A-shares remain resilient in the long term; structural opportunities are worth looking forward to

Trending Sections

            Watchlist
Data Center
Market Data Center
Capital Flow
Simulated Trading
        

        Client

By our reporter Wang Ning

Recently, the A-share market has shown clear volatility. On March 24, seven major public fund institutions, including 华夏基金, 嘉实基金, 建信基金, 兴证全球基金, 银河基金, 富国基金, and 光大保德信基金, accepted interviews with reporters from 《证券日报》. They generally believe that this round of A-share market volatility is influenced by a decline in overseas geopolitical risk and global risk appetite. Looking from the medium to long term, Chinese assets still have strong resilience. Structural opportunities in sectors such as technology and energy are worth期待.

“Recently, due to ongoing risks affecting international markets, the A-share market has seen some volatility.” A relevant business executive at 华夏基金 told reporters from 《证券日报》 that, from the medium to long term, the maturation of various risk factors is beneficial for enhancing China’s asset competitiveness, and that choosing long-term capital deployment is a better option. First, China’s reliance on international crude oil is relatively low, and the current overseas situation cannot constitute a long-term impact on Chinese assets. Second, China’s new energy market competitiveness has been gradually improving, providing sufficient alternatives to international crude oil. Finally, short-term adjustments in overseas market energy supply cannot change the underlying support factors behind the rise in prices of China’s various assets.

A relevant executive at 嘉实基金 told reporters that recent global market volatility has increased, risk appetite has fallen overall, and the A-share market has also seen some fluctuation. However, considering the valuation resilience across multiple sectors, it is expected that there is limited overall pressure for the large index to adjust.

Qian Xin, from the asset management department at 兴证全球基金, said that China’s energy market has a relatively diversified structure. Benefiting from the “dual carbon” strategy, the level of electrification in our country has risen rapidly in recent years, reducing reliance on oil. From a fundamental perspective, China’s economy has not undergone fundamental changes, so the impact on financial markets will not be very significant. In the future, the prices of related assets are still expected to maintain a relatively strong trend.

Affected by short-term volatility in the A-share market, the short-term net asset values of related assets have pulled back. Yu Hui, a senior strategy analyst at 富国基金, told reporters that the A-share market’s short-term volatility may be brewing even better opportunities for allocation. From a fundamental perspective, China has a solid economic foundation and a safer, more stable environment—for example, steady-growth policies are orderly, sustained, and well-stocked; monetary policy support is delivered through diversified means. At the same time, China’s manufacturing industry and supply chain system are well developed, and overall it is showing a stable yet improving trend. All these positive factors support the continued strengthening of Chinese asset prices.

In the view of multiple public fund institutions, structural opportunities will still emerge in the future. A relevant executive at 银河基金 told reporters that currently, international market risks are concentrated in resource-related goods. The trading logic is also swinging between repair and risk aversion. Since risk in the A-share market has been released to some extent, coal and oil and petroleum chemical sectors are expected to see notable structural opportunities.

A relevant business executive at 建信基金 told reporters that the recent decline in the A-share market is mainly driven by concerns about a drop in liquidity. However, the industry fundamentals have support—for instance, areas with high levels of industry demand such as optical modules, photovoltaics, and energy storage may see event catalysts. In addition, the banking sector, as a high-dividend type of asset, is also worth paying attention to. In the next phase, three major core variables need to be tracked closely: first, the evolution of overseas developments; second, adjustments to the monetary policies of major global central banks; and third, the intensity of domestic steady-growth policy upgrades.

A relevant person from the stock research department at 光大保德信基金 told reporters that the A-share market’s liquidity has the potential to remain in a relatively loose pattern. The allocation power of capital toward assets such as banks is expected to recover, which will provide support for liquidity in the medium to long term. As for asset allocation strategy, the defensive strategy is still worth emphasizing at present. In the medium term, investors may pay attention to opportunities in the bond market, such as the narrowing of term spreads.

The above-mentioned relevant executive at 嘉实基金 believes that in the medium term, three directions are still worth being optimistic about: first, within the technology growth segment, the sub-sectors where industry demand is expected to continue rising, such as AI+ and new energy sectors; second, chemical and non-ferrous metals sectors that benefit from policy efforts; third, non-bank financial assets with low valuations and stable earnings, or those that offer high price-performance as domestic demand recovers, as well as consumer sectors that benefit from “investing in people.”

 Sina cooperates with a major platform—Futures account opening, safe and fast with guarantees
![](https://img-cdn.gateio.im/social/moments-ee1243f445-55febfb19f-8b7abd-ceda62)

A large amount of information and precise interpretation—exclusively on the Sina Finance app

责任编辑：赵思远