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nginx/1.6.1Financial World Fund September 2nd News Huaxia High-end Manufacturing Flexible Allocation Mixed Securities Investment Fund (abbreviated as: Huaxia High-end Manufacturing Mixed A, code 002345) fell by 5.59% on August 31, attracting investors' attention. The current net value of the fund unit is 1.5540 yuan, and the cumulative net value is 1.5540 yuan.
Huaxia High-end Manufacturing Mixed A Fund has earned 55.40% since its establishment, and has earned -21.20% this year, earned -8.91% in the past month, earned -28.72% in the past year, earned 111.72% in the past three years.
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 Wu Hao, who has managed the fund on June 12, 2020, and has earned 75.00% during his term of office. The latest fund periodic report of
shows that the fund has heavy holdings in Philippe (holding ratio 7.06%), Gangyan Gaona (holding ratio 5.85%), TCL Zhonghuan (holding ratio 5.41%), Longi Green Energy (holding ratio 5.24%), Foster (holding ratio 4.92%), Zhongrong Electric (holding ratio 4.92%), Xinlei Energy (holding ratio 4.55%), Tongwei Co., Ltd. (holding ratio 4.27%), Xinbo Co., Ltd. (holding ratio 4.19%), and Xinwangda (holding ratio 3.66%).
Fund investment strategy and operation analysis during the reporting period
The overall performance of the A-share market in the first half of 2022 was poor, especially in March and April. In May and June, the market recovered some lost land. As of the first half of 2022, the Shanghai and Shenzhen 300 Index fell 9.22%, and the ChiNext Index fell 15.4%. After 20-21 years of significant outperform in the growth sector, the cyclical sector and the large-cap blue chip sector performed better in the first half of this year, and the market achieved a certain degree of rebalancing.
This fund continues to focus on high-end manufacturing investment, but the macro environment in the first half of this year is very unfriendly to manufacturing. First, the global inflationary pressure caused by the price increase of commodities squeezes the profit margin of manufacturing from the cost side; second, the repeated epidemics have impacted supply chains and domestic demand; third, the recession expectations caused by the Federal Reserve's continued interest rate hikes have hit export demand. However, by tracking the second quarter operating data and interim report expectations, we see the indomitable and resilience of the manufacturing industry. For example, the domestic chemical industry exports exceeded expectations under the crisis mode; the revenue growth rate of industries such as lithium batteries, wind, light, and storage continued to rise rapidly; the automobile industry chain under the impact of the epidemic quickly resumed work and production. Facts have proved that after experiencing industrial upgrading and winning streaks in recent years, China's manufacturing industry is no longer a vulnerable low-end "world factory".
During the reporting period, this fund focused on photovoltaics, military industry, lithium batteries and automotive parts sectors. The portfolio hopes to select sub-industry with large long-term space and flexible short-term growth rate through meso-contrast comparison in the manufacturing industry, and at the same time, it will focus on individual stocks with outstanding competitiveness and growth potential in the selected industries, and reduce timing and positioning. Simply put, it is to find good companies on the good track.
The performance of the fund during the reporting period
As of June 30, 2022, the net value of Huaxia High-end Manufacturing Mixed A fund was 1.618 yuan, the net value of the share value of the current reporting period was -17.95%, and the benchmark growth rate of the same period was -3.45%; the net value of Huaxia High-end Manufacturing Mixed C fund was 1.617 yuan, the net value of the share value of the share value of the current reporting period was -0.61%, and the benchmark growth rate of the same period was -0.07%.
managers brief outlook on the macro economy, securities market and industry trends
The most difficult period in the manufacturing industry has passed, and looking forward to the second half of the year, we are more optimistic. By comparing many sub-sector industries, we believe that the three most optimistic main lines under the economic recovery are: 1) wind, light and storage in new infrastructure; 2) electrification, intelligence and domesticization of automobiles under consumption stimulation; 3) and the military industry with steady upgrading of the industry.
In wind, light and storage, photovoltaics have shown extremely strong fundamentals in the first half of the year (exports continue to exceed expectations). Entering the third quarter, the starting volume of domestic centralized photovoltaic power stations is worth looking forward to. Wind power has more bids and fewer installed capacity in the first half of the year, and fans will usher in the elastic release of demand in the second half of the year. Regarding energy storage, overseas explosions continue to occur, and domestically, they are eager to try it out. The core is to find good stocks.
vehicle sales in the third quarter will usher in a significant acceleration year-on-year and month-on-month.Also, due to the accelerated advancement of electrification and intelligence, automotive parts will benefit significantly and there is a lot of room for stock selection.
For military industry, demand continued to improve steadily in the third quarter. Although sector valuations remained ups and downs in the first half of the year, as industrial upgrading enters a new stage and the certainty of performance of many companies is released, more military-industry stocks will stand out.
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