404 Not Found
nginx/1.6.1Financial World Fund August 30th News Furong Information Technology Mixed Securities Investment Fund (abbreviated as: Furong Information Technology Mixed A, code 013345) rose 2.88% on August 29, attracting investors' attention. The current net value of the fund unit is 0.8461 yuan, and the cumulative net value is 0.8461 yuan.
Furong Information Technology Mixed A Fund has earned -15.39% since its establishment, earned -16.19% this year, and earned 5.05% in the past month.
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.
fund manager is Lang Chengcheng, who has managed the fund since October 28, 2021, and his income during his tenure is -17.76%.
Li Yanzheng has managed the fund on October 28, 2021, and his income during his tenure is -15.39%. The latest fund periodic report of
shows that the fund has a heavy holding in Star Semiconductor (holding ratio 5.39%), Lianwei (holding ratio 5.28%), Northern Huachuang (holding ratio 5.11%), Tuojing Technology (holding ratio 4.98%), Changchuan Technology (holding ratio 4.96%), Juchen Shares (holding ratio 4.92%), Xinyuan Micro (holding ratio 4.76%), Goertek (holding ratio 4.56%), Zhongke Chuangda (holding ratio 4.38%), and Aohai Technology (holding ratio 3.79%).
Fund investment strategy and operation analysis during the reporting period
information technology mainly invests in related targets in the information technology industry, and is mainly distributed in the three major fields of electronics, computers and communications. The overall performance of related industries in the first half of the year was poor, with negative news such as the Federal Reserve's interest rate hike, the Russian-Ukrainian war, and the Shanghai epidemic. At the same time, the main demands in the industry, such as: smartphones and laptops, due to the lack of innovation demand, entered a cycle of inventory destocking due to the lack of innovation. Our product investment mainly focuses on sub-industry and companies that still have high growth capabilities in the next 2 to 3 years, and choose companies with broad end space + high short-term performance growth. In terms of combination configuration, we establish our combination based on the "core + satellite" warehouse strategy. In the core stock selection idea, high cost-effectiveness is the core stock selection idea to choose targets that match growth and valuation, while the satellite stock is relatively relaxed by taking the company's texture and elasticity as core indicators. The focus of the combination of sub-industry is: semiconductor material equipment, automotive intelligence (including automotive semiconductors), and VR/AR fields.
3 The equity market has generally rebounded sharply since the end of April. New energy, automobiles, etc. are the main forces in the rebound structure. Relatively speaking, technology sectors such as electronics and computers (the main weights of the information technology industry) are relatively weak. At the time of the semi-annual report, we would like to take our heavily invested semiconductor industry as an example to analyze where the current investment value of the information technology industry is. As the upstream of various electronic and technological terminals such as mobile phones, automobiles, and industry,
semiconductors can also more directly reflect the current situation of the information technology sector.
First of all, what are the market worried about? Judging from the trend of the semiconductor (Shenwan) index, it peaked in July 2021, and the sector's maximum pullback was nearly 50%. We believe that the core of the index weakness reflects the downward trend of the economy. According to the data, the year-on-year growth rate of domestic integrated circuit shipments peaked and fell in July 2021. It has been nearly a year since the downward trend. The leading factor in the downward trend is the following: the weak demand for mobile phones, laptops, etc., including the most scarce TSMC wafer production capacity cut by chip manufacturers in early July, which is also a reflection of the downward trend in industry demand. Where are the concerns in the
market now? Let’s take PE valuation as an example to observe the market’s expectations. The current valuation of the semiconductor sector is 41X in the historical 3.32% quantile (Shenwan Index, at the end of June), which is basically the same as the bottom position of the previous cycle in 2018. In other words, the current market has fully priced the downward trend of prosperity. From a performance perspective, we believe that the semiconductor sector can still maintain an endogenous growth of about 20% in the next three years under the catalysis of domestic substitution. Based on fundamentals and valuations, our qualitative analysis of the current stage of the industry is that the industry's prosperity is still bottoming out, but the stock price and expected bottoming are likely to be explored. There may still be many negative news about company order cuts and inventory backlogs in the industry in the next six months, but we believe that the feedback from stock prices on this type of information will be gradually immunized.
The short-term industry fundamentals are relatively weak, but the market usually leads the bottom and rising above the fundamentals. Taking semiconductors as an example, the upward trend in the economy was confirmed in Q3 in 2020, but the semiconductor (Shenwan) index rose by more than 200% from 2019 to Q2 in 2020. Taking new energy vehicles as an example, the monthly sales data confirmed to turn positive and significantly increase was in September 2020, and the index rose by nearly 60 to 70% from 2019 to 2020. It is likely that high prosperity and low valuation are difficult to achieve both sides. It is currently a good time for medium- and long-term intervention. It may be relatively weak in the short term because of the prosperity. However, as described by Sun Tzu's Art of War, "Being invincible first, waiting for the enemy to win", the current semiconductor and even the entire information technology sector is in such a bottom stage. Moreover, the general logic of the sector's independent controllability and domestic substitution has not been falsified. The current domesticization rate of chips is generally lower than 20%, and it is expected to increase to 40-50% in the next 3 to 5 years and there is still plenty of room.
finally is our stock selection idea, and the core focus of the sector will also change at different stages. For example, the core of the semiconductor sector was supply last year, such as the high elasticity of mid- and low-end chips, which caused the price of high-elasticity, rose sharply due to supply shortages. In the future, we believe that the core focus of the sector is demand. The structural prosperity of demand will bring excess returns. We mainly focus on two lines: 1. Domestic substitution directions. For example, the gradual implementation of domestic de-beautification production lines will bring about continuous increase in demand for domestic equipment and materials; 2. Downstream directions of the prosperity, such as the continuous increase in demand in automobiles, photovoltaics and other fields, opportunities for related chip companies. Based on the product portfolio perspective, the focus is on: semiconductor equipment materials, automotive intelligence, and VRAR.
Fund performance during the reporting period
