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nginx/1.22.0Financial World Fund September 2nd News Everbright Prudential China Manufacturing 2025 Flexible Allocation Hybrid Securities Investment Fund (abbreviated as: Everbright Prudential China Manufacturing 2025 Mixed, code 001740) fell by 2.92% on August 31, attracting investors' attention. The current net value of the fund unit is 2.3590 yuan, and the cumulative net value is 2.5060 yuan.
Everbright Prudential China Manufacturing 2025 Mixed Fund has earned 161.12% since its establishment, earnings this year -19.43%, earnings in the past month -8.03%, earnings in the past year -13.30%, earnings in the past three years 137.48%.
Everbright Prudential China Manufacturing 2025 Mixed Fund has distributed dividends three times since its establishment, with a cumulative dividend amount of 169 million yuan. The fund is currently open for subscription. The fund manager of
is Wei Xiaoxue. Since managing the fund on May 23, 2020, the return during his term of office is 86.51%.
Cui Shutian has managed the fund since July 1, 2020, and has earned 49.19% during his term of office. The latest fund regular report of
shows that the fund has a heavy holding in Longi Green Energy (4.36% of the holding ratio), Rongbai Technology (4.07% of the holding ratio), Xingyu Shares (3.86% of the holding ratio), Xianhui Technology (3.80% of the holding ratio), Xusheng Shares (3.75% of the holding ratio), Ganfeng Lithium (3.69% of the holding ratio), Keboda (3.57% of the holding ratio), Mindray Medical (3.37% of the holding ratio), Shuangxing New Materials (3.29% of the holding ratio), and Guoci Materials (3.27% of the holding ratio).
Analysis of fund investment strategies and operation during the reporting period
In the first quarter of 2022, the external factors of the market exploded significantly, specifically divided into two aspects: domestic and foreign.
Domestic, since economic growth gradually slowed down in the second half of last year, the tone of "stabilizing growth" has gradually improved. Information on the reduction of reserve requirement ratio in December, interest rate cuts in January, and the expansion of fiscal space clearly defined in the government work report all confirm this main tone. But as March comes, it is still difficult to clearly estimate the impact of a series of external factors on the domestic economy, and we still need to look at it while walking.
Overseas, the global risk-free yield represented by the 10-year U.S. Treasury yield began to rise from 1.4% from late December 2021, from mid-February to around 2%; the second round of upward began in early March and around mid-2.2%. The Fed raised interest rates for the first time on March 16; the dot chart shows that most Fed officials believe there may be another 6 interest rate hikes this year. The Russian-Ukrainian conflict that broke out during the same period has exacerbated the rapid surge in the prices of bulk raw materials represented by oil, including food prices. At the same time, it has also exacerbated the frequency and probability of US interest rate hikes and global inflation pressure. In March 2021, crude oil prices rose by about 21.5%. The intensification of geopolitical and security conflicts has also led to a decline in concerns about the new Cold War and market risk appetite.
In the second quarter of 2022, the domestic economy faced a series of challenges from external factors. After that, the policy level is at full speed. On May 23, the State Council Executive Meeting was held and proposed to take a package of targeted, powerful and effective range regulation measures to stabilize the basic economic situation, mainly including 33 measures in 6 aspects and require implementation as soon as possible. Starting from June, logistics, freight, passenger transport, real estate sales, new car sales, etc., which were most affected by the epidemic, all showed obvious signs of recovery.
Overseas, under the influence of loose policies, the currency expansion of consumer countries such as Europe and the United States is faster than the economy and demand repair is faster than supply, causing the corresponding supply and demand gap and inflation to rise. The initial value of the US ISM manufacturing PMI in June was 52.4, lower than the previous value of 57.5. Markit manufacturing PMI was 52.4, lower than the previous value of 57.0, and the eurozone manufacturing PMI was 52.0 in June, lower than the previous value of 54.6. Currently, the neutral market expectation is the peak period for the US interest rate hike from June to July, and the later range is gradually weakening. In summary, Europe and the United States have experienced a decline in demand to curb inflation, and the cycles of developed economies in Europe and the United States and domestic economies are completely at different stages.
The overall market was weak in the first quarter of 2022, and the growth style represented by the Science and Technology Innovation Board and the ChiNext Board drew significantly. During this period, the Science and Technology Innovation 50 Index fell by more than 21%, the ChiNext Index fell by nearly 20%. The large-cap weight index represented by the Shanghai Stock Exchange 50 performed poorly, and fell by 11.5% in the first quarter. The Shanghai and Shenzhen 300, Shanghai Composite Index and SME Index achieved yields of -14.5%, -10.6% and -16.3% respectively. In the second quarter of 2022, the market showed a trend of falling first and then rising. After April 27, the market began a significant oversold rebound.Since the growth style represented by the GEM in the early stage was significantly retreated, the growth style rebounded a large margin during the rebound. In the second quarter, the ChiNext Index rose 5.68%, and the Small and Medium 100 Index rose 8.7%. The Shanghai Composite Index 50, Shanghai and Shenzhen 300, Shanghai Composite Index and SME Index achieved yields of 5.5%, 6.2%, 4.5% and 6.68% respectively.
From the perspective of industry distribution, the best performing industries in the first quarter were the upstream industries represented by coal and the "stable growth" sector represented by real estate and banks. Among them, the coal industry achieved a single-quarter increase of more than 23%. The weaker performance is the growth industries represented by electronics, military industry and automobiles, with the quarterly decline of more than 25%. The industries that performed best in the second quarter were industries represented by the resumption of work and production, such as catering, tourism, automobiles, food and beverages, etc. Among them, the catering, tourism and automobile industries achieved a single-quarter increase of nearly 25%. The weaker industries are mainly mining, real estate, media, agriculture, medicine and other industries, among which the quarterly declines of the mining and real estate industries were more than 8%. The secondary market performance among industries is extremely differentiated.
In the operation of this fund in the first quarter, due to the relatively underestimation of the impact of external factors on the overall economy, both at home and abroad, we were not wary of operations and our positions were not adjusted. At the end of last year, some new positions in the pharmaceutical and "stable growth" direction were added, and the holding structure was somewhat dispersed, but due to the sharp decline in the market in the first quarter, the holding structure was gradually changing from dispersed to concentrated. During the second quarter's operations, the market fell rapidly and rapidly in the second quarter, and it is no longer significant to judge the significance of reducing positions again. Therefore, in the second quarter, except for paying for fund redemption, there were no excessive adjustments to positions. The main task is to sort out the holdings and increase the shareholding ratio of excellent companies, and the holding structure will continue to gradually change from dispersed to concentrated. Because the stock market has fallen significantly, it is no longer about value or growth, and focus on excellent growth stocks. And after the central government’s policy of stabilizing growth was introduced, the allocation of the automobile industry was increased. The current holding structure is based on growth, and the growth configuration tends to three major directions: the future trend of electrification and intelligence of automobiles represented by electric vehicles, and all aspects of travel applications; with the development of 5G, cloud computing, software and other technologies, the application and transformation of the industrial side; and the independent and controllable development direction that has been elevated to the national strategy, and the upgrade of Chinese manufacturing to Chinese brands. In terms of individual stock selection, this fund always adheres to comprehensively evaluate the company's profitability, growth and valuation level.
The performance of the fund during the reporting period
The growth rate of the fund's share net value during the reporting period was -17.35%, and the benchmark yield of the performance was -9.08%.
managers’ brief outlook on the macro economy, securities market and industry trends
outlook in the second half of 2022 and the longer 2-3 years in the future. We still insist that from a long-term perspective, the structural undervaluation of equity assets still exists, the structure of market participants is becoming more mature, and the scarcity of high-quality assets remains. After the market experienced a significant adjustment in the first half of 2022, large investment opportunities continue to emerge, and equity assets are still worthy of attention in major asset allocation.
Through years of training and training in investment and research, from the perspective of fund managers, I have gradually formed a relatively complete investment concept and framework. My personal investment philosophy is "to move forward steadily", and I hope to pursue the sustainability and stability of performance with a relatively complete and evolving investment framework. The investment framework mainly includes two levels: "strategic" and "tactic".
From a strategic perspective, at the mid-2022 time, liquidity, economic fundamentals and policy areas have improved compared with the first half of 2022.The following four points were clearly stated in the meeting of the Political Bureau of the CPC Central Committee held in July: First, we must stabilize growth and strive to achieve the best results; second, we must maintain strategic determination and not introduce excessive stimulus measures, mainly to make full use of existing policies and accelerate the implementation of existing policies; third, infrastructure is still the main policy focus in the second half of the year, and policy banks' new credit and infrastructure construction investment funds will provide support for infrastructure, and at the same time, there should be further room for real estate policies to implement policies based on cities; fourth, in terms of incremental economy, the focus is on the new energy supply and digestion system. If no new external disturbances appear, the second quarter of 2022 is likely to be the relative bottom range of this round of economic decline. After the second quarter, based on the post-epidemic recovery trend, based on the recovery of the epidemic, policy support, and liquidity easing, the month-on-month economic recovery trend is determined. Based on this and the outstanding competitiveness of Chinese companies, we believe that there is no need to be too pessimistic about the future stock market.
In terms of tactical investment methods, in the past two years, my personal investment focus has become more and more stable, so the turnover rate of product management has also been significantly reduced. The investment perspective is increasingly based on the large market space, and the certainty is very strong. You can pay attention to the important social change directions and industrial development trends in more than 3 years of dimensions and find business opportunities. From a top-down perspective, we are still optimistic about three certain industrial trends in the future, namely: the development and application of 5G and technology, especially the transformation of industrial enterprises; the trend of electrification and intelligence of automobiles; independent control and deep into various industries, especially in the field of science and technology, and the upgrading of Chinese manufacturing to Chinese brands. And after the market fell sharply in the first half of 2022, we believe that many excellent growth stocks have become cost-effective and have highlighted their investment value!
Specifically, in the development of the 5G industry, the past two years have been the first year of the development of 5G mobile phones, but we believe that the application of 5G is worth spending more research. 5G has many performances suitable for industrial control, and functions such as high bandwidth and low latency are conducive to industrial manufacturing. Mr. Ren Zhengfei once said in an interview in May 2020 that almost half of industrial manufacturing, such as aircraft manufacturing and other factories, can be fully managed by 5G. In the future, 5G will develop towards automation of high-precision manufacturing. We are very optimistic about the transformation of the 5G industry to the industrial and automotive industries. To this day, 5G development still has a long way to go, and the technological level of technological development is also rich. We are very concerned about this part of the transformation of industrial enterprises. In addition, in the process of transformation, many companies have very advantages in the valuation, which will become one of the directions we focus on.
As the attitude of overseas mainstream car companies towards electric vehicles is clearer, we believe that the electrification of automobiles is an irreversible industrial trend. But at the same time, what is more important is the intelligence of the car. The core of the development of new energy vehicles is by no means a simple energy-power conversion, but a technical support for intelligent development on electric platforms, and a historic change in the operation and production methods of automobiles. In the future, with the development of automotive communication technology and the access to the Internet, as a terminal with both scenario and mobile characteristics, the scenario application of automobiles will be fully explored. Driven by the energy revolution and intelligence, it will be expected to become another smart terminal after smartphones, redefining people's value habits and living conditions, making car travel safer, more comfortable and intelligent, and making the relationship between people, cars and traffic environments closer. As a new interconnected ecosystem composed of mobile platforms, automobiles will become an indispensable part of people's lives by providing consumers with emerging and personalized services. Under this important industrial trend that is resonating at home and abroad, we as fund managers will never miss this feast. However, in the selection of individual stocks, we attach more importance to the intelligence in the future with greater space, rather than the battery industry chain with deeper market consensus.
's independent control has become a national strategic direction. Its importance is self-evident and is definitely not limited to the technology sector. From the development of the epidemic last year, we can see that there are independent and controllable figures from technology to consumption to medicine.At the same time, in the process of economic development, we believe that in the future we will definitely see us becoming a manufacturing powerhouse with three major transformations: "Made in China to creation, speed in China to quality, and Chinese products to Chinese brands."
