China Resources Yuanda Information Media Technology Fund Manager Liu Hongyi
China Securities Network News (Reporter Zhang Huanyun) Recently, Liu Hongyi, fund manager of China Resources Yuanda Information Media Technology, said in an interview with a reporter from China Securities Journal that his stock selection concept is to start from an industry perspective, grasp the industry prosperity at the meso-level, and select high-quality leading enterprises to make arrangements. Speaking of the future market, Liu Hongyi's view is neutral and optimistic, and he is more optimistic about growth opportunities.
Focus on the meso-level industry
First of all, talking about the investment philosophy. Liu Hongyi said that he tends to start from an industry perspective, judge the industry's prosperity from a meso-level perspective, and choose leading stocks.
In Liu Hongyi's view, the reason for choosing a leading company is that this type of company has often proved its value and strength from the fundamentals, such as stable performance, abundant orders, high customer recognition, high market share, or very leading in the technical level.
Regarding the logic of stock selection, Liu Hongyi said that in the past one or two years, he has relatively favored high-quality companies in the electronics and computer industries. "In essence, such stock selection comes along the main line of the industry."
has always had differences in the valuation of technology innovation companies.
In this regard, Liu Hongyi said that his understanding of the valuation of technology companies should not be bound by traditional PE thinking, but should be priced for the future. Taking a semiconductor equipment company in its historical holdings as an example, when the company went public last year, it seemed to have a high valuation, but the market was quite different. After in-depth research, Liu Hongyi concluded that the company's fundamentals have been agreed upon by the market and has certain technical advantages.
But from a traditional perspective, PE is expensive and difficult to get started. However, if you look at the space for future growth from a development perspective and the method of comparing with similar international giants, Liu Hongyi believes that in the long run, the company can achieve its goals, occupy market share, and choose to buy decisively.
In-depth exploration of fundamentals
focuses on the meso-level industry, and in-depth exploration of corporate fundamentals has always been an important principle for Liu Hongyi's investment.
Liu Hongyi pointed out that in terms of company screening standards, we must first judge whether the industry's industrial development stage is from the early stage or has entered a long development period. At the same time, pay attention to the technical barriers and leading advantages of the enterprise, whether the industry space itself is sufficient, and the next step is to choose an advantageous enterprise in the industry.
For example, the consumer electronics industry pays more attention to factors such as the advantages of production capacity, management efficiency, cost control and other factors. In the semiconductor field, we pay more attention to technical strength and gain customer recognition. In the cloud computing industry, it is necessary to observe whether the company's services are suitable for the characteristics of their respective physical industries, etc.
In daily research, Liu Hongyi will make comprehensive judgments based on public information based on comprehensive analysis and internal and external research forces. During the investigation, Liu Hongyi will understand and verify the quality of listed companies through many aspects. Not only through communication with people from upstream and downstream of the industry chain, but also through verification with investors in the primary market in the industry, comparing similar companies to obtain more credible results. Behind the heavy holdings of
in the technology industry, net value fluctuations are also issues that need to be dealt with. When
is facing market adjustment, Liu Hongyi's first reaction is to find the reason for the decline, whether it is the overall reason for the A-shares, or whether there is a problem with the listed company itself. Of course, whether it takes profit or stop loss, it is based on his own prediction and valuation of fundamentals.
Previously, Liu Hongyi had done a long period of macro research. In his opinion, macro analysis gives itself the greatest growth, which is to block noise from various information disturbances, focus on the most useful information, focus on the meso-level industry, and study the newly selected stocks in full swing. Especially when the market fluctuates, you have more determination. At the same time, we will establish our own opinions on the combination configuration and optimize our strategies.
is optimistic about the neutral market
Regarding the future market, Liu Hongyi said that he is not pessimistic and maintains a neutral and optimistic attitude. Regarding the recent impact of external disturbances, Liu Hongyi believes that it may be more of a phased interference factor at present.
Many investors are worried about the high valuation. In Liu Hongyi's view, there must be reasons behind the high-valuation companies, including long-term growth expectations, etc.At the same time, the valuation of the entire market must be differentiated, and the difference in growth expectations is reflected behind the differentiation. The recent pullback actually digests part of the valuation expectations, and may also be a good time to build positions.
"I am still optimistic about the future market, especially the direction of growth." Liu Hongyi said that he tends to benefit from both recovery and changes in the industrial structure. The industrial trends contained in such an industry may enable the company to travel through the cycle and achieve good development.
Speaking of the specific optimistic direction, Liu Hongyi said that there are several main aspects: First, industries with growth potential in the TMT industry. Second, the pharmaceutical industry. Third, the field of intelligent new energy vehicles.
