作者:admin 日期:2023-12-23 12:32:17 浏览:61 分类:资讯
临近年末,多家头部私募纷纷进行总结与未来展望。12月22日,《证券日报》记者从淡水泉投资、景林资本、保银投资和正心谷资本四大百亿元级私募管理人处了解到,他们对明年A股市场投资充满了期待,并认为,目前明显存在投资情绪与经济的“预期差”,基于对估值、利好政策等多方面判断,未来A股所具备的吸引力将会不断提升。
A股市场积极因素增多
今年以来,A股市场持续演绎低位轮动与风格切换,虽然部分板块并未表现出预期中的反弹,但估值却呈现出明显底位特征。在淡水泉投资看来,市场情绪演化与经济存在明显“预期差”。具体来看,当前市场对宏观叙事的过度关注导致资金重点专注在短期交易机会层面,抛弃与经济预期相关度高、估值持续压缩但却能够保持竞争优势的龙头公司,投资者要识别出具备安全边际、能穿越周期的优秀公司。
景林资本最新观点认为,外部因素对A股市场压制明显缓解,尤其是进入11月份美债利率大幅下行和人民币汇率明显反弹等;同时,资本市场融资端节奏调整已见效果,下一步投资端改革将值得期待,关注引导长线资金入市相关政策出台。
年底临近,A股指数近期持续震荡。在保银投资看来,从当前市场情况看,A股向下调整空间十分有限,从估值角度来看,股市相对债市潜在回报更高。从资金面来看,随着美国加息周期即将结束,全球宏观流动性将明显改善。
正心谷资本认为,投资者应该对市场保持信心,耐心等待量变到质变的过程,经过自下而上调研发现,目前很多公司依旧值得投资,资本市场的积极变化也体现在三个方面:一是国际市场情绪发生转变;二是国家对资本市场的高度重视;三是行业政策有着积极变化。“经济建设的重要性不断加强,使得投资者对资本市场有着更加坚实与稳定的信心。短期来看,A股市场依旧存在结构性机会,且目前正处在新的投资周期起点。当前的主要任务就是要抓住结构性行情,在有效控制风险前提下,实现较好的绝对收益。”
医药与消费板块值得期待
股票市场收益水平与企业赚钱能力和估值水平息息相关。对于2024年的投资机会,四大头部私募对各个板块表现出差异化预期,其中,医药与消费板块受青睐度最高。
保银投资认为,消费板块在今年下半年已经表现出弱复苏状态,其中旅游业更为突出。“如果未来海外游客规模得以恢复,将间接增加企业和居民的收入,从而促进消费,形成正向循环,对中国经济起到带动作用,值得持续关注。”
“新能源和人工智能板块也值得期待。”保银投资表示,光伏和风电板块在近一年半内遭受了较大跌幅,而从基本面来看,预计未来五年该行业的年复合增速将超过20%,具有较大的增长空间。同时,AI是未来十年科技发展主题,其智能技术将推动生产力的飞跃,也将为投资者带来相应的机会。
正心谷资本认为,医药行业处于新一轮周期的起点附近,整体比较看好未来投资机会。此外,对于新能源板块,目前汽车产业在整个制造业的地位越来越高,国家对整个汽车行业有很多政策支持,再叠加技术变革,投资前景依旧广阔。
淡水泉投资表示,新兴成长领域具有长期吸引力,在市场弱势盘整下,很容易形成短期共识,但难点在于如何评估其价值。
景林投资表示,目前全球长线基金对中国持仓正在陆续增加,而中国股票的估值水平正处低位,具备明显的吸引力。
(文章来源:证券日报)
(原标题:私募论市:市场情绪与经济存在“预期差” A股吸引力将明显提升)
(责任编辑:137)
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