Financial World Fund September 8th Cathay Shanghai and Shenzhen 300 Index Enhanced Securities Investment Fund (hereinafter referred to as: Cathay Shanghai and Shenzhen 300 Index Enhanced A, code 000512) announced its latest net value, down 1.95%. The unit net value of this fund is 1.5917 yuan, and the cumulative net value is 2.2337 yuan.
Cathay Pacific Shanghai and Shenzhen 300 Index Enhanced Securities Investment Fund was established on 2019-04-02, and its performance benchmark is "Shanghai and Shenzhen 300 Index *95.00% + Bank current deposits *5.00% + Shanghai and Shenzhen 300 Index *50.00% + China Bond-Comprehensive Index *50.00%". Since its establishment, the fund has earned 143.21%, the year has earned 25.36%, the past month has earned 1.52%, the past year has earned 29.67%, and the past three years has earned 30.97%. In the past year, this fund has ranked the same category (500/758). Since its establishment, this fund has ranked the same category (95/907).
Financial World Fund Fixed Investment Ranking Data shows that the return of fixed investment in the fund in the past year was 24.59%, the return of fixed investment in the past two years was -, the return of fixed investment in the past three years was -, and the return of fixed investment in the past five years was -. (Click here to view the fixed investment ranking)
Cathay Pacific Shanghai and Shenzhen 300 Index Enhanced A Fund has distributed dividends 4 times since its establishment, with a cumulative dividend amount of 258 million yuan. The fund manager of
is Xie Dongxu. He has managed the fund on November 1, 2019, and his income during his tenure was 29.82%. The latest regular report of
shows that the top ten heavily held stocks of the fund are Kweichow Moutai (holding ratio 4.34%), Ping An of China (holding ratio 4.06%), Hengrui Medicine (holding ratio 3.56%), Wuliangye (holding ratio 2.71%), China Merchants Bank (holding ratio 2.56%), Luxshare Precision (holding ratio 2.06%), Oriental Wealth (holding ratio 1.86%), Ping An Bank (holding ratio 1.63%), Wen's Shares (holding ratio 1.62%), and Midea Group (holding ratio 1.55%), totaling 25.95% of the total assets of the funds, and the overall concentration of holdings (low).
During the previous reporting period of the latest reporting period, the top ten heavily held stocks of the fund were Ping An (holding ratio 6.31%), China Merchants Bank (holding ratio 4.37%), Kweichow Moutai (holding ratio 3.28%), Wuliangye (holding ratio 2.78%), Hengrui Medicine (holding ratio 2.16%), CITIC Securities (holding ratio 2.11%), Gree Electric Appliances (holding ratio 2.09%), Industrial Bank (holding ratio 2.08%), Ningbo Bank (holding ratio 1.93%), and Midea Group (holding ratio 1.78%), totaling 28.89% of the total assets of the funds, and the overall concentration of holdings (low).
Fund investment strategy and operation analysis during the reporting period
In the first quarter, various assets in the global financial market fluctuated significantly, and the A-share market fluctuated significantly. At the beginning of the year, due to the positive policy expectations of the year of the close of a well-off society, the market continued the good trend in the fourth quarter of last year, especially the performance of sectors including semiconductors, communications, computers, and new energy vehicles driven by Tesla's strong performance continued to strengthen; in late January, affected by the rumors of new crown pneumonia in Wuhan, the market began to fluctuate and weaken, especially on the first day after the Spring Festival, due to the continued sharp impact of the domestic epidemic, individual stocks in Shanghai and Shenzhen fell to the limit on the spot on a large scale, and strict prevention and control measures were decisively taken at home, and the epidemic was gradually With the continued hot issuance of new funds, technology stocks led A-shares to a wave of rapid rise; with the gradual spread of the epidemic overseas and the weak overseas prevention and control measures, the global financial market suffered a sharp impact, and all types of assets fell sharply. European and American stock markets repeatedly circuit breakers within a week, and the A-share market could not be immune to it. Northbound funds continued to flow out significantly in the short term. The Shanghai Composite Index fell to 2646 points at the lowest. Strong sectors such as semiconductors, communications, computers, and new energy vehicles, which had a too fast increase in the previous period, fell sharply.
In the second quarter, affected by the reform of the GEM and the pilot registration system and the continued spread of the new crown pneumonia epidemic abroad, the A-share market has been structurally in a variety of situations. Affected by the reform of the GEM and the pilot registration system, the GEM index continued to strengthen, with an increase of more than 30% in the second quarter; benefiting from the progress of the research and development of new crown pneumonia vaccines, including raw materials and vaccine listed companies, the pharmaceutical and biological industry rose by nearly 30% in the quarter, and the CSI Biopharma Index rose by more than 40%.In terms of technology, driven by the expectation of Apple's new model launch and the upcoming listing of SMIC on the Science and Technology Innovation Board, the China Semiconductor Chip Index also rose by more than 30% in the quarter. The promotion of a series of reform measures in Hainan Free Trade Port has led to a significant strengthening of tax exemption-related concepts. As the end of the quarter approaches, the Shanghai Composite Index compilation plan is revised and the Science and Technology Innovation Board 50 Index is about to be launched, driving the market risk appetite to gradually increase.
The Shanghai Composite Index fell 2.15% in the first half of the year, and the representation index of large-cap blue-chip stocks such as the Shanghai Composite Index 50 fell 3.95%, the Shanghai and Shenzhen 300 index rose 1.64%, and the growth-oriented small and medium-sized stock index of growth-oriented small and medium-sized stocks rose 11.33%, the SME Index, which accounts for a relatively large proportion of technology stocks in the sector, rose 20.85%, and the ChiNext Index rose 35.6%. In terms of industry performance, Shenwan's first-level industries performed better in pharmaceutical, biology, leisure services, and electronics, with an increase of 40.28%, 30.07%, and 24.49%, respectively. The lagging performance was mining, banks, and non-bank finance, which fell by 18.62%, 13.97%, and 11.7%, respectively. The
portfolio mainly conducts quantitative stock selection within the 300 components of Shanghai and Shenzhen stocks; while maintaining a balance between value and growth, it insists on adopting quantitative strategies for investment and risk management, and actively obtains excess returns.
Cathay Pacific Shanghai and Shenzhen 300 Index Enhanced Securities Investment Fund A in the first half of 2020 was 6.07%, while the benchmark yield for performance in the same period was 1.64%.
Cathay Pacific Shanghai and Shenzhen 300 Index Enhanced Securities Investment Fund C in the first half of 2020 was 6.02%, and the benchmark yield for performance in the same period was 1.64%.
The manager's brief outlook on the macro economy, securities market and industry trends
In the third quarter, as the Shanghai Composite Index adopts a newly revised compilation plan, the Shanghai Composite Index is expected to reflect the investment opportunities in the A-share market more comprehensively and objectively. As the most influential A-share index, the newly revised index is expected to rise steadily, which will help enhance investors' risk preferences. In the current environment of continued decline in market capital interest rates, various assets, including bank wealth management funds, are expected to continue to allocate A-shares; due to the impact of the new crown epidemic, thanks to the strict domestic prevention and control measures, the domestic economy's attractiveness in global economies has become more prominent, and it is expected to drive foreign capital to increase the allocation of A-share assets; driven by the launch of the Science and Technology Innovation Board 50 Index and the issuance and listing of related ETFs, industries including semiconductor chips, computers, communications and other industries are expected to continue to be favored by funds. With the domestic epidemic under control, the overall goal of achieving a well-off society at the central level remains unchanged. It is expected that the domestic policy of stabilizing growth will continue to be strengthened. New infrastructure mainly based on 5G, industrial Internet, big data, etc. will be the main focus of the policy and the direction with greater policy flexibility. In terms of industry performance, stimulated by the policy of stabilizing growth in the post-epidemic cycle, the industry is expected to perform relatively balancedly.
In the context of the long-term technological competition between China and the United States, independent controllable and domestic substitution are expected to bring about continuous improvement in revenue in industries such as semiconductor chips, communications, and computers, and the competitiveness of companies in related fields is expected to be significantly improved. In the medium and long term, we are still optimistic about the leading consumer leaders who benefit from China's economic structure transformation, and the potential for accelerated advancement of semiconductors, communications, computers and military assets securitization and scientific research institute restructuring driven by increased medical expenditures.
Our portfolio will still maintain a balance between value and growth, while focusing on companies with good cash flow and stable internal growth, focusing on bottom-up stock selection in stocks in amid stock market fluctuations in order to generate long-term investment returns.
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