404 Not Found
nginx/1.6.1Financial World Fund reported on August 31 that the net value of GF New Economy Mixed Initiative Securities Investment Fund (abbreviated as: GF New Economy Mixed C, code 010134) fell by 1.67% on August 30, attracting investors' attention. The current net value of the fund unit is 3.9698 yuan, and the cumulative net value is 3.9698 yuan.
GF New Economic Mixed C Fund has earned -8.11% since its establishment, earned -13.95% this year, earned -2.63% in the past month, earned -21.05% in the past year.
This fund has distributed dividends 0 times since its establishment, with a cumulative dividend amount of RMB 100 million. The fund is currently open for subscription. The fund manager of
is Qiu Jingmin. He has managed the fund on September 22, 2020, and his income during his tenure is -6.54%. The latest fund regular report of
shows that the fund has a heavy holding in Kanglong Chemical Industry (holding ratio 10.21%), Boteng Co., Ltd. (holding ratio 9.12%), Trina Solar (holding ratio 8.48%), WuXi AppTec (holding ratio 8.11%), Longi Green Energy (holding ratio 7.36%), Kweichow Moutai (holding ratio 7.31%), Shilan Micro (holding ratio 6.08%), Quartz Co., Ltd. (holding ratio 5.07%), Hengdian Dongci (holding ratio 4.32%), and Yirui Technology (holding ratio 3.69%).
Fund investment strategy and operation analysis during the reporting period
The overall market fluctuated greatly in the first half of 2022, first fell and then rose. In the first quarter, the market continued its style since the fourth quarter of last year, and overall showed a downward trend. Among them, growth stocks represented by the GEM and Science and Technology Innovation Board fell significantly, while the "difficulty reversal" and energy industries have certain positive returns. The former is represented by aviation, real estate, breeding, etc., while the latter is mainly coal, oil and gas, etc. The relative return scissors gap between industries reached its historical extreme value at the end of February and early March. This cannot be explained by purely trading factors and has a certain relationship with fundamentals. Especially after the valuation of growth industries is high, the market's concerns about the long-term competitive landscape and industry space have intensified.
Affected by multiple factors such as the Russian-Ukrainian war, international relations, and domestic epidemic, the market encountered an irrational rapid decline in April. After that, with the gradual easing of the domestic epidemic, economic stimulus policies were introduced one after another, and the market returned to the logic dominated by fundamentals. Therefore, industries with higher prosperity, industries with greater industrial policies and oversold industries were the first to rebound, mainly new energy, military industry, automobiles, etc.
We are firmly bullish when the market is pessimistic. Although we face great pressure, we still maintain a high position, focusing on new energy-related industries such as power semiconductors, inverters, photovoltaics, electric vehicles and related materials. In addition, we continue to be optimistic about the pharmaceutical CDMO industry. Although we may face interference from fluctuations in the short term, we will not change the industrial logic of long-term continuous high growth.
The performance of the fund during the reporting period
During this reporting period, the net value growth rate of Class A fund shares of this fund was -9.91%, the net value growth rate of Class C fund shares was -10.09%, and the benchmark yield of the same period was -6.91%.
managers' brief outlook on the trends of the macro economy, securities market and industry
Looking forward to the future, the domestic economic recovery is relatively certain, especially in the environment where overseas economies may fall into recession under the pressure of inflation, which is even more valuable. Therefore, from a global perspective, domestic equity assets have high investment value, especially some industries with higher prosperity will still see rapid growth next year. With new energy and its industrial chain as typical representatives, upstream resources, electronic components (chips), equipment and downstream applications are expected to face rapid growth in demand. Therefore, once a supply bottleneck is encountered in a certain industrial link, it is likely to bring dividends of both volume and price increase. If the competitive landscape can be maintained for a long time without deteriorating, then the company's high profit period can be maintained and the upper limit of valuation expansion will be higher. However, for most industries, they will eventually fall into a cycle of "demand expansion-capacity bottleneck-profit expansion-capacity expansion-supply and demand contradiction conversion-overcapacity". Therefore, after the feast, Davis' double-kill is inevitable. As an investor, he either chooses to leave the stage before the end of the dance music or chooses to wait and see if he changes, otherwise he is likely to take greater risks.
Specific industry, the policy stimulus of the automotive industry this year is relatively strong. Coupled with the development of electrification and intelligence, the fundamentals of the industry have changed significantly. In addition, the previous drawdown is relatively large, and the stock prices of many companies have increased significantly. Looking back, since the overall sales will not rise to the next level, the core focus is still on electrification and intelligence.
The best direction of the photovoltaic industry is distributed, the overseas driving factor is European energy independence, and the main domestic sub-industry is inverters, energy storage batteries, and all-in-one machines. With the continued release of silicon material production capacity in the second half of the year, it is expected that next year's centralized power stations will usher in a huge explosion of demand after two consecutive years of suppressed years, and the prospects are promising.
Regarding the pharmaceutical industry, the best performers in this round of rebound are innovative drugs, consumer medical care and CXO, which is not disturbed by COVID-19 drugs. The initial expectations are mainly low and the decline is large. In the short term, the market has seen some new drugs approved, so it rebounded. In the long run, some cities have successively introduced policies to pay with the exception of innovative DRG payments, which will guide the market to continue to focus on innovation.
Regarding consumer medical care, the prosperity is high from beginning to end. The market is tangled with valuation and contingent policy pressure. Therefore, once the market sentiment improves, consider valuation switching, and there is a lot of room for upward trend. The uncertainty in the future lies in policy expectations.
About CXO, this year may usher in a big year of bumper performance, but if the demand for new crown drugs decreases, the companies that benefit this year may face pressure to grow next year, so more investors have chosen CXO companies without the interference of new crown drugs. Standing at the current point in time, some companies meet our requirements of "buying excellent companies at reasonable prices".
