As the Internet platform economy shifts to normalized supervision, driving the market risk appetite to rebound, large private equity institutions at home and abroad continue to be optimistic about the long-term value of leading e-commerce and local life platforms, and have increased their positions.
On May 14, Bridgewater Fund, the world's largest hedge fund, and Domestic and Domestic Private Equity Jinglin Assets successively announced their U.S. stock holdings. Judging from the data, both of them have focused on increasing their positions in Chinese stocks, especially Internet platform companies. Alibaba, JD.com, etc. have entered the top ten heavy stocks.
In the past month, the Internet platform economy has been mentioned several times by decision-making levels. Since the meeting of the Financial Commission on March 16, and then to the Politburo meeting on April 29, the policy base of the Internet platform has become increasingly clear, and many analysts believe that the signs of policy warming are obvious, the Internet industry is waiting to open a new chapter, and the domestic Internet companies represented by Hang Seng Technology have entered the strategic allocation window.
The platform economy has been mentioned several times, and the bottom of the policy has emerged
In the past month, the platform economy has been mentioned several times. Premier Li Keqiang of the State Council presided over an executive meeting of the State Council on May 5 to deploy further relief measures for small and medium-sized enterprises and individual industrial and commercial households to ensure stable employment for market players. Among them, it is particularly mentioned that it promotes the healthy development of the platform economy and drives more employment.
Previously, at the Politburo meeting on April 29, it was emphasized to promote the healthy development of the platform economy and implement normalized management. According to the interpretation of Professor Liu Yuanchun, vice president of Chinese Min University (a scholar invited by the Politburo on April 29), on the basis of the phased results achieved in the early rectification of the platform economy, it is necessary to support the healthy development of the platform economy as one of the themes in the future. The Politburo meeting showed that the decision-making level attaches great importance to the platform economy, regards it as the core of the development of the digital economy, an important carrier for stable growth and employment, and further development in the norm is the future direction, dispelling some doubts and misinterpretations in the market.
Wang Yang, an analyst at Zheshang Securities, believes that since the meeting of the Financial Commission on March 16 and then the Politburo meeting on April 29, the policy bottom of the Internet platform has become increasingly clear, and the warm wind of policies in the fields of platform economy and games has been frequently emerged, supporting the improvement of industry fundamentals and risk appetite.
"The signs of policy warming are obvious, and the Internet industry is waiting to open a new chapter." Zhang Liangwei, an analyst at Soochow Securities, believes that the Internet industry is expected to enter the stage of normalization supervision, and it is the first time that specific measures to support the healthy development of platform economic norms should be introduced at the highest level of the economic field, which will greatly stabilize investors' confidence in the long-term development of the industry and the establishment of core competitiveness.
Zhu Jun, an analyst at Huatai Securities, said that in the past year or so, from "strengthening" and "strengthening", to "setting up traffic lights", and then to "support", the strong supervision of the platform has reached the basic goal, affirmed the value of the platform economy, encouraged long-term healthy development, and will enter the stage of normalization supervision in the future, and the supervision will become increasingly standardized, transparent and predictable. The platform economy is expected to usher in the marginal benefits of the policy end, after undergoing special rectification in recent years, the development framework and boundaries have been gradually clarified, and the relevant targets have been significantly adjusted, and they have a high configuration cost performance.
Hang Seng Technology entered the strategic configuration window
"We believe that Hang Seng Technology has ushered in a turning point and entered the strategic allocation window. The reason is that Hang Seng Technology, represented by the platform economy, has ushered in the resonance of valuation bottom, policy bottom and profit bottom. Zheshang Securities analyst Wang Yang said.
From the beginning of 2021 to March 15 this year, Hang Seng Technology has fallen by more than 70%, and the adjustment range is close to the extreme adjustment situation in history. Wang Yang believes that taking history as a mirror, the adjustment range of about 70% is close to the extreme adjustment situation in history. Specifically, the NASDAQ fell by 78% from March 2000 to October 2002, the Shanghai Composite Index fell by 72% from October 2007 to November 2008, and the CHINext index fell by 55% from June 2015 to November 2015.
"We found that after the oversold, the index repaired a considerable amount." Wang Yang believes that from October 2002 to January 2004, the NASDAQ's repair increase from the bottom reached 92%, the index rose by 103% from November 2008 to August 2009, and the Gem index rose by 61% from September 2015 to November 2015. It can be seen that the results of the index repair are very strong.
In fact, after March 15 this year, the Hang Seng Technology Index began to bottom out, rising sharply by 22.2% on March 16 and rising 10% again on April 29 after two bottomings. The China-wide Interconnection sector also began to bottom out, rising 31.25% sharply on March 16 and rising 10.26% again on April 29 after two bottoming outs.
"In the short term, domestic Internet companies will be dragged down by external macro factors and local epidemics, and there is some pressure on the fundamentals in the first quarter of this year." However, with the steady economic growth, the weakening of the impact of the local epidemic, the marginal stabilization of the impact of the previous policy, and the adjustment of the base, the fundamentals are expected to warm up in the third quarter of this year. Kong Rong, an analyst at Tianfeng Securities, said that the future performance elastic recovery is expected to promote further valuation repair.
Earlier, Yau Dongrong, a fund manager of 10 billion, said that the Hong Kong stock market is now a systematic and strategic opportunity. Investing in Chinese Internet companies now is like investing in Amazon in 2003. Just as the best time to invest in the American Internet is definitely not in the bubble, but after the bubble, deciding who will be the winner of the future. Now is a critical moment in the development of the Internet in China, and there may even be larger companies than American Internet companies.
Internet companies are still on the road to rebound, and large private equity institutions have increased their positions
On May 13, the Hang Seng Index opened high and went high, closing at 2.68%, the science and technology stocks strengthened, the Hang Seng Internet Technology Industry Index rose by 4.5%, and the largest and most active ETF fund tracking the Hang Seng Technology Index target in the market - Hang Seng Internet ETF (code: 513330) traded nearly 1 billion yuan in half an hour, after which it had been net subscription for 14 consecutive trading days.
According to the first quarter report of this year, among the market value of Hang Seng Internet ETF (code: 513330), the largest stock held by Alibaba accounted for 14.39%, the second largest stock held by Meituan accounted for 11.96%, and the third largest stock held by Tencent accounted for 11.57%.
On May 14, the domestic 10 billion private equity Jinglin Assets disclosed the holdings of US stocks, focusing on increasing the position of Chinese stocks, especially Internet platform companies. The top five buying targets are: JD.com, KraneShares China Overseas Internet ETF, Shell, NetEase and YMM. US)。
On the same day, the holdings of Bridgewater Fund, the world's largest hedge fund, showed that Bridgewater continued to increase its holdings in Chinese stocks such as Alibaba, Pinduoduo, Bilibili, Weilai and Baidu in the first quarter of this year. At the same time, Bridgewater has bought aggressively emerging-market ETFs, the largest of which are in the Hong Kong stock market. According to the latest disclosed position report, Qiaoshui continued to buy 3.212 million alibaba shares in the first quarter of this year after significantly increasing its position in Alibaba in the fourth quarter of last year. At present, the stock ranks as the sixth largest heavy stock in Qiaoshui.
"The probability of the bottom of the market has been proven, and more active stock selection can be made, like the past second half of 2019 to the first half of 2020, I think it is now a stage where there is hope to make excess returns by stock selection." Yu Xiaochang, research director and fund manager of domestic 10 billion private equity convergence capital, told the Chinese reporter of the securities company.
It is understood that some products that gathered capital in late April increased their positions, and for products without stop-loss constraints, they maintained higher positions. Its follow-up will also be combined with market opportunities and risks, dynamic adjustments. Yu Xiaochang said that now that commodity prices are declining, the economy is in a stage of recovery but not strong, and industries and companies with good demand will be more prominent.
Editor-in-charge: Luo Xiaoxia