technology theme mainly refers to technology innovation that adheres to the world's technological frontier, the main battlefield of the economy, and the major needs of the country. It includes technology innovation enterprises that comply with national strategies, break through key core technologies, high market recognition, belong to the new generation of information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, and biomedicine and strategic emerging industries, belong to the Internet, big data, cloud computing , artificial intelligence h Technological innovation enterprises in the deep integration of tml5 and manufacturing industries are defined according to the public industry classification standards and market sectors of stock and their affiliated industries, and are further subdivided into six key areas:
(1) the field of new generation information technology, mainly includes semiconductors and integrated circuits , electronic information, next-generation information network, artificial intelligence, big data, cloud computing, emerging software, the Internet, Internet of Things and smart hardware, etc.;
(2) the field of high-end equipment, 5 mainly includes intelligent manufacturing, aerospace, advanced rail transit, marine engineering equipment and related technical services, etc.;
(3) new materials field, mainly includes advanced steel materials, advanced non-ferrous metal materials, advanced petrochemical chemical new materials, advanced inorganic non-metallic materials, high-performance composite materials, cutting-edge new materials and related technical services, etc.;
(4) new energy field, mainly includes advanced nuclear power, large-scale wind power, high-efficiency photoelectric and optical Heat, efficient energy storage and related technical services;
(5) energy conservation and environmental protection field, mainly includes high-efficiency energy-saving products and equipment, advanced environmental protection technology equipment, advanced environmental protection products, resource recycling, new energy vehicle complete vehicles, key components of new energy vehicles, power battery and related technical services, etc.;
(6) biomedical field, mainly includes biological products, high-end chemical drugs, high-end medical equipment and devices and related technical services, etc.
From the perspective of investment, technology theme is a track with high growth and large space, and is very worth long-term investment. From the current point of view, the valuations of many sub-sectors are at a historically low level. For example, the PE-TTM of the
Semiconductor Index is only 36.89, which is at the quantile level of 1.96% in the past decade; the PE-TTM of the
Information Technology Index is only 41.7, which is at the quantile level of 8.19% in the past decade;
Pharmaceutical and Biological Index has PE-TTM only 23.91, which is at the 3.58% quantile level in the past decade;
The above sub-industry can be said to be underestimated. With the gradual recovery of the economy in the future, is expected to achieve profit growth and valuation increase. Davis double-click may be a good time to configure the technology theme.
Chart 1: semiconductor index valuation
Source: Wind, as of 20221125; History does not represent the future, the market has risks, investment should be cautious
Chart 2: valuation
Source: Wind, as of 20 221125; History does not represent the future, the market has risks, so you need to be cautious in investment
Chart 3: Valuation of the pharmaceutical and bioinformatics
Source: Wind, as of 20221125; History does not represent the future, the market has risks, so you need to be cautious in investment
Today I will introduce to you an investment expert in the field of technology, Zhou Ziguang of CICC Fund.
4 has been deeply engaged in the field of science and technology for many years
Zhou Ziguang, master of microelectronics and solid electronics at Dalian University of Technology, and after graduation in September 2009, he entered the securities industry. He has served as a researcher in Jianghai Securities , Ping An Securities , and Founder Securities Research Institute, responsible for the research on power equipment and new energy industry; he joined CICC Fund in March 2016, and served as a researcher in the research direction of growth industry, and is currently the administrative head of the research department of CICC Fund.
weeks Unigroup focuses on the new energy and technology track, is good at research and investment in emerging fields, is good at trend investment combined with value investment, focuses on industries with competitive barriers and long-term space, adheres to the orientation of industry prosperity and company performance combined with valuation and cost-effectiveness, and strives for excess returns.
Chart 4: Zhou Ziguang's investment style and concept
Source: CITIC Construction Investment Fund
Excellent historical performance
Zhou Ziguang's representative product is CITIC Construction Investment Zhixin Internet of Things A, which started working in 2017. It has achieved a return of 158.96% since its establishment. has significantly surpassed the performance benchmark and the market index and performed very well. (Data source: CICC Fund, reviewed by the custodian bank, as of 20221031; history does not represent the future, the market has risks, investment should be cautious)
Figure 5: Zhou Ziguang represents the historical performance of the product
Source: CICC Fund, reviewed by the custodian bank, as of 20221031; history does not represent the future, the market has risks, investment should be cautious)
Source: CICC Fund, reviewed by the custodian bank, as of 20221031; history does not represent the future, the market has risks, investment should be cautious
holdings are relatively concentrated. Judging from the quarterly report disclosure of CICC Zhixin Internet of Things A, most of the top ten heavily held stocks belong to the information technology industry and have relatively obvious high growth characteristics. The total proportion of the top ten heavily held stocks is 70.69%, and the concentration of holdings of is relatively high. fund may have good explosive power. (Data source: Wind, Fund Periodic Report, as of 20220930)
Chart 6: The situation of the top ten heavily held stocks
Source: Fund Periodic Report, as of 20220930; does not represent individual stock recommendations, history does not represent the future, the market has risks, investment should be cautious
Zhou Ziguang's new fund introduction
Focus on the forefront of the times and select the technology track! Zhou Ziguang, administrative director of the Research Department of CITIC Construction Investment Fund, has a new work - CITIC Construction Investment Technology Theme 6-month Holding Period Mixed (Class A code: 017034) is currently being sold in 4 CITIC Construction Investment Securities . Anchoring to the hard-core technology track, through forward-looking national policies and comprehensive and systematic analysis, select individual stocks in the technology direction, strive for excess returns, and bring investors a better investment experience!
(This fund is a mixed fund, and its expected returns and expected risk levels are higher than those of bond funds and money market funds, and lower than stock fund .)
Select the product and go to CICC! It is no longer difficult to preserve and increase wealth!
Author: Xu Haipeng, S1440622040017, P1020364100006;
Risk warning: Funds are risky, investments should be cautious. The fund manager promises to manage and use fund assets with the principles of honesty, trustworthiness, diligence and responsibility, but does not guarantee the fund's profits or the minimum return. The fund's past performance and its net value do not indicate its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of fund performance. Fund sales institutions remind you the principle of "buyers are responsible for themselves" in fund investment. After making investment decisions, the investment risk caused by changes in fund operation status and fund net value will be borne by you at your own expense. Fund managers, fund custodians, fund sales institutions and related institutions shall not make any commitments or guarantees regarding fund investment returns.Please carefully read the product legal documents such as fund contracts, fund prospectuses and fund product information summary. This article does not represent the views of CITIC Construction Investment Securities, and is only a discussion of fund investment strategy and is not used as investment advice. The research content of this report is a follow-up compilation. It is not guaranteed that the content of the compilation is exactly consistent with the original research text. In addition, the views of the fund manager may change; the information in the article comes from public information that the company believes is credible, but the company and its writers do not make any guarantee on the accuracy and completeness of these information, nor do they guarantee that the information and suggestions contained will not change; we have strived to be objective and fair in the content, but the views, conclusions and suggestions in the article are for reference only. The specific funds, stocks and other securities mentioned in the article are only used for examples and do not constitute investment. The final operational advice of the person in terms of investment, law, accounting or taxation; historical performance does not represent the future and is not guaranteed for the future return level of other products of the same manager/fund manager/ investment strategy . Any investment decision made by anyone based on this has nothing to do with CICC Securities and the author. Please read the fund legal documents for the details of the fund product and shall prevail. Fund investment is risky and decision-making must be cautious; third parties shall not copy or reproduce the content contained in this article for commercial purposes. If copying or reprinting is required, authorization should be applied for and the source should be indicated, and no citation, deletion or modification of the content in the article shall be made contrary to the original intention.
