While learning, earning, Hello everyone, I am Gui Zhui. Welcome to this week's live Q&A.
, Huihui:
1) My current positions include: Niu Jinqian 6w (weekly fixed investment 600), Xing Combination 6w (weekly fixed investment 600), 519704 Bank of Communications Manufacturing 7w, 001216 Yiyou 6w (weekly fixed investment 500), 009076 ICBC Yuanxing 6w, 450009 Guofu Small and Medium Cap 5w (loss 7%), 001102 Qianhai National Advantage 5w (loss 12%), 0056 69 Qianhai Public Utilities 3w, 519702 Bank of Communications Trend 2w, 001402 Xinda Aobank New Energy 2w, Xingquan Herun 5w (1000 in weekly fixed investment), 000083 Huitianfu Consumer Industry 5w (1500 in weekly fixed investment), Hong Kong stock bao 7w (800 in weekly fixed investment), the rest are fixed income + categories such as Stable Happiness, Niu Steady, New Investment Plan, etc. Please help me see if the adjustment is made, and whether those fixed investments will continue. These money will not be used for at least 3 years. Thank you! Have trouble! !
2) Qu Yang's 001102 Qianhai's national comparative advantage has been losing more than 10%. Whether it is necessary to invest in fixed positions to reduce costs, or convert it into Qianhai's public utilities.
[ reply ]
The first question is, overall, fixed income is a good combination product; equity-oriented fund mainly focuses on balanced funds and high-performance combinations, and is also equipped with a long-distance track of consumption, technology/manufacturing, and new energy. The products are all 34 veterans and new stars in "small and beautiful". There are also some undervalued Hong Kong stock portfolios.
Fixed income: Stable happiness, Niu Jibao's stable type, new investment plan;
equity:
consumption: Huitianfu consumption industry 000083
technology, manufacturing: Bank of Communications Advanced Manufacturing 519704, Xinda Aobank New Energy 001402
New Energy: Qianhai Kaiyuan Utilities 005669
Equilibrium: Yiyi New Income 001216, ICBC Yuanxing 009076, Guofu Small and Medium Cap 450009, Qianhai National Advantage 001102, Bank of Communications Trend 519702, Xingquan Herun 163406; Niu Jibao enterprising type, Xingquan combination
Hong Kong stocks: Hong Kong stock Bao
No special suggestions, even if you can consider arranging 1-2 pieces, the current location is also good. In addition, Yang Jinjin and Cui Chenlong are still relatively young and need to continue to observe and pay close attention. In addition to two young people (the fund position is also relatively high), other veterans can invest in fixed investments for the above equity-oriented products.
The second question, Qu Yang has said a lot about it, so you can still hold it. Now, changing to Qianhai Kaiyuan Utilities with a higher valuation is equivalent to cutting cheap or expensive things. Even if the verification is correct in the short term, the cost-effectiveness of doing this in the medium term is not high. You can also add new funds to directly invest in the funds you want to exchange, but note that one is that Cui Chenlong is still relatively young. Historically, this kind of fund manager will be subverted as soon as he debuts, and will have greater fluctuations in the future. The other is that the new energy track is currently at a high level and the risks of the track are also there (think about the liquor that has been popular in the past two years, what this year looks like). So you can try this kind of thing and stop it.
. Passerby A, B, C:
Teacher, ask a relatively basic question, for example, if you buy a certain fund of 100,000 yuan, you will make a profit of 10,000 yuan the next day, and then the principal will be calculated based on 110,000 yuan the third day, or based on the original purchase of 100,000 yuan.
【 reply 】
.1 million yuan has increased to 110,000 yuan. If the fund shares are 100,000, it is equivalent to the net value of your fund from 1 yuan to 1.1 yuan. The fund will rise by another 10% on the next trading day. Of course, based on the principal of 110,000, your fund unit net value will also become 1.1 yuan* (1+10%) = 1.21 yuan. To be briefly understood, here is a bit of the meaning of "compound interest".
. Zhang:
Editor-in-chief Gui, the Southern Hong Kong Growth Flexible Allocation (001691) I started to invest in the fixed investment at the beginning of the year. The position of in is not heavy, but it has lost 21%. I have recently changed the fund manager. Should I continue to invest in the fixed investment or suspend the fixed investment, or convert to other funds? Thank you
Zihuai:
May I ask if I hold Southern Hong Kong Growth (001691), and I currently have a loss of 21%. How should I deal with it next? Thanks!
[ reply ]
Southern Hong Kong Growth Flexible Allocation (001691) has allocated Hong Kong stocks and other companies, and the overall trend in the past year is relatively consistent with that in Hong Kong stocks.
Considering the current low valuation position of Hong Kong stocks, the underlying assets can continue to be held alone.
Its problem is that the fund manager, Huang Liang has left, and now there are Wang Shicong, who has been in charge since 2020.5, and the newcomer Xiong Xiaoya. What we have repeatedly said that the biggest risk of buying a fund is the fund manager. Therefore, there is great uncertainty in continuing to increase positions.
If you want to invest in Hong Kong stocks, you can also deploy other products, such as Hang Seng Technology Index, Jiashen Hong Kong Stock Connect New Economic Index A (501311), some actively managed Shanghai-Hong Kong-Shenzhen Fund , etc.
Teacher CSI 500 is still worth getting?
[ reply ]
CSI 500 is undervalued, mainly driven by the good overall profit data this year. With the style switch, CSI 500 performed well this year, and its recent adjustments mainly stem from profit-taking and cyclical sector adjustments.
(Data source: wind, Haomai Research Society, data range 2019.1.1--2021.11.4)
In the short term, the adjustment has approached the important support level (half-year line, annual line). In terms of fundamentals, the fundamentals of cyclical stocks are still very strong, and the rebound opportunity still exists. CSI 500 has the opportunity to stop falling and rebound.
mid-term, we have repeatedly said in the investment minutes and live broadcast that next year's profit data will be towards blue chip and growth, and it is difficult for small and medium-sized markets to continue to have excellent performance this year. In this way, the market conditions of CSI 500 and cycles will be difficult to continue next year. Therefore, it is recommended to adjust positions and change funds to market and growth stocks in the next 3-6 months.
. Universe:
Teacher, do you need to look at the fund size of an enhanced index fund? I bought Fuguo CSI 500 index enhancement, and the scale was a bit large. Now I changed it to Western Lide CSI 500 index enhancement fixed investment. If the scale becomes larger during the fixed investment process, do I need to change it? Please help analyze these two. Should I invest in fixed investments together or what should I do?
[ reply ]
Enhanced index funds generally use quantitative models to enhance the index, which is essentially an active management fund. If the fund is too large, it may lead to slow response and even failure of certain enhancement factors.
Shengfengyan has been strengthening the Western Lide CSI 500 Index in November 2016. Since July 2020, compared with the strengthening of the Fuguo CSI 500 Index (which has already had a certain excess return than the ordinary passive CSI 500 Index), it has achieved greater excess return than usual.
(Data source: Haomai Academy Official Account, Data range 2019.1.1--2021.11.4)
In addition, the scale of the Western Lide CSI 500 Index is indeed much smaller. Also, in terms of institutional share, institutions are withdrawing from the Fuguo CSI 500 index to strengthen, while more institutional funds are paying attention to the Western Lide CSI 500. Therefore, scale is one aspect, and more importantly, it lies in the ability of fund managers to create enhanced returns.
6, Zhang Pu:
Hello:
1) Can you put half of your assets into the Nasdaq? I found that in the past ten years, most of the a-share excellent active funds cannot beat Nasdaq, and the fluctuation control is not as good as it.
Want to know, can the Nasdaq still be as stable as in the next five to ten years?
2) What is the specific time period for the top ten heavily held stocks in the third quarter announced by the fund? Don’t stocks trade frequently? Then aren’t the top ten heavily held stocks often replaced?
3) You often say that in terms of long-term investment, the yield rate of balanced funds and single-industry funds is similar. Is it necessary to invest in the five major tracks you often talk about? Since the yield rate is the same, the volatility control of balanced funds is better than that of single industries, isn’t it easier to hold on! It is more conducive to long-term investment, so there is no need to invest in the industry!
[ reply ]
First, history does not represent the future, and the current US stock is definitely not cheap. Under the global stagflation expectations and the US interest rate hike cycle , the risk of US stocks volatility next year cannot be ignored. Remember, the Nasdaq index plummeted -80% in the Internet bubble burst in 2000, and the financial crisis in 2008 also fell by more than -50%. In addition, the proportion of assets in a single direction exceeds 20%, which does not meet our basic discipline requirements for scientific allocation.
The second one, after the end of each quarter, in the middle and late of the next month (April, July, October, and January), the fund company will announce the fund's holdings data at the end of the last quarter. For example, on October 25, the fund shareholding data as of 9.30 was released. This data has lag and is of reference only. For some people with high turnover rates and no clear style preferences, the reference value is not very significant.
The third one, theoretically, this is the case. We look at the data at the end of April this year, the annualized yields of the 34 fund managers whose management period exceeded 4 years were: consumption 25%, pharmaceutical 31%, technological growth 26.7%, value 21.8%, and balance 24.5%; the maximum drawdowns were consumption -36.93%, pharmaceutical -44.5%, technological growth -31.7%, value -38%, and balance -32.8% respectively. (Note, the management time of value and balanced funds here is generally longer than that of fund managers on a single track, resulting in the long-term annualized yields that experienced the financial crisis in 2008 were lowered and the drawdown was widened)
overall, the volatility of value and balanced fund managers was better controlled, and the long-term annualized yields were not bad. It is also what we often recommend, long-term balanced configuration, which saves worry and effort. There are a lot of fluctuations in a single track, and it is easy to chase ups and sell downs. It may be that in the short term, a single track will look better, but after a long period of time and high volatility, the actual annualization will not exceed the value or the amount of balanced funds.
7. Zhuzhu:
1) What stock funds are held by Editor Gui belong to high-end manufacturing?
2) What are the funds that hold specialized and new funds?
3) What exactly does the up, midstream and downstream of new energy refer to? What are the corresponding funds?
4) Liquor has fallen again. Can you still invest in it?
【 reply 】
1) We can refer to the relevant index on the official website of CSI and look at its component . For example, the CSI High-end Manufacturing Theme Index is a listed company that selects from the Shanghai and Shenzhen markets including aerospace and national defense, communication equipment , semiconductor products, biotechnology, Western medicine, electronic equipment and instruments, automobiles, computers and peripheral equipment.
If you choose a fund with a high-end manufacturing theme, the easiest way for ordinary people to see the fund name with the fund name "high-end manufacturing", "advanced manufacturing", "intelligent manufacturing", "high-end equipment", "manufacturing pioneer", "Made in China", "Manufacturing Selection" and other related theme funds, or some fund screening tools to screen the theme funds. For example:
2) Generally speaking, " specialized and new " focuses on high-end equipment manufacturing, new materials, new generation information technology , new energy and other mid-to-high-end manufacturing fields. Since the Ministry of Industry and Information Technology issued the "Notice on Carrying out the Cultivation of Specialized and New "Little Giant" Enterprises in November 2018, three batches of nearly 5,000 small and medium-sized enterprises have been selected into the list of specialized and new "Little Giant" enterprises.
We see that in the third quarter, some products of public funds focused on their allocation, and 418 companies received public holdings in the third quarter, accounting for more than half of the listed related companies.The distribution of industries to which the invested companies belong is mainly electronic, electrical and mechanical equipment. In addition, in the future, Beijing Stock Exchange is expected to become the cradle of specialized and new enterprises, and technology manufacturing companies with specialized and new characteristics are their long-term focus.
Specialty and New Fund, just released: Invesco Great Wall Specialty and New Quantitative Preferred Stock A (014062), which will be raised from November 5, 2021 to November 30, 2021. Judging from the investment strategy of stocks, the targets that meet the definition of the fund's specialized and new enterprises will be selected through quantitative models, and stock assets will account for 80% to 95% of the fund's assets. In addition, many high-end manufacturing funds, including technology and growth funds, will continue to pay attention to this sector in the future.
3) New energy in the traditional sense refers to unconventional energy except fossil energy, including hydropower, wind energy, tidal energy, solar energy, geothermal energy, nuclear energy, bioenergy, etc. Now, according to actual influence, it mainly includes photovoltaic , wind power, new energy vehicle , as well as key batteries and energy storage technology .
We choose the upstream, middle and downstream of the three main templates, refer to the figure below:
corresponding funds, you can refer to the tweet of "Haomai Academy" official account 2021.11.3 "A large inventory of funds for new energy subdivided industries! Photovoltaics, energy storage, new energy vehicle ... Which one to buy?"
4) Liquor, every issue, it is said that it will not be repeated, the adjustment has been halfway, and the short-term bottom is not mentioned, but you can "trade on the left" and make a medium-term layout.
8, liang:
Editor-in-chief Hello, 001279 Zhonghai Actively increase profit mixing, how about this foundation? If you don’t have a position, is it suitable to buy in batches now? Bank of Communications lost 18 points and wanted to change it, so what can I recommend to change it? Thank you!
[ reply ]
China Overseas Active Profit Mixed (001279) has been well-touched in the past three years. It now holds photovoltaics, new energy vehicles, technology and other trends, but the fund scale has never been able to reach, and its share is even shrinking, which is only 300 million now. China Overseas Environmental Protection New Energy Mixed (398051), which the fund manager has taken over, is also a typical new energy theme fund. In summary, everything can fly at the storm of the track. Referring to the fund manager and company background, if you want to find a new energy fund manager, you can have more choices. If the exchange of
Bank of Communications double interest rates is already sinking cost , just adjust what you want directly, such as some of the relatively weak value and balanced funds this year, and even more consumption and medicine are adjusted, waiting for the switchover of the trend.
9. Tianya Piaoxue:
Teacher hasn't asked a question for a long time. 1) Currently, it is insisting on fixed investment in China General Internet, and it has lost 18 points. Is the fundamentals of these companies changing? Is there any Hang Seng Technology good for E Fund China Internet? Can you continue to invest in a fixed-term?
2) Has the medicine entered the low-valuation area? Will there be a 70% drawdown like in previous years?
3) The funds managed by Quyang, Qianhai Kaiyuan, Shanghai, Hong Kong and Shenzhen have been falling, what should I do? I have a heavy position.
【 reply 】
1) Just continue to invest in China Internet and Hang Seng Technology. The effect will not be obvious in less than half a year. The difference between the two indexes is that the Internet of China is too concentrated. The total proportion of the three companies Tencent , Alibaba , and Meituan reaches 65%, while the Hang Seng Technology Index will be more diversified. Compared with comparable returns, the fluctuations in the Internet of China are also greater.
2) Pharmaceuticals, after this year's full fluctuation, has returned to a more reasonable position. Recently, due to the performance of some of the lower than expected and the reduction of holdings by well-known institutions, there has been a major adjustment. We cannot calculate where the bottom is, but the same sentence is still the case, the value of the configuration has been revealed.
(Data source: wind, data range 2011.11.03--2021.11.4)
3) Qu Yang continues to hold it, but he has repeatedly said that you should not hold a heavy position in anyone. The biggest risk of a fund is the fund manager. I have already experienced it this year.
0, [Sun] Warm:
Editor-in-chief of Gui, Hello! I have bought some funds one after another since July. There is a Western Lide CSI 500 index that has been enhanced. E Fund CSI Overseas Chinese Internet 50ETF Connection. Tianhong Shanghai and Shenzhen 300 index enhances. ICBC Credit Suisse Frontier Medical Stocks. Jinxin’s stable strategy is flexible to configure hybrid. Tianhong CSI Photovoltaic Industry Index c. CCTV new energy industry stocks. Tianhong CSI Double Innovation 50 Index a. Caitong Anrui short-term bond c. Fuguo Tian’s strengthened yield bonds. Huaxia Jufeng Steady Target Risk Mixed Type (F0F)A. Tianhong enhances return bond a. Niu Jibao is stable. I feel a little bit too much, I want to streamline a part, please ask the editor to help me see which ones are removed. In addition, I would like to recommend balanced and food processing categories. Thank you!
[ reply ]
Let's sort it out a little:
Fixed income: Caitong Anrui short-term bond bond A (006965)--pure bond, Fuguo Tianfeng strengthened bond LOF (161010)--bond with certain volatility, Tianhong enhanced return bond A (007128)--steady bond bias, Niu Jibao stable
FOF product: Huaxia Jufeng Mixed (FOF) A (005957)--similar stock and bond balance, fixed income ++ products.
Pharmaceutical: ICBC Frontier Medical Stock A (001717)
Technology: Jinxin Stable Strategy Mixed (007872)-Semiconductor, Electronics
New Energy: Jianxin New Energy Industry Stock (009147)
Broad Base: Tianhong Shanghai and Shenzhen 300 Index Enhancement A (008592), Western Lide CSI 500 Index Increase (LOF) A (502000 )
Industry base: Tianhong CSI Photovoltaic Index C (011103), Tianhong CSI Science and Technology Innovation and Entrepreneurship 50 Index A (012894)
Overseas ( Chinese stocks listed in the list ): E Fund Overseas Internet 50ETF Connection (QDII) A (006327)
Overall, in fixed income, Fuguo Tianfeng strengthens bonds, which only has a certain risk, and others can be held all the time. The returns of short-term bonds are slightly lower, and can also be replaced by pure bonds with higher returns. FOF product, as a fixed income ++ product, is OK.
In terms of equity-oriented funds, there are too many broad funds. The Shanghai and Shenzhen 300, CSI 500+ photovoltaics, double innovation, and Chinese stock market indexes have a large fluctuation in the long run, and the returns will not be very high. They can be used for bottom-buying, such as the current position of Chinese stocks listed in the US.
Actively manage funds, there is one pharmaceutical, one technology electronics, and one new energy. Ge Lan is a little distracted now, and his performance is significantly worse than Zhao Bei; although the qualification of Jinxin's stable strategy fund manager is still quite volatile in history; Tao Can, the fund manager of Jianxin's new energy industry, is not a specialty new energy fund manager, and is also a multi-track layout. In addition, there are no outstanding fund managers or fund managers who travel through bull and bear cycles. In the future, bull and bear changes will have great unknown risks.
suggests that you don’t know how to choose a fund. You can also consider a long-term bull combination like Niu Jibao.
1. Follow the situation:
Bank of Communications regularly pays double interest balanced mix. Should we continue to invest in fixed investment or suspend fixed investment? [ reply ]
The 11th question was also answered on Friday's live Q&A. It has been returned. The new fund manager has changed. The uncertainty of this product has become greater. You can stop investing in fixed investment or even directly exchange the stock.
2. Ali:
CTA market: cyclical sector, the high point has passed, is it in a downward channel? In the past two years, I have eaten up all the benefits of recent years. Have you begun to enter a long waiting period and wait for another wave in 2-3 years? Now have you started to adopt the exit mechanism on CTA products?
[ reply ]
cycle sector, we have been emphasizing that it is just a phased opportunity. Ordinary people should not touch it. It is very likely that a set of N years will be set.
(Data source: wind-Coal Industry, Data range 2002.1.1--2021.11.4)
As for CTA products, we know that the CTA strategy is invested by professional fund managers in futures market , and uses the up and down trends of the futures market ( commodity futures , financial futures , etc.) to obtain benefits. The underlying investment target is independent of the stock and bond markets, making its returns low correlation with the returns of stocks and bonds. In addition, since the futures market can be long for and short for , and has the advantage of T+0 trading efficiency, as long as the market fluctuations exist, the CTA strategy has the opportunity to capture the market in both rising and falling. After understanding the principle of this strategy, and then looking at the historical trend of CTA products, it is not exactly consistent with the trend of the commodity market. In the bear market of the commodity market, CTA products can still obtain relatively good returns through strategies.
3. Xiaoya:
Core assets have fallen a lot this year. Will the core assets rise next year and will they hit a new high? For example, the Shanghai and Shenzhen 300 exceeded the previous high of 5800 points?
【 reply 】
The Shanghai and Shenzhen 300 index has shown a "golden needle probe" trend in February this year. In the medium term, the current position of the Shanghai and Shenzhen 300 is still medium to high. As we walk step by step, we eat at a glance, and we still watch the investment minutes and live broadcasts every week; in addition, we have always said that making good configuration is more important than prediction and timing!
(Data source: wind-Coal Industry, data range 2005.8.1--2021.11.4)
4, Jing'an Jushi:
New stocks have frequently broken the issuance recently. How long does the new stocks break the issue last? The market performance after the issue break is
[ reply ]
Overall In terms of the issue break in new stocks, it can generally be divided into two categories. One is the issue break in the early stage of listing. Because the issue price has been restricted, the risk-free return after listing is still very obvious. There are few issues breaks in history, and it is mainly due to the company itself, or the market environment for listing is not very friendly; the second is the issue break after a period of listing, mainly those new stocks listed at the peak of the bull market. Later, because the market turns from a bull market to a bear market, such new stocks have a relatively strong adjustment range due to their high positioning. However, in this case, if the issue break density is large, it often means that the market begins to bottom out.
This year's "new stock breaks the issuance" is not the same. Since the reform of the new inquiry system, as of November 3, 27 new stocks have been listed. From the perspective of market performance, 9 of the stocks broke the issue price on the first day of listing, with a ratio of more than 30%. Simply put, this inquiry system reform was that there was a price limit before, and the price-to-earnings ratio could not exceed a very little. After listing, it would return to the normal price-to-earnings ratio (this increase is almost "risk-free return"). In this way, the previous new stocks were to compete for your shortlisting rate and win how many you could win.
Now it is a system reform. This upper limit has been relaxed, and the price of new stock issuance has suddenly risen and become more expensive. Everyone has different attitudes towards these more expensive new stocks. Some companies think they are not worth it, and some companies think they can give higher valuations and continue to buy, so some people will lose their issue after listing. Of course, the current downturn in the stock market is also another environmental background. In the future, under registration system, this phenomenon will become more normal under .
For new purchases, it is from the past when you have luck, and it has changed to a technical job. Can you win a good company and a company with higher valuation potential in the future (it is quite a challenge for individuals). And because the overall price is more expensive and the risk-free rate of return declines, your new purchases will also reduce a lot.
5, zm:
Where can I see the market information, for example, it is very difficult to read in the stock client. Now I listen to the articles about buying audio and some big Vs to understand the market. I want to understand some market trends by myself.
[ reply ]
usually looks at stock software, just look at the main index on the first screen. A simple method is to read the research reports of securities companies. Every week, securities companies will summarize the trends and analyze the market.
second is to continue to pay attention to our "Weekly Investment Confidentials" every Monday and the live broadcast analysis on Monday night.
6, Zhang Qihang:
What do you think about the two industries of medicine and liquor in the near future? Is there a risk of continuing decline?
[ reply ]
Liquor and medicine are a long track, and now they have gradually become the value of medium-term configuration. Please refer to the previous questions 7 and 9.
7, Aqiang:
1) When selecting active funds, in addition to examining the fund manager's abilities, is there a way to view the comprehensive valuation of the stocks they hold? Will buying at the right time and underestimate the basis of an excellent manager? Will you get higher returns? 2) In the face of volatile markets, can some funds that rotate in the sector? What products can be recommended for this type of fund? 3) For sectors with high valuation of , such as photovoltaics, can they be re-evaluated in combination with their growth, such as peg? Seeing that it is growing at a high level, it really cannot buy it. Please give guidance from the teacher
[ reply to ]
1) Index funds can refer to the historical valuation level of the index to make timing selection. Actively manage funds. If you have a theme fund with obvious industry preferences, such as consumer funds, pharmaceutical funds, new energy funds, etc., you can refer to the valuation and profit of the industry index. However, if you are balanced, or industry rotation or individual stock trading, because your position changes faster or have a decentralized allocation, you cannot always refer to the valuation of a certain index. In this category, we can only refer to the valuation of the Shanghai and Shenzhen 300 equal wide base index.
2) fluctuating market conditions, you can plan some industries and styles of funds to make phased allocations, such as this year's cycle, small and medium-sized markets, etc. Or do rotation through industry rotation types of funds, and fund managers. However, this kind of rotation also has the risk of getting on the wrong pace. For example, this year's selected stocks in the investment promotion industry (000746) have been holding traditional blue chips in the first half of the year. In the third quarter, it was adjusted to cycle and new energy. It was late:
3) new energy sectors such as photovoltaics are relatively high. Although it is a long-term track, the current position fluctuation risk is increasing, and it is still my fool-like old method, either "fixed investment + investing more when the decline is reduced" or "buying low in batches if it falls by about 20%.
8, ride donkey to see the sea:
What is the mid- and low-end liquor sector of liquor, can it have long-term holding value? Scale has a great impact on fund returns. It is recommended to explore more small-scale funds with great potential.
【 reply 】
The low-end liquor market has the slowest growth rate. In fact, many low-end liquor companies have fallen into stagnation in development. Consumers' upgrade demand and the trend of "drinking less and drinking well" development will gradually decline in the future; while the market share of high-end, especially ultra-high-end markets will increase rapidly, and the concentration of the liquor industry will gradually increase. In the long run, brand wine companies will continue to enjoy the industry dividends. The problem of scale of
is fine for some blue chips and specific industry-themed funds; the impact will be greater on selected individual stock funds of small and medium-sized companies, dark horse strategy funds, and funds with frequent style switching. But as long as you become famous and on our list, the scale will grow bigger, which is also a headache. Our special topic " small and beautiful " will be updated to everyone at least once a year as much as possible.
9. Ruiwu:
Thank you editor Gui and teacher Haomai.com for your investment education. Every issue is very attentive! My question is: 1) In terms of asset allocation, when financial assets are broken rigid redemption, can I invest all my funds in buying funds? I just make good allocations in the funds (such as stock funds and bond funds, and Hong Kong stock funds and A-share funds), and no longer invest in other financial products such as financial management and trusts. Is this method considered diversifying investment risks? Is it feasible? 2) In this year's market, balanced funds must also be allocated, single-track funds must also be allocated, and small and medium-sized markets must also be allocated. After all, there will be a lot of funds in hand.But I remember the teacher said that you should not invest in too many funds. If it is too many, it will become a balanced index. How to resolve this contradiction? 3) How large is the scale of a single track fund and will affect the returns? For example, are China-Europe Medical and China's energy innovation all too large? Do you need to change to other small-scale products on the same track? But small-scale products are not such a famous fund manager. I am confused.
[ reply ]
1) The funds now cover more financial assets, such as currency, bonds, stocks, commodities, as well as private equity funds hedging, CTA, equity , and overseas products, which can basically meet everyone's asset preservation and appreciation needs. You need to make decentralized allocations of major assets based on your risk preferences, and then make scientific allocations in each asset category to build a better and stable long-term investment portfolio.
2) 2-4 fixed income funds, 5-10 equity-oriented funds (such as 3-4 balanced and value categories, 2-4 five major tracks, and 0-3 satellites). That's enough. Don't be that complicated.
3) Scale issue, refer to the previous question.
0, Dataozi:
Consumption type: Invesco Great Wall Dingyi Mixed Income -13%, Tianfu Consumption Upgrade Mixed-8%; Technology type: Fuguo Innovation Technology Mixed-14%, Jiashishi Emerging Industry -10%; QDII: Guofu Great China Selected Mixed-3%, Huitianfu Global Internet Mixed-3%. If the position is not full, what frequency method is suitable to increase the position
[ reply ]
I don’t know your current position, nor do you know your risk preferences, return goals, plan holding time, etc., and I can’t give any specific suggestions. Just looking at the products, Jiashishi Emerging Industry and Huitianfu Global Internet have paid a little attention, and other products will continue to hold or invest in fixed investments. There are still too few core funds and reliable people. In terms of increasing positions, any single fund or single-direction category should be controlled within 20% of the equity position to avoid excessive heavy holdings in a certain field or a certain fund.
1, Niu'erma:
1) I didn't understand the picture of "Institutional Consistency Expected Growth Speed" in today's live broadcast. What do FY1, 2, and 3 mean? Especially the last line, which means that all targets will not exceed the first year in the next three years? Is the first year 2021 or next?
2) What areas do advanced manufacturing and high-end manufacturing mainly refer to?
【 reply 】
The first question, where FY represents "financial year" (financial year), and FY1, 2, and 3 represent the next fiscal years 1, 2 and 3 respectively, that is, the predicted net profit data for 2021, 2022 and 2023 in the table. The line behind represents the year-on-year growth rate of net profit in 2021, 2022 and 2023. For example, the chart in the first row represents 12% in the first year, 7% in the second year, and 11% in the third year.
The second question is the topic of advanced manufacturing and high-end manufacturing, which is just the 7th question mentioned above.
2, Zizhuzi:
Hello, Teacher, I plan to buy some funds, but this money is not incremental funds, but monthly salary. The configuration strategy is
1) Niujibao + global win accounts for 50% of the current fixed investment. The industry track (consumption, medical care, semiconductors, new energy) accounts for 40%. The fixed investment has just begun, with a monthly investment of 2,000 yuan. At the end of the year, 100,000 yuan will be in place. It is planned to complete the fixed investment in one year.
3) Pension fund FOF is 1,000 yuan per month. The planned investment period is 1,000 yuan per month. It is planned to be withdrawn after retirement. You see if this is feasible.
【 reply 】
50% is placed in the selected and global allocation combination of good buys, as the core assets; 40% of the assets are allocated in the long track, and high-volatility products continue to be invested in fixed investment; the last 10% continue to be invested in fixed investment, and FOF is used as pension funds. It's very good, simple and practical, and it's a selection of track funds and FOF funds, and there are still 6 months to 1 year to conduct regular inspections and survival of the fittest if necessary.
3, A Fuze strong:
How many active management funds are recommended in military industry?
[ reply ]
There are not many people who actively manage the military industry. In the long run, we do not recommend that ordinary people invest in this high-volatility sector.
4. Wangxiao:
First of all, thanks to editor-in-chief Haomai and Gui for their company. Now when the market is not good, I have been much calmer. I put it in the Haomai combination and insist on fixed investment without worrying about it. However, I often can't help but operate the combination I have established. At the beginning of the year, I have configured the balance base and four major tracks, among which Qu Yang and Li Yuanbo have a 20% loss. The recent market has entered CSI 500 and New Energy, but it has not been configured in proportion. After buying, I don't know how to increase my position. Should I configure it to an amount equivalent to the previous order? Some have risen a few points, and some have fallen a little. How should we consider the new ones?
[ reply ]
Now the left side is deployed in long-term sectors with large declines, such as value, balance, consumption, growth funds, Hong Kong stocks, China Internet/Hong Seng Technology, some low-valuation sectors, etc., will have higher cost-effectiveness in the next six months to one year; the right side is deployed in these sectors with better growth this year, try to pull back to the appropriate position to allocate (such as adjusting -20%) and control the ratio (a single industry accounts for less than 20%).
If you really think this is troublesome, you don’t know how to configure it. Holding 3-5 core bases (value, balance, strategy combination) + 3-5 long track funds (consumption, medicine, technology, new energy, high-end manufacturing) is enough, and you don’t want anything else.
5. Chen Shu: Hello, teacher, I bought the Hong Kong stock treasure in March this year. I am now losing money. How do I operate in the future? What are the connections and differences between Hong Kong Stock Bao and Hang Seng Technology Index?
【 reply 】
Hong Kong Stock Bao is a combination of Shanghai, Hong Kong and Shenzhen funds. The holding funds will more or less hold the technology growth sector of Hong Kong stocks, and then partially overlap with the Hang Seng Technology Index (the difference is that Hong Kong Stock Bao also holds other sectors of Hong Kong stocks, and the allocation is more balanced).
6. Isn’t it an ordinary Xiaoyan?:
Hello, I would like to ask, I have a house for sale, and the money I sold is expected to be not used within five years. If you want to make asset allocation, you can accept a drawdown risk of about 20%. How to configure it?
[ reply ]
20% retracement is almost the balanced allocation of stocks and bonds. You can directly choose several stocks and bonds to form a balanced combination of individual stocks and bonds; you can also achieve your goal by 50% bonds and fixed income (or combination) + 50% equity-oriented funds (or combination) to achieve your goal.
7, Hippo:
Editor-in-chief, may I ask if the three funds of China Internet ETF (on-market, 513050) and China Internet 50 ETF connection (off-market, 006327), and China Hang Seng Technology ETF connection (off-market, 013402) are involved in Hong Kong and US stocks, and are purchased before 3 pm on the same day. Which day's market rise and fall? Can we buy and sell according to the real-time market situation on the day?
【 reply 】
East China Securities Overseas Chinese Internet 50 (QDII-ETF) (513050),E Fund Overseas Internet 50ETF Connection (QDII)A (006327),Huaxia Hang Seng Technology ETF initiated connection (QDII)A (013402). These three are QDII funds. They were bought before 15 o'clock today. The purchase price is calculated based on the closing price of A-shares and Hong Kong stocks today and the closing price of US stocks at 4 a.m. the next day. This will lead to the inability of US stocks to buy and sell according to the real-time market situation on the day. When you buy and sell QDII before 15 pm, the US stocks have not opened yet.
8. Cold winter:
May I ask, what is the difference between Xu Cheng's Guofu Shanghai, Hong Kong and Shenzhen Growth 001605 Guofu Great China 000934? I am optimistic about the growth direction of Hong Kong stock technology, which one is better for fixed investment?
【 reply 】
Guofu Shanghai, Hong Kong and Shenzhen Growth 001605 is a market for investing in Shanghai, Hong Kong and Shenzhen; Guofu Great China 000934 is a QDII fund, most of which are Hong Kong stocks, and a small number of them will hold US stocks, as well as Greater China companies and markets such as the Taiwan stock market.
is optimistic about the technological growth direction of Hong Kong stocks. Fixed investment in Guofu Greater China 000934 will be more inclined to Hong Kong stocks (there are also a lot of technological growth). If you want to invest in pure Hong Kong stock technology, you can directly pay attention to the current very low Hang Seng Technology Index ETF fund.
9, Single NWay:
Editor-in-chief, thank you for the investors in Haomai platform for education. The configuration is as follows: 10% An Xinying deals with daily life.30% of the 30-bit fixed income combination and I want to be safe and happy. 50% are all matched with Niu Jibao All-Share, China Europe Investment Advisor, Global Win No. 18, from a 34-bit balanced combination. 10% fixed investment in China-Europe Southern Elderly FOF. Question 1: Is cash flow required in an unemployed state, and does it require dividend funds? Question 2 Is equity balanced funds suitable for long-term holding or band stop-profit?
【 reply 】
First, dividend funds are of little significance, it is a redemption fee. The key to choosing a fund is its risk control and long-term profitability. How to find a balance and is suitable for you. The fixed income products you have can provide stable cash flow, so you can redeem them if you need them. In addition, if the cumulative income of equity products is large, you can also take profits in batches at high levels and use them for cash flow.
The second equity balance fund has a higher annualized rate of return for long-term holdings, and it is difficult to make volatility at the right time, and it is difficult for most people to obtain returns that exceed "buy and hold". However, it should be added that you hold excellent equity products for a long time (more like a combination). It is not that you don’t care after buying, but that you still need to check regularly, and that you must survive the fittest.
0, Randall:
What types of investment objects are unrelated or opposite, and are suitable for fixed investment?
【 reply 】
Investment objects are not related or counter-correlation, which means the correlation of assets, such as:
So according to your meaning, you can invest in different types of combinations, such as fixed income funds, equity funds (and they can be divided into different styles to diversify risks), commodity funds, and even some hedging strategy funds, equity assets, overseas assets, physical investments, etc., with relatively low correlation. I don't know if this means. Nowadays, many private equity products such as Haomai also have this type of FOF product.
1, Chen jian:
Which cycle is the Merrill Lynch clock in now? Which type of assets can be paid attention to? Should that type of asset be avoided?
[ reply ]
Looking at the Merrill Lynch clock, there is actually a risk of slight stagflation to a slight recession, commodities rise and fall, and stocks are weak (structural bear market in core sectors). Generally speaking, the growth sectors with fixed income, consumption, agricultural and food, medicine, and profit-determined growth sectors have a certain degree of defensiveness. At the same time, they can also seize the opportunity to lay out some long-term excellent assets with low valuations or large adjustments on the left. High-valuation assets need to pay attention to the risks of volatility and make up for declines.
2. Kang Kang:
Editor-in-chief Hello, Guofu Focus Driver (000065) mentioned earlier, Zhao Xiaodong's, the issue of large-scale redemption of institutions requires a period of time. Several months have passed. Is it uncertain that it is temporarily lifted? I didn't sell it before.
[ reply ]
is just a much smaller scale, and its performance is as stable as ever, equivalent to a stable debt-biased or fixed income ++ that can continue to be held.
3, Yu Bin 1101:
May I ask, if the United States raises interest rates next year, China will follow the interest rate hike, will the 110007 and China Merchants Industrial Bonds I bought be redeemed? How to do it, please advise!
【 reply 】
We take E Fund Stable Earnings Bond A (110007) as an example. In the last round of interest rate hike cycle (end 2010 to the end of 2011), although there was a slight retracement, it did not change its long-term trend. We cannot predict when the interest rate will be raised. It is difficult to accurately select the timing and it is easy to get on the wrong pace. For this round of low-volatility fixed income, it is better to hold it for a long time.
4, ISV:
Investment advisors can buy at any time, right? Buy today, are you buying the corresponding sub-funds today or are you not in a timely manner? Which one is better, beef and chicken? It is better to buy scattered
[ reply ]
investment advisory product is an investment advisory portfolio product issued by institutions with investment advisory qualifications. It is essentially a combination product. When buying, it is equivalent to buying multiple component funds with one click, even if it happens. If you have a good combination of products, you can supplement your own configuration.
Niujibao is a strategy combination of Haomai, and it meets the requirements of the investment advisory business supervision notice. Haomai is adjusting and upgrading its self-developed portfolio. Therefore, "Niujibao" will suspend subscription and fixed investment business on November 5, and the redemption business will proceed normally. The original holder's position and Niujibao-related combination services will not be affected. Please feel free to hold it. We will notify all holders as soon as possible if there are further arrangements in the future.
5. Pleasant Goat:
May I ask the stock account of the listed company on the Beijing Stock Exchange? Public funds can be traded freely, right? Are companies listed on the Beijing Stock Exchange classified separately? What is the index? It's different from the current motherboard, science and technology innovation version, and GEM index?
[ reply ]
Judging from the effective time of the release rules, the opening time of the Beijing Stock Exchange is about November 15th. By then, more than 68 companies in the Selected Layer of the New Third Board Market will all be transferred to the Beijing Stock Exchange. The "Beijing Stock Exchange Index" is also expected to be released by then.
trading hours are similar, the difference is that the ratio of the stock price limit for the North Exchange stock is 30% (there is no price limit for the trading of the North Exchange stock on the first day of listing and the first day of the delisting settlement period); in addition, like the Science and Technology Innovation Board, the threshold for opening an account is relatively high, and the daily assets in the securities account and the capital account in the first 20 trading days of application permission shall not be less than 500,000 yuan per day.
Of course, public funds can also participate. It is reported that many public fund companies have reported to the China Securities Regulatory Commission that "Beijing Exchange" funds, all of which are in a state of accepting materials. The names of this type of fund include "Beijing Exchange Selected Two-Year Holding", "Beijing Exchange Selected Two-Year Regularity", "Beijing Exchange Innovation Small and Medium Enterprise Selected Two-Year Regularity", "Beijing Exchange Innovation Selected Two-Year Regularity", "Beijing Exchange Hui Selected Two-Year Regularity", etc. From the fund naming, it can be seen that the company invested in this type of fund product is a selected small and medium-sized enterprise, which is also consistent with the "specialized, specialized and new" small and medium-sized enterprises that will be listed on the Beijing Stock Exchange in the future.
, the end of this issue's Q&A, thank you everyone.
This article is original from Haomai Academy. If you need to reprint it, please indicate the source from "Hamai Academy". Without authorization, no media or individual may reproduce in whole or in part, otherwise they will bear corresponding legal responsibilities.
Disclaimer: The content of this article is completed based on public information research and does not constitute investment advice. Investors should make prudent decisions and bear risks independently.
learn while earning, just go to Haomai Study Club. For more content, follow us @Haomai Study Club
