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nginx/1.22.0Financial World Fund September 2nd News Changsheng Advanced Manufacturing Six-month Holding Period Mixed Securities Investment Fund (abbreviated as: Changsheng Advanced Manufacturing Six-month Holding Period Mixed A, code 014695) fell by 3.31% on August 31, attracting investors' attention. The current net value of the fund unit is 0.9970 yuan, and the cumulative net value is 0.9970 yuan.
Changsheng Advanced Manufacturing Six-month Holding Period Mixed A Fund has earned -0.30% since its establishment, earned -0.30% this year, earned -6.37% 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. The fund manager of
is Meng Qi, who has managed the fund on March 15, 2022, and has earned 0.07% during his term of office. The latest fund regular report of
shows that the fund has heavy holdings in CATL (holding ratio 6.59%), Longi Green Energy (holding ratio 5.67%), Sungrow Power (holding ratio 3.37%), Desai Svi (holding ratio 3.28%), Top Group (holding ratio 3.16%), Luxshare Precision (holding ratio 2.43%), TCL Zhonghuan (holding ratio 2.02%), Goertek Co., Ltd. (holding ratio 1.70%), Unigroup Guowei (holding ratio 1.30%), and Guangting Information (holding ratio 1.11%).
Fund investment strategy and operation analysis during the reporting period
Since the beginning of this year, the macro environment has moved significantly towards stagflation characteristics. At the end of last year, under coal regulation, energy inflation converged. At the beginning of the year, overseas inflation represented by international crude oil prices continued to rise. Immediately afterwards, the Russian-Ukraine war time exceeded expectations, resulting in a further shortage of supply capacity, which had a significant impact on the operation of the manufacturing supply chain. The recurrence of the domestic epidemic in April and May, especially the Yangtze River Delta region where manufacturing is concentrated, has brought constraints to the steady growth rhythm of the national economy, especially advanced manufacturing industries such as automobiles and integrated circuits, which are the first to be affected. The stock market trend under the characteristics of
stagflation showed large fluctuations. In the first four months, the advanced manufacturing sectors represented by electronics and new energy vehicles have been affected, and they are hit on both sides, so the valuation adjustment is deep; while the domestic epidemic and inflation have eased and rebounded significantly. The main inflation line throughout the whole process, coal, agrochemical, etc. have been relatively prosperous; the focus of stabilizing growth is relatively tangled in the direction of real estate infrastructure and building materials.
This fund adheres to the concept of absolute returns. In the early stage of the second quarter, it has always kept its stock positions at a low level, and adopted the method of building individual stocks to avoid balanced allocation. Overall, growth stocks with large adjustments in the previous period will be given priority, focusing on the advanced manufacturing field.
With the gradual easing of the domestic epidemic after May, a new round of growth stabilization measures represented by automobile subsidies has been introduced, and profit expectations have improved. Therefore, we have gradually increased the automobile, lithium battery, photovoltaic, wind power and other sectors with improved fundamentals month-on-month. Due to the relatively stable increase in positions, the performance is relatively mild. As overseas inflation eased in June and the valuation tolerance of the market growth sector increased, we gradually strengthened the allocation of growth stocks, and remained focused on the advanced manufacturing industry that we have been familiar with for a long time, represented by the new energy sector, and appropriately supplemented by other growth sectors such as automotive parts, semiconductors, and military industry. At the same time, according to the differences in prosperity, we gradually withdraw sectors and stocks whose economic conditions in the medium term may be weakened by the macroeconomic drag, and go to sectors and stocks whose economic conditions in the medium term are relatively certain.
The performance of the fund during the reporting period
As of the end of this reporting period, the net value of the fund shares held by Changsheng Advanced Manufacturing in six months was 1.0478 yuan, the net value of the fund shares in this reporting period was 4.78%, and the benchmark yield of the same period was 5.64%. As of the end of this reporting period, the net value of the fund shares held by Changsheng Advanced Manufacturing in six months was 1.0472 yuan, the net value of the fund shares in this reporting period was 4.72%, and the benchmark yield of the same period was 5.64%.
manager brief outlook on the trends of the macro economy, securities market and industry
outlook for the future market. The domestic stable growth policy has entered the stage of effect observation from the beginning of implementation. The epidemic has been controlled as a whole, but it is still sporadic, the market risk preference is relatively stable, and the exploration of growth sectors has been improved. Among them, the new energy power generation sector that benefits from inflation, the automobile parts sector, humanoid robots, etc. that benefit from technology upgrades have received a lot of attention. Next, as the intensive disclosure of the semi-annual results of listed companies is completed, the market's focus will shift to the month-on-month repair situation of various industries in the third quarter, which will become the key to determining the future market trend. Whether the global inflation situation can be eased in stages, especially whether energy prices are loose, will also be the key to determining the stability of valuations. Therefore, the two factors of the second half of the year's performance recovery and global inflation determine the direction of the market in the future. In such a valuable time window, we need to actively look for sectors and individual stocks with relatively certain economic conditions, and pay attention to the valuation cost-effectiveness of sectors at a certain time and position, and constantly look for sectors and individual stocks with better economic conditions and valuation matching, so that the portfolio returns can make steady progress. (Click to see more fund changes)
