Where is the investment opportunity in the second half of the year?Star fund managers of Zhou Keping, Sun Bin and other star fund giving the latest research judgment

Author:Securities daily Time:2022.07.28

Our reporter Wang Siwen on July 27th, the Shanghai Stock Exchange Index still hovered around 3270 points, and the market fluctuated. As the A -share market enters the reporting season, where is the investment opportunity in the second half of the year, the growth style is better than the value style, whether the new energy sector has been overestimated, and how to carry out effective asset allocation to achieve expected returns, becoming investors to become investors, becoming investors, becoming investors, becoming investors, becoming investors, becoming investors, becoming investors, becoming investors and becoming investors. Focus on the focus. In the past two days, well -known fund managers Zhou Keping, Sun Bin, Yang Yu, Pan Zhongning and others have published the latest views and views on science and technology, new energy, ESG investment, asset allocation and other aspects. Will the growth style better than the value style continue? Since the end of April, the performance of the growth style is relatively better than the value style. So, how does the star fund manager look at the wave of growth stocks, and can this style continue? "The current growth stock is not a wave of rebound, it can be said that it is a beginning of reversal." Zhou Keping, manager of Huaxia Technology Innovation Hybrid Fund, said, "The reason is simple. The stock is intertwined with structural factors and cyclical factors. It is very high. Behind the high prosperity is the industrial trend. From a longer period of time, it is now at a large inflection point of the global industrial cycle. At this inflection point, China is a very big advantage to catch up with the state. Software and other fields. It is also a period of birth of a new round of scientific and technological revolution, including life sciences, new energy, etc. "Specifically, the concept of hard technology in the past two years is very hot. Essence "The definition of real hard technology as the underlying technology is to solve the four aspects: information, energy, life, and space. Solving problems in these four aspects will be a very good category of hard technology as the extension of the underlying technology. . "As a fund manager who participated in the whole process of the science and technology board from preparation to the first batch of science and technology board funds, Zhou Keiping said when referring to the entry into the third anniversary of the science and technology board," Science and Technology Board to our outstanding science and technology innovation enterprises It provides a very good listing platform and financing channels. A large number of companies and industries that represent future industrial transformation and upgrading have logged in to the science and technology board, and a large amount of funds have been invested in emerging industries. Help. Science and Technology Board, especially the registration system behind it, to investors, including our fund managers with a lot of high -quality investment targets. "Can the new energy sector and related funds still invest? The current new energy sector is the highest market attention track. What is its fundamental aspect? Yang Yu, manager of Huaxia New Energy Vehicle Lifting Fund, believes that "In fact, the growth rate of these leading companies is very high. From the recent disclosure of the 2022 report, the foresee can be seen that many outstanding companies have increased by 100% year -on -year profit growth. There are even 200%and 300%of growth. Some upstream resource products may even increase by 1000%. You can see that the entire industry has a high prosperity, and the performance of these leading companies is also very high. From the perspective of profit forecast and profitability, the fundamentals are no problem. "" From the valuation point of view, some leading companies have a slightly higher valuation, which is also matched with its industry competitiveness and international status, but For most companies, it is now at the median level of historical valuation, which is not particularly overvalued. The entire industry is now the valuation of an excellent manufacturing company, and it has not given a high -growth very high premium premium premium premium. "Yang Yu believes that from the perspective of profit forecast and valuation, the stock price of the entire industry is still in a relatively" comfortable "position, so it is still optimistic about investment opportunities in the second half of the year and next year. For the outbreak of the sales of new energy vehicles, Yang Yu believes that there are many reasons. "The most important and most essential reason is the improvement of automobile product power. In the past two years, with the launch of a more high -quality battery with power battery leading companies, these car companies have launched better models. Many of the battery life are now 700 kilometers. By 800 kilometers, the discount of battery life in winter is getting smaller and smaller. In this case, the satisfaction of consumers is greatly improved. "" From the perspective of intelligence, it has now transitioned from electric vehicles to smart cars to smart cars. For example, smart cockpit, auxiliary driving, line -controlled chassis, etc. have greatly improved consumers' feelings about electric vehicles. In this case, consumers have become higher and higher in acceptance of electric vehicles, and the entire industry is also the entire industry. From the past, it has been seriously dependent on subsidies, and it has become an industry where consumers spontaneously purchase drive by subsidy drivers and operating vehicle drivers. "Yang Yu further analyzed. In combination with the current penetration, will the growth of new energy vehicles slow down in the future? Yang Yu said, "In the past two years, the development of the entire industry exceeds expectations, and the growth rate will decline in the future, but I don't think that the penetration rate of new energy vehicles will reach 20%, and the entire industry will not increase. The growth rate of the car industry will decline, from 100%and 50%in the past few years to 30%, but even if 30%of the steps, from the comparison of various industries, the new energy vehicle industry has also grown very quickly. "For new new energy." Investment suggestions of the Energy Fund, Yang Yu suggested that everyone should not pay too much attention to the short -term, because the energy revolution or the entire energy is upgraded and transformed. The change of changes, and the perspectives from the dimension of three to five years to observe the long -term changes in the industry.

What is the long -term logic of ESG investment in China? Pan Zhongning, the chairman of the Huaxia Fund ESG Business Committee, explained that "ESG is a kind of investment concept that represents the responsible in the future. In the fields of corporate governance, focus on issues such as innovation and development, low -carbon environment, and common prosperity, and consider the impact of enterprise operations and investment activities on the environment. It is more emphasized that enterprises and all stakeholders are not just shareholders. "We think from the perspective of investment, ESG can not only alleviate the prevention of downward risks, but also seize future opportunities. To relieve downward risks, generally speaking, ESG companies, companies with good governance, environmental protection, and excellent social responsibility companies The probability of the incident of black swan is relatively low. Only companies that have done well in each dimension of ESG can truly seize the future opportunities, and truly become a social respect, employees love, customer likes The company that is responsible for shareholders. "Pan Zhongning said. Pan Zhongning believes that the ESG concept is very effective in the Chinese market. "We have counted the active management ESG fund in the country. Their performance is far better than the Shanghai -Shenzhen 300 and the Shanghai Stock Exchange Index. Including passive ESG indexes can create value for investors. "For future investment opportunities, Pan Zhongning believes that one is in photovoltaic solar energy, and the second is the trend of automotive electrification." Consumption upgrade is a long -term theme and long -term trend in the future. China's long -term economic growth space is very large, and the driving force for the essence of growth space is scientific and technological innovation and internal circulation. "How does an effective asset allocation in the shocking city carry out? "Some people may think that asset allocation is a result, that is, the problem of positions or debt ratios that are often said in the last market. In fact, from our team, asset allocation is a process and a concept." Huaxia Fund Deputy General Manager of General Manager of Huaxia Fund , Sun Bin, the person in charge of the asset allocation department, said that we have always followed a closed -loop asset allocation process of "six elements" or "sixth rings", including from the understanding of customer goals, to diversified asset creation and selection, and then strategic asset allocation allocation Research, tactical asset allocation research, combined construction and risk monitoring. In essence, the monitoring portfolio must be monitored whether the customer's goal has achieved the customer's goal. Will the customer's goal change in the process of operation, and finally return to the process of understanding the customer's goal. "This is a closed loop and a process of asset allocation. This is very important for the entire combination management. Through an effective process operation, we can help investors to achieve the goal of expected income. In other words, help investors as much as possible as possible Avoid the risk of not reaching income. We believe that the importance of valid asset allocation is here. "Sun Bin emphasized. And if you cannot have a rough judgment on politics, economy, asset prices, and stock interactions, it may be difficult for fund managers to do it for effective asset allocation. Sun Bin believes that the current market is in a fluctuating period. In this position, you still need to experience some fluctuations. Waiting for these factors to gradually be clear and improved. The market may enter the solid rising market for fundamental promotion. "We have to learn to use fluctuations or use fluctuations to seize the opportunity of investment income. At this time, we are not suitable for chasing up and killing. For the shock market, we must make some high throws and low suction, or inverse invested." Sun Sun. "Sun Sun." Sun Sun. "Sun Sun." Sun Sun. "Sun Sun." Bin said. Picture | Site Cool Hero Bao Map Network review | Editor Wu Shan | Qiao Chuanchuan Final Audit | Li Hui