Tune Vane | Cathay Fund Chengzhou: Add a chemical stock with a high degree

China Fund News Wang Yunlong

Editor's note: Recently, the Fund's second quarterly report has disclosed that the positioning movements and position changes 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.

In the second quarter, Chengzhou was giving half of the products. Among the 15 products, there were 7 products in the second quarter of the product rising in the second quarter and the net value of 8 products fell. Among them, Chengzhou represented the value advantage of the product of the product of the product, the net value of the value of the value of the product, the net value of the second quarter, and the net value of the second quarter of Cathay Agriculture A increased by 3.62%in the second quarter. In addition, the scale of Chengzhou's management in the second quarter fell to 14.618 billion yuan.

In the second quarterly report of the product, Cheng Zhou said that because of the difference in the leading direction of the rebound in the market, the net value rebound in the overall rebound of the market was weak.

Looking forward to the market outlook, Cheng Zhou pointed out that the "policy bottom" and "market bottom" of the market should have emerged synchronously, but after continuous rebound, the macro fundamentals need to be further supported. The increase in oversupply and economic data can start a round of rising markets.

In this issue of [Warehouse Vane], Fund Jun will explain the first quarterly report and position adjustment of Cathay Fund Chengzhou.

The products are ginseng

In the second quarter of Chengzhou, the scale of the pipeline shrunk to 14.6 billion yuan

In the second quarter, Chengzhou's tube product scale further decreased to 14.618 billion yuan. At the end of the first quarter, the value was 16.865 billion yuan and 16.8 billion yuan at the end of 2021.

Among them, the value advantage of Cathay Pacific Julin dropped from 3.906 billion yuan at the end of the first quarter to 3.131 billion yuan at the end of the second quarter, shrinking by 775 million yuan; Cathay Pacific manufacturing in two years was reduced by 2.319 billion yuan at the end of the first quarter of the first quarter. By the end of the second quarter, 1.442 billion yuan was shrunk by 877 million yuan; Cathay Pacific Agricultural A size increased from 1.15 billion yuan from 1.172 billion yuan at the end of the first quarter, and the scale at the end of the second quarter was 1.287 billion yuan.

Behind the changes in scale, in addition to changes in the level of redeeming and redemption, the changes in the net value of the product are worth paying attention to. In the second quarter, Chengzhou was governed by the product. Among the 15 products, there were 7 products in the second quarter. Fall.

The second quarterly report shows that Chengzhou represents the value of Guotai Juxin Value advantage A in the second quarter of the net value of 3.48%; the value advantage of Cathay Pacific Capita California California fell 3.59%in the second quarter;

The net value of Cathay Golden Cow's innovative growth fell 2.37%in the second quarter;

Cathay Pacific manufacturing has increased by 0.71%in the second quarter of the second quarter;

Cathay Pacific Agricultural A in the second quarter increased by 3.62%.

In the second quarterly report, Cheng Zhou explained the performance of the product.

Among them, for products including the value advantage of Cathay Gathering (A/C), Cathay Golden Cow innovation, Cathay Pacific manufacturing two years of holding, Chengzhou said that because of the difference in the leading direction of the market rebound in terms of structure, The net value rebound in the overall rebound of the market is weak.

For Cathay Pacific Agricultural A with relatively good performance, Cheng Zhou pointed out that the agricultural index rose slightly in the second quarter because of the market's expectations of pork prices to bottom out.

Maintain the high position as a whole

Continue to hold traditional chemical and electronic faucets with large margins

From the perspective of holding the position, Chengzhou basically maintained a higher position in the second quarter, including the value advantage of Cathay Pacific Julin, the two -year holding of Cathay Pacific, Cathay Golden Bull innovation, Cathay Pacific Agriculture, and Cathay Gathering. The quarterly stock positions have increased slightly from the end of the first quarter.

Among them, Cathay Golden Bull's innovation and Cathay Gathering value stock positions have been relatively significant. The second quarterly report showed that in the second quarter, Cathay Golden Bull's innovative growth stock positions accounted for 88.70%, an increase of 4.72%over the end of the first quarter; the stock position proportion of Cathay Gathering in the second quarter accounted for 88.38%, an increase of 5.30%over the end of the first quarter.

From the perspective of the concentration of shareholding, the market value of the top ten heavy stocks in Chengzhou in the second quarter of the second quarter has not changed much. It is worth noting that the market value of the top ten heavy stocks of Cathay Pacific Agriculture managed by it is 42.53% of the first quarter. Ascend to 46.67%.

From the perspective of heavy warehouse industry configuration, Cheng Zhou said in the second quarterly report that the combination of potassium fertilizer and compound fertilizer with high profitability and high prosperity in the second quarter of the combination of the combination of the second quarter, continued Compared with the more secure margins of the next two or three years, the valuation has a large margin of traditional chemical industry and electronic leading enterprises, as well as the leading industry leaders with high domestic demand correlation, reasonable valuation, and determined profit growth.

For Cathay Pacific Agriculture, Cheng Zhou said that based on the judgment of pork prices in the third quarter, it was super -matching the breeding stocks. Industry, land planting, fertilizer, and pesticide sub -industries are super -allocated; for the high valuation agricultural product processing sector, it continues to be low. On the whole, leading enterprises in various segments of large agriculture have been deployed, including: breeding, vaccine, breeding, veterinary drugs, pesticides, fertilizers, food processing, etc.

Specifically, among the top ten heavy stocks of Cathay Gathering value, Lianhua Technology, Huahai Pharmaceutical, Salt Lake shares, and Jerry shares have entered the top ten heavy stocks in the second quarter. At the same time, salt lake shares and Jerry shares and Jerry The shares are held for the first time. The top ten heavy stocks of Cathay Gathering Value advantage

Among the top ten heavy stocks of Cathay Golden Cow's innovation, the four stocks of Lianhua Technology, Huahai Pharmaceutical, Lizhu Group and Huawu shares have entered the second quarter. At the same time, Huawu shares held for the first time for the product. On the whole, low -valuation manufacturing is the direction of the layout, while continuing Chengzhou's preference for chemicals and chemical products.

Cathay Golden Bull's innovative growth in the top ten heavy stocks

Cathay Pacific Agriculture has two new stocks in the top ten heavy stocks in the second quarter, namely Xingfa Group and Moutai, Guizhou, and Xingfa Group for the first time for Cathay Pacific Agriculture.

The top ten heavy stocks of Cathay Pacific Agriculture

"Policy bottom" and "market bottom" have appeared in resonance synchronization

Continue to be optimistic about the manufacturing and breeding industries and midstream and downstream agricultural capital production and investment opportunities

Looking forward to the third quarter of 2022, Cheng Zhou believes that the "policy bottom" and "market bottom" of the market should have resonated and synchronized, but after continuous rebound, the macro fundamentals need to be further supported. The increase in growth policy and the continuous improvement of economic data can start a round of rising markets.

In terms of operation, Cheng Zhou said in the second quarterly report of the product. In the second quarterly report, it continued to optimize the investment opportunities of the manufacturing industry. Specifically, in terms of cycles, we will continue to be optimistic about the large refining and chemical leading enterprises that actively expand the second growth space. It is optimistic about the must -have consumption faucet, characteristic raw and drug company, and the social service industry of the post -cycle of the epidemic. In terms of growth, small and medium -sized companies in the application of new technology, semiconductor and military industry layout and import substitution Pay more attention to quality growth and reasonable prices.

In addition, for the agricultural sector, Cheng Zhou said that based on the judgment of global agricultural products and domestic pig prices in the rising cycle, it is optimistic about investment opportunities in the breeding industry and middle and lower reaches of agricultural capital production. In the next two or three years, the performance of the agricultural segments with a rapid growth and reasonable valuation can be maintained in the next two or three years.

(Note: If there is no special indication of the chart data in this article, it comes from Zhijun Technology and Wind data)

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.

- END -