金,仍处于存量博弈阶段。在以上两个因素改变之前,目前的市场风格或将延续。
余欢:关注行业预期及空间弹性
11月,主题投资、小盘股表现较为活跃,一定程度上体现了较弱的信心。叠加高频宏观数据边际走弱,在存量资金博弈的情况下,市场整体有所调整。
展望12月,我们预计明年宏观经济的预期会逐步明朗。在业绩真空期阶段,市场预期或将主导行业走势。我们将综合行业发展预期、公司经营情况及估值水平,选择符合当前消费“K型”复苏趋势、空间大且有弹性的细分板块及标的进行布局。
韩林:大小盘极致差异有望收敛
目前,市场对经济预期的担忧导致权重板块的相对疲弱,需要更强的基本面内生修复与政策刺激力度,以大幅提振风险偏好。资金层面,国资入场维稳且有望持续。A股处在相对底部区间,顺周期继续调整,小盘、微盘风格占优,市场以成长性、主题性机会为主。
展望12月,年底重磅经济会议将为来年的经济政策指引方向,稳增长政策预期或将边际好转,有望带来相关板块的修复,同时,大小盘股价表现上的极致差异有望收敛。但是,经济好转的持续性与斜率需要进一步观察。
免责声明:本通讯所载信息来源于本公司认为可靠的渠道和研究员个人判断,但本公司不对其准确性或完整性提供直接或隐含的声明或保证。此通讯并非对相关证券或市场的完整表述或概括,任何所表达的意见可能会更改且不另外通知。此通讯不应被接收者作为对其独立判断的替代或投资决策依据。本公司或本公司的相关机构、雇员或代理人不对任何人使用此全部或部分内容的行为或由此而引致的任何损失承担任何责任。未经长城基金管理有限公司事先书面许可,任何人不得将此报告或其任何部分以任何形式进行派发、复制、转载或发布,且不得对本通讯进行任何有悖原意的删节或修改。基金管理人提醒,每个公民都有举报洗钱犯罪的义务和权利。每个公民都应严格遵守反洗钱的相关法律、法规。基金有风险,投资需谨慎。
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