8月7日，重阳投资总裁王庆接受彭博电视专访，他表示“市场对国内去杠杆和美中贸易争端的复合效应反应过度，作为具有逆向风格的长期投资者，我们认为这个市场有更多机会而不是风险。”
虽然美中贸易争端一波三折正在吓跑本地股市的内地投资者，但一个反向投资者正在增加风险敞口。
“我们认为市场对国内去杠杆和美中贸易争端的复合效应反应过度，”重阳投资总裁王庆对彭博电视表示。“作为具有逆向风格的长期投资者，我们认为这个市场有更多机会而不是风险。”
重阳正在增持金融股、独立电力生产商、具有强大本地品牌认知度的非必需消费品公司，以及拥有自有技术的机械设备制造商。王庆说，长期投资仍然适用于这些股票，但估值已经变得便宜很多。
重阳投资管理着200亿元人民币(29亿美元)资产，其中一款旗舰产品自10年前推出以来回报率已达374%。
“中美贸易战的影响将在中长期内被感受到，但对股市已经产生损害，或许已经过度，”他说。“这就是为什么我们在此刻告诫不要看跌的原因。”
上证综合指数今年以来下跌16%，是全球表现最差的股市之一，并使中国失去了全球第二大股市的宝座。王庆说，投资者基本上对中国政策转为更加注重经济增长“视而不见”，他认为政府未来可能推出更多措施来改善信贷状况和扩大财政政策。
“随着政策转变的发生和影响蔓延至市场，聪明的投资者将开始寻找机会，”他说。他补充说，从债券到股票的轮动已经在进行中。具有强劲资产负债表和良好股息收益率的公司可能是很好的选择，因为它们往往会跑赢。
王庆指出的其他要点：
如果贸易战促使中国放松管控并进一步开放以应对外部压力，最终将有利于经济
服务业可能面临改革和开放
人民币贬值在很大程度上可以用强势美元来解释;在可预见的未来，人民币可能继续承压
中国希望本币弱势能够帮助实体经济并提高竞争力，但又希望避免付出代价;如果人民币走软的预期变得根深蒂固，那将会破坏金融市场的稳定
Unfazed by Trade Row, This Contrarian Is Buying China Stocks
While the twists and turns in the U.S.-China trade spat are scaring mainland investors from the local equity market, one contrarian is adding exposure.
“We think the market has overreacted to the compound effect of domestic deleveraging and the U.S.-China trade dispute,” Shanghai Chongyang Investment Management Co.’s president Wang Qing told Bloomberg Television. “As a long-term investor with a contrarian trait, we see more opportunities than risks in this market.”
Chongyang is adding financial stocks, independent power producers, consumer discretionary names with strong local brand recognition, as well as machinery equipment makers with homegrown technologies. The long-term investment thesis remains for those stocks, but valuations have become a lot cheaper, Wang said.
Chongyang manages 20 billion yuan ($2.9 billion) of mostly long-only A-share funds, including one flagship product that has returned 374 percent since its launch 10 years ago.
“The impact of the U.S.-China trade war will be felt over the mid- to long-term, but the damage to the stock market has already been done, perhaps has been overdone,” he said. “This is why we caution against being bearish at this moment.”
The Shanghai Composite Index has slid 16 percent this year, one of the worst performers globally and costing China its place as the world’s second biggest equity market. While investors have largely “turned a blind eye” to China’s policy shift to aid growth, Wang said, more measures could be unveiled to improve credit conditions and expand fiscal policies.
“As the policy shift takes place and the effect feeds into the market, smart investors will start to look for opportunities,” he said, adding that a rotation from bonds to equities is already underway. Companies with strong balance sheets and decent dividend yields may be good choices to begin with, as they tend to outperform.
The Shanghai Composite Index was down 0.5 percent as of 10:06 a.m. local time Wednesday after its best day in two years. The big-cap CSI 300 slid 0.6 percent.
Among Wang’s other key points:
• If the trade war pushes China to deregulate and open up further to cope with external pressures, it will eventually be beneficial to the economy
• Services sector could see reforms and opening
• Weaker yuan can largely be explained by the strong dollar; the Chinese currency is likely to remain under pressure in the foreseeable future
• China wants the benefit of a weak currency to help the real economy and boost competitiveness, but wants to avoid the cost; if expectations of a weaker yuan were to get entrenched, it would destabilize financial markets
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