In order to look forward to the investment trend in the new year, on December 22, Jinxin fund held a live broadcast activity of "meet - hard core technology, walk with you". Yin Kesheng, managing director of Jinxin fund, Kong Xuebing, managing director and fund manager of Jinxin fund investment department, Yang Chao, executive director and fund manager and research director of Jinxin fund investment department and many other investment researchers focused on high-quality economic development Investment opportunities are analyzed in terms of independent innovation of science and technology.
Yin Kesheng pointed out that good fund managers are scarce resources in the industry, but there is no shortcut in the investment industry. An excellent fund manager needs to have excellent qualities in four aspects: good professional ethics, continuous learning ability, focus, persistence, patience and strong pressure resistance. "Pay may not have good performance, but if you don't pay, you can't have good performance. Fund managers should grasp the art of investment in investment practice."
Kong Xuebing believes that the "hard core technology" represented by high-end manufacturing - semiconductors, automotive electrification and intelligence, high-end and informatization of military equipment, etc. are science and technology growth stocks that can represent the future innovation trend. There is a lot of room for development in the future, both in terms of the total market value and the proportion of structure.
For the semiconductor sector, Kong Xuebing pointed out that the semiconductor industry chain may move from "overall lack of core and capacity as the king" in 2021 to "tight structural balance and winning product power" in 2022. In the medium and long term, the driving force of semiconductor demand growth will shift from consumer electronics represented by mobile phones to industrial fields such as electric vehicles, new energy, aiot and 5g applications. A new round of chip design innovation cycle is expected to start. Power, analog, GPU / FPGA and other tracks, more Chinese companies will enter the high-end field.
In view of the opportunities of the military industry, Yang Chao pointed out that from the perspective of demand, it is expected that during the 14th Five Year Plan period, China's key aviation equipment is expected to gradually increase in volume with the improvement of technical level and production maturity; Secondly, from the perspective of listed companies, military enterprises, especially mainframe factories and some companies related to military new materials and military electronic informatization, have experienced long-term and high-intensity scientific research investment and technology accumulation, forming strong technical barriers. The moat is very deep, and many of them have long-term competitiveness. It is expected that the military industry will still show a high industry prosperity in 2022, which deserves special attention.
In addition, sun Lei, fund manager of the investment department of Jinxin fund, believes that at present, China's industrial chain in the field of photovoltaic and power cells has a voice in the world and can obtain the dividends of industry development. These two industries are basically industries with "technology promotes cost reduction" as the core competitiveness, which is in line with China's industrial advantages. In 2022, the new energy industry as a whole will still maintain a good growth rate, with alpha investment opportunities.
(China Securities Journal · China Securities Network)
