Although the recent A-share market continued to fluctuate and adjust, many public funds have begun to prepare for the adjusted investment opportunities.
From the traditional big consumption to the recently deeply adjusted medicine, from the eye-catching new energy vehicles last year to the recently rising popularity of yuanuniverse, fund managers keep running around the front line of research. The Spring Festival holiday will not be idle. In addition to accompanying their families, many of them also “walk up” at any time in the spirit of “no vacation”.
Recently, a reporter from Shanghai Securities News interviewed a number of fund managers to follow their research steps to understand how they will spend the Spring Festival. It is understood that some fund managers plan to observe the consumption trend of new products at gatherings with relatives and friends, and some plan to find new technologies at leisure and entertainment
“For investors, it is a basic quality to see, listen, think and think more, and turn cognition into investment.” A fund manager said, “in the new year, we will broaden our horizons and look for new investment opportunities with a more diligent attitude, so as to make the Spring Festival research a start.”
“a little busy during the Spring Festival”
The Spring Festival is coming, but for most fund managers, the work is busier and more tense than ever.
Wu Yue, director of harvest consumer research and fund manager, said that the consumer sector is special and different from other industries. Whether it is the offline service industry or the food and beverage industry, the Spring Festival is the most important peak season and usually the busiest Research window for consumer fund managers.
Wu Yue gave an example of Baijiu. He said Baijiu Baijiu probably sold 40% of the sales in the first quarter, and sales volume of 70% to 80% in the first quarter may be concentrated before the Spring Festival. So the priority among priorities is whether the Spring Festival is in the peak season or the off-season, and the sales are good. “Generally, we will enter the busy market of Baijiu market in the two weeks before the Spring Festival.”
For Xie Wei, director of China Securities Co.Ltd(601066) fund equity investment department and fund manager, the Spring Festival is an excellent stage of “adjustment, learning and starting again”.
“In recent years, because of the epidemic, they have basically stayed in Beijing for the new year. They are busy at ordinary times. They will have a proper rest during the Spring Festival, spend more time with their families and find investment inspiration in their daily life.” Xie Wei mentioned that in the pharmaceutical industry, businesses with consumption attributes such as medical services and medical beauty are easy to understand in Lbx Pharmacy Chain Joint Stock Company(603883) people’s daily life. Visiting relatives and friends is also a way to supplement research.
In addition, he said that although some biomedical companies are listed on a shares, some of their businesses may be abroad. They need to read a lot of literature and communicate with listed companies and industry experts to understand overseas pharmaceutical cutting-edge technologies and industry policies.
“The long Spring Festival holiday just provides a relatively complete and fully disposable period for reading and learning at ease and resuming the previous investment process.” Xie Wei said.
Just after the new year’s day, Li Rui, general manager of Equity Investment Department of Dongfang fund and manager of Dongfang new energy vehicle hybrid fund, began to focus on investigating the intelligent vehicle industry chain. Although it was inconvenient to travel in many places affected by the epidemic, the Wuxi Online Offline Communication Information Technology Co.Ltd(300959) communication against time also made the industrial development picture in his mind clearer.
“invest everywhere in life”
Wu Yue admitted that consumption is a very grounded industry, and many investment opportunities come from daily life. You may see hidden investment opportunities when communicating with relatives and friends.
For example, at the end of 2019, the public position showed that Wu Yue had a heavy position of Shanghai Bairun Investment Holding Group Co.Ltd(002568) . This is a listed company that makes Ruiao pre mixed cocktails. Its “fate” comes from holiday family gatherings. Wu Yue claimed that he did not belong to a “very young consumer group”, and it was difficult to feel the real demand of this emerging category. However, during family dinners on holidays, many young people have a strong willingness to consume pre prepared cocktails, which opens his idea of investing in emerging wines.
“In terms of consumption and investment, communicating with ‘people around us’, especially with different groups of people, whether based on age or social or economic environment, will help us jump out of the so-called comfort circle, ability circle or communication circle and see the face of different consumer groups and consumer society in China.” Wu Yue said.
Lu Yiqiao, manager of Galaxy sports and Entertainment Fund, also cited a case of daily life to break the market’s misunderstanding that “the meta universe is the theme hype concept”.
“I am always curious about the world and willing to accept new things.” Lu Yiqiao said that he had the opportunity to experience a VR device with high attention in the current market before. In addition to the smaller, lighter and more convenient to wear than before, the most important thing is that this product can be used as an integrated VR device running independently. All applications run inside the head display without connecting computers or other devices and will not be disturbed by connecting wires and surrounding things. It not only improves the user’s sense of experience to a certain extent, but also promotes the acceptance of VR devices.
Lu Yiqiao’s inspiration is great: just as it is impossible to predict how electricity will change the world in the 19th century, the era of “meta universe” now being opened may be our “future world”. VR technology may be the new key to open the “future world”. In terms of investment, the visual experience brought by VR technology will quickly transform the technical improvement brought by hardware performance into software and applications.
“resume the past and invest in the future”
After experiencing the ups and downs of the market since last year, Wu Yue admitted that before 2020, consumption will be labeled as a “lying win track”. At that time, a large number of excellent consumer white horse companies emerged, giving everyone an illusion that if you buy a very excellent company and hold it for a long time, you can get rich returns.
“In last year’s market, those who believe in ‘lying win investment’ should have learned a lesson.” Wu Yue said that investment is always an industry where “a few people win”. There can be no lying win and fool investment methods. Only by constantly running with the mentality of “standing up and looking forward”, can it be possible to obtain the income of the annual structural market.
Wu Yue judged that the consumer industry will be “more optimistic” in 2022. According to policies and data, the bottom reversal of consumption and residents’ purchasing power this year may be earlier than expected. As the epidemic prevention and control situation continues to improve, some consumption scenes are gradually recovering. However, he also mentioned that optimism about the consumer industry is also “structural” optimism. The opportunities in the first half of this year may be dominated by mandatory consumption, and may be extended to optional consumption under the background of macro recovery in the second half of this year.
Xie Wei also admitted that investment is the embodiment of cognition after all, especially in the pharmaceutical track. When the sector market moves from beta to alpha, a deep understanding of the industry and company becomes more important. Only by maintaining the state of hard work and continuous learning can we bring good returns to investors.
\u3000\u3000 “The structural and differentiated market of the pharmaceutical sector will continue for quite a long time in the future. While targeting high-quality tracks, selecting individual stocks will be the key to the investment in the biomedical sector in 2022. Since the fourth quarter of last year, the overall volatility of the pharmaceutical sector has been large, and there is a strong seesaw effect between the high boom, overvalued and undervalued cost-effective sectors. With the development of the industry The pharmaceutical sector may gradually show a balanced state. In the future, we will continue to be optimistic about innovative drugs and the industrial chain of innovative drugs, leading and innovative companies in medical devices, consumer goods of traditional Chinese medicine and some “specialized, special and new” invisible champion companies. ” Xie Wei said.
In Li Rui’s view, 2022 may be the year of smart cars. With the increasing global penetration of electric vehicles, they will enter the stage of nonlinear acceleration after exceeding the critical point. Intellectualization will become another driving logic of the automotive industry and will be carried out at an extremely fast speed and subversive depth.
In terms of investment opportunities, Li Rui said that automatic driving has been defined as the development direction for many years in the future. Specifically, we can pay attention to the three links of perception, decision-making and execution in the automatic driving industry chain: first, AI chip is the hardware link with the highest single vehicle value, and second, the algorithm and data layer is the software link with the highest value in the automotive industry in the future, The third is the fields of lidar and chassis execution unit in the sensor.
