The implementation of policies was slow, the fundamentals were weak, the overall market callback, and the decline of institutions was small. After the holiday, the credit started well and the expectation of steady growth was gradually fulfilled. The overall market rose in 2022 / 2. The Shanghai Composite Index rose 3% in the whole month, and the average rate of return of active partial equity public funds was 0.3%, underperforming the overall market. In the growth and value portfolio constructed by Soochow strategy, tenfold stock portfolio, PEG and pb-roe portfolio achieved excess returns.
The undervalued strategy counter attacked, with an excess return of 8% in February. The common feature of PEG and pb-roe strategies improved by Soochow strategy is that they perform relatively well in the volatile market, but have little relationship with the style of large and small markets. Their excess returns in February were 7% and 8% respectively, leading all strategy combinations. When the high valuation and steady growth sectors that rose more in the early stage fell, the market tended to look for the stagflation sector as the safety cushion for allocation, and the undervalued sector was counter attacked.
Among the subject indexes, the East West calculation index led the rise. In this issue, from the perspective of policy, we focus on the themes of old and new infrastructure, counting from the east to the West and green power. In February, the project of "counting East and counting West" was officially launched, and digital infrastructure has become one of the important starting points of new infrastructure. The index of counting East and counting West achieved an excess return of 18% in February. In addition, the guidance on accelerating the construction of a national unified power market system was officially issued at the end of January, and the green power index achieved an excess return of 6%. The new and old infrastructure with high early growth did not have significant excess returns in February. The logic of steady growth focused on the focus of more growth policies, and the broad sense steady growth sector entered the cashing period.
