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Huang Guixuan, a reporter from 21st Century Business Herald, reports from Guangzhou

On August 17, the "2024 Asset Management Annual Conference" hosted by "21st Century Business Herald" and co-hosted by Shanghai Pudong Development Bank was grandly held in Shanghai. At the roundtable forum on "The Present and Future of Equity Layout", Liu Xiangcheng, general manager of the mixed strategy investment department of ABC Wealth Management, said that the current index point is relatively low and the valuation is not very high. If we look at it over a long period of time, it may be low, but it still depends on the future profitability, including the growth of China's economy and the profitability of listed companies.

Liu Xiangcheng pointed out that the cost of patience can be understood from three dimensions. First, there must be the ability to bear risks; second, the investment period is relatively long; third, it has certain investment value and can achieve a good return on investment. "The investment direction of patient capital is definitely more in line with the country's relevant high-quality development fields and the country's advocated science and technology innovation sectors. Financial management companies are currently exploring, innovating and investing in the first few directions. In the future, we need to continue to do a better job of balancing and investing financial funds."

When talking about the relationship between active and passive investment, Liu Xiangcheng said that the current market is a relatively differentiated market. But precisely because of the differentiation, on the one hand, passive investment is more popular, and broad-based indexes and other things that can represent the mainstream of the market are very important. On the other hand, because of the differentiation, there are many structural investment opportunities, and active management investors can find some better investment directions and targets.

"The stock market has been particularly difficult in recent years, and whether stocks rise or not still depends on the profit level of listed companies. We have seen that the profit growth of listed companies as a whole has been going down. Stock investment still has to follow value investment. Although there are various other external factors, it mainly depends on the profit growth of listed companies. The future still depends on corporate profits." Liu Xiangcheng said.

Looking ahead to the future market, Liu Xiangcheng said that the current index points are relatively low and the valuation is not very high. The future performance of the market will still depend on future earnings, namely the growth of the Chinese economy and the profit level of listed companies.

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