It is expected that the subsequent market will maintain a consolidating shock or a combination of equity and debt, with a focus on growth

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It is expected that the subsequent market will maintain a consolidating shock or a combination of equity and debt, with a focus on growth
Equity-debt combination focuses on growth China Securities News □ Tianxiang Investment Gu Zhang Chengyuan’s Shanghai Composite Index returned to 3,000 points, and shock consolidation has become the main tone in March.With the decline in trading volume, investors return to rationality, and risk expectations tend to be neutral.Specifically, until March 29, the Shanghai Composite Index increased by one in March.84%, SZSE Component Index rose 5.7%, the Shenzhen Composite Index rose by 6.04%, CSI 500 rose 6.86%, ChiNext Index rose 5.93%, small and medium-sized board comprehensive growth of 6.42%, the small and medium board index rose 4.14%.In terms of industry performance, except for the S-shares in the 46 phase-two secondary industries, it fell by 0.46% In addition, other average prices increased. The top five increase rates were called domestic software, liquor, Tumen River area, Silk Road, vaccine concept, and the increase rates were 20 respectively.02%, 19.48%, 19.43%, 19.34%, 18.03%.  After the Spring Festival market, the overall market was not motivated enough, but due to favorable policies such as tax cuts and the enthusiasm of the science and technology board, the overall market performance tended to be balanced.Internationally, US stocks fluctuated at a high level, and the Asia-Pacific market also experienced shocks.Under the current uncertain global economic growth momentum and the uncertainties of monetary policy changes in major economies, investors are advised to balance their holding styles, pay attention to financial, consumer blue chip, TMT and other industry sectors that represent domestic advanced manufacturing levels, andThe “Belt and Road”, regional construction and other sectors with stable policy support continue to focus on growth and value sectors.  In the bond market, liquidity continued to be reasonably plentiful in March, with long-term budget funding and no reverse repo operations in the past week.No, the yield on 10-year Treasury bonds fell to 3 on March 26.086%, a new low in the past two years. Bond bull market is expected to continue.From the perspective of the domestic economy, the previous February economic data exceeded expectations, consumption, and actual performance were not good. 杭州夜网论坛 The increase in social financing and credit data did not significantly increase, and market sentiment could not be adjusted, or expectations for RRR cuts were generated.From an international perspective, the Federal Reserve ‘s moderate monetary policy has been reduced due to increased global risks, and the gradual spread of pessimism in the stock market has also led to a bullish debt market.  Large-scale asset allocation suggests that investors can adopt a share-based, equity-debt combination allocation strategy in the fund’s large-scale asset allocation.The specific suggestions are as follows: Active investors can configure 50% active investment partial funds, 10% index funds, 10% QDII funds, 30% bond funds; stable investors can configure 30% activeInvestment in partial equity funds, 10% index funds, 10% QDII funds, 40% bond 都市夜网 funds, 10% money market funds or wealth management bond bases; conservative investors can configure 20% active investment in partial sharesFund, 40% bond fund, 40% money market fund or wealth management debt base.  Partial stock funds focus on fund stock selection and risk control capabilities. At present, the overall capital market is gradually opening up, and the advantage of external funds entering the A-share market is gradually being digested.Although it has experienced slight fluctuations at present, the overall market growth is still at a level, and the industry’s rotation characteristics are obvious and the rate of change is fast, which is particularly important for the value harvest of growing enterprises.In the context of economic structural transformation, there will be intensified growth space in the Internet technology, high-end equipment, technology and other fields in the future. In terms of industry configuration, opportunities can be found in related fields. Fund managers should focus on stock selection and risk control capabilities., Looking for a fund with a sound investment style for medium and long-term investment.  Bond funds pay attention to the outstanding performance of convertible bond funds in the last March 29, the average net value of pure bond funds, first-tier debt base and second-tier debt base in three months can be 0.34%, 0.42% and 0.58%.At the earliest point of view, from the external environment, the Fed stopped raising interest rates, and the U.S. Treasury yield curve turned upside down for the first time in 11 years. In a row, the 10-year Treasury yield reached a new low since December 31, 2016, which has created conditions for the bond market.It is recommended that investors continue to allocate convertible bond funds with better performance and pay attention to trading opportunities brought by changes in relative value. More aggressive investors can choose a secondary debt base with higher stock positions to enhance returns.  QDII funds treat QDII funds overseas with caution. Judging from the release of the Fed’s deliberations in March, the risk-free interest rate has declined while interest rates have been suspended and the contraction has been stopped. The U.S. bond yield curve has been inverted for the first time since 2007.The Eurozone announced an earlier re-launch of TLTRO. The release of regional PMI data further exacerbated the market’s replacement of the regional economy’s return to recession, and the US dollar index continued to remain strong under the margin mode.Emerging markets have also experienced some turbulence. The Turkish capital market has grown, foreign exchange reserves have fallen sharply, and the Turkish lira has plummeted.Recently, the global economic environment has declined, and uncertainties in the future are constrained. Investors are advised to treat QDII funds with caution, pay attention to overseas market risks, and allocate and select assets with hedging characteristics in the medium and long term.