Several characters | Yi Fangdaqi: Corporate competitiveness is a source of long -term returns, sharing the value of corporate growth

China Fund Daily Jia Zhanying

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The king of semiconductor sects is returning? Recently, the A -share market has continued to fluctuate, but the subtle semiconductor sector has experienced unexpected increases.

Data show that as of August 10, the CITIC semi -guide index has risen more than 13%in August, ranking first among the 109 CITIC secondary industry indexes, and once again received market attention. At the same time, the attention of various investment institutions to semiconductor companies has also begun to increase, and the pace of investigation is frequent. Many companies sought after by institutions have recently showed their stock prices.

Some fund managers believe that there are multiple reasons for the semiconductor sector again, including the improvement of wafer manufacturing demand, the semiconductor company's semi -annual report performance exceeded expectations, and the overall valuation of the sector is relatively low. From the current point of view, the semiconductor industry still has a long -term upward space.

At the same time, the Fund Jun also noticed that with the strong recovery of the semiconductor sector, a group of funds with related stocks also ushered in a rebound. Among them, the representative fund managed by Qi He is also one of the funds that have increased in a large rebound.

Qi He, who was born in the manufacturing industry, has served as an analyst at electrical equipment, new energy and non -ferrous metal industry since 2010. He is currently the leader of the Industrial Group of the Industrial Team of the Ministry of Research. The 9 -year graduate career has been deeply cultivated in manufacturing related fields. For the semiconductor sector, Qi He has also been more optimistic for a long time.

In Qi He's opinion: "Enterprise competitiveness is the concept of long -term returns. It will continue to choose companies with strong competitiveness and excellent governance in the sector to share the growth value of the enterprise."

Among the Yifangda Fund, there are many familiar star fund managers. Compared with them, Qi He seems to be "different." He acts low -key and calm. In the eyes of his colleagues, Qi He is more like a "sweeping monk", and for ten years, he firmly focuses on investment in high -end manufacturing.

Qi He's science and engineering background is very solid. He graduated from Zhejiang University in engineering and studied. He studied in the University of Brown University in the United States. Later, from the beginning of the investment and research career, Qi He has always focused on covering his own industrial field, and officially joined the E Fund Fund in 2014. He has successively served as an analyst at electrical equipment, new energy and non -ferrous metal industry, and is currently the leader of the Industrial Group of the Ministry of Research Department.

At present, Qi He has a total of 8 products. As of August 11, Qi He's fund management period was 4.62 years. The annualized return since management was 22.05%. 35.109 billion yuan.

Looking back at Qi He's management performance, long -term performance is outstanding. According to Zhijun Technology, as of August 11, Qi He has been in the past three years, with an annualized return rate of 34.35%, better than the Shanghai and Shenzhen 300. In recent years, the largest retracement is 34.51%, which is better than Shanghai and Shenzhen 300. At the same time, in the past three years, the average annualized income of its partial stock hybrid funds was higher than 90%of similar managers, and the average maximum retracement was less than 50%of similar managers. By tracking past data, it can be found that Qi He has a strong ability to obtain income, and has relatively good control of risk.

Based on Qi He's appointment experience, Qi He can significantly win the Shanghai and Shenzhen 300s, whether in the tremor of the market or the unilateral downward phase of the market.

Qi He's investment keywords are: selection of stocks from bottom to top, left -to -left, and reverse layout

As a fund manager who studied manufacturing, Qi He believes that even if ROE is not very high, as long as it has a strong competitive advantage compared to other companies, it can continue to create value. Therefore, Qi He will see the competitive advantage in the investment framework.

Qi He's investment framework is a relatively clear stock selection. He will first find out whether the competitive landscape of the supply side is reasonable, and then see the demand side. In his opinion, companies that are based on absolute competitiveness can often cross the industry cycle and continue to create Alpha.

In the Yifangda public account, Qi He also talked about his core investment philosophy in detail. He believes that the biggest risk in investment is the destruction of corporate competitiveness. In Qi He's view, from the perspective of financial data, many companies seem to be high and competitive, but after deepening research, they will find that competitiveness is not as strong as it looks like. This competitive company may bring permanent losses to investment.

The above -mentioned investment logic also drives Qi He to buy companies with strong ALPHA capabilities when the industry BETA is relatively poor, so as to obtain a balance between prices and moat through relatively reverse investment.

From the perspective of the trend of income fluctuations, affected by the previous adjustment of the new energy industry, Qi He's profit fluctuations continue to be at a relatively high level. Although it has been adjusted in March this year, it is basically in a position of 1%to 2.5%. This is a position. Qi He, who focuses on investment in the new energy industry, is relatively reasonable.

It can be seen from the above figure that since the industry, Qi He's retracement control capabilities and product volatility have been used for most of the time, and the relative returns have strong capacity. The beginning of March 2021 is a relatively obvious watershed. Since then, Qi He has become more stringent in the control of retracement. Even in such a large fluctuating shock in the first half of this year, Qi He is also in Qi He. Try to control the retracement within a relatively reasonable range and maintain a considerable level of performance. Since this year, Qi He's largest retracement was 34.51 %%, and the largest retracement of the CSI 300 in the same period reached 34.80%on the same day. According to data from Zhijun Brinson, compared with the Shanghai and Shenzhen 300, Qi He represented the 100.01%excess revenue obtained in the past three years, 19.67%came from the industry allocation effect, and 80.34%came from the stock selection effect.

Due to the research of manufacturing, from the perspective of the position of the position, Qi He will configure some tracks that match their capabilities. Taking its representative fund as an example, Qi He's industry concentration and individual stock concentration are high in the industry configuration. At the same time, long -term preference industries are power equipment and new energy, electronics, machinery, and basic chemicals, especially the power equipment and new energy sources are its long -term heavy -duty industry. From the perspective of the cumulative income curve of the industry, as of August 15, 2022, Qi He has the highest cumulative income from the allocation of the industrial industry.

According to Zhijun Technology, Qi He's stock style tracking shows that as of the end of the second quarter of 2022, Qi He's shareholding style on behalf of the product is biased towards the growth type.

On behalf of the top ten heavy stocks, Qi He's average holding time is 3.7 quarters, and the shareholding cycle is short. The longest targets of heavy positions are Qibin Group and Tongwei (non -continuous), which have heavy positions 6 and 5 quarters, respectively. From the perspective of industry distribution, the top ten heavy warehouses are mainly industry, raw materials, and public utilities.

As an industry -themed investment master, Qi He's investment framework is a relatively clear starting stock selection. Taking the competitive advantage of the enterprise as the main starting point, it will not have a special demand for business models or cash flows. In the portfolio, the holdings are relatively concentrated, and most of the time will not hold more than 25 stocks, mainly for manufacturing.

He chose the company in accordance with the four aspects of "pattern, price, track, and model". Among them, "pattern" and "price" are the two dimensions that focus on consideration. In the "pattern" dimension, Qi He mainly inspects the differences in the moat brought by different competitiveness; in the "price" dimension, the valuation of the stages of the life cycle of the enterprise, the comparison of the valuation of different sectors in the market, and the same type The company's valuation level is equal.

Looking back at Qi He's represented product in the second quarter, in terms of industry, the current configuration is high -quality enterprises including new energy, chemical new materials, power equipment, and electricity. With the continued rise in traditional energy, such as coal, oil, and gas prices, the urgency of new energy transformation has been further improved in countries around the world, thereby accelerating the development of new energy sectors. At the level of stock selection, it is still adhered to the concept of long -term returns to the competitiveness of the enterprise. Continue to choose companies with strong competitiveness and excellent governance in the above sector to share the growth value of enterprises.

Looking forward to the market in 2022, Qi He believes that the disturbances caused by policy expectations will continue, including anxiety in the process of low -carbon transformation, uncertainty in national foreign political relations, and concerns caused by economic decline and stimulus. From the perspective of stretching, history will still move forward along the role of "gravity". This gravity is the desire of technological progress, demographic dividends, and human beings for a better life.

Qi He believes that the next focus is on investment opportunities in the following areas: first, the clean energy industry represented by wind power photovoltaic and new energy vehicles; second, the supply -end pattern is good and has a new material building material enterprise with possible product added value.

(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.

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