Financial World Fund reported on April 13 that Cathay CSI Shenwan Securities Industry Index (LOF) Fund fell 1.19% on April 12, with a current price of 1.088 yuan and a transaction of 551,100 yuan. The current off-market net value of this fund is 1.0741 yuan, down 1.88% from the previous trading day, and the on-market price premium rate is 0.08%.
This fund is a listed tradable stock fund and index fund. Data from the Financial World Fund shows that the net value of this fund fell by 3.51% in the past January, the net value of this fund fell by 18.11% in the past three months, the net value of this fund fell by 20.28% in the past June, and the net value of this fund rose by 7.85% in the past year. Since its establishment, the cumulative net value of this fund has been 1.0741 yuan.
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.
fund manager is Ai Xiaojun, who has managed the fund on April 27, 2017, and has earned 7.41% during his term of office.
latest fund periodic report shows that the fund has heavy holdings in CITIC Securities (holding ratio 15.87%), Haitong Securities (holding ratio 7.87%), Huatai Securities (holding ratio 6.72%), China Merchants Securities (holding ratio 5.50%), Guotai Junan (holding ratio 5.01%), GF Securities (holding ratio 3.05%), Shenwan Hongyuan (holding ratio 3.02%), Founder Securities (holding ratio 2.70%), Oriental Securities (holding ratio 2.64%), and Industrial Securities (holding ratio 2.58%).
Fund investment strategy and operation analysis during the reporting period
In 2020, the global economy fell sharply due to the impact of the new crown pneumonia epidemic. Stimulated by the fiscal and monetary policies to stabilize the economy and promote people's livelihood, the capital market performance of major economies exceeded expectations. The industries benefiting from the digital economy, online economy and other related epidemics performed well. Under the guidance of Tesla Chinese factory production capacity release and strong sales in the Chinese market, the new energy industry represented by new energy vehicles led the second half of the global major stock market. Overall, with the rapid development of the equity market and the acceleration of institutionalization of the A-share market, the differentiation of the market structure has intensified, and the leaders of various sub-industry have shown the characteristics of the strong always being strong.
htmlFirst quarterly, in the first quarter, due to the continuous spread of the new crown pneumonia epidemic from China to Europe and the United States, various assets in the global financial market fluctuated significantly, and the A-share market fluctuated significantly. At the beginning of the year, due to the positive policy expectations of the year of the close of a well-off society, the market continued the good trend in the fourth quarter of last year, especially the performance of new energy vehicles, including large-scale 5G construction and domestic substitution, including semiconductors, communications, computers, and new energy vehicles driven by the strong performance of Tesla . In late January, affected by the rumors of new crown pneumonia in Wuhan, the market began to fluctuate and weaken, especially on the first day after the Spring Festival, the continued impact of the domestic epidemic, individual stocks in Shanghai and Shenzhen stocks fell to the limit on a large scale. Decisively took strict prevention and control measures in China. As the epidemic is gradually under control, due to the continued hot issuance of new funds, technology stocks have led A-shares to a wave of rapid rise; as the epidemic gradually spreads and expands overseas and the weak overseas prevention and control measures, the global financial market has suffered a sharp impact, and all kinds of assets have fallen sharply. European and American stock markets have repeatedly circuit breakers within a week, and the A-share market cannot be immune to it. Northbound funds continue to have a sharp net outflow in the short term. The Shanghai Composite Index fell to 2646 points at the lowest. Strong sectors such as semiconductors, communications, computers, and new energy vehicles, which had a too fast increase in the previous period, fell sharply.In the second quarter, affected by the reform of GEM and the pilot of the registration system , the continued spread of the new crown pneumonia epidemic overseas, the A-share market has been structurally in a variety of situations. Affected by the reform of the GEM and the pilot registration system, the GEM index continued to strengthen, with an increase of more than 30% in the second quarter; benefiting from the progress of the research and development of the new crown pneumonia vaccine, including raw materials and vaccine listed companies, the pharmaceutical and biological industry rose by nearly 30% in the quarter, and the CSI Biopharma Index rose by more than 40%. In terms of technology, driven by the expectation of the launch of the new model of Apple and the soon-to-be-listed on Science and Technology Innovation Board , the China Semiconductor Chip Index also increased by more than 30%. The promotion of a series of reform measures in Hainan Free Trade Port has led to a significant strengthening of tax exemption-related concepts.As the end of the quarter approaches, the Shanghai Composite Index compilation plan is revised and the Science and Technology Innovation Board 50 Index is about to be launched, driving the market risk appetite to gradually increase.
Capital market reforms such as the reform of the registration system of the GEM in the third quarter, the first anniversary of the launch of the Science and Technology Innovation Board, the official launch of the Science and Technology Innovation Board 50 Index, and the market risk preference has increased significantly. The A-share market continued to rise from the end of the second quarter to mid-July, and hit a new high this year. Later, due to the continued spread of the new crown pneumonia epidemic, the US election and the U.S. limit suppression of Huawei has caused concerns about lower than expected 5G construction. The semiconductor and communication sectors including 5G and consumer electronics continued to pull back, and the A-share market fluctuated between 3200 and 3400 points. Affected by geopolitics, the military's actual combat training has been strengthened, and the military industry has performed outstandingly with the factors of making up for the rise. Stimulated by Hainan's offshore tax exemption policy, the tax exemption theme continues to strengthen.
The fourth quarter is approaching the end of the year. The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China's proposal on the 14th Five-Year Plan and the 2035 long-term goals have pointed out the direction of my country's economic development in the medium and long term for the capital market. It is expected that the signing of the China-EU investment agreement will continue to strengthen, including the continued strengthening of the new energy vehicle and photovoltaic sectors; with the positive expectations that domestic and foreign vaccines have been registered one after another, the sectors damaged by the epidemic have been repaired; as the end of the year approaches, the market's expectations for the exit of monetary easing policies have been gradually revised, and the A-share market fluctuates upward. Structurally differentiated, the energy revolution themes including new energy vehicles and photovoltaics, as well as non-ferrous metals and chemicals, performed strongly, benefiting from the strong recovery of the domestic economy, concerns about bank concessions eased, and banks have emerged in a wave of valuation repair market. Against the backdrop of the emergence of popular equity funds, consumer sectors including liquor and home appliances have set new highs. In the field of technology, the Trump administration has weakened overall due to the unlimited limits of some Chinese companies.
The net value growth rate of this fund in 2020 was 14.72%, and the benchmark for performance in the same period was 9.80%.
The manager’s brief outlook on the trends of the macro economy, securities market and industry
2021 is the beginning of the 14th Five-Year Plan. Although vaccines have been approved one after another, there is still great uncertainty in the new crown epidemic globally. It is expected that the monetary environment will remain reasonably loose. Affected by the base, the economic growth rate is expected to be high at the beginning and low at the end; with the new US government coming to power, Sino-US relations are expected to be eased to a certain extent.
Overall, we remain optimistic about the market in 2021. Strategically, when the returns of A-share equity funds have risen sharply for two consecutive years, combined with the macroeconomic judgment in 2021, we recommend that investors lower their expectations; in the context of deviating from virtual to real, financial support for the real economy, and transforming China's economic structure and breaking the rigid guarantee, we expect that the equity market will still be cared for by policies. We recommend that investors maintain a positive attitude and grasp the structural opportunities of the market. Structurally, it is recommended to focus on military industry with high prosperity in the industry; new energy vehicles, photovoltaics, and wind power that benefit from the China-EU Investment Agreement on carbon peak and carbon neutrality goals. In terms of technology, it is recommended to pay attention to semiconductor chips, communications, computers and other sectors with large adjustment range and space. (Click to see more fund changes)
