Investment industry leading fund manager Zhengbing Cloud: The next phase of the stock Division will intensify

Market after the early rebound, short-term adjustment pressure, investors on the two or three-quarter market opportunities are also divided, then the next stage of the market is full of risk challenges or a brighter future, this reporter and the investment industry leading fund manager Zhengbing Cloud launched a communication. Reporter: April cpi and PPI again "lost", do you think this will bring about the impact of the market?　　is not conducive to future trend? Zhengbing Cloud: April CPI and PPI double drop and statistical methods have a significant relationship. First, last April was a higher CPI and PPI increase, the two were 8.5%, 8.1%, the tail-cutting factor makes this April data is not so good-looking. If the season factor is deducted, the real CPI and PPI are growing. By reckoning, April real CPI and PPI rose by 2% and 0.2% respectively. The recent growth in prices has been seen in microscopic markets, both consumer and industrial, while deflationary pressures remain in the short term, but the recent rise in commodity prices and warmer liquidity has more or less led to inflationary expectations. If the market is worried about deflation, it might as well be wary of stagflation.　　But the likelihood of stagflation in the short term is also pointed out by the central bank report that anti-deflation in the first half is an important objective and task of macro policy, but does not completely exclude the possibility that prices will return to stability and rise this year, which requires monetary policy to preserve space. Journalist: How do you think of the rally since 09?　　Whether has reached the stage high, how to view the future market trend? Zhengbing Cloud: The excess expectations of money supply and bank credit provide strong support for economic growth and share prices. The current economic background is the worst of the past, the bottom of the economy is basically proved, the next few quarters of GDP growth in the "V"-type continued to rebound in the possibility of greater.　　From the analysis of market environment factors, the situation has improved markedly, the continuous expansion of credit brings about abundant liquidity, the government investment is steadily advancing, and the export appears to have a slight recovery. Judging from the trend, the market will continue to evolve along the lines of the expected economic recovery, and it is unlikely to see a significant change in the forecast at this stage or in the next few months. In the short to medium term, the market is in the transition from liquidity and policy to the fundamental drive of the transitional period, the temporary deviation of performance and valuation and the attenuation of policy effect, all may aggravate the stage fluctuation of the market and bring a certain range of adjustment, the pattern will be from the earlier unilateral higher to wide shocks However, based on the existence of the core supporting factors of liquidity, the time and space of the adjustment of the market are relatively limited.　　I don't think the central bank is likely to shrink liquidity until the economy is out of the doldrums. Reporter: In a sharp rebound in the market, but the sharp decline in corporate profits in the context of the current market valuation level is not too obvious advantage, do you think the choice of the new fund for future operation is advantageous?　　What action strategy will you choose in the future? Zhengbing Cloud: The macroeconomic worst-case period is in the past, and the overall trend of future markets is expected toRise mainly.　　But after this round of acceleration, many companies are no longer cheap, and the next stage of stock splits will intensify. This year will be the overall structure of the market, the different stages of plate wheel movement will be more obvious. But on the basis of insisting on long-term investment, we will deal with the short-term fluctuation through the positive disposition strategy, in order to obtain the excess income. Based on the market's repeated moves in the fundamentals and policy side of the expectation, the market situation closely tracking and stock selection is particularly important. This is one of the major investment strategies of our new fund. With a double expectation of short-term callback space and future structural opportunities, the new funds will probably get better opportunities to build positions and help to lay a good foundation for their future performance. We first look at real asset stocks, such as real estate stocks, coal resources stocks, business, and so on, based on inflationary expectations. Second, with the government to pull the industry-bullish consumption, including health reform, car and other rural areas. In addition, we will also pay attention to the future Shanghai International Financial Center and International Shipping Center construction, Shenzhen Comprehensive reform package, the Bohai Sea and other regional revitalization plan will give China's local industrial structure upgrade model, which may also bring some investment opportunities.