The release of fund performance in 2021 once again left a strong mark on the capital market for public funds. According to the statistics of the financial Associated Press, as of December 31, there were three active equity funds with a yield of more than 100% in 2021.
In 2021, Qianhai open source public utilities and Qianhai open source new economy managed by Cui Chenlong won the first and second place in annual fund revenue with absolute advantages. Among them, the return of Qianhai open source utilities in 2021 was as high as 119.42%, and the new economic return of Qianhai open source also reached 109.36%. BAOYING advantageous industry jointly managed by Xiao Xiao and Chen Jinwei became the third place in fund performance in 2021 with a yield of 100.52%.
In addition, the Dacheng state-owned enterprise reform, Dacheng cutting-edge industry and Dacheng Ruijing funds managed by Han Chuang were also shortlisted in the top ten annual fund performance lists, and their yields reached 94.76%, 88.25% and 84.19% respectively. GF multi factor jointly managed by Tang Xiaobin and Yang Dong, China industry boom managed by Zhong Shuai, Bank of communications trend managed by Yang Jinjin and Great Wall Industry rotation managed by Yang Yu are also outstanding products in 2021, with annual returns of 89.03%, 84.11%, 81.45% and 80.99% respectively.
From the market situation of the whole year in 2021, the market structure is seriously divided. Compared with the overall pressure of household appliances, non bank finance, real estate and other sectors, Shenwan power equipment industry, which covers many popular new energy segments such as photovoltaic, wind energy, energy storage and UHV, has become the industry with the largest increase in 2021; The sharp rise of international bulk commodities has also pushed up the sharp rise of non-ferrous metals, coal and basic chemical industries; In addition, steel, automobile, petrochemical industry, national defense and military industry, electronics, mechanical equipment and other sectors also performed well this year.
In this context, Cui Chenlong, Chen Jinwei, Han Chuang, Tang Xiaobin, Zhong Shuai, etc. have also become fund managers who have been continuously praised in the market. These fund managers also have something to say about the market risks and investment opportunities in 2022.
Qianhai Kaiyuan Cui Chenlong: continue to strengthen the new energy track
As the fund manager who manages the first and second place of the fund in 2021, Cui Chenlong has received no doubt about his recent attention.
Cui Chenlong said it was “difficult to judge” whether new energy will continue to be strong next year. He believes that all predictable risks are not called risks. The real risks are unpredictable factors, unpredictable, and sudden arrival is the real risk.
“as far as new energy stocks are concerned, it’s difficult for me to judge whether they will continue to rise sharply next year, even if they fall sharply tomorrow. I think the short-term performance is fluctuating. I don’t know what drives the short-term fluctuation, or I think it’s random to always predict the next second.”
As far as Cui Chenlong is concerned, he sees more space. Space determines the ceiling. When the space is large enough, there are always good companies running out, and then grow for a long time. Even from a static point of view, its valuation will be very high, but from a dynamic point of view, it may be particularly cheap after 3 or 5 years.
“therefore, I do not make short-term choices. Even if the performance of the new energy track next year is mediocre, it will have no impact on the long-term income space of the fund I manage, even if I endure the backwardness of short-term performance ranking next year.”
In 2022, Cui Chenlong will continue to be optimistic about the long-term investment opportunities brought by the main line of the energy revolution represented by new energy. He believes that the investment time and space dimensions generated by this main line can be comparable to the first and second industrial revolutions in history, and China is in the leading position in the world in this energy revolution, and a large number of China’s leading enterprises are also global leading enterprises. Therefore, we can share the best development achievements of the industry in China’s capital market and help China’s high-quality enterprises accelerate their development.
Specific to the subdivided fields and directions, Cui Chenlong believes that enterprises that can always lead the advancement of industry technology will create excess value in the long run, and avoid potential technologies and products with the risk of being eliminated. According to the development prospect of the industry fundamentals, the future innovation of lithium battery needs to focus on the rapid development and application of technologies such as 46800 battery, silicon carbon negative electrode, lithium iron manganese phosphate positive electrode and CTP / CTC, while photovoltaic needs to focus on the investment opportunities brought by the changes in heterojunction battery, mass production of granular silicon and large silicon chip.
BAOYING fund Chen Jinwei: there are still great opportunities for small and medium-sized companies with market value next year
Among the most concerned fund managers this year, Chen Jinwei is undoubtedly one of them. This year, Baoying advantageous industry managed by him and Xiao Xiao ranked third with 100.52% revenue.
The financial associated press has analyzed Chen Jinwei’s position. His position is relatively unpopular, and has excavated some small and medium-sized companies. However, in Chen Jinwei’s view, he is not a single stock selection. “I define myself as indifference stock selection. Indifference stock selection means whether a company is a mainstream target or a non mainstream target, whether it is a leader in the industry or a company with a small market value. In my opinion, it is indifference. A company will not look at it higher because it is a heavyweight with a large market value, nor will I look higher because it is a company with a small market value Take a look. ”
As for whether there are still opportunities for small and medium-sized market value companies next year, Chen Jinwei said: “this year, you may have an overall feeling that small market value companies are rising more. Next year, there may still be some opportunities for many small and medium-sized market value companies or manufacturing industries.”
Because most of the stocks rising this year are those manufacturing industries in the middle and upper reaches, they are essentially a logic of prosperity overflow. However, in some other industries, there are a large number of small and medium-sized manufacturing companies with market value. The profit end of this year is damaged. The factor may be the rise in the price of raw materials or shipping.
Chen Jinwei believes that a large number of companies of this type may not have been tapped this year, and these companies still have strong and large investment opportunities.
Dacheng Fund Han Chuang: optimistic about carbon peak, midstream manufacturing and big finance
Since taking up the post of fund manager in early 2019, Dacheng Fund Hanchuang has experienced not only market fluctuations, but also headwinds.
In 2021, the three funds he managed, Dacheng state-owned enterprise reform, Dacheng cutting-edge industry and Dacheng Ruijing, broke into the top 10 of the annual performance list with “0 Mao 0 lithium” and the mining of partial periodic growth industries such as chemical industry, nonferrous metals, building materials and machinery, ranking fourth, sixth and seventh. This insistence of not holding together also makes him shine in 2021.
For the next investment direction, Han Chuang believes that there are three directions. The first major direction is carbon peak and carbon neutralization, which includes four contexts: first, traditional energy and traditional industries with high energy consumption. In the early stage of energy transformation, the demand for traditional energy will continue to grow and the supply will be greatly limited. Traditional high energy consuming industries will be significantly suppressed at the supply end due to the dual carbon target, and some traditional industries are linked to new energy vehicles at the downstream, with strong support at both ends of supply and demand.
Second, the new energy industry. Including photovoltaic wind power new energy vehicles, the core of which is to screen out the targets that can benefit from changes in the competitive pattern and technical route, and be alert to the targets that will be damaged.
The third is the field of power system. The increasing proportion of new energy requires the transformation of power grid to be intelligent and flexible, in which both software and hardware have opportunities.
Fourth, new materials and technologies for energy conservation and consumption reduction. The second major direction is the midstream manufacturing industry. This year, the midstream industry is squeezed by the sharp rise in the prices of raw materials and sea freight. At the same time, there are many production disturbances such as switching off and power restriction. In the future, there will be better investment opportunities after some factors are alleviated.
The third major direction is the large financial industry, which is mainly a sub field benefiting from trends such as wealth management.
Tang Xiaobin of GF: not pessimistic about 2022
Tang Xiaobin, a fund manager who has attracted much attention with GF multi factors, is not a newcomer. It has been seven years since he began to manage the first product. This year, the annual performance of GF multi factor managed by him was 89.03%, ranking fifth.
For the trend of the A-share market in 2022, Tang Xiaobin said that we are not pessimistic about the market in 2022. For a period of time in the second half of 2021, commodity prices continued to rise, superimposing the macroeconomic downturn, which made the market worried about the risk of “stagflation”. However, with the successive implementation of macro-control policies, the price of bulk commodities has dropped to a relatively reasonable level.
Looking forward to 2022, Tang Xiaobin believes that there are several aspects worth thinking about. First, from the perspective of industrial development direction, we are going through the process of transformation from real estate cycle to green power cycle. Tang Xiaobin believes that we should think about the national “3060” strategy from a higher perspective.
Second, although the price of bulk commodities has dropped significantly, the current price is also much higher than that in the past three years. In the future, we will face the current situation of high cost of upstream raw materials. Then, how to transform the midstream manufacturing industry and how to enter the global supply chain system also need attention. Some industries may fall behind in this process, and some industries may develop better.
Specifically, in 2022, Tang Xiaobin will explore opportunities from the aspects of large asset management business, new energy operation, photovoltaic & wind power and localization substitution. At the same time, he will also pay attention to the investment opportunities of Hong Kong stocks. “At present, Hong Kong stocks are facing investment opportunities similar to A-Shares at the end of 2018. We think there are certain investment opportunities. We will pay attention to some industry leaders with non-linear changes in profitability in the category of undervalued value.”
Zhong Shuai of Huaxia Fund: there are more structural opportunities in 2022. He is optimistic about three directions
Zhong Shuai is one of the Mesozoic fund managers of Huaxia Fund. At present, he has been a fund manager for less than two years.
It is reported that he is rooted in the high boom track, adheres to the core investment philosophy of bottom-up research and looking for potential stocks in high boom industries, and selects high-quality targets that meet the industrial development trend, have large long-term growth space and relatively reasonable valuation in high-profile industries such as new energy and emerging consumption and scientific and technological growth industries.
He managed the mixed prosperity of the Chinese industry, with an annual performance of 84.11% in 2021, ranking eighth.
Referring to the market opportunities in 2022, Zhong Shuai said: “next year’s equity market is still full of opportunities, but it is unlikely to be an index level bull market opportunity. In the environment of relatively loose liquidity in the equity market, next year may be more structural opportunities.”
from the perspective of subdivided industries, Zhong Shuai believes that the following three directions are promising:
The first is high-end manufacturing. Due to the sharp rise in raw material prices, power restriction policies and other factors, the performance of many manufacturing companies has been suppressed this year. Some companies with good quality and long-term growth logic may usher in performance recovery next year, such as consumer electronics, high-end equipment manufacturing, military industry and new energy related industrial chains.
The second is the dilemma reversal industry in the growth sector, focusing on the media and medicine, especially the meta universe and short video industry chain in the media industry.
The third is the reform of state-owned enterprises. Next year is the three-year examination and closing year for the reform of state-owned enterprises. The development of emerging industries led by state-owned capital is also in line with the national strategy, and it is also a direction we will focus on next year.
(Financial Associated Press)
