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Columns Feeling uneasy about the 3000-point mark? We recommend taking a look at this first-quarter report.
The last time the Shanghai Composite Index fell below the 3000-point threshold was during the outbreak of the COVID-19 pandemic in 2020.
On the trading day before the Spring Festival holiday in 2020, the Shanghai Composite had already plummeted by 2.75%, breaching the 3000-point level. On the first trading day after the holiday, the A-share market opened with a sharp decline, hitting a low of 2646 points in March of that year.
During that wave of panic, investors who seized opportunities at the bottom generally achieved significant returns over the following two years.
Since the end of April, the Shanghai Composite Index has once again been embroiled in the battle to defend the 3000-point level, with panic continuing to spread. In this situation, how should one assess the market?
After reviewing numerous fund quarterly reports, I strongly recommendZheng Youwei from Guotai Fund's report. Let me outline a few reasons why.
First, as a"All-weather strategy"Player Zheng Youwei during investmentPlace great importance on the judgment of the macro environment and the meso situation.Therefore, compared to completely "bottom-up" stock pickers, his analysis and viewpoints on the stock market in the quarterly report are more valuable for reference, especially at this critical juncture.
For example, when the Shanghai Composite Index fell below 3000 points in the last round, Zheng Youwei firmly pointed out in the first quarterly report of 2020 that
"As the global pandemic situation improves, we believe that the capital market will still be active in the second half of the year. Currently, the stock-bond ratio indicator is near historical extremes, and over a period of more than two quarters, the winning rate of equity assets may be relatively high."
Secondly, during a previous interview with us, Zheng Youwei specifically mentioned a metric that he particularly likes—Stock-Bond Ratio FrameworkThe text provided is incomplete and does not contain enough information to translate. Please provide a complete sentence or more context for translation.
On the trading day before the Spring Festival holiday in 2020, the Shanghai Composite had already plummeted by 2.75%, breaching the 3000-point level. On the first trading day after the holiday, the A-share market opened with a sharp decline, hitting a low of 2646 points in March of that year.
During that wave of panic, investors who seized opportunities at the bottom generally achieved significant returns over the following two years.
Since the end of April, the Shanghai Composite Index has once again been embroiled in the battle to defend the 3000-point level, with panic continuing to spread. In this situation, how should one assess the market?
After reviewing numerous fund quarterly reports, I strongly recommendZheng Youwei from Guotai Fund's report. Let me outline a few reasons why.
First, as a"All-weather strategy"Player Zheng Youwei during investmentPlace great importance on the judgment of the macro environment and the meso situation.Therefore, compared to completely "bottom-up" stock pickers, his analysis and viewpoints on the stock market in the quarterly report are more valuable for reference, especially at this critical juncture.
For example, when the Shanghai Composite Index fell below 3000 points in the last round, Zheng Youwei firmly pointed out in the first quarterly report of 2020 that
"As the global pandemic situation improves, we believe that the capital market will still be active in the second half of the year. Currently, the stock-bond ratio indicator is near historical extremes, and over a period of more than two quarters, the winning rate of equity assets may be relatively high."
Secondly, during a previous interview with us, Zheng Youwei specifically mentioned a metric that he particularly likes—Stock-Bond Ratio FrameworkThe text provided is incomplete and does not contain enough information to translate. Please provide a complete sentence or more context for translation.
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