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nginx/1.6.1Financial World Fund September 15th News Galaxy CSI Shanghai-Hong Kong-Shenzhen High Dividend Index A (LOF) Fund fell 3.49% on September 14th, with a current price of 1.176 yuan and a transaction of 23,200 yuan. The current off-market net value of this fund is 1.1418 yuan, down 1.65% from the previous trading day, and the on-market price premium rate is -0.60%.
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 has increased by 6.38% in the past January, the net value of this fund has increased by 5.21% in the past three months, the net value of this fund has increased by 7.23% in the past June, and the net value of this fund has increased by 18.36% in the past year. Since its establishment, the cumulative net value of this fund has been 1.1418 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. The fund manager of
is Chen Bozhen. He has managed the fund on June 26, 2018, and his income during his tenure was 18.71%. The latest fund regular report of
shows that the fund has heavy holdings in Qibin Group (holding ratio 3.48%), Jiantao Group (holding ratio 2.59%), Longbai Group (holding ratio 2.25%), Haifeng International (holding ratio 2.11%), Dadongfang (holding ratio 1.88%), Xinyi Glass (holding ratio 1.83%), HSBC Holdings (holding ratio 1.71%), China Merchants Port (holding ratio 1.69%), Country Garden Group (holding ratio 1.56%), and Baolong Real Estate (holding ratio 1.54%).
Fund investment strategy and operation analysis during the reporting period
At the macro environment and policy level, we judge that the overall monetary policy this year remains neutral, market interest rates fluctuate around policy interest rates, and the margin of the policy level's response to inflation has been significantly weakened since the second quarter. In addition, we expect the domestic economy to fall from its high point in the third quarter, but overseas will continue to recover. It is judged that the government will seize the window period in the third quarter, adjust its structure, control real estate and infrastructure investment, and the overall liquidity will remain neutral and loose.
2021 market index differentiates significantly in the first half of the year. The growth sectors represented by the GEM and Science and Technology Innovation Board rose sharply, while the value indexes represented by the Shanghai Stock Exchange 50 and the Shanghai and Shenzhen 300 continued to be weak. We believe that the differentiation of growth and value indexes is seriously caused by the sustainability of the prosperity of different industries. The strong performance of sectors represented by new energy vehicles, photovoltaics, and semiconductor equipment materials fully demonstrates the sustainability of the industry's prosperity. In addition, the accelerated flow of overseas funds into such assets also indirectly reflects that the current economic cycle is still expanding. However, the ebb in some midstreams also shows that they are currently in the second half of economic cycle expansion. During the reporting period, the fund's daily operations strictly replicate the index according to the weight of the index sample stocks, with the control goal of minimizing tracking errors.
The performance of the fund during the reporting period
As of the end of this reporting period, the net value of the Galaxy High Dividend LOF fund shares was 1.0775 yuan, and the net value growth rate of the fund shares in this reporting period was 8.27%; as of the end of this reporting period, the net value of the Galaxy High C fund shares was 1.0691 yuan, and the net value growth rate of the fund shares in this reporting period was 8.12%; the benchmark yield of the same period was 6.84%.
manager brief outlook on the trends of the macro economy, securities market and industry
Domestic economic growth slowed down marginally in the second half of the year, and overseas continued to recover. However, it is expected that monetary policy will gradually return to normal, and the weakening of loose liquidity will also suppress the performance of risky assets.
In addition, as a highly institutionalized offshore market, Hong Kong stocks will give relatively high valuations for the certainty of profit fundamentals. We believe that the catalyst for Hong Kong stock market performance in the second half of the year will come from the continued growth of Hong Kong stock corporate profits. We judge that the current global economy continues to recover, while the domestic economic growth rate remains at a high level, and Hong Kong's economy will continue to recover with the recovery of international trade. With the continuous increase in the domestic vaccination rate between Hong Kong and China in the second half of the year, there is absolute support for the profit performance of Chinese assets (whether it is A-shares or H-shares listed in Hong Kong). Secondly, from the perspective of capital: the valuation advantages of many core assets (especially the new Hong Kong stock economy) have already emerged, and the inflow of funds southward began to be quite obvious in May. In terms of overseas funds, the RMB is expected to remain strong in the near future, and the trend of overseas funds flowing back to RMB assets still exists.Since the overall liquidity margin has been suppressed, we believe that after the interim report, companies whose performance in the third quarter and the second half of the year will have a higher probability of their stock prices continuing to grow. (Click to see more fund changes)
