Warehouse Vane | Guangfa Fund Liu Gezheng: Continue to high -end manufacturing of high -end shares in high positions in high positions.

China Fund News Zhang Xue

Editor's note: Recently, the Fund's second quarterly report has been disclosed. The changes and changes in the position and position of the star fund managers have also become the focus of the attention of the citizens. Behind each regular report, these outstanding manager's "investment secrets" are also hidden. Fund Jun will continue to update the character's database feature [positioning vane], decoding star fund product holding changes and its manager's investment philosophy.

As the helm of the annual performance champion of the public fund in 2019 and the 500 billion -scale fund, Liu Gezhang's position change has always received high attention from the market.

On July 20, all the six funds that Liu Gezheng were in charge of the second quarterly report was completed. During the market fluctuations in the second quarter, Liu Gezheng still maintained about 90 % of the high position operation. The high -end manufacturing industry chain layout of the world's comparative advantages has been established. Some core targets have a long position, and the concentration of fund holdings has also maintained a relatively high level.

Looking forward to the market outlook, Liu Gezhang's market trend judgment since early May. It is expected that the most pessimistic stage may have ended, and the systemic risk may have been fully released. It may show a colorful situation in structure.

In this issue of the "warehouse vane", the fund king will explain the second quarter report and its position changes in Liu Gezhang, Liu Gezhang.

The management scale rises to 68 billion

Affected by multiple factors such as the exudation of the epidemic, the situation of overseas local war, and the expected expectations of the Federal Reserve ’s interest rate hikes. In the second quarter of 2022, the A -share market experienced large fluctuations. Affected by the overall trend of the market, Liu Gezhang also appeared in the past history in the past history. Large net worth retrieval. However, with the "counterattack" market collectively in science and technology stocks since May, Liu Gezhang also handed over a transcript that could boost the confidence in the foundation.

As of the end of the second quarter, Liu Ge's 6 funds managed by Liu Gezhang had received positive income in the second quarter, of which the net value of the second quarter of 4 funds exceeded 10%. The fund's net decline was narrowed to less than 5%in the first half of the year. In addition, the second quarter of the second quarter of the three -quarter fund of Guangfa Industry has been strictly selected for three years, Guangfa Shuang Engine upgrades, and Guangfa Innovation and upgrades increased by 13.09%, 12.10%, and 11.23%, respectively, which significantly exceeded 3.00%of the same period of performance comparative revenue.

However, Liu Gezhang still stated in the quarterly report that in the second quarter, the high -end manufacturing direction volatility represented by photovoltaic, new energy vehicles, and electronics in the main direction of the positions exceeded other types of assets. Although the net value of the fund has rebounded higher since May, he did not want to get the expected return at the cost of high volatility.

Under the rapid rebound of the fund's net worth, as of the end of the second quarter, Liu Gezhang's latest total management scale in the management fund rose to 68.472 billion yuan, an increase of 6.841 billion yuan from 61.631 billion yuan at the end of the first quarter.

(Data source: Wind, as of July 21, 2022)

From the perspective of the fund share, the growth of the most obvious growth of the net value in the second quarter is still favored by the foundation and institutions. The total purchase share in the second quarter is 578 million, and the total redeem of 450 million copies will be redeemed. The number of subscriptions shows long -term gold absorption. However, Liu Gezheng has more than half of the second quarter of the second quarter than the purchase share. Among them, the net redemption share of Guangfa Technology Pioneer reached 187 million. Total redemption share. In addition, Guangfa Shuang Engine upgrades and Guangfa Duanxing also had 57.326 million copies and 36.565 million net redemptions, respectively.

The concentration of holding shares is further improved

In terms of positions, Liu Gezhang continued the long position and concentrated position style in the second quarter.

Its 6 fund stock holders have more than 90%, of which the market value of Guangfa Innovation and upgraded stocks accounts for the highest proportion of net asset value of the fund, which is 94.71%. The upgraded stock positions also exceeded 94%, in turn: 94.66%, 94.66%, and 94.33%. However, its representative fund was reduced by 2.71%percentage points compared to the stock position at the end of the first quarter.

In terms of shareholding concentration, in the second quarter, Liu Ge's top ten heavy stocks in the management fund accounted for most of the 70%-80%range, of which the Guangfa Industry was strictly selected and the two funds held more than 80%of the two funds for three years. They were 80.85%and 80.43%, respectively. Compared with the end of the previous quarter, five of the six funds increased the concentration of shareholding.

Not only did the position change not greatly, although the market rises and falls in the second quarter, Liu Gezhang did not make significant adjustments to the positioning structure in the investment operation. Longer.

Specifically, the top ten core stocks of its fund continues the list of positions at the end of the first quarter, the Guolian shares of the information technology, and the top ten heavy stocks of the newly entered the top ten heavy stocks of the photovoltaic glass original film manufacturer, and Jianfan Biology and Pulit withdrew from the top ten heavy warehouse stocks. The overall position is still based on photovoltaic, new energy vehicles, and electronics.

In this regard, Liu Gezhen explained that from the perspective of the return on mean, the redeem income of assets with a large increase may be the correct approach. Selling assets with a larger increase in increases, replaced with a large decline or a small increase in assets. " It is a common law. "But if we close the perspective close to the micro -industry chain, it will be discovered that the general law of the economic field is actually the Matthew effect. Three stocks of Shengbang shares have more positions and reduced their holdings of 15.51 million shares of Xiaokang. Dazhong Stock St. St. St. Strip shares retired in the fifth position.

The reason may be the violent rise in the second quarter of the well -off shares. Wind data shows that Liu Gezheng started buying a well -off shares in mid -2021, and has continued to increase its positions since then. The stock fell on April 27, and it rose all the way after reaching the low point of 32.7 yuan. On June 28, the highest price of 90.50 yuan/share was hit. The passive reduction is to meet the regulations of a single stock accounted for up to 10%of the fund's net value.

The market may be optimistic about technological innovation in the second half of the year may be structured

In the second quarterly report disclosed this time, Liu Geye also talked about his views on market conditions in the second half of the year and his thinking on China's economic innovation.

Since the beginning of May in early May, Liu Gezheng judged that the most pessimistic stage may have ended, and the systemic risk may have been fully released. Structural market is colorful.

He analyzed that in the second quarter, the asset volatility of scientific and technological innovation and high -end manufacturing direction exceeded the reasons behind other assets. On the one hand, high -end manufacturing assets have received higher returns in the past two years, and the other side is mostly in most parts In the choice of assets of market participants, high -end manufacturing assets may be different from traditional "core assets". The volatility of asset prices comes from the fluctuations of phased performance and the fluctuation of valuation. The expected differentiation is the source of valuation fluctuations. The fundamental trend force will also affect the valuation by affecting the expectations.

Therefore, from a long period of time, Liu Gehi believes that the trend of fundamentals is the core factor that determines the price of asset prices. As the fundamental trend force becomes the core of asset pricing, the overall volatility of the market in the second half of the year may return to the level of historical normal range. The largest Betta in investment comes from the background of the times. In the past, the Internet wave and smartphone waves were born with a large number of outstanding companies with large market value. Whether the future scientific and technological innovation and high -end manufacturing can bring a new wave of era depending on whether our country can truly enter a new stage of innovation leading economic development.

At the same time, Liu Geh also firmly believes that scientific and technological innovation and high -end manufacturing assets may become the "core assets" in the background of the new era.

He believes that from a micro perspective, the following three points are important conditions for a economy to successfully enter endogenous innovation to lead the development stage:

First, the integrity of the industrial system is an important support for innovation and development. Continuous innovation will not occur independently, but the result of demand leadership and innovation capabilities. The demand comes from the leadership of globalization. The innovation ability comes from the integrity of the talent and the corresponding industrial system. The development of an innovation economy is not occasional and dotted innovation, but systemic and sustainable innovation. The completeness of the industrial system determines the systemic and persistence of innovation.

"From the perspective of total trade, China has replaced Japan and Germany to become the world's largest supply chain center. As of 2019, in the 621 manufacturing categories, 340 varieties in China are the world's largest suppliers. Among the %category, it ranks TOP3, a global supply country. From this perspective, the industrial system that supports our innovation is enough. "Liu Geh said.

Second, the industrial cluster effect determines the efficiency of innovation and development. Product innovation and technological innovation requires systematic support, which involves rapid response to various aspects of materials such as materials, engineering, and manufacturing. The coordination of upstream and downstream determines the efficiency of innovation and development.

"In the past 20 years, China's industrial cluster effect has continued to expand, and in the direction of product complexity, we can clearly see that in recent years, in recent years In the direction of the industrial cluster effect of the industrial chain, China's innovation efficiency leads to the world first. "Liu Geye said.

Third, the market depth and intellectual property protection determines the return of innovation. The larger the market, the greater the probability of creating a rapid return. Compared with Japanese and German innovation companies, Chinese companies have a large market on the one hand. On the other hand, the above -mentioned superior industrial chain is still enjoying global dividends. Intellectual property protection has expanded the technological advantages of leading enterprises, lengthening the time cycle of innovative returns, and domestic policies have also continuously strengthened intellectual property protection in recent years. From this perspective, the effect of innovation leading economic development will become more and more prominent, and the potential height of leading enterprises to surpass other innovative economy companies in the future may be inevitable.

Based on this, Liu Gezhen said that China has established the global comparative advantage industry chain that is entering the channel for rapid development, and it can be foreseeable that the industrial chain that is being established will become richer and richer. Innovation has become endogenous conditions, which means that companies that have successfully achieved success through innovation will continue to increase innovation, lead the innovation and development of the industrial chain through industrial collaboration, and continue to form an innovative ecological response. Scientific and technological innovation and high -end manufacturing assets have become the "core assets" in the background of the new era. Compared with decrease, it will continue to decrease. "From the perspective of long -term perspective, I am confident in the assets allocated by the fund. Ask fund holders to invest from a long -term perspective, and invest with us to invest in China to compare advantageous enterprises in order to obtain better long -term returns."

Risk reminder: The fund has risks, and investment needs to be cautious. Fund's past performance does not indicate its future performance. Fund research and analysis do not constitute investment consulting or consulting services, nor does it constitute any substantial investment suggestions or commitments to readers or investors. Please read the "Fund Contract", "Recruitment Manual" and related announcements carefully.

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