1. News Express
1. Military industry sector rose. Military industry ETF (512660) rose more than 4%
On July 16, many stocks such as Aviation Power , Hongdu Airlines, etc. hit the daily limit. As of the close, the military ETF (512660) rose 4.34%.
CITIC Securities pointed out that the military industry still has order support at least the end of the 14th Five-Year Plan, and long-term development is of high certainty. Under the clear positive industrial trend, it is only a matter of time before the sector rises. Since the semi-annual report, it is expected that the high performance growth of core stocks will be gradually realized, and more data will verify that long-term contracts will be implemented, and the industry's valuation system will undergo major changes.
2. Nearly $500 billion so far this year flocks to ETF
US fund managers are competing to follow up on the ETF funding boom. Currently it is as high as $488.5 billion and continues to increase, which may break the full-year record of $497 billion set in 2020 in weeks or even days.
3. The medical sector continued to fall by more than 3%
On July 16, the medical sector continued to fall and weaken. As of the close, the medical ETF (512170) fell by 3.3%.
CXO leader Kanglonghua fell by more than 12%, Zhaoyan New Drug fell by 6.2%, Mindray Medical, Xinmai Medical, and Medici fell by more than 5%, and Aier Eye Hospital and Aimeike fell by more than 3%.
4. China Baowu initiated the establishment of the largest carbon neutrality theme fund in China
On July 15, the signing ceremony for the establishment of the Baowu Carbon Neutrality Equity Investment Fund jointly initiated by China Baowu Iron and Steel Group Co., Ltd., China Pacific Insurance (Group) Co., Ltd. and Jianxin Financial Asset Investment Co., Ltd. were held.
This fund is currently the largest carbon neutral theme fund in the domestic market, with a total scale of 50 billion yuan and a first period of 10 billion yuan.
5. Another 500 billion fund company general manager adjusted
On July 15, Agricultural Bank of China Huili Fund issued an announcement stating that general manager Shi Wei left office due to "work changes", and the company's chairman Xu Jinchao served as the company's general manager.
Agriculture Banking Fund Management Co., Ltd. was established in March 2008. After 13 years of market experience, as of the end of the first quarter of 2021, the company's non-stock scale increased from 10.566 billion yuan in 2014 to 188.182 billion yuan. It is also understood that the total scale of various assets under the Agricultural Bank of China Huili Fund Company is about 500 billion.
6. Zhao Yi, Feng Mingyuan and Gelan recently investigated these companies
China Europe Fund Gelan has participated in the survey of Jinhong Gas and Walt Gas since July. Both companies are companies in the industrial gas industry, and their products are both used in the hot semiconductor field. Walt Gas also attracted Feng Mingyuan, Xinda Bank Fund, to participate in the investigation.
ABC Huili Fund Zhao Yi participated in the survey of China Materials International. The company belongs to the construction industry and is mainly engaged in the construction business of new dry cement production lines.
7. Hillhouse accelerates its layout of hard technology
From the operation in the first half of the year, it can be seen that Hillhouse's hard technology investment since this year can be described as a chain layout.
In June, Hillhouse invested in robot Faao and lidar company Hesai Technology; in May, Hillhouse led the investment in new energy network star charging piles and DPU chip Nebula Intelligent. Looking further, Jifei Technology, Haomo Zhixing, Guoyi Quantum, and Vigor Table invested by Hillhouse are divided into the fields of drones, autonomous driving, quantum precision measurement, quantum computing, and low-code.
2. Fund viewpoint
1. Shanxi Securities: The overall fundamental support of A-shares is strong, and the fluctuation and upward pattern will continue
Shanxi Securities said that the market enthusiasm is high. In the medium term, the consumer service industry will continue to recover, the technology industry will continue to maintain a high growth rate, and the overall fundamental support of A-shares is strong. Judging from the Wande All A Index, since March, it has emerged from the volatile upward trend of our medium-term judgment. In the future, under the background of reasonable liquidity and strong fundamental support, the volatile upward pattern will continue. In terms of sectors, investors are advised to pay attention to the main equipment sub-sectors in the communications sector. The third phase of 5G bidding for operators is approaching, and there is a lot of room for growth in the second half of the year. The three major operators are actively building 5G base stations, capital support continues to grow, and communication equipment demand is large, so we can continue to pay attention.The pharmaceutical sector continued to rebound, and trading volume increased. It is expected that the sector will still rebound in the short term. Against the background of the unchanged medium- and long-term logic of the sector, the next round of rise will usher in after the fluctuation and rest. The insurance sector rebounded sharply, mainly because of the rise in treasury bond yields. The current valuation is already at a low level compared to the current expected ROE. The central government of treasury bond yields will remain stable in the future. The sector's downward risks are small and cost-effective. Investors can continue to pay attention.
2. Northeast Securities: New energy attributes highlight the reconstruction of rare earth valuation system
Northeast Securities stated that the rare earth industry is standing at the starting point of the new era of supply and demand reshaping, and the strengthening of upstream material attributes of new energy is expected to drive the reconstruction of rare earth valuation system. Recalling the historical three rounds of rare earth price increases, the increase is sharp but poor sustainability. The core driving factors are the short-term tightening of domestic rare earth industry policies, and the industry generally shows the characteristics of strong cyclical volatility and poor predictability. But we believe that the industry's supply and demand pattern is being reshaped today: the strengthening of upstream materials attributes of new energy is giving higher growth potential to the rare earth demand side. In 2020, the demand in the new energy field accounted for about 14% of the downstream demand for praseodymium-neodymium oxide, which can be compared with lithium (15%) from 2015 to 2016 and cobalt (13%) in 2018. This proportion is expected to further increase to 22%/27% in 2023/2025. The rare earth demand structure is reshaped, and it is expected to replicate the logic of the new energy track driving the high growth of lithium cobalt demand in the future. At the same time, the characteristics of strict policy control + high concentration in the industry make the supply side of rare earths even better than lithium cobalt, and the ability to travel through the cycle in the future may be stronger.
3. Ping An Fund Cheng Jun: The fundamentals of new energy vehicles have not changed
Cheng Jun pointed out that new energy vehicles are a long-term track, and whether they can buy depends on the length of holding by investors. Ping An New Energy Vehicle Industry ETF was established on December 31, 2019. By the end of 2020, its net value exceeded 2 yuan, and has recently reached more than 3 yuan. It has performed well in the market and has a high attention. From a local stage, the fund has also had a large pullback, such as a sharp pullback of about 30% in March last year and February this year, but from a longer perspective, it can still achieve greater returns.
Cheng Jun believes that although the fluctuations are a bit large, the fundamentals of the new energy vehicle industry chain have not changed. Judging from the sales data in June, the production and sales of new energy vehicles in June reached 248,000 and 256,000 respectively, an increase of 14.3% and 17.7% month-on-month and 1.3 times and 1.4 times year-on-year, refreshing historical data. At the same time, Europe is also introducing a new policy on new energy vehicles, planning to set the emission reduction target for passenger cars in 2030 at 65% and the emission reduction target for 2035 at 100%.
4. China Merchants Fund: Hong Kong stock earnings are still resilient in the second half of the year
China Merchants Fund stated that overseas liquidity is gradually withdrawing, long-term interest rates are slowly rebounding with real interest rates, but the Federal Reserve will still communicate fully with the market, and short-term interest rates may remain low. For the Hong Kong stock market, after the market significantly digests valuations in the first half of the year, the sensitivity to the upward trend of risk-free interest rates in the second half of the year will be reduced. Overall, the index is expected to remain fluctuating, but after the adjustment of growth stocks in the first half of the year, the valuation pressure has been greatly reduced, and the trading congestion has also been significantly alleviated. Growth stocks may usher in a long-term allocation time. In terms of
configuration, China Merchants Fund expressed optimism about the following five major tracks: one is high-end manufacturing industries, such as the machinery industries of new energy, semiconductors and precision manufacturing; the other is emerging consumer industries. On the one hand, we are optimistic about the development model of IP concepts, such as the rapid development of the trendy toy industry and the promotion of film and television by IP media; on the other hand, we are optimistic about the medical beauty consumption market with high growth and low penetration; third, offline consumption, optimistic about the development of clothing brand owners; fourth, Internet leaders. Due to the suppression of short-term anti-monopoly policies, the valuation of the Internet sector is at a historical low, but the Internet leader has a high long-term growth potential and currently has a good time to allocate; Fifth, it is optimistic about the scarce new economy leader in Hong Kong's secondary listing.
III. Net value of fund
Open-end fund net value rise TOP50:
Open-end fund net value fall TOP50:
