资金高切低趋势持续强化 基金经理聚焦性价比与安全边际

Core Viewpoint - The A-share market is experiencing a pronounced trend of high-cutting and low-buying, with funds flowing out of previously high-performing sectors and into low-valuation sectors with strong earnings support [1][2]. Fund Flow Dynamics - There is a significant divergence in fund flows, with thematic ETFs that previously performed well facing net redemptions, while low-valuation ETFs are seeing substantial net inflows, particularly in sectors like dividend-paying stocks and cash flow-focused ETFs [2][5]. - The market is characterized by a structural shift, with traditional sectors like finance and consumption remaining undervalued, creating a core driver for the high-cut low-buy trend [2][3]. Defensive Demand - Investor risk preferences are shifting towards more defensive positions due to increased market volatility, leading to heightened defensive demand as year-end profit-locking and global economic uncertainties influence fund allocation [4][5]. - The market is entering a phase of stock selection, with funds concentrating on a few leading stocks, indicating potential volatility in high-performing sectors [4][5]. Focus on Value and Safety Margin - Fund managers emphasize the importance of focusing on value and safety margins, suggesting that companies with strong and stable cash flows are better positioned to withstand market fluctuations [5][6]. - The essence of the high-cut low-buy trend is the search for value and safety, with a focus on companies that can consistently create shareholder value [5][6]. Sector-Specific Insights - Within the low-valuation consumption sector, there are notable opportunities, but challenges remain, including supply-side adjustments and the need for effective management transitions [6][7]. - Even in high-valuation technology sectors, there are localized opportunities, particularly in areas like optical modules and energy storage, driven by strong fundamentals [7].