Original title: The first batch of equity funds will be released in the fourth quarter of 2021. Fund managers value valuation and cost performance Source: Economic Information Daily
The public fund quarterly report (2021, the same below) officially opened for disclosure. A few days ago, more than 20 products under the BOC Fund, Anxin Fund, and SDIC UBS have released their quarterly reports, most of which are bond and currency funds, and there are also a small number of equity products. It is worth noting that Shi Cheng, the fund manager of SDIC UBS, recently disclosed the four-quarter report, which is the first fund manager with a management scale of over 10 billion in the disclosed four-quarter report.
Shi Cheng’s products include SDIC UBS New Energy, SDIC UBS Industry Trends, SDIC UBS Advanced Manufacturing and SDIC UBS Jinbao. As of the end of the fourth quarter of last year, the total net asset value of these products exceeded 21.1 billion yuan. According to the data of the quarterly report, the stock positions of the above products have increased compared with the third quarter. For example, SDIC UBS New Energy’s stock position in the fourth quarter of 2021 was 94.55%, and in the third quarter, it was 88.72%; SDIC UBS Advanced Manufacturing’s stock position in the fourth quarter of 2021 was 94.26%, compared with 90.01% in the third quarter.
In terms of heavy holding stocks, from the perspective of SDIC UBS New Energy, which has the largest management scale, the top ten heavy holding stocks in the fourth quarter of last year only changed three from the third quarter.Lianhong Xinke、Xin’an Shares、Jingrui Electricquit,Tibet Mining、Salt Lake Shares、Shengxin Lithium EnergyReplacement. Shi Cheng said in the quarterly report that he is still optimistic about the rapid growth of electric vehicle sales. The future development of the new energy power generation industry will be more orderly, and no longer simply emphasize the speed of promotion, so the new energy installed capacity may pay more attention to the internal rate of return. The installation of wind power has a high probability of acceleration, and the installation of photovoltaics depends on the supply speed of silicon materials. In addition, both of them are related to the advancement speed of energy storage, and currently they are more optimistic about the wind power industry.
Another equity fund, Anxin Medical Health, its stock position will drop to 90.85% in the fourth quarter of 2021 and 92.5% in the third quarter. Heavy stocks have also undergone major changes.Guilin Sanjin、Jiudian Pharmaceutical、SINBON PHARMACEUTICAL, Zhende Pharmaceutical and other six new stocks entered the top ten heavyweight stocks. at the same time,YixintangCompared with the third quarter, the proportion of holdings decreased by 2.06%, but it still ranked first in the fourth quarter;Pro PharmaCompared with the third quarter, the proportion of holdings was significantly reduced by 4.58%, and in the fourth quarter, it ranked fourth among the heavily held stocks;WuXi AppTecCompared with the third quarter, the position ratio was reduced by 1.09%, ranking fifth in the fourth quarter.
In the fourth quarter of 2021, Chi Chensen, manager of Essence Medical and Health Fund, said that in the fourth quarter of 2021, the main track targets in the pharmaceutical field were generally adjusted by a large margin, but low-valued sectors such as traditional Chinese medicine, specialty raw materials, and low-value consumables quietly strengthened. In his view, the adjustment of mainstream track targets is due to the high valuation on the one hand due to the continuous rise in the early stage, and on the other hand, due to the excessive concentration of institutional positions in the mainstream track targets in the early stage, under the background that the fundamentals cannot continue to exceed expectations , and some institutions have become short-selling forces. The stocks in the low-valued sectors such as traditional Chinese medicine, specialty raw materials, and low-value consumables have a good valuation and price-performance ratio.
Looking forward to the market outlook, Shi Cheng believes that the profitability of emerging industrial enterprises continues to improve, the current profits continue to shift upstream, and the profits of other links in the middle and lower reaches are being compressed. It is expected that this state will appear in the next year or even longer. In terms of equipment manufacturing, with the rapid growth of emerging industries, the capacity expansion of photovoltaics, lithium batteries, and semiconductors is continuing, and there is no problem in terms of potential demand. At present, it is mainly to continue to observe the follow-up changes, and to focus more on the manufacturing field related to emerging industries.
Chi Chensen said that in the first quarter of 2022, he will still adhere to a relatively balanced allocation, and actively deploy some stocks in non-popular tracks with low valuations and good growth potential. configured area. In the future, we are still optimistic about the three directions of innovation upgrade, consumption upgrade and manufacturing upgrade, but the position in the direction of manufacturing upgrade with higher valuation and cost-effectiveness will be heavier.
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